The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1909-06-19
SHOULD BE USED
IN SPECULATIVE SPURTS

Only recently in these columns we
made very special reference to the
squirt of speculation that is unquestion-
ably appearing in the mining stock
markets. We presented this phase of
the situation largely in the light of q
warning to those persons who are apt
to become entangled in the meshes of
the gamble without understanding the
full import of the danger.
We now wish to present another
phase of the same situation. We do
not set forth these points as items of
particular news interest because they
have likely been noticed by investors
and spectators generally. The storm
center of speculation in mining issues
is the New York curb. The stocks
dealt in range from the cheaper issues
to the higher classed stocks selling for
FAoV VI more u SNARE.
The amount of business transacted
daily IN the New York curb runs into
fancy figures. Sales of stocks selling
around $40 a share very often run TO-
900 shares or more in a single session.
The New York curb is transacting
busine SIS at this time ranging into many
mil.ions of dollars monthly. 1t is much
greater by far than the speculation
that was in evidence in the same quar-
ter last year, but the authentic sales
during 1905 were over 32,000,000 shares.
We should say roughly this amounted
to about 100000 a month.
Following we shall point out some
of the distinctive features that relate
to this wave of speculation.
Playing Both Sides.
The term speculation is very often
used loosely and without regard to
facts. The speculator may be a bull
one day and a bear the next. Unlike
those who specialized on the Goidhell
exchange four years ago, the s%peculator
of today is not especially set on seeing
the stocks advance steadily. He plays
Lorn sides of the market, and very fire.
quently sees an opportunity of making
as much on the decline Of a stock as
he may have made the day before on
an advance. Many of the stocks with
-. - - x...l:.. .,l .-h..h most
of us have seen grow from nominal fig
ures, are already in the hands Of pro-
fessional SPECTATORS. Goldfeld Consol-
idated, Florence and Rawhide Coali-
tion may be enumerated among those
that have fallen into speculative hands.
To the investor only part of the re-
ports given out are reassuring. The
investor naturally wants to see the
stocks advance. The speculator wants
to be in on the killing whichever way
tney go. When the bears have the best
of the argument, very damaging re-
ports are given out. The mine is play
ed up in it's poorest light and the OBJ
Ject Oh tulS Is 10 CREATE q SOAoioA uo
position to sell. This does not even
intimate that the officials and direc-
tors of these companies are back OF any
of these various movements. The larg-
err a mining enterprise is, the buster
it's officers will be looking after the de-
tails of production and reduction.
An instance of this kind occurring
only recently was the report of the
Combination Fraction. To the investor
this report would have been entirely
satisfactory, and would show that the
company was progressing. To the
~speculator it presented certain phases
that could be used in putting a damper
on the enthusiasm regarding this stock.
As we stated only recently, speculation
appeals to the mob spirit and the mob
is aetuated by impulse. Speculation is
carried on very largely through the
influence formulated on the spur of the
moment.
Tracing Speculative Squirt.
The source of this speculative squirt
can be easily traced. Tens OF thousands
of men and women throughout the