The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-01-28
TERMS or SUBSCRIPTION.

Another pernicious bill aheetlni
mining has been introduced in th'
Nevada legislature. II is a copy o
California law. with some additions
and il is in the latter that the trouble
exists The California law provides
that all mining companies with
stocks on the market shall provide
agents or brokers dealing in these
stocks with reports on the condition
of the property. the capitalization
value of shares and the number out
standing. these reports 10 be open TO
the public. The bill introduced in
the Nevada legislature contains these
provisions and adds requirement that
the companies turn their books in
side out for the benefit OF stock
raiders, Tin horn gamblers and Wild
caters. Ii calls on all companies
with STOCK on the market to make
monthly report as TO the amount of
work done, the value of ore taken
out as shown by returns from sales,
the actual price secured for stock
sold and a few other items III private
nature. While the bill if made law
would have small effect upon the
large producing companies. We be-
lieve that il would seriously hamper
and injure the small producers. The
latter may at times be forced 10 sell
stock, for instance, far below market
quotations in order to acquire money
TO meet immediate needs, the general
list of stockholders benefiting later
from the transaction through the
Improvements made in the property
by use of the money. But publica-
ton the same month of this below
market stock transaction would re-
suit in knocking the market price
down, thus materially iLiuring the
company and its stock holders. Ben
eft could only come to the birds of
prey of the mining stock markets.
Again, the small producer may be in
lean ore this month, driving to a bet
ter body which will bring his average
up next month TO where il was
month before last Publication of
returns from his lean month, how
ever. following the average month,
would bring slump in the value of
his stock that might readily, under
variety OF easily possible circum-
stances. ruin him, rob his stockhod-
ers and close down the mine for an
indefinite period. Numerous other
objections might be cited. but We be-
lieve these sufficient to illustrate the
RIGHTEOUSNESS of the measure be-
yond the point where il provides for
a fair statement of conditions. Min
ing men should communicate with
their representatives without delay
TO the end of squelching the objec-
tionable portions of the bill. That
the latter may be read and carefully
considered. it is herewith printed in
full, as follows: q
To Regulate the Operations OF Stock
Exchanges and the Sale of Stocks
Thereon and to Require Statements
from Mining Companies.
rhe People of the State of Nevada
represented in Senate and Assem-
bly,, do enact as follows:
From and after passage OF this
act, II shall be unlawful for any
stock exchange. or association of per-
sons, to offer for sale, at meeting
of said stock exchange, or associa
.tion of persons, the stock of any
mining Or leasing company operating
mines or leases in the state of Ne
vada. without the said mining OF
leasing company shah have first fur
nished TO the officers or governing
board of said stock exchange, or as
sociations of persons, a statement in
hN he pffirapG n
said mining or leasing company. set.
ting forth the property owned and
controlled by said company, the
amount of work done and cost there
of, the amount of money in its treas.
ury and the number of shares OF
stock set apart for treasury purposes