The Pioche record. [volume] (Pioche, Nev.) 1908-1925, 1909-02-06
Official Paper Of Lincoln County


firmly held by the majority of
the Legislators. some action will |
be taken, and the only question
now remaining to be determined
is in what form a law will be
most effective. A start has been
made in the law introduced by
Assemblyman Gallagher which
deals with the stock exchange
feature. The idea Of Mr.. Gala
CHER in framing the bill was that
the wildcatter finds his greatest
field in the stock exchange where
by false stimulation he juggles
prices so as to lead his dupes to
believe the stock has a great |
value,
This bill would make it unlaw-
full for any stock exchange or as
ISOLATION Of persons to offer for
sale stock of any mining or leas-
ing company operating mines or
leases in the state of Nevada,
without the mining or leasing
company first shall have fur
nlshed to the officers or govern
ing board Of the stock exchange,
a statement in writing, verified
by its officers, setting forth the
property it owns and controls,
the amount of work done and
cost thereof, the amount of
money in the treasury and the
number Of shares Of stock set
apart for treasury purposes.
It is also provided that on or
before the fifth day Of each
month, after the statement is
made, The secretary of the COM
pany shall furnish to the officers
or governing committee of the
stock exchange a verified state
ment showing. the work done
during the preceding month upon
the property owned or controlled
by said company, the amount of
stock sold from the treasury dur
ing the preceding month, and
the sum received therefor, the
quantity of ore mined and treat
ed and the value thereof, the
amount of money on hand, and
the debts owed by the company.
The statements SO made shall be
kept on file by the stock ex-
change or association of persons
for six months, and be open tc
inspection during all business
hours.
The law provides penalties fol-
the making of a false statement,
as we'll as for the failure of the
exchange to keep the statements
in an accessible condition for sia
months. While many objections
can be raised and have been al
ready pointed out against thi'
law, the fact that a start hal
been made to eliminate the pes
that does more to discredit legit
innate mining than any than an.
number of honest failures. Som
law must be passed to protec
Nevada. 1t is not possible +
say how many millions have bee
lost to the world because tn
promoter stuck the cash in hi
pocket instead Of putting it int
the ground. It must be admitted
however, that almost irreparabl
harm has been done to the stat
by this class Of leeches that pre-
upon the public's confidence.
The mineral wealth of M
vada must not be used as luz
to entrap the public, neithe
should the names Of productiy
mines be counterftted wit
slight changes as an added bal
Some provision should be mad
that no similarity in the title b
permitted unless the facts of k
cation warrant such title. Regi'
tration Of every working mir
with the data as provided by tn
Gallagher bill would aid in tt
crusade against the iniquitor
promoter as well as give tt
honest Operator every aid
getting the capital for extension
= Of workings and to buy machil
cry. Thus 1t would work tv