Tonopah daily bonanza. [volume] (Tonopah, Nev.) 1906-1929, 1912-12-02

s1bst are the underlying conditions
mai warrant such disastrous market
nri,as OF the Tonopah securities as
~es Witnessed by the quotations sent
~, from the San Francisco stock
svchanee. Various rumors have been
agcat as 10 the cause of the sudden
decline aud a persistent effort has
baen made in certain quarters TO
nlaoe the blame on the Balkan war
situation. Il was claimed that Eu-
ronean financiers were unloading
,heir holdings on the New York mar
Eet and that Tonopah stocks were
being sacrificed by American own
ers that they might acquire European
industrials.
Special correspondents have be, I
At work interviewing the most i'm
nortant operators in the district, and
despite the disquieting news coming
from Europe. absolutely no reason
could be discovered why the price
of local mining securities should
smnp away as they did. especially
n view Of the limited amount OF
stock that has been offered for sale
on the San Francisco stock ex-
change
II has been pointed out and ex-
planned by those who are familiar
with the inner workings OF the Bush
street brokers, and are also famil-
lar with the stock game from all
angles. that the only persons who
would be benefited by the decline
would be the San Francisco brokers.
II is the Unsuitable appetite OF these
brokers' or shyloeks, as they have
been termed who make up the mem
bership Of the exchange, that has
resulted In instances OF what looks
like CROSSED" sales for the express
sed purpose Of depressing the price
on almost every Tonopah company
Il Is stated that instances where the
CROSSING" was carried out can be
proven against the sharpers. who
have reaped an immense profit by
selling out many OF Tonopah's mar
ginal traders,
A crossed" sale Is meant trans
action wherein two brokers working
in agreement purchase what stock
may be offered by the other. and IN
recording their transactions the price
is kept below normal in every in
stance With a dozen or more brok
ers operating under the same agree
ment II is an easy matter TO cause
general slump In every direction
when Il Is remembered that not one
single legitimate buying order is ex
eeuted
very prominent eastern stoel
In
some time past, stated that he coulS
exclusively prove that the member
Of the San Francisco exchange na'
been guilty OF indulging in th'
crossing tactics, notwithstandini
the fact that such operations wer'
forbidden. This operator in question
has been steadily engaged In buyin
up a certain stock for his easter
interests and on Friday was willin
10 purchase $1,000 shares at a tigur
Two points above what the San Frar
cisco brokers were shaking out IN
fonopah marginal buyers.
On top Of this statement il wa
asserted Saturday that on the PR
yious day while Tonopah Merge
was selling in San Francisco for
cents, quite number of buying o
ders from this city were not file
when 73 cents was offered. two cent
more than the market price MOI
arch Pittsburg was another securli
upon which margins We're demande
and while It was quoted at 10 cent
according to the Bush tsreet quot
tions, offers Of l6 cents were M
filled for II would mean that buye
could not be forced to pay addition
margins, These two stocks are mel
ly mentioned as instances where
the buying demands of Tonopah we
not executed In San Francisco.
is probable that other stocks we
affected the same way and the Si
Francisco brokers refused to eNeeu
the orders, prefering to keep Z
price down, but II such cases oec
red they have not come to the
tention of the writer
From the above instances It
pears that San Francisco does
hesitate TO put her hand In Tonop
pocket and extract whatever trib'
she might choose, and yet. were
not for Tonopah the Bush str
stock exchange would be forced
go out of business
The eastern stock buyer. mentor
above in presenting solution
the difficulty that viii continue
exist as long as the shylocks m'
up the majority of the San "
cisco board, declared the robh
would continue as long as Tonol
remained silent and made no ~
to remedy the condition. lie dec
ed that until those who sell sto
on margin stood ready to give
buyer fair shake. Tonopah pee
should either stop purchasing sto
on contracts where such stocks
held In San Francisco, or the ~
pah brokers and business men shs
get together and organize 9 II
exchange In this city and clear I
dealings exclusively through
cities as New York. Philadelphia
Chicago. In advocating this NOV
was pointed out that the prieei
Ionopah securities usually OPP
on the New York curb several pc
I'M advance 81 Ifffr a