The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1919-06-10
HOW STOCK
WAS MANIPULATED
CONTINUED from First Pagel

depth of $3.50 feet, was a bold, but
perfectly legitimate enterprise,
though unfortunately accompanied by
stock deals now and then. Whenever
they reached a favorable formation.
they would break the pump rod, levy
an assessment, break the stock. ga
Their it in, repair the pump, discover
the ore, and gently deal it out to the
public, and repeat the performance
at the next opportunity. On such oc-
casions the mining magnates would
flock t the lode, hire the brass bands
and every team in town and parade,
and wine and dine, and jublilate, and
congratulate over the discovery and
the permanency of the mining indus
try on the lode, by proving the ex-
istence of ore at that great depth.
Pay ore was actually found at that
of the Mexican incline shaft, but the
heat, and cost of extraction, and lack
of sufficient power to keep the mines
drained, forbade further exploration
at that time. However, the work de-
veloped the fact that there remains
an UNEMPLOYED vein on the Comstock
over a mile long, and over 400 feet
wide, and extending from the $500 to
the $3.50 levels, and | believe it is
sane to claim that the inventive gen
Jus of America will find a way to put
miners at work throughout that i'm
mense mineral territory and main
tain them there in comparative COM
fort and safety. So, that bold adven-
ture, though probably melted for the
purpose of stock gambling, has point
ed out an objective for legitimate en-
deavor. | have depressed.
When the big bonanza was struck
in 1S71-72, it was found by of a
short cross-cut on the 1900 level.
which pierced the body near it apex,
and erased it in about ten feet. 1t
was found. richest and widest on the
| lDUU level. lHC LIdhd6IiiiSh oNtNN
like little boys with a plum Pudding.
They picked out the plums and rich
est first and did not go 10 the walls
OF the orebody, but would leave off
whenever the grade got low. Jim
Rule was one of their foreman, and
he knew where he had left good ore,
and years later he got Senator Jones
to get a lease on a certain level, and
he was employed to superintend the
work, and he went right straight for
the ore, by simply cleaning and re-
pairing old works. / don't know how
Mackay and Jones arranged about
this lease, except that it was abro-
gated, and the Con. Virginia mined on
its own hook. This was about in 1883,
the first thing done "a to CONSOLE
date the Virginia and the California.
and an assessment of ten cents a
share On one and fifteen ceLts on the
other levied. The delinquent list oc-
cupied nearly two pages OF the En-
terprise. Most of the stock went into
the treasury. A pool "a fromed and
the stock locked up in a safe: the
strike" vas then struck Nanv stock
brokers knew they had simply re-
turned TO the old ore DO ", and they
did not buy the stock ordered 81 their
customers. The stock finally reached
$65 a share. Bob Morrow, n of the
o. test brokers, WEIGHED am closed
his 5oors: others had to close AMI
Threatened not to pay, or buy ne
stock for their customt, ). unles
A,ackay and Jones ani the pool re-
leaaed the stock for sale. This was
done and most OK trG brokers man
aged - float, by being enabled to get
the sock at the broias prict-aa,
IN average of SIS a share The break
occurred about De 'cmbc.. 1886, az
yirc ria City lost near : two million
lo.lars over night ~ would lose
ii again. given another chance.
ALFRED CHARTZ