The _Sun_ printed the list of officers of the Rawhide Coalition Mines
Company and emphasized the fact that I "of Sullivan Trust Company
fame" was second vice-president.
The _Sun_ made no mention of the "double cross." Nor did any of the
other newspapers, with the exception of one.
The New York _Tribune_ said:
A Stock Exchange house which has been putting out orders in the
stock was charged with leading the attack on it yesterday, but
members of the firm said that they had been acting merely as
brokers for customers in the regular order of business.
Following the newspaper "roasts," which helped further to destroy
public confidence, two brokers on Logan & Bryan's continental wire
system resorted to tactics of a kind to force lower prices. This wire
has over one hundred out-of-town broker connections. A report was sent
over the wire that Nat. C. Goodwin & Company had failed. Another
followed it that the Rawhide Coalition Mines Company was about to go
into the hands of a receiver. The _Nevada Mining News_ accused Nat.
Boas of San Francisco and J. C. Weir of New York of exchanging
messages to this effect over the Logan & Bryan wire systems, so that
all correspondents on the wire would have the false reports. Both Boas
and Weir were believed to be "short" of the stock. Both were openly
operating for a further decline. These and similar tactics resulted in
a further easing off in price to 40 cents bid on December 24th, which
was the "low" on the movement.
Two weeks after Christmas the stock rallied to 58 bid, 59 asked, and
the market was firm again. On January 14 the price bulged to 70. At
this point the stock again became the center of attack. By January 20
the price had eased back to 50.
Thus far the net result of Nat. C. Goodwin & Company's various
campaigns on Rawhide Coalition was the distribution of some 600,000
shares of stock. The issue had been well exploited. It had a big
following and a broad market. Some excellent judges of mine values had
become stockholders. The company, however, was still unfinanced for a
long period of systematic mine development and mill construction.
We realized very clearly that some arrangement would have to be
perfected to avoid a repetition of the trouble which the New York Stock
Exchange brokerage firm had made us.
"INSIDE" MARKET SUPPORT
The removal to New York of B. H. Scheftels & Company, Chicago stock
brokers, representatives there of Nat C. Goodwin & Company of Reno, and
a merging of brokerage and promotion interests of the two firms took
place.
Public-domain text, read in full here on John Shaqi.
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