After Tonopah Extension declined from around $17 a share to below $1.00 a share, it was alleged by Tonopah stockholders that Mr. Schwab and his associates had unloaded at the top. Mr. Schwab replied that he owned just as much stock after the market collapse as he did when he went into the enterprise. This was met with an allegation by some stockholders that while Mr. Schwab could probably prove that his interest was as large at the later period as it had been at the outset, it did not mean that Mr. Schwab and his _confrères_ had not unloaded at the top and bought back at the bottom. The following letter from Mr. Schwab to Sam C. Dunham, formerly U.S. Census Commissioner to Alaska, afterward editor of the Tonopah _Miner_, and later mining editor of the _Mining Financial News_ of New York when I was managing editor, denies personal guilt, although it leaves the reader free to believe that if Mr. Schwab personally did not unload his stock at high prices, his associates might have done so. CHARLES M. SCHWAB 111 BROADWAY NEW YORK November 1, 1907. Mr. SAM C. DUNHAM, Editor _The Tonopah Miner_, Tonopah, Nevada, MY DEAR MR. DUNHAM: My attention has been called to your issue of Saturday, October 26, 1907. To such criticisms as that issue contained of me, I generally do not reply, as it is useless and only leads to further discussion. But your paper heretofore has been so uniformly kind to me, so fair in every respect, and as I have always regarded you as a friend, our relations having been so pleasant, it makes me feel that I would like to make a short reply to the criticisms mentioned, as showing the consistency of my position. The only thing I criticised about Nevada was the inaccuracy of statements emanating from Nevada. You seem to attack me because of this statement, and the strength of my position is fully confirmed by your article because little, if anything, stated therein is true or accurate. I will take up your statements one by one. You say I bought from John McKane $25,000 worth of stock of the Tonopah Extension Mining Company at 15 cents per share. This is absolutely untrue. You say I bought 100,000 shares of Extension stock from Robert C. Hall at $6 per share, and paid for this stock with paper mill stock. No single part of that statement is correct. I never gave Mr. Hall any paper mill stock, nor did I buy 100,000 shares from him. The amount purchased from him was 60,000 shares. The price which you state I paid him for the stock is not correct, and, as I stated, I gave no paper mill stock in exchange.