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Story
October 30, 1879
Gold Hill Daily News
Gold Hill, Storey County, Nevada
What is this article about?
Investors in the Mackay Mining Company pool, formed in December, met in San Francisco on October 28 to address losses after J. L. Hennessy failed to deliver promised dividends and stock value increases on 15,000 shares worth 30 cents each.
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THE MACKAY.
A very plaintive tale in the matter of the tail end of a mining pool is related by the San Francisco Chronicle of October 28th, as follows:
About forty lugubrious members of the Mackay Mining Company pool, which was formed in December last and which was to endow every participant with a first-class Golconda in his own right on an investment of a few dollars, met at No. 302 Montgomery street last evening to devise some means of winning back the bread cast recklessly upon the waters of speculation and which shows no signs of returning after many days. F. P. Hennessy was elected President of the meeting, and S. J. Razette, Secretary. M. H. McDermott made public the cause of grievance by stating that 106 parties had gone into the pool, putting into the hands of J. L. Hennessy some 15,000 shares, each of which was worth thirty cents in the market at the time. Hennessy had made golden promises, and the investors were to receive both cash dividends and stock as their return, the stock being sure to rise to $10, $20 or $30.
But they didn't. There is a mining racket located out in Cornucopia which numerous Gold Hillers feel very sore over. It cost them something to learn that there is a certain set of imbecile old pills in San Francisco who fancy they can control some petty larceny ragged edge of the stock market.
A very plaintive tale in the matter of the tail end of a mining pool is related by the San Francisco Chronicle of October 28th, as follows:
About forty lugubrious members of the Mackay Mining Company pool, which was formed in December last and which was to endow every participant with a first-class Golconda in his own right on an investment of a few dollars, met at No. 302 Montgomery street last evening to devise some means of winning back the bread cast recklessly upon the waters of speculation and which shows no signs of returning after many days. F. P. Hennessy was elected President of the meeting, and S. J. Razette, Secretary. M. H. McDermott made public the cause of grievance by stating that 106 parties had gone into the pool, putting into the hands of J. L. Hennessy some 15,000 shares, each of which was worth thirty cents in the market at the time. Hennessy had made golden promises, and the investors were to receive both cash dividends and stock as their return, the stock being sure to rise to $10, $20 or $30.
But they didn't. There is a mining racket located out in Cornucopia which numerous Gold Hillers feel very sore over. It cost them something to learn that there is a certain set of imbecile old pills in San Francisco who fancy they can control some petty larceny ragged edge of the stock market.
What sub-type of article is it?
Deception Fraud
Crime Story
What themes does it cover?
Deception
Misfortune
What keywords are associated?
Mining Pool
Investment Scam
Stock Fraud
Mackay Mining Company
Financial Loss
What entities or persons were involved?
F. P. Hennessy
S. J. Razette
M. H. Mcdermott
J. L. Hennessy
Where did it happen?
San Francisco, No. 302 Montgomery Street; Cornucopia
Story Details
Key Persons
F. P. Hennessy
S. J. Razette
M. H. Mcdermott
J. L. Hennessy
Location
San Francisco, No. 302 Montgomery Street; Cornucopia
Event Date
October 28th; December Last
Story Details
Forty members of the Mackay Mining Company pool met to recover losses from J. L. Hennessy's unfulfilled promises of dividends and rising stock value on 15,000 shares invested by 106 parties, each share worth 30 cents.