In the 1940s, information dissemination was far less convenient than in the 21st century, and newspapers were still the primary dia outlet.
At the mont, David Wash, who was in New xico, had not yet received news of the stock price collapse.
So shareholders attempted to contact David Wash to discuss how to recover losses, but the calls reached Albuquerque, where an assistant inford the shareholders that David Wash had gone into the mountains with a mining team for exploration.
The next day, Wash Mining's stock continued to decline, though not as dramatically as the day before, dropping only a few cents to $0.138 per share.
The following day, it dropped further to $0.121 per share.
Shareholders were frantic, and finally managed to contact David Wash on the third evening. David was also shocked to hear about the stock price plunge.
It was reported that Professor De Guzman's mineral vein theory was incorrect, but it also caused a sharp drop in the share price of Wash Mining. What kind of bad luck is this?
"David, you must find a way to stop the stock price from falling," said the caller, who was the company's second largest shareholder, just behind David.
David Wash was sowhat annoyed. "I'm developing this company, enduring hardship by drilling into mountains searching for ore, eating dust with every al, sleeping in the open every day, while you sit comfortably at ho with air conditioning, expecting to fix the falling stock prices."
"What can I do? I suppose once the news passes, the stock price will stabilize," David Wash irresponsibly replied.
Upon hearing David's response, the major shareholder was infuriated. "David Wash, as chairman, you should take full responsibility for the company's troubles. If you can't manage the company well or make profits for shareholders, I will request a shareholder eting to elect a new chairman."
Damn it, not this again.
Last ti, they forced to relinquish the chairmanship. Now this.
"We agreed at the last shareholders' eting that I would be given two years. It's only been a little over half a year," David Wash softened his tone.
"I am very doubtful now whether the company will survive under your managent within two years, Wash. I'll give you a week to solve the company's problems, or I will propose another shareholder eting to discuss replacing the chairman and hiring a new CEO."
Dejected, David Wash sat on his bed. What could he do now? Unless a major discovery was made imdiately, like a large mine, the stock price wouldn't rise back.
But after months in the mountains, there was nothing substantial—just scattered traces of iron ore, too small scale to exploit. He was now also questioning Professor De Guzman's theory.
Maybe the old man was just a fraud.
The problem now was that the shareholders were pressing him to find a solution. What could he possibly do?
Suddenly, he thought of the newspaper.
Since it was the newspaper's report that caused the stock price plunge, could he clarify things in the newspaper?
He recalled the information he leaked to the Los Angeles Tis last ti. He had a contact at the newspaper's station and imdiately called them.
"Hello, is this a reporter from the Los Angeles Tis? I'm David Wash, chairman of Wash Mining. Would you be interested in interviewing about our New xico mining?"
With the mining stock price plumting these days, it was indeed newsworthy. The Los Angeles Tis, upon receiving the call from David Wash, showed interest and agreed to an interview.
anwhile, Hardy had stopped shorting and was quietly buying Wash Mining stocks.
When he initially shorted Wash Mining, the price was $0.31 per share. Now, with the price down to $0.12 per share, a decline of over 61%, Hardy's leverage is 5x. Calculating the fees and expenses, he stood to earn $500,000.
Good money.
Financial maneuvers were more lucrative than robbery—just a simple operation netted more than two robberies on the Spanish gang.
Wash Mining's stock might still have room to fall, but Hardy believed it wasn't significant. After all, the news was fake, Wash Mining had no substantial issues. The recent steep decline was mostly due to people's inherent distrust of junk stocks.
Now was the ti.
End the shorting and start buying with over forty accounts, acquiring Wash Mining stocks in the market.
Initially declining today, the downward trend slowly halted due to Hardy's acquisitions.
By closing ti, Hardy had acquired over 400,000 shares.
The price stabilized at $0.12 per share without further decline.
The next day, Wash Mining's stock price remained stable. Hardy quietly acquired another 200,000 shares.
On this day, a car arrived at the mining site.
Two reporters got out of the car.
David Wash had been living at the mine for days. Once a millionaire, a stock price fluctuation had halved his wealth directly.
He was very dissatisfied.
He hoped to find a copper mine on this land, even a small one, to recoup his investnt.
But there is still no success these days.
He had cursed Professor De Guzman a hundred tis in his heart, especially after drinking.
He shouted that De Guzman was a big liar. If not for him, he wouldn't be eating dirt here. Isn't drinking and flirting with the ladies in the big city what a millionaire like him should enjoy, what kind of life he is living now!
The two reporters found David Wash, showing their press credentials.
"Hello, Mr. David Wash. We are reporters from the Los Angeles Financial News. We would like to conduct an interview with you. Do you have ti?"
David Wash's anger flared upon hearing they were from the Los Angeles Financial News. After all, their previous report caused a drastic drop in his company's stock price.
David Wash responded with so anger: "I find your report highly irresponsible. What gives you the right to claim that Professor De Guzman's theory is wrong? How can you say that Arizona's veins cannot extend into New xico? Your reporting is baseless speculation."
The two reporters were very good-tempered and just smiled after hearing what David Wash said, "So we ca here to interview, just to ask questions about Wash Mining. you've been searching in the mountains for months. Have you found any significant veins?"
David Wash's montum was choked by the reporter's question.
It was a fact that he hadn't found any significant veins after months.
But he knew if this got out again, the stock price might drop further.
He blinked, suddenly coming up with an idea.
"Who said we haven't found any veins? We have made discoveries. Follow ," he said, leading the reporters forward.
Stopping before a pile of rocks at the campsite, David Wash pointed at the stones. "Look, these are samples we collected from the mountains."
Then he picked up a piece of ore the size of a waterlon and held it up. "See, this is copper ore. Since we've found copper ore, there must be veins here."
"Copper ores often accompany gold ores. Once we find gold, the value of the vein will increase significantly."
In fact, David was deceiving them.
The ore he held was not copper but iron pyrite, which resembles copper ore. The two reporters were layn and likely couldn't tell the difference.
As long as he could get through today, and they reported in the newspaper that the land he bought might have copper, he believed the stock price wouldn't drop any further.
Stocks were about buying hope.
If people believe it exist, then it dose exist.
The reporters took several photos of David Wash with the ore, capturing many close-ups.
The textual reporter asked again: "Mr. Wash, what are your thoughts on Wash Mining's stock price?"
David Wash put down the ore, dusting off his hands. "I believe Wash Mining's value is severely underestimated."
"We have found traces of veins here. Perhaps we will discover higher-value gold veins. At that ti, Wash Mining's stock price will soar tenfold or even twenty-fold. Now is the perfect ti to buy in."
"Do you have great confidence in uncovering a major vein?"
"Of course, I believe Wash Mining will beco a mining giant in the United States and globally, doing business worldwide."
David Wash continued to boast.
The two reporters spent half a day interviewing at the mining campsite, asking many questions, and taking four or five rolls of film. They left near dusk.
David Wash waved goodbye to them.
Watching the car leave, he muttered to himself, "The Los Angeles Financial News is more professional than The Los Angeles Tis. Last ti, The L.A Tis reporters were here for less than twenty minutes, asked a few questions, and left. Look at The L.A Financial News, interviewing for half a day and taking dozens of photos. That's professionalism."
He believed this positive report could lift the company's stock price. Those board mbers wouldn't keep clamoring for his replacent.
Three days later, the report on Wash Mining finally ca out.
When David Wash saw the content of the report in The L.A Financial News, he was stunned. Did he really say that?
Wasn't this exaggeration a bit to much?
The newspaper featured a colorful photo of David Wash holding the ore, grinning broadly.
Headline: "Wash Mining Chairman David Wash Claims Discovery of Large Copper Vein on Purchased Land, Accompanied by Gold Ore."
Subheading: "Wash Mining Chairman David Wash Says Wash Mining Will Beco a Mining Giant in the United States and even the world."
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