The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-12-07

rs elimination for the time. in 1872.
sne advance in price in thirteen of the
rls mines on the Comstock lode,
90 wing an increase of market value
~ no less than $50, 000 A reaction
. Iooh B.iace after this advance in June,
SSo.1, the same thirteen mines showed a
Sa'd1sclatlon on the stock market of
20, 900, So0, the respective total values
III III dsio, 1872 and 1874 being S4,746. 600,
300, 34O,OOO Gune. 1870 and SAL, 5O4 200.
Later on there was great renewal Of
speculation and the market value of
enese same stocks in December, 1874,
was Sl66. I'D, 900, showing an increase in
price from the quotations in 1870 of the
astounding amount of $161, 497, 900. Up
10 this date, December, 1874, the total
assessments amounted to $6,666O00, and
the total dividends to $26, 156. 900.
Inc foregoing is an illustration of
the fluctuations between 1870 and 1875,
after which latter date the Comstock
stocks gradually fell in price. with an
occasional reaction and a, spirit which
encouraged the spectators to hope for
return to the old time prices AS an
instance of how rapidly prices changed,
1t is recorded that in twelve Tours in
February, 1872, the prices of shares in
the Savage mine advanced 500 per
share, and in thirty days California
jumped from $S5 to $685.; and to show
the reverse of the picture, Belcher on
May s, 1872, fell $500 in twenty-four
hours. The present quoted value of the
aforementioned thirteen leading Com
stock mines has dwindled from $780,,
263,60O in December, 1874, to 1870, 500 to-
day.
The next real speculation in mining
property and stocks was started by
the discovery and rapid development of
p4rhOnt9fa
ores at Leadville, Colo, which took
place in 1878. One of the most attrac-
tive features for spectators and which,
no doubt, caused much money to be
seriously invested and still more to be
wasted on mere paper speculation, was
the result of H A. w. Tabor's grub
stake" to George Hook and August
Richie. Hook was a poor shoemaker,
and Richie was dead broke" After
sinking twenty-six feet they struck
carnonates on the Little Pittsburg and
Within a few months Tabor & Richie
bought out Hooks one-third interest
in that and an adjoining claim called
the Dives for 100000. and within four
months from the date of striking ore
the net returns from ore sales were
100000. By the end Of the year the
Little Pittsburg Consolidated, which
included two other claims besides the
two original ones, was turning out ore
monthly of the value of $3.50 900.
The next period in the history of this
mine (Which carried along with it
many minor ventures successfully in
the stock MARKET was when it was
placed on the eastern market in Octo-
Der, 1879. with a capital of 100000 shares
which sold at $50 per share or $4,000, 900
for the mine. Up to this date the pub
lished amount Of dividends paid was
$4,000 Early in 1880 the boom was
over and in one day Little Pittsburg
dropped from S29 to S11 a share, and
with it all Leadville stock declined rap
idly in sympathy. By June of the
same year, although Little Pittsburg
had paid in dividends 81, $50 900, it was
selling at Sc a share, or $1,000, 900 for
the mine. and at the same time the
in profits, was selling at $40 a share, or
100000 for the mine.
That there will be fluctuations in the
values of all the mines which may be
listed on the Salt Lake Exchange is !
certain. These fluctuations always oc-
cur on every commodity which is Of !
fered on sale in any of the markets !
from bread to bacon. Some one makes
money every time and some one loses. |
1t is even SO with farms. But when |
the merit of all propositions come to |
be investigated, it will be ascertained |
that nothing varies in price without a |
cause and that when improvement is |
steady prices go up. When the reverse !
happens prices go down.
At this time it looks as though the !
mining exchange would be a go.