The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-14

in its issue of yesterday, comments on
the stock market as follows:
If Spectator were to go upon the
Salt Lake exchange and buy right and
left with his eyes shut, figuraaiveiy
speaking, without discrimination, at
present prices, he would not purchase
a single stock that would not yield
MIN profit during the next six
months Notwithstanding these oppor-
tunltles, there are few buyers in the
ield- Were it not for the scarcity of
: buyers, stocks would not be offered al
/ any such prices as now prevail. The
! old, familiar announcement comes from
the east that investors are waiting"
still waiting, as they have been during
the past three years. 1t seems impossi-
! Die for them to realize that good divi-
dend-paying mining stocks are the very
safest securities, whose earning capa-
! city is not even remotely affected by
panicS and financial disturbances. Some
of the recent slumps in local stocks
have been caused by the action of the
banks in calling in all loans, several
holders having been forced to liquidate
These forced sales, and a, little profess
sional scalping, have been the causes OF
nearly all the fluctuations during the
past week.
The chief interest in listed stocks has
been centered in Mercur and Mann
moth Manipulation by the brokers,
followed by the announcement that the
dividend might be passed this month,
left Mercur several points lower than
the previous week, and it sold down as
low as 1918. This was a forced sale,
the holder being obliged to realize. If
the dividend is passed the present
month 1t viii not be due to the absence
OF sufficient funds with which to pay it.
but to desire to raise the reserve to a
certain point. Last months flood
closed down the mill for eight days,
and of course this cut into the earn
lngs- The amount of milling ore in
sight can almost be said to be unlim-
ned, and 1T is stated that the output is
now nearly $4,000 per month, one re-
cent shipment of $1,000 worth of cya-
hides having been the result of Just
seven days run. In view of these con-
ditions, any scare on the part of the
stockholders over the action of the
management in increasing the surplus, /
would be without sense or reason. In /
definite runors concerning negotiations
with a foreign syndicate for the sale |
of the property continue to be circu- ]
lated.
Mammoth sold down to 50 so, which is
a, good deal below its actual value. 1t |
may be stated, however, that this stock |
was forced upon the market by the |
necessities of the holder. The new |
railroad built to facilitate the handling |
of the ores will be in operation by the !
LIST of next month, when the output of I
the property VIII be materially in (
creased, and it is not improbable that I
the dividend rate will be increased.
Bullion-Beck surprised the public by |
declaring a dividend of 80 cents Per
share, payable on the Goth. This, with
the special dividend paid on the 9th, |
and a grand total of 81, los, 600. Of this
months payments, $4,000 represented /
the proceeds from the sale of the COM
pany's store, and $4,000 the earnings
OF the mine. Notwithstanding these
the stock made no material
advance.
There has been no change in Ajax,
sales being reported at 70@771a. An
Choir is strong, with light offerings.
DAILY dropped off, after the advance
the recent dividend, and
there is nothing doing in the stock.
DAILY West was firm, with few buyers
and no sellers
Galena sagged off about % cents, in
sympathy with the rest of the list. The
dividend of cents was paid
on the 10th.
There were no buyers for Horn Silver
at the prices asked. Report comes
from New YORK that a dividend of $780,
300 is expected this month, but nothing
is known here concerning the inten-
tons of the directors, although the
heavy output would seem 80 justify a
payment.
Silver King made its monthly divi-
dend payment Of S375O0 last week, and
Utah distributed $4,000, as usual.
Swansea was the one feature of the
unlisted stocks. This stock, which ad-
vanced from Is cents to $3.50 within
ess than six months, sold down to S1.75
during the last week. The slump was
lue chiefly to manipulation on the floor
Of the exchange, and one or two OF the
shorts narrowly escaped a squeeze
when the stock went back to s205. The
stock ought to be worth every cent Of
present quotations and buyers stand a
good chance to win. The shaft has
reached a depth of AIS feet and stop
ng has commenced. the ore heretofore
shipped having been taken out during
development work.
The remainder Of the unlisted stocks
we're lifeless, with very little trading.
Creole. a Park City stock that has ]
lever been called on the exchange, has
advanced from so cents to 81 during
he past few weeks, actual sales having
been made at the latter figure.