The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-18

That the permanency and usefulness
of the Salt Lake Mining exchange is as
good as assured was demonstrated yes
terday when the organization offered
for sale at public auction four mem
berships or seats on the board, and the
fancy prices brought for these seats
were not only surprise TO the mem
bers of that body and the public at
large, but was the topic of conversation
in business haunts during the after
noon, and the affair was telegraphed
the world over through the medium OF
the Associated Press.
The initial bid received for the first
seat offered was 500; this figure was
raised amid great excitement until the
5000 mark was reached, and the deal
ers were on the tip-toe of expectation
when the bidding advanced above this
figure, and when the membership was
knocked down to D. H. Peery, Jr., the
air was filed with applause. The sec
ond seat drew out active bidding, and,
contrary to all expectations, II brought
even more than was paid for the nrst
membership and was awarded 10 +. l..
Sheets, of Sheets & Thompson, for 500:
There was a scramble when the thlrd
seat was offered and the first bid was
$500 indicating that there would De
some tall scrapping for this member
ship and bidders were encOred Tor their
nerve and sand time and time again
as the figure reached the $500 mark, and
il was here that the crier stopped TO
announce that further bids of less than
$3.50 ..ould not be entertained, but TINS
was not necessary, as SO and So bids
We're pouring in so rapidly that 1t was
not long before the applicants for e&-
change privileges had reached the
handsome sum of $315 in the bidding,
Prof w H Tibbals capturing the
prize Short work was made of the
fourth seat, the plum being secured by
Mr.. Sheets at the same figure-$3l5, the
amount Of aggregate sales footing up
to 81 100 the receipt of which VIII add
greatly to the fund now in the treas
ury Of the association.
1t had been believed that these seats
would go to Salt Lake business men,
but in this many were mistaken, as II
was outside money that corralled these
enberships the incident showing IN
a forcible manner the interest that IS
being taken abroad in the exchange.
Mr. Peery in speaking of his pur-
chase, stated to q representative OF
The Herald that it was made on
telegraphic order from a gentleman IN
the east whose name, for coed and
sufficient reasons. he could not divulge
at the present time. Prof. Tibbals made
the statement that the seat purchased
by him was for the firm of Mills &
Blanchard of Boston, who are so heaV-
lily interested in the Chloride Point mine
on Lion Hill, the Overland at SUNSHINE
and the Picnic at Silver City, While Mr.
Sheets. while refusing to give the
names of his clients at the present
time. announced that the two member
ships secured by him were also foI
eastern gentlemen.
The stock exchange has enjoyed q
phenomenal and legitimate growth dur
ing the present year, and it IS HARD
to foresee what is still in store for it
although there IS no doubt but that Il
viii be the instrument OF much good K
the business interests of Salt Lake anc
the upbuilding of the great mining in
dustry of the state.
The exchange has had all kinds o.
experiences during its existence. Start
ing out in pretty good shape, business
was good for a few months when in
terest began TO dwindle The board
was ushered into existence with bras
band accompaniment and with a. CRANE
spread in the room just east of the Cul
len hotel 4 few months afterWard /
took up its abode on Commercial street
and here business was often so slacl
that but a few members were presen
during the call in many instances an:
one or two lone spectators only Wer
were trying times for the exchange ant
to better its condition a move wa
. made to the basement of the Alta
block. where business began TO i'm
prove and in time the place Oecam
50 crowded that another move had [
be made, this time to its present com
naodious quarters in the building souG
of and adjoining the Walker BAN
building. and since getting fully in
stalled in this desirable locality bust
ness has improved at such a rate an
so much interest has been taken in tn
daily call that the pit is always file
with members, now numbering 81
which is the limit, and it is ofte
that the lobby is crowded by intereste
sDectators and dealers to the numbe
of several hundred, while the bushes
of the call runs up into the transform
OF from $4,000 to 100000 shares of stoc
with sale values touching nearly $1,000
or over for each session Of the board
the interest being so great that tn
value Of memberships has steadily III
creased until, as recorded above, busi
moss men are anxious and ready to pa
seemingly high prices for the priVileg
Of doing business in the pit-and tn
end is not yet, from all indications.
In this connection 1t is not out {
place to commend and compliment tn
charter members of the exchange an
those who joined shortly after its OF
a-anization. for what they have don
osten in the face Of Encouragement
for the advancement of the interest
of the board. They have done well an
are deserving of a vote of thanks {
the hands of the business men Of Sa
Lake and also from the mining publ
at la~-e