The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-20
Northern Light Stock Creates a
Panic On Exchange.
A BREAK OF TEN CENTS
EXCITEMENT DURING THE CALL
YESTERDAY MORNING.
Some of the Explanations offered As
to the Cause of the Slump-How
the Management of the Mine Is
Criticised-Sales of Other Stocks
ON the Utah Exchange,

Those who were in attendance at
yesterdays call of the Salt Lake Stock
& Mining Exchange witnessed some
| lively scenes. When Northern Light
was called the trouble commenced. 1t
was started when w. H. Irvine of the
firm of Irvine & Mason began unload
ing the stock apparently at any price.
AT the opening Harry Joseph made a
bid of 81 cents and it was accepted. He
then lowered his bid to % and was
taken up again. By this time the whole
exchange was into the play and the
stock was handed out right and left
to anyone who made a bid for it. A
total of SO, 600 shares exchanged hands,
at a selling value of $685.. The stock
went as low as IL cents a share before
the call was over. The terrific flood
simply paralyZed every broker in the
pit who wasn't posted as to what was
to happen.
1t is still puzzle to the most of them
what caused the storm, and during the
day there were all kinds of eXplana-
tiens and reasons offered. A great
many We're inclined to believe that r.
G. Legg, who was reported to have
lately rendered his resignation as
superintendent. was unloading and
that he had advised his friends to do
the same
1t was stated later in the day that
Mr.. Legg hasn't owned any stock in the
mine for the past four months.
Others expressed the opinion that
the rich ore is playing out; that the
mill will soon shut down and further
that an assessment of 10 cents share
is about to be levied.
Nothing of Importance regarding the
slump could be learned at the COM
pany'S office. President E. H. Airs
had gone to Park City and Secretary
George II. Airs said he was unable to
throw any light on the matter. He
could not tell from the company's
books where the stock came from, as
very few transfers had been made dur
ing the day; he did not think any of
the larger stockholders were unloading,
and was inclined to the belief that it
was a combination of small holders
who were selling off, but why he could
not say. Secretary Airs said he knew
of nothing in the condition of the mine
which would be likely to cause the
slaughter and thought that prices
would surely steady down again before
long
The head of one of the strong
brokerage firms of the city discussed
the slump in very vigorous terms and
gave it as his opinion that there was
something radically wrong either with
the mine or its management, and pos
sibly both. He did not believe that
nearly one-tenth of the capital stock
could be thrown on the market without
the consent or connivance of some of
the big owners and he blamed the
for the whole affair. If
the mine was in such shape that the
big holders and directorate wanted to
get out, they should be honest enough
to give all the stockholders a chance
II the mine was in good condition the
should let the fact be
known, for he believed the stockhold-
ers and the investing public generally
were entitled to the information.
There is no doubt that a great many
stockholders do not 'fe' kindly to-
wards the men who have had the mine
in their charge, as complaints have
been numerous that stockholders have
been unable to Secure information as
to the condition of the mine from the
company's officials. They say there has
been an apparent reluctance to give out |
any information and that reports have |
not been forthcoming from the proper
authorities from time to time. The |
stock has sold above a dollar a share !
several times within the past few years |
md has taken its periodical slumps as
t did yesterday. An immense lot of
,tOAiSS iioS pceH loSl III the STOCK in +
he past, while some have taken adj |.
of the uncertainty and made
money out of it,
The other stocks were almost en-
irely lost sight of after Northern
light had cleared. Daly-West was
'ome stronger than on Tuesday. -Four
Aces was little changed while Swansea
vas sold at $416.
Bunker Hill, which closed weaker on
he previous call, regained it's strength
md sold at cents
The following. quotations were posted
~ the two exchanges: