The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-06-23
STOCK SALES REACH
HALF A MILLION
Tremendous Trading During
Week just Ended.
BANKERS CALL A HALT
EFFORT TO RESTRAIN sPECULA-
TIVE BROKERS.

Speculation reached the highest point
in the history of the mining stock ex-
change IN the week just closed. In all
6O6,543 shares were sold, the price paid
being S575,16S. The fact that over $780,
900 worth of business has been done,
and that some of the brokers, as well
as others, have become somewhat reck-
less in their specializing has caused the
local banks to order a halt. The sudden
SnuUt1nS- Oft Of one firm, resulting in
us suspension, has been followed by a
notice to others who nave been close
TO the danger line that they must be
more conservative, and must meet all
obligations at once. Several firms re-
celYed such notice earlier in the week
ana yesterday a few more were in
formed that they must come to the
scratch then and in the future for every
dollar of overdraft or other obligation
The result was some selling yesterday
20 realize on stocks in hand, notably on
May Day. 1t is believed that this little
hurry has passed over, however. The
banks took the action at this time to
force greater conservatism, and to pre-
vent possible complications in the fu-
tUre.
The weeks trading has resulted as a
rule IN gains. May Day has been the
feature, huctuating violently. The close
OF the week previous was at SISSY
From that the stock jumped with stop
ping for breath to 50. and then tumbled
almost as rapidly. The close yesterday
was at S2.O9, while sales were made as
low as $1.90 earlier in the week The
drop was attributed to the heavy real
lzlnS sales, and to the natural reaction
FOLLOWING great boom. With the COM
pletion Of the mill and regular ore
shipments, the friends of the stock are
predicting an increase in price ulti-
matelY.
Ajax, always active, has huctuated
erratiCally. In the absence of news from
the mine, the market has been con
troiled almost entirely by manipulation
shooting up Ground S1-35 and then drop
ping back ~tO the neigh bOrhoOd of 81 20.
The close was at S1.25&, as compared
with $I.1Ssa at the close of the previous
week.
OF the higher-priced stocks DaIv-
West and Yankee have been cOnspicu-
Gus. The former moved up to S44. after
closing the previous week with offers at
5000. Sales were MALE yesterday at
the top figure. but the close was at
S45.2a. The strength is attributed to
the increasing spread of knowledge as
80 conditions a I the mine The buying
has been largely by insiders.
Yankee sold Friday q $3.50, and yes
terday at S5.32 and 1871, as compared
with S4.I615 the week before The mine
IL looking better than ever. and will
soon be in shape to ship regularly and
pay dividends. The stock is being
gradually Withdrawn from the market
by the heavy holders, and little is for
sale at even the present nigh figures.
Ben Butler has been active and
strong, owing to the excellent showing
in the new strike. From 10 cents the
previous Saturday. the stock moved up
until it sold at II cents on the curb,
and nearly as high on the board. Sales
were made yesterday as high as 1872
cents, and the close was at 16 cents,
with the transactions heavy.
Joe Bowers will have a stockholders
meeting next Tuesday, and Sparrirng
for the control has sent 7the price up at
a lively pace. From offerings at AZ
cents. with bids Of 30 cents at the close
of the previous week, the price has
[ been put to cents, at which 5000
shares We're sold yesterday. This means
a, price of $4,000 for the mine with a
new shaft to be sunk and other work
necessary before any ore can be
shipped.
Star Consolidated has shown cousid-
cradle strength in the hope that ar
engagements would be made to treat the
low grade ores at a profit. Closing the
previous week a t 4424. the stock went to
81 cents, at which sales. We're made a {
the close yesterday.
La Refine was listed during the week.
and sold yesterday at 80 cents.
The net changes in other stocks were
comparatively small. During the single
session yesterday $500 shares were
sold at S33 l24, and uhe close was on
the following quotations;