The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-12-29
WIT AND WISDOM
AT THE BANQUET
-&-
Mining Brokers Mingle Jests
With Serious Discussions.
--4-
FEAST TO BE Ar ANNUAL ONE
IT IS DECIDED TO HOLD A RE-
UNION EVERY YEAR.
FEAST TO BE Ar ANNUAL ONE

Pether yesterday afternoon 10 make
the first annual banquet Of the Salt
Lake Stock & Mining exchange at
the Knutsford hotel a success. Merri-
nent there was in plenty. but aside
from this there was a serious discus
sion Of the best ways OF promoting the
good Of the brokers and Of advancing
the interests OF mining in the state and
of being Of benefit to the general pub
lie.
The attendance was large. Every
body was long on good fellowship and
short on everything tending to make
unhappiness. ''Fishah Harris was
"tcastmastah" and right good toast
msstah, he was, suh," as usual.
After the various courses had found
their gay 90 the filling the long felt
want Of the inner man. POSTMASTER
Harris introduced the first speaker, W.
II. Tibbals. who discussed 1.-THE Stock
broker VS. the Mine Owner" Professor
TibbSls spoke of the methods by which
mines were usually financed and de-
VelOped. First the company is incOr-
porated and certain amount set aside
Tor acquiring the property and per-
haps fer promotion. Then the treas
development of the property. In the
sale Of the treasury stock and in the
creation of a market for all the stock
In the corporation. giving 1t a public
value, he said the broker came in as
sn important factor in the development
OF the mining industry.
1T should not be The ATiEe Owner
IS. the Stock Broker he declared.
but the mine owner ard the stock
broker. They should work together for
the development Of the mining indus
try. and if they do this they will make
the greatest mining state of the
union"
W. P. O'Meara spoke on THE In
weston" The investor" he declared,
"is the Santa Claus who makes il
Christmas for the miner owner every
day in the year. He is the Carnegie
who lies awake nights to devise means
for distributing his fortune among the
poor but worthy brokers'
Should Be Philosophical.
Becoming serious, Mr.. O'NIeara said
that the investor should learn 70 take
his profits and losses philOsOphically
and not blame the brokers fol the
fluctuations Of the market against his
judgment.
Ben Luce talked on Washing" He
denounced the practice Of washing
teregts Of the exchange and urged that
for all time in the future washing"
be washed of the exchange.
Herman Bamberger discussed Bulls
Texas bulls, ShorthOrn bulls, Here
ford bulls and stock bulls. He had
good word to say for each.
Charles r. Hudson began his discus
sion Of Bears" by diselaiming that he
was talking as a QU8GTuDed Of that
kind, but ne said there was a place for
bears. The bear, he said, is the man
who has the courage to tell the mine
owner that he is asking too much for
his property who has the nerve
TO inform the promoter that his
Price for his stock is too high, Who
works to scatter the bulls when stocks
are being inflated above their real
value. and whose absence is often re
sponsibIe for allowing stocks to get
too high.
Judge c. c. Goodwin responded to
the toast, THE Miner" Before he be
gan Ben Luce proposed three cheers
for him, and they were given heartily.
The judge paid a high tribute TO the
miner, and told of the discOUragements
with which he meets and the obstacles
with which he has to contend. He spoke
of the various ways by which the smell
ter trust takes out the value Of the
ore. First the miner meets with a de-
murrage charge, then with a penalty
for SILICA when he sees the smell
ter unloading at the works barren
siliciOus ores needed as a fiuX- Then
there is the charge for moisture, when.
perhaps, the ore has come from a desert
where water is at premium; then the
charge for sulphur and for anthony,
until he thanks God there is only 100
per cent in the ore"
Advocates a State Bounty.
The speaker urged that the exchange
work to get the state to offer bounty
for new methods Of cheapening the cost
of reduction OF ores.
''The mining exchange is a great
lever for the progress Of the state, "
he declared. He said It took in many
ways the place of a chamber Of COM
MERGE XIII the worst of the bulls. ="
he continued, "muZzle the worst Of the
bears. and give the boys and girls on
the outside a chance.
Judge Goodwin called attention to the
tremendous Importance Of the mining
industry to the state, and urged that
all should do what they could to help
the miners.
Ralph Guthrie made an earnest plea
for futures" saying that without them
business had diminished.
w. H Clark responded to the toast.
'eThe salt Lake Mining q Stock EX-
change" He went back to the time
when, on Dec. u, 1885, the exchange
was organized, told OF the struggles
il mad for some time. when for days
not q share of stock would change
hands. In 1887, however, 692, COO shares
of stock were sold for S193 600. in 1898
thu sales were $500, 900 shares for 81
2W 0: in 1899 they were 200 900 shares
Z, y1.135, 900; in 1900 the hgure reached
a 1000 shares, for S2,075000, while in
4 the sales for only eleven months
we're over q. 0o6, 600 shares, bringing up
ward of S13.0OO.O00. In five years the
business has been over S1S,000,0O0.
Success Is Predicted.
Mr.. Clark predicted a great increase
in business for next year. He said
that the progress OF TIE science Of cleo
tricity is causing a greater demand for
copper. that the consumption Of lead
is increasing. that the opening up of
the Oriental trade is improving the
prospects Of silver, and that everything
looks bright.
Tod Goodwin read a poem, written
BY himself
It was decided TO make the banqeut
an annua affair. A vote OF thanks
was rendered Judge Goodwin for mis-
presence and his speech and tele-
gram Of sympathy and good wishes
was ordered sent Prs sident ID. H.
Peery who is I'll in The east. An ad-
journment was then taken 10 the last
Saturday ia the next year.
Counter feit Gold Certificate.
washington, Dec. 2S-Chief Wilkie OF