The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1905-05-19
A NATIONAL
Speculative Interest In Mining Stocks
Growing Greater.

The Record has before commented
upon the want of a speculative center
for the listed mining stocks OF the Unit
ed States-that is. a center which has
by favor of its location and other adj
vantages a natural claim upon a national
mining stock exchange, organized upon
approved lines and thoroughly repre-
sentative of all the leading stocks and
all the leading camps of the West. The
vastness of the United States and the
great distance between the old centers
OF population and finance and the Rocky
mountains, where the mines are mostly
located. makes it extremely difficult to
conceive of u national bourse for the
purchase and sale of listed mining
stocks on a large scale. When we speak
of an exchange answering to this de-
scription, we mean al institution which
can bring together and organize under
one roof all the widespread speculation
in meritorious mining stocks, listed or
unlisted, that is carried on in this
country.
The United States has, indeed, min
ing stock exchanges that pose as ma
tional. That is to say, they represent
numerous camps. But these camps are
represented by only a very few selected
securities, usually standing for CONSOLE
dations OF a gigantic character, and If
the number were greatly increased, 1T
might be at the expense of the perma-
nency of the exchange, because the
greater number would alternate the
public interest in the stocks already
listed. These exchanges do not conform
to the description which we have APP
piled to a truly national mining stock
exchange.
The speculative interest in mining
stocks Is growing greater every year. 1t
is growing side by side with the more
serious public disposition to invest in
mining enterprises for the gains that
may be made from mining in itself,
eliminating the stock speculative spirit.
There are those who decry stock specu-
lation as it is so often conducted, and
the Record has been and is among the
number. But there is no denying that the
American will speculate in the paper
tokens of value, and, this fact once rec
ognized, it remains for some master
hand to marshal the scattered specula-
tive ends and bind them into one, to en-
courage a high degree of intelligence in
connection with this sort Of thing and
thus build up an honorable institution
that can be truly characterized a. ma
tional in its scope.
A few days ago the Record published
IN its columns an interview with a New
York broker, who said that the specula-
tive movement in young Nevada had
taken a hold upon Wall Street and that
he believed Wall Street would, sooner
or later, take the trading in these stocks
away from the Western exchanges.
About the same time there arrived from
New York a dispatch saying that a
prominent firm there had established a
mining stock board, upon which every
mining stock of Importance traded III at
Boston, New York, Denver and ColOra-
do Springs or san Francisco would be
posted and prices quoted the same as
the prices Of other stocks. Though, Of
it Is understood that the making
OF quotations cannot be justly carried on
except at a fair and open call where the
circumstances of publicity prevail, at the
same time the facts and opinions just
referred 10 90 to indicate a tendency
that the mining stock Spectator cannot
overlook. And if there i 20 be any
competition as between the East and the
West for the control of the speculation
in listed mining stocks, the result will
be largely determined by the measure OF
integrity that is displayed in either sec
ton with reference to the attitude OF
rival exchanges toward the rights OF the
public. Even among gambling houses,
the loaded dice and the blocked roulette
wheel do not enjoy permanent pros
perity.
AS already intimated, a national min
ing stock exchange in a country of the
size and mineral of the United
States will find an extensive list OF
stocks essential. An extensive list can
not be supported unless there is an ex-
tensive clientage. Judging by the symp-
toms, an extensive and intelligent eli
entage exists in the Unite! States. but
it mas never been centralized. And will
it ever be centralized to the support OF a
national mining'stock exchange? That
is the question. Where the center will
be II another question.
There are many phases OF this inter
esting subject, some of which have been
touched on before by the Record. The
problem Of the ready transfer OF stocks Is
of first Importance Next to it Is the
oIaation of A systematic selection Ol