Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1906-08-15

Goldaeld. New. Aug IA genuine
bull" movement in Nevada mining
stocks Is in full swing. Higher levels
are being recorded daily Substantial
gains are the regular order OF the day,
and everyone is buying-from the miner
who tolls in the underground workings
for days pay to the mine manager,
capitalist or merchant. orders 10 buy
are far more general than selling COM
missions and brokers are again finding
It a most difficult matter to execute or
ders 10 purchase securities at limits.
Every session of the san Francisco and
Goldfeld exchanges shows an advance,
generally from two to FIVE points and
the public is eager to acquire shares in
the standard companies OF Goldheld,
Manhattan Bullfrog and Tonopah.
on the 18th Of April last the day be-
fore the san Francisco disaster. Ne
vada mining stocks-and particularly
Manhattans In which san Franciscans
were very heavily interes ,ed-had eX-
perienced a rise from three months
previous. and a swinging market was
in progress. With the earthquake and
IT'S attendant disasters there came
complete change. For more than a
month after the FIRE the banks Of Cali
fornia and Nevada were closed and
there was a condition approaching
chaos IN financial centers. Then.
throughout the month Of June, al
though the banks we're Open the fnan-
clal atmosphere was murky, for no
money could be borrowed IN san Fran
cisco on listed Nevada mining shares
which had previously been considered
gilt-edged security and brokers them
selves were unable 10 obtain sufficient
money from their bankers 70 operate
their business. There were days. and
days OF uncertainty and the investing
public looked askancc AZ the market
The natural result was that issues are
Jar below their real value and a period
Of extreme dullness. lasting 60 days
prevailed.
This all changed On the latter part
Of July, during which month the hanks
Of san Francisco received over 500.
oooo sent westward by large insur-
anco companies that were engaged I'm
paying their losses. Their Golfers soon
became overlooking with a plethora Of
cash and they were again looking about
for opportunities to loan out their sur.
plus. The banks of san Francisco are
now 30 FUN OF money that they positive.
ly sefuse 10 pay interest on time Dc.
posits Many Of them are now engaged
In loaning money 90 New York trust
companies at a rate ~ 2is per cent per
anuum There rs more money IN the
California metropolis today than people
know what to do With. Opportunities
Tor investment there arc scarce as yet.
Things are chaotic lu a real estate
Way The topography az the new and
greater city has not vet heen deter
mined The supervisors OF thar city
have passed a resolution making IL i'm
possible for anyone 10 cree; wooden
building moro than one story In height
and as these are the only kind that can
be constructed on short notice for the
bic retail houses. little capital Is re-.
quircd or can be- employed. The only
collateral FOR loans then. is either an.
improved real estate or mining shares
With this Anomalous condition obtain
Ing. mining stock brokers in san Fran
cisco are besieged with proaors ~ cash
loans. They are able 10 borrow an the
money they want and more Where six
weeks ago Il was impossible Tor an In.
vesinr 10 got hr1ker 10 carry him on a
to-day or s0-day buyer contract Il Is
nov the rule tot the brokerage houses
To desire their clients 10 continue their
futures
Again San Francisco Is beginning IN
invest lot ~ money In mining stocks
u is the easiest method and The one
nearest az hand for The investment, ~
large sums now being drawn down from
the IRE insurance companies.
There Is also a marked lmnroyenen,
IN financial conditions On Nov York
When the big Insurance comnap,.s
~ere called upon 10 pay their snormov,
losses ~ California they we're forced 10
throw on the eastern marke, millions
81 dollars worth Of Industrial ana ran.
road securities, and the recent r.o,,-