The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-08-16

Goldfeld, New, Aug. is.
A genuine bull movement in Ne
rada mining stocks is In full swing.
Higher levels are being recorded daily.
Substantial gains are the regular order
! " the day, and every one Is buying
rom the miner who tolls in the under
ground workings for days pay to the
nine manager, capitalist or merchant.
orders to buy are far moro general
han selling commissions, and brokers
ire again finding 1t most difficult
natter TO execute orders TO purchase
securities at limits. Every session OF the
san Francisco and Goldfield exchanges
Ihows an advance, generally from two
10 five points, and the public Is eager
70 acquire shares in the standard COM
panies of Goldneld, Manhattan, Bull
rog and Tonopah.
On the 18th OF April last, the day be-
lore the San Francisco disaster, No
Fada mining stocks-and particularly
Manhattans. in which San Franciscans
were very heavily interested-had ex-
perienced a rise from three months
previous. and a swinging market WAS
It's attendant disasters there came a
complete change. For more than q
month after the fire the banks of Cali
tornia and Nevada were closed and
there was O condition approaching
chaos in financial centers. Then.
throughout the month OF June, al
though the banks were open, the hnan-
cial 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 to obtain sufficient
money from their bankers to operate
their business. There were days and
days Of uncertainty and the investing
public looked askance at the market
The natural result was that issues fell
far below their real value and a period
Of extreme dullness, lasting sixty days,
prevailed.
This all changed In the latter part
OF San Francisco received over $780,
100000 sent westward by large insur-
nnce companies that were engaged IN
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 full Of money that they posi-
lively refuse to pay interest on time
deposits. Many of them are now en-
gagged in loaning money to New York
trust companies at rate Of 2k per
cent per annum, There is more money
In the California metropolis today than
people know what to do with Oppor-
tunities for investment there are scarce
as yet. Things are chaotic In a real
estate way. The topography of the
new and greater city has not yet been
determined. The supervisors of that
city have passed a resolution making
It impossible for any one to erect a
wooden building moro than one story
IN height. and as these aro the onlv
kind that can be constructed on short
notice for the big retail houses, little
capital Is required or can be employsd
The only collateral for loans. then ,a
either unimproved real estate or mintnr
shares.
Withthis anomalous condition obtain
ing, mining stock brokers IN San Fran
cisco are besieged with proffers of cash
loans, They are able to borrow all the
money they want and more. Where ST.
weeks ago 1t was impossible for an
investor to get a broker to carry hin,
on 6o-day or so-day buyer contract
1t Is now the rule for the hrokera as
houses to desire their clients to con.
tinue their futures.
Again. San Francisco Is beginning ~
invest lot OF money in mining stocks
1t Is the easiest method and the ,na
nearest at hand for the investment Of
large sums now being drawn down from
the hre insurance companies,
There is also marked improven,en
in financial conditions IN New Yor,
When the big insurance companies were
called upon to pay their enormous Ioss-
es in California they were forced to
throw on the eastern market nillIons