The Goldfield news. [volume] (Goldfield, Nev.) 1904-1911, 1907-05-11

There has been little doing In the
stock market this week and some of the
weaker stocks have been overlooked
altogether. Even the better class of
stocks and those OF acknowledged merit
have been inactive. while prices have
been gradually receding for two weeks
until they have about reached bedrock.
To one not thoroughly familiar with
the circumstances the reason for this
slump in prices are not already appar-
ent but when 1t is remembered that. al
though prices are low. there is COM
paratively little good stock on the mar
ket. II can be seen that the real values
OF the standard securities are not. ef-
fected by the prices quoted on the stock
exchanges.
The reasons for the present stagna-
tion are plain and can be told in a few
words. The six weeks shutdown OF the
mines had scarcely perceptible effect
on the market while 1t lasted but now
comes the reaction. The mines are Just
getting into shape to again begin ship
ping ore regularly, the last two or
three weeks having been consumed In
cleaning up and repairing. The labor
troubles in San Francisco, has caused a
marked depression In the money market
there and money Is tight, the effect of
this being felt more in Goldfeld proba-
bly, than in any other section.
The bankers and big mine owners OF
Goldfield are viewing the situation with
equanimity. They express no surprise
that the stocks are inactive, or that
prices are down 20 an absurd level.
They know he reasons and they also
know that the stagnation Is but TEN
porary. A few weeks they say will
witness revival that will surprise the
most captious critic.
Speaking of the situation yesterday
James l.. Lindsay. cashier of the State
Bank and Trust company said:
"Goldfield is all right. During the
six weeks shutdown of the mines prices
of stocks maintained a high level which,
under such conditions was remarkable
and unwarranted. We are now suffer
ing from a temporary reaction. The
Goldfield district Is in better condition
now than at any time in its history and
there has been enough new ore opened
up since the mines resumed operations
to make two camps. Preparations are
being completed for shipping the out
put of the various properties and ! am
positively of the opinion that there will
be big revival Of interest in stocks
within the next two weeks. The output
OF TIE mines will make the market AMI
that In a very short time. OF COURSE
the strikes in San Francisco has hal
a marked effect on the market. and a
very bad effect. Labor troubles always
do. have every confidence in the flu
IL s1l ae t,1xr kfe-
ger than am. The ore is in the ground
and we are not going to let it stay there.
and yet. paradoxical as 1t may seem
the more we take out, the more there
is uncovered in the ground"
John s. Cook. head Of the banking
house of John S. Cook & Co, takes an
optimistic view Of the situation. The
depression in the local stock market,
said Mr. Cook. 'is due largely to the
financial stringency in San Francisco
and the east 1t seems that the banks
in San Francisco are calling in their
real estate loans. with which they APP
pear to have been overloaded and the
strike of the street car men in that city
also had depressing effect in the
money market. The depression In the
stock market is not due to local con-
ditions and l am convinced that as soon
as the mines resume regular shipments
again, which viii be very soon, the
situation will be materially improved.
after the shutdown there was great
deal of work to do at the mines, clean
ing up. installing new machinery. repair
ing the shafts, etc. This all had to be
done before the actual work of extract
ing ore could be attempted, and it took
time. Now this preliminary work has
been practically completed and some
of the properties are shipping and will
increase their output from week TO week.