The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-04-26
THE MINING SITUATION.
Everyone Wondering When the fres-
ont Conditions Will Improve.

at present IS now long are tue ~ ~
stock conditions TO last, and what will
he tbe outcome? II is difficult to find
an answer even among those whose
business leads them into constant toucn
with the stock markets. promlpent
mining man on Thursday received sew
eral letters from associates IN Boston
and New York, and each letter stated
that there was plenty OF money Waltlns
to be spent for stocks, but all were
waiting for some one to lead off. In
other words. the Eastern investor IS
willing to follow. all that is needed
is for some one buyer to start off right
on some one stock. Confidence is
needed.
All these letters were so uniform IN
sentiment that they might have been
written by one person, but coming as
they did from a half dozen different
sources they apparently reflect the true
conditions East. The same thing can
be said of the Salt Lake market. To
use an illustration: Some orders have
come in from the East for Honerlne
stock Honerine has gone begging for
months at around so cents share. IL
took a big boost IN price Wednesday,
and on Thursday sold as high as 90
cents a share. The trouble is, there are
so few buying orders In the hands OF
the local brokers. But let some one be
gin asking for some one stock, WITH
money TO handle it, then everyone
wants to get in.,
Never before in the history or the
mining industry of Utah have the
mines presented so great an inducement
for general confidence. Never before
have the showings in the mines Jnstl-
| fed higher levels In stocks than now.
The same thing is true generally
throughout the country. In recent is
sue OF the Boston News Bureau ap-
peared quite an interesting article on
the copper situation. 1t Is worthy OF
reproduction. and is as follows;
1'A careful survey of the situation
and investigation of actual conditions
shows plainly that the copper market
position is clearing up splendldly.
! There are plenty of indications of the
soundness of the market, and sur-
ring buying movement is looked for
within the next few weeks. Consumers
arc expected TO take steps for repcn-
sbing their stocks shortly and liberal
orders for the third quarter of the year
arc anticipated. The largest produc-
ers have little copper TO offer for de-
livery before July, and when the or
der books are opened the commitments
arc expected TO be for July, August
and September. Numerous devices have
been resorted to lately to weaken the
copper market, but producers have stood
every attack without ainching, and the
market today rests on an absolutely
firm foundation. Consumption goes
right along on an enormous scale, and
big mills are preparing TO handle copper
at remarkable rate. Leading con-
sumers are building new additions to
their plants III order to increase their
output of manufactured metal, Later
i'm the year the problem may be that
Of getting copper IN sufficient guam
! tity.
''The position is an encouraging one,
and copper will undoubtedly give an
other demonstration of Its intrinsic
strength between now and June /. The
copper mines are at present reaping the
best prices for copper since the metal
began to rise, and they are doing far
better than last year. Those who are
looking for an immediate break IN the
American copper market will no doubt
be greatly disappointed, as the best
judges of the situation feel perfectly
confident that copper will rule strong
fer many month to come. This is the
opinion of those who know actual con-
ditions. and are well qualified to speak
accurately on all phases of the copper
situation.
".The security market acts as it gen
orally has IN the past after a severe
latlve losses, Commission-houses are
doing little, The market is extremely
professional with all that that implies.
| When, however, one considers the
enormous reduction of speculative in
debtedness that has taken place, one
should be pretty positive MS to where
the great bulk Of the floating supply of
securities rests. These interests can
afford TO abide their time They don t
make conditions, they follow them. and
yet they are IN position, perhaps, to be
better qualified TO Judge of the situa.
ton as it is unfolding. Should money
further ease, and should crop prospects
| greatly improve, prices would probably
begin TO harden from natural causes.
and then the opportunity would offer TO
place higher valuation on securities.
aiready crop reports are more favor
able, snow and rain in the West and
Southwest having benefited winter
wheat.
Leading trade authorities believe
that the talk of business reaction has
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