The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-06-02
Present Prices of Stock Not
Correct Thermometer TO
Measure Conditions.
BROAD POLICY OF
G0LDFFELD CON. co.
Officials Prefer More Reserved
Methods in Handling Their
Biz Mine.
Special m The Tribune.

GOLDF1ELD, New. June In the
Jumble and maze Of conditions and cx-
plantations which confront him who in
ent slump in Nevada mining securities.
enc fact which sticks out prominently
Is that quotations on change are not
necessarily a reflection of physical
merits at the diggings, are not true
gauge to intrinsic values. Three years
ago Tonopah Mining dropped from
$50 to S4.15. at time when the mine
had never looked better. just now
Tonopah Mining has placed in commits
sion l2O-stamp mill. has larger out
put than was ever dreamed of n wear
ago, and the certainty of dividends
a1ounting TO 30 cents or 81 per month;
yet the shares sell cheaper than they
did u year ago Belmont has installed
n sixty.stamp mill and the mine is
proved bigger than ever lSnowI here
tofOre, but its shares have depre CiGted
S3 within the last year. Jumbo EXtcn-
sion s real value is increasing al about
the same rate AT which its listed price
is decreasing. Last November, Mohawk
alone, with only forty seven acres of
ground. was in sharp demand at n basis
of nearly $20,000.000. Now Mohawk
is but tithing Of the 400 acres owned
ny the Consolidated company. and
since the merger Mohawk s riches have
been demonstrated greater than ever
before. The issue of Consolidated stock
amounts to about 100000 shares, and
their present quotations place The value
of The property at less than 800 0O0, 900,
less than the market value of Monrwk
alone last fall. IT is obvious that Mt
the door Of influences other than physi
cal status and intrinsic worth must be
laid the current decline.
San Francisco cXertS over the Ne
vada market n greater influence than Is
welded by any other outside mart She
has on hand a car strike and the threat
of others Her banks have ceased loan
ing money. Her stocks are thrown on
the market and this has alarmed New
York and Philadelphia. The general
public never buys on falling market
II sells at such times and buys on the
UP grade The buyer orders are coming
almost exclusively from the profession
ais. Upon the expectation of pyro-
technic and long-lived boom to set in
with the settlement of the late labor
troubles, the brokers bought more than
they could digest when money tight.
ened Immediately after the clearing of
the industrial atmosphere locally. Gold
field brokers have been accused of ma
nipulating the market. The public
would gladly see lust now demon
II is safe to say that within the last
three weeks the leading dealers on the
old exchange of Gold6eld have lost
$500, 900 of their own coin IN deprecia-
zion of securities. That not one of
them has failed is Il strong point in
their favor and a proof of the conf
dence of the banks in the ultimate re
coverv Of normal conditions. Proper
tionately, GoldfcId is the biggest loser.
Goldfied is the heaviest buyer,
Some New York and Pennsylvania
capitalists are heavily interested IN Ne
vada mines. but it is not to their ad-
vantage TO bear the market Railroad
stocks have tumblcd and other indus
trials have suffered by the attacks, past
and imminent, OF the "Big Stick;
vet but from 100000 TO $250,O00 OF
the $5O,000,0O0 TO $100,000,000 daily
exchange business in New York is upon
Nevada mining stocks. The banetuI
influence of Wall street has been cNaG-
gerated. The selling and the unloading
is being done in San Francisco. San
Francisco served her apprenticeship ut
shorts in the good old Comstock days.
The bear clique of that city, supported
somewhat by the professionals of New
York and Philadelphia, has been sell
ing shares it never owned. Wash sales
by outside iobbers have played into its
hands The remedy is a clearing house
that viii enforce prompt delivery. Such
panacea will run the shorts To cover,
and meanwhile the period of dcpres-
sion may result in some good, the weed
ing out of whatever stocks may lack
the virtue to cntitle them TO highcr
prices than they now demand. Sub.
stantially and corporally, Goldfcld
district was never previously III such
fine form as at present More mines
were never before working so vigorous.
lv. more leases were never operating
,,gI IN
Every legitimate stock that is listed IS
a good buy, because the shares Will
take care of themselves so long as tho
diggings are, as now, properly handled,
The advent of the competitive Clark
road will, by reducing the cost of IN
coming materials and outgoing ores, ac-
complish a handsome net gain in cash
and convenience, A half million dollars
is being spent in Improvement of the
GoldlieId reduction works. Even this
late in the year that has traVailed
through the throcs of two labor wars
in GoldGeld, it is n conservative cstl
mate to forecast for Nevada a 100000
600 production by the end of 1905 The
Goldiicld Consolidated Mines company
alone will outclass the old Comstocks If
It's values hold true with depth and
that they Will the present workings
bear all the earparks
GoldGeld Consolidated rs naturally
the barometer and the public measure
of Goldield shares. just now. the prop
crty having experienced only sixty days
OF activity under company manage
1nent. the Consolidated s Combination
mill is treating about 100000 worth of
orc per month, something like seventy
five tons daily, this in the way Of test
runs TO determine the most feasible
processes to be included in the euor-
nous reduction plant TO be constructed
by the company. This trial method
saves % to 95 per cent OF the values
at q cost of s per cent of the gross, a
net clearance of 50 TO 81 per cent, and
S17 per ton more than could be cleared
by shipping. For that reason none Of
the product is shipped save that which
clogs the workings and is extracted in
the course of development purely When
Mohawk, Jumbo, Red Top, Goldfeld
Mining. Laguna and Combination are
NIL lifting quartz for the market the