The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-01-14
The aoldheld Stock Boom.

| Discoveries OF extremely rich ore In the
| young mines of Ciodheld. successful de-
| velopments in the slightly older proper
! ties AT Tonopah. and the finding OF rich
outcrops in score OF camps scattered
over the Nevada desert. created a specu-
| lative fever thai even the tremendous de-
| structon of property by the San Fran
| cisco disaster was unable TO check, save
| for n few days. Shares OF all kinds have
! risen To many times their former price
and In the case Of the Mohawk. n stock
that sold for So in August. rose TO $50 I'M
November The prominence given to
episodes OF this kind tended 10 make a
market for number OF cheap shares.
based upon untried prospects. capitalized
for large sums and recommended in fam
boyant advertisements Much OF this was
fraudulent. but so much OF II was based
on real discoveries of ore that, in face OF
the public haste 10 gamble, there was no
effort To make nice distinctions. AT the
close or the wear the occurrence OF cop
per on the edge OF Death valley, at Green
water, was made the excuse for several
preposterous promotions a capital OF one
or even TWO million dollars being saddled
upon mere oUtcrops OF low-grade stun.
II Will take lot OF sober work and
honest mining TO cure the effects OF this
development oc tho desert region has un-
doubtedly taken place. the present year
will have 10 pay The debt incurred dur
ing 1906
Contemporaneous with the Nevada
boom there was wild orgy of speculation
on the curb at New York. chiefly in
shares Of mines at Cobalt the new camp
put on the market in May AT A.SIA,
rose 10 s38. for /. 200, 900 shares on fabu-
lous finds of silver and on the state
ment that the Guggenheinls had bought
control. When the last mentioned tran
saction fell through, there was a collapse
and shares fell TO s12. When Nipissing
began To boom last summer. score OF
other Cobalt mines appeared on the curb
market and many OF these were boosted
most successfully. Up TO the first OF
December, the capitalization OF Cobalt
companies had reached 5000, 900, 600. while
ell the ore produced by the district from
the discovery TO that date barely repre-
sented $4,000. 900. Even after the Nipis-
sing fasco the business OF Incorporation
went on merrily. In the last week of
December, seventeen companies. with an
aggregate capital OF SiI.l60 900. were in
corporated in this district, mainly on n
slender showing OF ore IN prospect holes.
In conclusion: II we omit the absurdities
marking the extreme forms Of the essen
tally human desire TO make money With
out work. 1t can be said that the specula-
tive spirit Of 1906 has been largely OF o
productive nature. Below the frothy talk
and reckless doings OF the irresponsible
promoter and his easy victims, there has
been a broad foundation of exploration
and development. An adventurous spirit
is needed In mining, which is great
quest for gold or the other metals. for
without It the Industry would soon shrivel
TO insignificant dimensions During the
pas, year there has been a tremendous
uncovering of ore anG extension of mining
territory, especially in America, and the
fruits OF IL Will be manifest in the stalls
tics OF the future. Humanity being liable
to error, especially when excited, there
has been much money misapplted; but
having regard TO the booms OF other
days. when greater extrayagances and
follies were perpetrated. we conclude that
1905 has seen good use OF speculation
as applied to mining.