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Show THE CITIZEN 14 iiiiiiiiiiiiiiiiiiHiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiniiiiiiiiiiiiiiiiiiiiiiHiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiimiiiiiiuiMiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiii Weekly Mine and Oil Review I MINING STOCK BOOM IN THE OFFING. There are unerring signs of a mining securities boom in the offing. The click of the typewriter which has not been heard in the Salt Lake Stock Exchange building except in a desultory way for months past is again resounding throughout the massive pile of masonry where the brokers are domiciled. An army of stenographers and typists are at work: The leading brokers have increased their office staffs, and this includes bookkeepers, messengers, etc., as well as stenographers and typists. The hum of industry is now heard everywhere in the Stock Exchange cashiers, building. Public attendance at the daily sessions of the members, in which stocks are bought and sold, has trippled overnight. The brokers, almost acting in unison, have apparently concluded that Utah and the country are on the eve of a market boom in preciods and s metal stocks. Brokers are usually able to sense just such a They feel the public happening. pulse. There never was a mining stock boom that did not come on the heels of financial crisis, and praca nation-wid- e tically every general rise in the price of metal mining stocks, has had for a foundation low metal markets and accompanying bedrock prices for the semi-preciou- mining issues themselves. Brokers are very human and businesslike. When stocks boom to unheard of levels and sell for more than they are worth, the brokers, as a rule, array themselves on the short side of the market, and endeavor to hammer prices. Conversely, when the pendulum swings too far and prices reach the biokers are quick to see the opportunity of making a constructive market, and they get together, align themselves on the constructive side, and help restore prices. The situation at the moment is overwhelmingly in favor of professionals taking the constructive side of the market and the signs, as already set forth, clearly indicate a new mining stock market reckoning. bed-roc- k, NEW BROKERAGE FIRM OPENS OFFICES. Jones & Company, prominent Denver brokers, have opened offices in Clift Building. this city at where they will conduct a general stock and brokerage business in the interest solely of Utah and the inter- mountain section. In connection with the venture the company has this to B. O. 532-53- 3 say: We take pleasure in announcing the opening of offices in Salt Lake City, Utah. These offices will be equipped service that to render the has distinguished our Denver office, conducting a general Investment brokerage business, underwriting and distributing new issues of securities. Primarily, however, our Salt Lake office is being opened to place us in closer touch with the development of the rich resources of Utah and adjacent states. We unhesitatingly believe that this region has immediately ahead of it a remarkable era of prosperity, due to its strong foundation of immense natural resources. The return to normalcy of the entire world may still be a matter of some time, but with this return will come back the demand for copper, lead, zinc and other products of the mine and forest. The development in Utah and surrounding states of immense coal, copper, lead, zinc and precious metal deposits, together with agricultural products are familiar to all. Ahead we see an undoubted development of many other latent resources. up-to-da- te LIVELY DEMAND FOR BINGHAM GALENA STOCK. Taken all in all, the intrinsic value of Bingham Galena stock is somewhere around the dollar a share, and there is much speculative value besides. The Utah State Securities Commission authorized the company to sell its treasury stock at 75c a share, and, naturally enough, considering everything when Child, Barclay & Company made the offer to let the public in at 25c a share, all of the stock was eagerly t It w'as revealed on Thursday that the mining talent of Salt Ldke City were the heaviest subscribers to the Child, Barclay & Company offering of Bingham Galena treasury stock. The history of Utah mining endeavor is redolent with examples of mining companies which have made great successes after experiencing the throes of reorganization and refinancing. Bingham Galena should soon find an- Company Barclay nounced during the week that they had made an offering of 200,000 shares of Bingham Galena Mining Company stock at 25c per share to their customers, and that the offering had been heavily oversubscribed. Neither Child, Barclay & Company nor the Bingham Galena Mining Company issued any circular containing facts with regard to the offering prior to making it. It is the first time in many years in Salt Lake stock market history that anything of this kind has happened. Explanation of the whirlwind manner in which the stock was placed is about as follows: Only 550,000 shares of the companys stock had previously been issued, 300,-00- 0 shares of which are tied up for a year to be evetnually delivered to the stockholders of the Silver Shield Mining & Milling Company. With the additional 200,000 shares issued, making 650,000 shares in all, at a price of 25 cents per share, the property obtains a total valuation of only $162,500. And again, the company's rights to use the great Niagara Tunnel, jointly with the United States Smelting, Refining & Mining Company, which are alone valued at more than $165,000. Again, the 485 acres comprising the Bingham Galena group could not be bought, on a basis of prospective value alone, for less than $1,000 an acre, or Child, to-date- lead-silv- The Judge property is working g usual and regular daily shipments recorded. Superintendent Friend-llooks for improved conditions jj mining generally from now on. At the King Coalition there is ing new to report further than er d non-arriv- A noth, k a a :? V info al OIL PROSPECTING PERMITS. , prospecting permits were issued Tuesday as follows: Salt Lake City land district Clan Clegg, 920 acres, township 33 soutL t range 7 east. Vernal district R. J. Walter, 2$:: acres, township 6 south, range 20 east Amosc Newcastle, Wyo., district Day, 320 acres, township 45 norttj I range 63 wtst. Douglas district Howard W. Lot mis, 640 acres, township 30 north range 81 west, and Geo. W. Lawrence. 80 acres, township 36 north, range Ej Oil .1 j 1 i wrest. NEW OIL REFINERY. The editor of the St. George News The writer recently had the says: pleasure of visiting the new oil refinery near Virgin and was very much impressed by the fine appearance of the plant now nearly completed. The refinery proper is well installed; composed of two steam boilers equipped for burning either crude or refuse oil and two stills, one to be heated by steam, the other a 'crude oil still equipped to be heated the same as the Lander district Ralph M. Steffai 920 acres, township 40 north, range tj west, and Charles A. Lux, 2,559 acre townships 39 and 40 north, range f J i west. V H. G. Snyder, state .0 inspector d'J Lab- In metal mines, returned to Salt late last week after an official visit Kj Tintic mines. Mr. Snyder has jtfj Tis completed his inspection of all the tic properties. He said Saturday tK he found conditions in the camp, good as could be expected under di P i f t tl ) To Get a Quick Profit BUY Bingham Galena $4S5,000. Further, the mining equipment on the property, including hoist, compressors, transformers, etc., are valued at an additional $100,000, not to mention the value of the 10,000 feet of underground workings which represent a total outlay of in excess of $250,000. 'fX'. development progressing smoothly and satisfactory, with unusual shipments being made, and an increased pay roll Active wrork on the new mill is delayed of material because of the The near future will see a large force of men at work on this structure. it- self in this category. "The Utah Copper Company, itself representing a group of reorganized and refinanced mining companies, and practically every other noted m'n? dividend paying company in the Bingham Mining District which has produced a half billion dollars worth of metals has been the outgrowth of reorganizations and consolidations which were later made necessary by lack of proper financing at the The Bingham Galenas property sidemine lines the $100,000,000 of the United States Smelting, Refining & Mining Company, and it is excellent opinion that the geological skill and high class management which is now available for the Bingham Galena by the new financing will soon bring the mine into the ranks of the big silver-leaproducers of the district. j; if be gobbled up. go-of- f. & steam boilers. Each of these is ret ing on a stone walled foundation. tween the two boilers is a small boii used as a tank for water the water ing piped to all places where it j, needed. Near the stills is a high pat form on which are two tanks to used as condensers, and nearby ig agitator. A large covered tank is near for storage of gasoline. The four ducing wells are to be pumped by qk steam engine and farced into the Btw. age tank. Wc believe this stock will see a handsome advance at once. it ill' Jil 39 For information and purchase see 14 RALPH BADGER & CO. 16 West Second South Street, Salt Lake City, Utah |