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Show I K6e Situation in the Mining MarKet. J H l, ' As the close of tho year approaches it may not H ' bo uninteresting to note in a general way the con- H ;il ' dition of our mines, mining shares, and the metal H M' I market. H ijl 'J I ' General conditions are never quite satisfactory H m I 1 at this season, as about this time settlements are iff I i being had all over the country. This is intensl- 11 i fled this year by the very unsettled state 6f the Hiji I metal market, especially as to silver, which must Ij I J be considered the backbone of our mining inter- Ij I I I csts. Its heavy and continued decline has caused Hi 1 1 1 I an enormous depreciation in the values of our Ijjj I 1 mines and mining stocks, and is fast undermining liip 1 1 confldence in silver properties. A further serious H(l I decline will no doubt cause the closing down of Hfpf t I many properties, which are even now barely able 111 to exist The first fractional drop below 50 cents l I per ounce caused more uneasiness than the pre- I I vious heavier decline from 55 cents to 50 cents per l ounce. Various reasons have been assigned for the J 1 slump, none of which seem quite satisfactory or I 1 reasonable, and which at this time it is not my HliSlf 1 mirPS0 t discuss. 11 ' 'I I Ifc ls witn Pleasure however, that I note wliat iHn'i I seems to be a healthy reaction from the lowest 11 1 f I point ever reached, 46 5-8 cents per ounce, to to- gn ) I day's figure of 48 7-8 cents. Many are predicting IHvfj 1 a Sradual recovery, and the consequent advance 1 1 in silver stocks, and the market already shows a I I more buoyant and hopeful feeling. As to the other metals, copper is reasonably 5 J strong at about 11 cents, and at this figure most : of our producing mines can operate at a fair profit. fl j ' As to lead, there seems at present little reason jfr p to fear a change for the worse, but rather a reason- 11 & 5 able expectation that the present figures will at Hjf: f least be maintained, and possibly advanced. Hglrfj About sixty mining stocks are regularly traded H H ; o ' in on the Salt Lake Stock and Mining Exchange. HjjL 1; Of the entire list six only, namely, Consolidated H m i I Mercur, Ingot, Sacramento, Daly-West, Grand Hflf; I Central and Mammoth, show any appreciable H mv I gains on the quotations of a year ago. The first I; three are gold properties, and the latter three may be designated as silver-lead mines, although producing considerable copper, and some gold. The remainder of the list sliuws an enormous I ( ! shrinkage. It would be quite unreasonable to at- ! ' tribute this shrinkage solely to the decline in sil- ! ver, although possibly it is the main factor, in ! many cases. Over-capitalization, mismanagement, inflated values, and costly litigation have much to I account for. 1 Among the older stocks, Ajax selling a year ago 1 at 63 cents, is now about 25 cents. Principal I cause, making no money, and prospects not en- 1 couraging. I Ben Butler, last year about 12 1-2 cents is now BHif I 7 to 8 cents; has shipped considerable ore, but at BHH I D0 great Prflt. Mine low grade, and litigation Kffllf I expensive. Hljlf 1 Consolidated Mercur capitalized at 1,000,000 Hffiw I i shares, paying 3 cents per month in dividends 1b HII 1 today selling about $1.75. This time last year Hll 1 about $1.50. The mine is treating about 1000 tons of ore daily. Many doubt that this enormous output out-put can be long continued, hence the seemingly low figures, dividends considered. Century sold last year about $1.00, being now about 92 1-2 cents. The mine is producing about $10,000 per month, from which not a very heavy dividend can be expected. The mine looks fairly well. Carisa is today quoted about 18 cents. Last December De-cember was about 62 cents. Not many months ago this property, capitalized at 500,000 shares, was floated by subscription at $1.25 per share, the general public investing heavily. At the start shipments were heavy, and it looked like a mine. Two dividends were paid of 3 cents each. Today how different. Similar stories may be told as to Uncle Sam and Yankee Consolidated, each with 500,000 shares. Uncle Sam sold by subscription at $1 per share, advanced to $2, paid three 3-cent dividends. Sold one year ago at 75 cents, now about 23 cents. Yankee Consolidated was boomed to about $6 by insiders, who probably own the bulk of the stock today. Three dividends of 5 cents each were paid. A year ago the stock sold at $3.25 to $3.50; the figures today are about 40 cents. California is today quoted at about 24 cents, at this time last year being 43 cents. Original treasury treas-ury stock sold at 25 cents. Early developments showed up well, and the advance in the stock was rapid, to about $1.75, since which time the decline has" been steady to the present figures. The mine thus far has been a disappointment. Many, however how-ever retain confidence in the proposition, and it might be considered a fair gamble. Its neighbor the Comstock mine has undergone systematic development at considerable depth for several years, and at the present time is looking well, with considerable ore blocked out. The mill on the property is now nearing completion. The capitalization was lately increased from 200,000 to 300,000 shares, of which 50,000 have been disposed of at $1.25 per share. The outlook is very favorable favor-able . Daly West stock fluctuated quite violently during dur-ing the year. The lowest figures were a trifle below $18, when the trouble with the Quincy mine had reached an acute stage. Threatened litigation was suddenly averted by the purchase outright of the entire Quincy property, and the stock advanced ad-vanced rapidly to above $55, but again gradually declined, selling in November as low as $30, and again advancing to the present figures of about $39. The second decline can be attributed solely to the drop in silver as physical conditions at the mine were never more satisfactory. Earnings are easily in excess of all expenses and dividends. Over $1,000,000 has been distributed during the year among almost nine hundred shareholders. This property needs no recommendation. It speaks for itself. Daly-Judge is a consolidation of the Anchor mine with the John J. Daly and John Judge properties. prop-erties. The acreage is very large, and under the new regime the property is showing up exceeding- ly well. Dividends are promised in the spring Subscription price for the stock was $4.40, since which time large blocks sold as high as $12. Today's To-day's figures are about $10, and offereings are but light. Ingot is today selling at about 12 1-2 cents as against 2 cents a year ago. The value of this stock is purely speculative at the present time. The property adjoins the Consolidated Mercur, and the latter will no doubt absorb the Ingot eventually. Keystone is one of the youngsters of the Park City district. The property is well located and is highly thought of, and ho doubt has a bright future. fu-ture. Lower Mammoth has been much of a disappointment disap-pointment to its shareholders, although the company com-pany is now out of debt for the first time in its history. Numerous strikes of more or less magnitude mag-nitude have been reported during the year, and considerable ore has been marketed. The stock has fluctuated between 60 cents and $2, today's figures being about 75 cents. Silver is the main product, and the decline in the metal has hurt the stock correspondingly. The present figures seem very reasonable. Martha Washington is today selling at 3 cents, the same as a year ago. Various fluctuations, and numerous assessments have marked its career during dur-ing the year. During the past thirty days a large short interest was developed, resulting in very much of a squeeze. Quite a few, however, were able to hold out, and suffered but little. Upon merit, the property is practically worthless. May Day is another unfortunate that has disappointed dis-appointed its holders. Less than two years ago the stock sold at $3, a year ago at 55 cents, today about 20 cents. Tho public has lost confldence in it. New York Bonanza, a late incorporation of Park City is well located. Originally subscrribed for at 25 cents, the stock sold as high as 80 cents, being today quoted at 40 cents. Capitalization 300,000 shares. Sunshine is about at last year's figures 12 1-2 cents. I believe it is a fair gamble. The mine is temporarily closed, pending alterations in tho mill. Silver Shield is developing its property through a leased tunnel on the ground of the United States Mining company. They anticipate striking the vein at depth. Severaly assessments will no doubt be required. The stock is quoted at 4 to 5 cents, the same as last year. Star Consolidated has reported various strikes, none of which have materialized to any alarming extent. The closing sales are at the low figure of 10 cents. This time last year the stock sold at 30 to 32 cents. The present indebtedness is large. Tetro at 15 cents, is a decline of about 10 cents from a year ago. New machinery has lately been installed, and active development will be had. Utah has been steady during the year, selling from 55 to 60 cents. Five dividends of 2 cents each have been paid this year, with the probability of one more before the new year. This is a good I small property, and pays well. Reports are very favorable. Pj Mammoth and Grand Central are still litigating at a heavy expense which might otherwise have found Its way into the shareholders' pockets, in dividends. Both stocks, however, show material gains over last December's figures, and both mineB reported in fine condition. Valeo continues to- assess with frequent regularity, regu-larity, one of 5 cents being now pending. There is but little demand for the stock. Wabash also in the Park City district is undergoing under-going steady development. Small bunches of ore have been encountered, but nothing permanent as yet. One of the e'rlj' reported strikes advanced the stock to above $4, since which time the decline has beeen steady to the present figures of about 75 cents. This is much of a gamble. A careful reading of the list will readily enable the discriminating investor, to sift out the meritorious meritor-ious propositions. Conservative investment at the present low figures, fig-ures, should in my op.inion, result favorably. J. OBERNDORPBR. Salt Lake City, Utah, Dec. 17, 1902. |