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Show I The Market and the Mines I By all odds the richest strike of the past week is that made by orie Joseph Gans in prospecting pros-pecting for a yellow streak in the Nelson. Mr. . Gans did not find the yellow streak, but by carefully care-fully working the gang he netted $11,000 in less than two hours. It was the richest gang ever found in Nevada. Experts pronounced it a first class milling proposition. Salt Lakers who, as a general thing, took the bear end of the Gans proposition, were forced to cover at a great loss. Among those who Went short on the deal is President Tony Jacobson of the Columbus Con. company. The amount of his shortage is said to be in the neighborhood of $5,000. & & Fortunately Mr. Jacobson is one who can afford af-ford to make mistakes of this nature occasionally, occasion-ally, since he has a heavyweight record maker at Alta which is capable of recouping all such losses. At present Mr. Jacobson is preparing to sign articles for a troy weight contest in Boston. Columbus, Co-lumbus, his principal, will weigh in at about 2000 tons in September. Having outgrown the dimensions dimen-sions of a local market Columbus is about to fare forth to the city of Learning, Lawson and Beans, there to measure strength with the hardened heroes he-roes of Frienzied Finance. As a preliminary measure an examination is now being made by J. It. Finleyj a Colorado Springs mining engineer. His report will furnish the references required by the board which guards the sacred portals of the Boston Mining exchange against the bogus aristocracy of the underground world. That these references should be satisfactory the most rigid defender of caste will admit. The Columbus Con. in August shipped 684 tons of concentrates and 1394 tons of crude ore for which it received from the smelters $80,274.97, and this without departing depart-ing from the path of development. J5 & I Lower Mammoth has for the time being taken to the tall timber with the bears after it and Uintah Treasure Hill of Park City is the matinee mati-nee idol. This property is making a showing that has seldom been equalled at a like stage of development. Go in the mouth of the tunnel, walk down the hall till you come to the elevator and tell the boy to put you off at the basement floor. He will take you down about 60 feet and you will find yourself in a dirty cavity surrounded by blue lime and quartzite. Do not waste any civilities on the lime, which is the hanging wall, or the quartzite, which is the footwall, but take off your hat to the muddy rock at the end of the chamber, for that Is the contact vein and the rubble is worth from $20 to $150 a ton. At the depth indicated the ledge is twelve feet wide, eight feet of it is high grade and the remainder is milling ore. No Uintah Treasure stock has. found its way into the open market as yet, but one need not be a second-sight artist to foretell a time when it will throw the exchange into a fever of excitement. & & & Figures for August furnished by the local exchange ex-change record the sale of 1,010,112 shares of mining min-ing stock for a consideration of $727,534. In August 1905, the totals were 489,229 and $112,993. It will be seen that the prices have advanced much more rapidly than the sales. Whereas the average price per share last year was 25 cents,' this year's average was 72 cents. The ore and bullion settlements for August of this year amounted to $2,519,500 more than those of any previous month in 1906. & S S There is a lesson in the above figures, a lesson les-son that is overlooked by many of our mining writers. The gentlemen who persistently predicted pre-dicted a "summer slump," having found themselves in the wrong, now go to the other extreme and assure us that the market will improve with the coming of cold weather. The last assurance has no better basis than the former discredited one. In a normal, that is a "safe and sane," market, trading expands with Increasing prices and the only sound foundation for increasing prices is a growth in production. The two and a half million mil-lion of ore and bullion settlements furnishes the key to our summer prosperity. Is that two and a half million likely to Increase materially during the next six months? Experience answers, "No." With the first snowfall production will be retarded re-tarded and the monthly average of ore and bullion bul-lion settlements will shrink, or, at most, stand still. If prices continue to -rise under such conditions con-ditions the movement will be an unhealthful and dangerous one dangerous because the reaction will come just at the time when opening spring will cause a demand for new capital to resume legitimate development work. This applies to Utah. Nevada, because of different climatic conditions, con-ditions, should make its best showing in the winter win-ter months. & St, & Various influences have made the market for the week which ended Wednesday evening a most interesting one. A holiday, a general fall in prices, two or three marked advances and an air of uncertainty were the leading features. The holiday was, of course, Labor Day, which fell on Monday. Notwithstanding the abbreviated week the business of the exchange Included transfers of 120,452 shares of stock, and the payment of $126,409.67 therefor. Ore and bullion settle- 'H ments mounted to the tremedous total of $537,- 400. The downward movement hit Beck Tunnel with a dull, sickening poke and the stock stag- gered from 98 to 86. Lower Mammoth, which en- tered the week at 66, ended at 51 and was hang- ing to the ropes. Work was suspended for sev- iH oral days at the mine because of an accident to the machinery. Montgomery Mountain went down to 47 from 55 and took the count. (fy 'l While the friends of these stocks were ox-plaining ox-plaining how it happened Little Chief was gaily doubling in price. It had been active for two weeks around 3. This week a rumor was heard 'H to the effect that ore was coming into the drift iH on the 800 level. The- low price made the stock look good to the public and 8 and 9 cents were jH bid Wednesday afternoon. Assurances were has- .H tily given that the ore showed only in spots and the enthusiasm subsided to such an extent that the stock was to be had at the close of the, call "H for 7&. Daly also figured in the championship " class with a jump from $1.50 to $1.75 a share. A H strike on the 1200 level explains the movement, but no one has taken the trouble to explain the 'H strike further than to say that it was made in the Daly vein. -H New York, the infant terrible of the exchange, jH pursues Its enigmatical course. The downward market never touched it. On the contrary it ad-vanced ad-vanced from 30 to 33 during the week. The announcement was made on Thursday that good '.H ore had been found on the 760 level west of the shaft. About the same time the company got $3200 for 40 tons of ore shipped from the east drift on the 700 level. Even these demonstrations 'H failed to convince the short operators that Now jjM York was other than a false alarm and they has-toned has-toned once moro to poko the tiger in the eye, or, in other- words, to sell short. |
