Show salt lake mining stock market BY J A HOGLE in reviewing the past twelve months on the salt lake stock mining exchange one is struck by the fact that the stocks of the standard producing properties have not responded to high metal prices and increased earnings as similar stocks have on the eastern exchanges there were exceptions hut but for special reasons such as unusual new ore discoveries or on account of market campaigns in certain stocks this failure to respond is disquieting to investors hut but is not unusual locally after several years of depression it has been attributed to many causes the two heard oft enest being that too many stocks had been listed or that top too much attention had been directed to inferior securities but it probably is the result of the same causes that ruled at the beginning of former periods of business prosperity expansion and speculative activity the three latter have always occurred simultaneously after a period of recuperation and begin in the eastern financial centers much earlier than in the west the dull periods of liquidation are taken advantage of by large financial interests who because of their facilities for securing reliable information are safer in making commitments then usually before general business conditions show any improvement pro rising markets occur other investors and speculators are attracted and Vu business siness first begins to increase where those large financial interests control and if the senior partner J A hogle co stock stocal brokers salt lake and ogden utah country is prepared for it prosperity begins to spread taking about a year to reach the mountain states prosperity fosters speculation and conversely people will not speculate or invest on a large scale unless they are prosperous these facts show why our market has not yet acted as we have been accustomed to seeing it act in the past during prosperous times it has not yet had time to get started mining has been prosperous for more than a year the mining sugar and stock raising industries have been prosperous but it is only within the last few months that mercantile business has improved and real estate for well known reasons is still in the depths it takes time to get the money from the mining camps farms and ranches into the channels of trade and into the peoples pockets until business gets good or in other words until the average merchant bust ness liess and professional man and the public in general are making money and spending it speculative activity remains in abeyance and the cautious investor is still careful after the lesson the depression has taught him after such a period the securities tie q of our producing properties and they are the only ones in which the general public has ever made money have usually begun their activity and advance a year or more after the new york market has had its first boom but the activity and rising prices usually last more than a year after the eastern market has turned definitely downward A signal example of this occurs to the writer after the long depression of the the new york market and general business began to improve in 1897 and culminated in a stock boom in the winter and spring of 1899 copper and other mining stocks participating amalgamated copper in fact rising to a price it never again reached some speculators in new york one of whom told the writer the facts were looking for a chance to place some profits they had secured during the 1899 boom in looking over the field they discovered that the salt lake mining stocks had risen very little during that boom five of them formed a pool and placed in our stocks at the time daly west had advanced to 21 silver king had been up to 35 and daly judge had gone from below 4 to in january 1900 began the local activity and rise which lasted two years and saw daly west sell at 55 silver king above 80 and daly judge above 1 13 0 3 laying in the meantime the foundation of the fortunes of salt lakes first millionaires financial strength and resources since the business depression which began an in the east in 1909 and with us in 1910 and reached its depths after the war begun we have had less than eighteen months of prosperity in the east and not more than five in general business here our financial strength and resources in 1900 were only a fraction of what they are now and the population less than half at that time our capitalists and investors had not the excessive profits from their sugar and stock raising industries and our banks were far from being burdened with such large deposits as they are today it is impossible for anyone to predict just what effect the end of the war will have on financial affairs the abnormal conditions caused by increased demand and the absolute disregard of prices will cease and reactions are bound to occur in industries that have profited chiefly through the war but the country as a whole has so strengthened its financial conditions that a domestic boom is sure to continue for many years though a temporary readjustment is certain immediately a after the war ceases after our own great war boom wh which 1 ch culminated in the summer of 1864 stocks and business were on the down grade until 1866 when the after the war expansion and recovery began and reached its top in 1 1869 86 9 when the union pacific and central pacific railroads were completed business and speculation remained active for some time and actual depression did not come until eight years after the war our financial resources have become so strong and our dependence on europe so 90 much less that we can feel sure after the illi impetus petus business has lately received of several years of continued prosperity our mining securities sooner or later accumulating capital and unused profits will seek various forms of investment and it is the writers opinion 10 that larger amounts will be placed in the stocks of our producing mining companies than at any previous time indications of this are already at hand and when one takes into consideration their interest returns and compares their safety with the mining securities of ithe rest of the country one s safe in predicting that capital will not continue to discriminate against them once its purse strings are loosened the record of sales of the salt lare lake exchange for the year just closed gives some interesting comparisons of prices and a good idea of the volume of business transacted below will be found a complete table showing the range of the market from january 2nd and through december 29 1916 it is furnished the mining review by J A hogle I company of salt lake and ogden utah brokers in mining and industrial stocks of which firm J A hogle who wrote the above article is the senior member CLOSING I 1 I 1 I 1 I 1 I 1 CLOSING open high low L S bid id I 1 asked I 1 sales I 1 07 40 1 05 I 1 open I 1 high I 1 low I 1 L S did bid I 1 asked I 1 sales ante antelope ope star 1 1712 17 17 18 lakeview Lake 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