Show 11 1 1 I 1 j THE SALT LAKE STOCK AND MINING EXCHANGE i J by wm H Tibb alj st lei lei ei the active and successful development of any industry requires the concerted action of all parties interested the larger the industry and the larger the sums of money involved the greater is the need of such concerted SEEN action the early history of the mining industry or of any other industry that has irown grown or is growing into large proportions requires such a union of et ef PROF WM H fos forts BS as well as combination of capital the mining industry of utah is yet only in its infancy this is one of the richest mineral states in the union there is probably a greater variety of minerals found in this state than in almost any other one state we have an abundance of iron and coal an unlimited supply of salt and sulphur alum and asphaltum for the world beautiful onyx and variegated marble in the mountains in great abundance an unlimited variety of building stone within easy reach of the centers of commerce we have great bodies of gilsonite and and above all our mountains abound in rich veins of gold and silver and large bodies of lead and copper ores we have a climate that is unsurpassed notwithstanding the abundance of the mineral wealth found in this state which is distributed so liberally throughout its length and breadth but a very small part of the state has been prospected one of the probable reasons why so little has been done toward the development of the rich and varied resources is that there has not been sufficient advertising to bring to the notice of the world the unexcelled opportunities which this state affords for profitable and sate safe investments the fact is that for many years there was an effort to prevent the spread of the knowledge of the richness of this state within the last few years however investors have been looking into the resources of the state and millions of capital are now invested here for many years there was no concerted effort at advertising with a view to securing the investment of ca capital lital A few brok brokers erdin in this city were advertising advertises rn miring L n g stocks of different companies for sale b but here there was no united effort and not until til a fe fey years ago were the brokers sufficient in umber to warrant the organization of an etangs et change ange 0 on 11 dec 2 ath 1895 the salt lake stock 11 lining filing ax exchange hange was formally opened in a room on west second south street just east cast of the cullen hotel colonel john W donnellan was the first president of the association so clation some of the other leading members of the new exchange were G S holmes C E stanton E F colborn R C chambers G H robinson J J daly frank knox henry at ryan and others who are not now active on the exchange those whose names and faces are familiar on the present board were E H airis herman hill J B D thomp arday the first regular call was held the bulls and the bears were in the pit together but each was afraid of the other and no transactions took place twenty listed stocks were called and five unlisted two of which were bank stocks twelve of the then listed stocks are now on the board of the exchange the quotation on daly daiy west stood bid and asked 6 were bedfor bid for mercur and asked asked and 1450 was the offer on silver king with 1525 asked on monday december 30 the members of the exchange gathered again the lobby was well filled there was a general feeling that probably the lee ice would be broken and there might be a clash between the bulls and the bears will C higgins the re t q 4 aa LN DO C W R CL kl K IT TE IRP I 1 N Q 4 am AN I 1 U NU A 0 rf 1 ar Q A UN tea ATOLL J officers of saat lake stock k exchange and ryd Gover governing nind board boarde son john dem and a few others president donnellan in formally opening the exchange said it is a pleasure to me and a privilege to call this exchange to order and to formally open it for business judge E F colborn whom the president called the silver tongued orator and who had been elected caller gave an excellent address the other brilliant speakers on that occasion were ma mayor baskin and judge C C goodwin A after after fter the addresses a S sumptuous banquet wa was served by mr fred frea A wey this meeting was as held on thursday and on sat porter on the herald at that time wrote when herman hill sold shares of mammoth to J B thompson a cheer was raised that would have done credit to a victory won by some strong gladiator in a roman amphitheater the bidding then became more lively and after the call when the goas go as you please scramble for stocks ensued J D keifer sold 2000 shares of ajax toh al ryan and to these four gentlemen belong the credit and honor of having figured in the first transfers of stock on the floor of the ex exchange change the stocks sold ou on this call were mammoth at from to and ajax at 48 c on the next day the transactions amounted to shares of mammoth at laev and shares of dalton at 10 c january 2 the total transactions involved the sale of mammoth at and sunshine at on jan jarw 3 mercur was sold at dalton at ac little pittsburg at ac and at ac from this time on the stocks became more active at that time silver king had paid only in dividends and con mercur investors were looking for opportunities for large and quick profits and these could be made on mining stocks at that time the business on the exchange was very active in the spring of 1896 but in the summer stocks were at a low ebb transactions were few and far between and the exchange adjourned for two months the same is true also of the summer of 1897 on some days the transactions were as few as they were on the opening day of the exchange in the fall of 1897 the exchange had its calls under the bank of commerce business began to revive and the sale of stocks increased steadily during the winter of 1897 and and during the year 1898 this activity lasted through the first half of the year 1899 so great was the interest in the mining stock business that many who had been engaged in real estate bought seats on the exchange and the prices of the seats advanced from 16 in the fall of to more than in the spring of 1899 this increased business led the off officers acers and principal brokers to take steps toward the incorporation of the exchange and on the of march 1899 the following gentlemen became the incorporators of the salt lake stock mining exchange J I 1 E jackson E H airis D H peery jr timothy egan william H R L colburn M S ben W luce and herman bamberger the officers of the first year were J E jackson president william H first vice president timothy egan second vice president herman bamberger third vice president C E hudson secretary and frank E mcgurrin treasurer since the incorporation of the exchange it has been very successful in bringing to investors a knowledge of the value of the different mines and mining interests interest in this state it serves a good purpose and is a means of advertising good mining properties and giving a market value to the holdings of the different stockholders while it may be true in a measure that many of the stocks are manipulated to the discomfort of the in vo it is a fact that a property of merit will soon have a good standing and will be well maintained it is also a fact that the tin investor vestor has an opportunity to realize quickly on his investment the present governing board of the exchange consists of the following gentlemen J S bransford W H dark clark H W doscher james A pollock W bandres BAn B andrew drew C E hudson M M miller joseph and C 0 higgins the officers of the incorporation are J S bransford president H W doscher first vice president W H clark see second ond vice president M M millor miller third vice president james A shorten secretary E A hartenstein tre aurer and fred nightingale marker the exchange is especially fortunate in having so efficient and impartial a caller as mr ira B jones who has been handling the gavel faithfully tor for the past three years an examination of the sales made on the exchange reveals some gome interesting facts at the close of the year 1897 there were 33 stocks called on the board the values given to the mines as represented by the prices paid for the stocks amounted to while the value as hown by the bids on december 15 1898 was this shows that the prices of the stocks had nearly doubled within the year by the kindness of the secretary I 1 am able to give the following figures which are of especial interest the total sales on the exchange during the year 1897 were shares of stock valued at the sales for a single week now often exceed the amount for the entire year of 1897 in 1898 the transactions amounted to 3 shares for which investors paid this is a great increase over the value of the transactions for the year before but the record for 1899 was more remarkable the total number of s shares hares sold was which brought 4 the shares so sold id in 1900 were valued at and in 1901 the transactions involved the transfer of shares of stock at a selling value of the total for 1902 from january 1 to december 6 inclusive represents the transfer of shares of stock representing a value of A careful study of the above figures shows to what proportions the transactions on the exchange have reached the history of the exchange is one well worthy of consideration WILLIAM H |