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Show "Bulling" the Mining Market The last two weeks has seen a great revival in mining stock dealing deal-ing on the Salt Lake Mining Exchange. It has been in the nature of a big "bull" movement and all stocks have felt its effect. It is to two Tintic mining stocks, however, that the greater attention has been paid, and these have advanced in price so rapidly as to nearly turn the head of the speculative public. The two mines in question are the Iron Blossom and the Sioux Consolidated respectively. So rapid has been the increase in the prices of the stocks of these two companies that the stock value of the mines has advanced nearly $3,000,000 in a fortnight. Conservatism has been thrown to the winds and a sort of "frenzied "fren-zied finance" epoch has dawned in the midst of a financial depression. It is noticed, however, that the keenest of mining operators are keeping keep-ing their hands off of the market and that trading is almost wholly confined to the crowd who would not know a piece of ore from a section of country rock. It would be well if a little reason could be used at this time, for beyond all question some people are going to be badly left in the near future. Let the matter be looked at for a moment from the standpoint of an outsider, that is, one who is out of the dealing and who has not yet been stung by the speculative bee. The matter stands something like this : A little over a week ago the directors of the Sioux Con. visited the property and after a close examination gave out to the public that there was no ore in sight. A few days later the report was circulated that ore of a high grade had been encountered in the bottom of the shaft. It is said that this body of ore had been sunk into barely a dozen feet and that it proved to be of a very high grade. On the strength of this strike the stock jumped from 40 cents on June 1st to $1.40, and is still soaring. This is an increased mine valuation of $1,-000,000 $1,-000,000 on the 1,000,000 shares. Now stop and reason a minute. Successful mining operators, those who buy mines ask that double the amount of ore be "in sight" than the amount they are willing to pay for the mine. This is not asking too much by any means, as ore in sight does not always keep up in value, and a thousand and one things can happen which will wholly change conditions in a mine. So still in this instance, a shaft is sunk into an ore body a dozen feet and the mine jumps in value from $400,000 to $1,000,000 in a few days. True it is that the ledge encountered is said to be the Colorado vein. But as all mining men know, the continuation of a vein is not always of the same character. At the very best the Sioux Con. is still a prospect, but the price placed upon it, reckoning it at the present stock value is equal to that of a producing mine. What has been said of the Sioux Con. can also be said of the Iron Blossom. Ore of a not ov.er high grade has been encountered in this property. It has been developed a little distance and the stock jumps from 80 cents to $2.80 a share, an advance of $2,000,000 in mine value. This ore is also on the Colorado vein, it is said, but there is no earthly certainty that the ore bodies or ore will prove to be as strong as that of the older mine. It too is merely a prospect. A good prospect it may be conceded, but still a prospect. Honesty must compel any one to say that the whole thing bears all the car-marks of a huge stock gambling scheme. Can any one point out in the entire history of the Salt Lake Mining Exchange more than one, or two at the most, great bull movements in any stock which has proved fully "on the square?" Rumor has it, and it has not been denied, that a broker has cleaned up over $10,000 thus far. Was not the same thing done in Yankee Con. in the old days? Let the would be speculator think of the days when Uncle Sam was put upon the market. What of the Majestic of Beaver county, and a dozen other bull movements, in which the "talent" got the money and the public got gloriously "skinned." I There is no earthly reason for this great advance in the price of these two stocks. Sound business judgment is all against it. |