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Show THE MARKET AND THE MINES There is no evidence that the author of the classic ta'.lad beginning, "In the merry month of May when the lambs do frisk and play," had in mind the innocent frolics of the little sheep who gather about the stock exchange. Nevertheless the friskiness of the lambs has had not a little to do with making the month of May merry for the bull, the bear and the broker. That happy trinity closed the books on May 28 with the record of the sale of 3,045,395 shares for $2,123,161.67 not such bad business for one month! (Exchange is used in the singular. The Utah Stock & Mining, Min-ing, or "new," exchange, also started, but its sales are not included m the figures given above. If they were counted in the total would be increased by a few thousand shares and a few hundred dollars. dol-lars. & & $ The friends of the new exchange are just beginning be-ginning to appreciate the practical difficulties in the path of a competing stock-trading organiza tion. Take the matter of prices! If a stock makes a little spurt on the new exchange and not on the old, the buyers, when they compare quota-t quota-t ns on the two boards, are mad, and say naughty things about the brokers. If a stock sags a little the situation is just as bad. The sellers are then the aggrieved parties and rush to their friends with the wail that they have been swindled out of their profits. And suppose the quotations are precisely pre-cisely the same! Then everyone complains and asks what license a second exchange has to be on earth if it is to be a mere echo of Its established rival. In addition to the trouble over price variations varia-tions there is the difficulty in the filling, or "matching," "match-ing," of orders when the volume of business is small. With the range of offerings limited o eight or ten shares an order selected at random from the ninety-nine listed on the old exchange is a long shot with the chances at least 50 to 1 that the broker receiving the order will have to execute it through the "enemy." & & Experiences like those imagined above may account for the apostacy of Brigham F. Grant. By reason of his eloquence and his supposed fervency fer-vency he was selected to voice at the opening of It the sentiments of those w.:o were eager to pledge their lives, their fortunes and their sacred sac-red honor to the success of the new exchange. Mr. Grant did it beautifully. It made the tears come to think of the dismal fate of the old institution institu-tion as he pictured it. That was on May 17. On May 26 the papers came out with the announcement announce-ment that Mr. Grant had repudiated his membership mem-bership on the new exchange; that he had applied ap-plied to, and received absolution from, the old body. . Now he appears on the floor in the Walker building as a representative of James Chipman and he avoids the very shadow of the Atlas block as a faithful Hindu avoids pork. Tp offset the defection of Grant the "Utah exchange has acquit ac-quit ed seven new members, four in Provo nnd three in Salt Lake. & & & One of the merriest things produced by the merry month of May was the interview with A. N. Holdaway which appeared In a local paper a paper, by the way, with which rumor connects the names and canceled checks of Col. C. B. Loose and his pal, Reed Smoot. Mr. Holdaway d'scoursed a half column's worth on the perfidy and general untruthworthiness of one John Roundy, now superintendent su-perintendent M! the Iron Blossm mine. This person per-son Rundy, according to Mr. Holdaway, is entirely unfit to have the custody of the Colorado-Iron Blossom ore channel. He will persist in digging southwest while the ledge is trying Its utmost to give him the slip and dodge away southeast into the Tintlc Central, Mr. Holdaway's property. The tendency of Roundy to dig west out of the ore is the cause, Mr. Holdaway surmises, of the violent fluctuations in Iron Blossom stock and the sufferings of the widows and orphans who purchased pur-chased three times as many shares as they could pay for. Mr. Holdaway is so against anything that resembles manipulation of stocks that one can almost believe when reading his interview (hat the Sioux Consolidated compressor really did break down and that the Sioux strike was not made five days before the fact was communicated to shareholders, during Mr. Holdaway's incumbency incum-bency as superintendent of the Smoot-Lease property. prop-erty. One can almost believe those things! And then comes the recollection of the wrath of Col. Loose and the indignation of Senator Smoot when they learned that ihelr profits on Sioux stock had been made at the expense of the uninformed stockholders! One remembers how quick they were to make restitution by discharging Holda- way! And then one wonders at the magnanimity of man who, having been wronged so cruelly in being forced to make money, can find it in their hearts to let the doer of the wrong talk to the public through their newspaper. Mr. Roundy certainly cer-tainly ought to be ashamed of himself! fc &w fr June opens with some very good news from Tintic and from Deep Creek. The East Tintic Development company is positively hoisting ore from the body of fine galena whose discovery was announced was it during the administration of Andrew Jackson, or a little later? No matter. We can afford to forget delays and disappointments disappoint-ments in the face of such tangible evidence as is" now forthcoming that the Tintic ore fie!d 's a third again as large as it seemed when the East Tintic Development first struck a pick into the lucky cave on its 150-foot level. The curtain having gone up there is no reason why Tintic Standard. Eureka Lily, Montana, East Tintic Con., Iron King, Tintic "Volcanic, Zuma and East Crown Point should not 'give us a little less song and a little more dancing. It is up to those performers to duplicate along the far eastern zone the sensational sensa-tional happenings which followed the first finding of the Colorado, 0r middle, zone in the Beck Tunnel Tun-nel property. Deep Creek Is surely making good with its Western Utah Copper company. The ore shoot was found last week at the 300 level and it was going down so strong that the company feels the utmost confidence in drifting for it on the GOO level. That the 'shoot is no infant may be gathered gath-ered from the statement of Engineer MacVichio and Director E.' L. White that 125,000 tons of copper-gold ore of milling quality is in sight above the 300-foot level. If the mine could be pulled out by its roots and transplanted at Bingham, Bing-ham, or at Tintic, or Butte or anywhere else near railroads and smelters, it would be the sensation of the stock exchange. As the schemes proposed for moving the mine have not been deemed feasible, feasi-ble, the company will probably await the coming of a branch road from the Western Pacific or the San Pedro, or, perhaps, bulld a smelter on the ground. t(5 fcj The Utah Gold & Copper Mines company of western Beaver county is loading a full car of ore at Modena. The ore carries from 15 to 50 per cent lead. This statement is from Manager Brack-on Brack-on and not from the "fiscal agents" In New York who lately brought the Utah Into such ill repute by their exaggerated advertising. The "fiscal agents" are said to have been suppressed. Let us hope so! Utah has been free from the graft form of mining promotion and the publication? in this city and state should see that the noxious plant gains no foothold here. |