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Show Mining and Financial " ONE should not expect too much of the mines or the mining stock market these days. The miners are a patriotic class, and if they do not celebrate American independence in-dependence on July 4, which most of them do, they rejoice over the birthday birth-day of Garibaldi, the victories of Marco Bozzaris and the achievements of Kossuth. And then, for' a few days afterward, this year at least, it devolved upon them to go into mourning for the failure of another "white hope." Under such circumstances circum-stances it would be surprising indeed if the mines we e able to keep production pro-duction and de alopment up to the top notch. You might suspect that they would find themselves temporarily tempor-arily shut down or working short handed, and that is exactly what happens hap-pens in Utah. In addition to the requirements of patriotism the brokers and many or, Bhall we say "some" or their clients suspended business to pay a neighborly neighbor-ly visit to Nevada. The succession of holidays unsettled the market and took from the quotations the significance that would otherwise have attached to them. Just what that significance is would be hard to explain. We know for one thing that the total volume vol-ume of business was $20,O'.'O less In June than in May and that the level of prices was generally lower. It is easy to sympathize with the feeling of the client who, when his broker observed ob-served that June was the month of brides and roses, demanded: "What rose?" Still it pays to be sociable with clients even the inquisitive ones. The hesitancy shown above in speaking of "many" clients was prompted by a well-defined doubt as whether there are "many" of them. Some of the brokerage fraternity argue that the genus client is fast becoming extinct and soon will join the dodo and ichthyosaurus ich-thyosaurus in the port of the has- beens. That this condition is not local lo-cal is shown by the story in a New York mining publication of a Gotham broker, who returned dejectedly from the dock and informed a sympathetic friend that ho was going to close his office as his client had just sailed to spend the summer in Europe. The moral of the tale is that clients should , be treated kindly and tenderly. If they have colds they should be treated treat-ed with the kind ot cougn medicine the broker uses for himself not a draught from the chauffeur's bottle, and if they are inclined to be morose and -gloomy, a little sociable gossip is never out of place. Tell them, for instance, in-stance, that Uncle Jesse Knight has added another sampler to his Utah sampler trust. Yes, it is true. It must be true for it was published in all the papers. The statement appeared In black and white that the Utah Ore Sampling company, of which Mr. Knight Is J president, has purchased the Par!; City sampling mill. The tentacles of the octopus are slowly but surely enveloping the sampling business in their pulp folds. It has been stated in this department that Uncle JesBe Knight was enticed into the truBt magnate class by representations that John D. Ryan of the Amalgamated Copper company waB about to gobble the sampling industry and would make life a nightmare for the Knight companies com-panies if Uncle Jesse did not come in as a half owner. It was added that no one was more surprised than Mr. Knight when It developed that Mr.. Ryan had nothing to do with the purchase pur-chase of the samplers and that he (Knight) alone had furnished all the money that went into the consolidation. consolida-tion. Another explanation of the matter is furnished by the gentleman who was charged with doing the enticing. His statement, which is backed by formidable "dockyments" is that the boot which propelled Mr. Knight into the camp of the monopolists was a contract with a sampler at Tintic. Under this contract, it is said, the Knight mines were to furnish the sa'mpler with a great quantity of on-for on-for testing. If the ore wore not furnished fur-nished the sampler was to be paid anyway. The closing of the Knight smelter at Tintic reduced the necessity neces-sity for sampling to such an extent that the penalty payments under the Knight contract threatened to exceed in amount the value of the sampling plant. Then, according to the spokesman, spokes-man, Mr. Knight consented to adopt any plan that would extricate hih companies, in an honorable manner, of course, from their unfortunate ob ligation. The purchase of the samp, lers and the formation of the sampling samp-ling trust was the plan. Mr. Knight fell for it because he could see no other way out. Such, at least, is the narrative of one who was closely Iden tlflod with the whole transaction. These trust reminiscences, however, are a digression. The question before be-fore the house is clients, how to get them and how to preserve them. Tht expedients adopted by the exchangb have not worked well and the suggestion sug-gestion offered on this page that Utah mine owners 'make themserves and their mines noteworthy by furnishing complete physical and financial reports re-ports monthly, has not been acted upon. The one thing left to do, seemingly, Is to trust to luck and the growing productiveness of the mines to create a fresh market for shares. In the older us well as thu newer camps of the state the stream of outflowing mineral Is growing day by day. It has been shown that in every month of the current year the output from Tintic has been larger than for the corresponding month of 1911. Bingham is surpassing all records rec-ords and Park City and Alta are climbing toward the shipments of the bonanza days. Although the public may not want the Utah shares now, H I it will want them when the Increase H of dividends catches up withv the in- H ' croaso of production, and it will B r have to pay then for its delay in on- Hj i tering the game. |