Show THERE THERE IS 18 HUMOR IN GOLDfIELD MARKETS MARKET Graphic Presentation of Conditions ConcH ConcH- That Prevail in the West Today PROPHETS ARE BUYING i K E cl tIming to In Foretell a ni Big Season c From Tori Tor Torture lire I of Tantalus Tan 11 talus laluS h CICCI Cheer I. I Nev Nov Juno Jun l 12 Ther There Is t a certain humor In tho lie stock situation hero lucre these da days s Tho fhe slump In iii multi multi- In lug Ing stocks which followed the Iho San Francisco dl disaster I Is creating no con con- In fact it seems to have hav caused a n certain amount of joy which bubbles up iii In spite spie of oC alt all al the efforts effort of the time Joyous ones one to keep keell a sohei r anti ami mournful mien They arc aro arC going coin about with eyes cy alight nl ht and fn lingers cIs cI's on 01 their lips and auth buying buying buying Among monG tho those hose e that lint have thus swallowed swallow swallow- ed etl hu lunge huge blocks are arc such men as John Johr Frank Golden Cook the time banker bankel president pres pres- ident blent of tho thea Nyc Nye Ormsby County Count bank hanle I L. L I. I M. M Sullivan of the thc L. L M. M 11 Sullivan Sul Sul- livan Trust company anti and Dr Ward VarI law in of steel magnate Schwab hero 10 on a n visit a few fw days ago I A great grent part of or that buying Is of ol Manhattan stocks toels which suffered most from froni the effects of or the time earthquake shock TIme The searching of the r for or the time depreciation In Manhattan makes s a rather Interesting dissertation dissertation dis dis- ls- ls In lii economics J I is a n i Baby Haby km by Metropolis let Is In the first place it j must be re remembered rc- rc that hint Manhattan Is a n young oung nail camp even In iii this thus re region lon of hab baby me me- 0 Roughly speaking Tonopah Tonopah Tono- Tono pah palm Is five years old two and a half Hull Bullfrog frog on one and anti a half while Manhattan counts only six months Now enters Mr San Francisco In Investor To- To vestor estor In the time problem When huen 1 live years tars ago Tonopah sprang up nil UJ full full- Hedged ledged and anti In her golden armor almor Mr MiS San Francisco In e Investor tor 11 was in skeptical mood E Even En n with wih the thc lie goods under his eyes he lie shook his head and smiled a gentle enle sad el smile smie lie te pa passel passed sed up iii Tonopah and It I was wa the East Fast that hunt got In on tho the good thing Two years anti and ant a half afterward came cam the great strikes s. s Again the East Emt jumped In iii and antl took tool the thc gold right From flom under hl his nose Th Then n came Bullfrog Bullfrog Bull Bull- ull- ull frog a year later Mr 11 San Francisco woke a bit bit yawned a lazy yawn awn anti and bought Sought a a little but again the time East bought tic the lie bulk bulk Finally Wakes VI Up Within six months came caine Manhattan U By that time Tonopah am and Bullfrog were Ie roar a-roar with wih activity their stocks had soared above the time clouds louds and ani Mr h San Sn Francisco felt fel foolish Indeed He started staled to make malo up for or hii his past sloth So ea eagerly crl did dil he Manhattan so fast and aud volum- volum olur were mero Ills purchases that this hits 1 In Q th tIlO v. v the he smoke cleared It I w was vas s found that hiat time the Ihl stocks of th the Manhattan properties properties proper proper- les ties were nearl nearly all al In tho the hands of oC qan an Franciscans So this was the situation on April Apri 1 7 A large proportion of the time Gold- Gold held Tonopah and amul ant Bullfrog stocks was held ii by hy Eastern gasler anti and local capital The greater part of oC the Manhattan stocks was ivas hold field 1 by hy San Franciscans Then hen came canle the San Francisco earth earth- quake inake and amid tire fire Out of food fool out of lollies their buildings anti and homes nl es ii burnell u rn their hi e i i. i b business ii ess t temporarily e m porn ri ly ruined San Franciscans became herme crazy cia For or cash The rime They h began gan selling their stocks Mining stoc stocks of oC the time Manhattan Manhat tan properties avalanched upon the time market marlit and anti of course coUlse time the market had to break breal some sonic Even then it might not lot have done so 80 If the lie local Tonopah Tonopah Tono Tono- pah palm Bullfrog anti and ant Manhattan Manhat- Manhat tan an capitalists had been able to buy hu They rhe- wanted to bad enough h. limit But But un- un happily the lie San Francisco banks were lied tiei led up tip and the time mining aiming camps helch lucre here I h ank largely at San Francisco It I was an in exasperating situation On one oneide oneide I ide San Francisco as was pouring out tock lock which the local men wanted to hiu buy amid ami on the time other oIlier hand the time same 10 Sail Sait Francisco was sas withholding he the money mOier with wih which they could have lave bought Tort e m i of Tantalus It I was the torture of oC Tantalus over oEra o Er a again aln This has ceased now The flue banks janks arc are open n again aln llone Money Is oh- oh and ant vcr ser very rapidly Indeed it is turned Into Manhattan mining stocks The local men nien arc are buying ind buying heavily on every vcr decline The They regard the situation as us a picnic A reco er recovery is bound to result Of OC course OU the 11 of Cf no city can long ong effect time the value of cf f Manhattan stoc stocks g. g Those ho c stocks represent mines these hese m mines lef are arc valuable anti and ant the tIme San Sait Sai Francisco Ii co fire Gre has not melted tho time gold sold lre out of oC them There Is another and ant subsidiary cause for fO lh tho decline in iii stocks This Is s the th rapidity with wih which new dis- dis tO are Jin bring made mate In iii southwest southwest- 1 ern mIl Nevada At sight I ht this seems a i paradox 11 but it The TIme erred effect of nf opening up a n new nl camp Is always a temporary decline lii 11 l time the market markel value of nf the stocks of tf th tIme the older eider ones OliCS oneS There I is after aCel al all omil only a certain amount of capital In iii the lie world When hen capital pounces upon a new zie camp it I abandons to a certain degree the time older ones Thus hu when suf- suf was Tonopah feted ered a temporary slump When Bull Bull- ul- ul world Gold Gold- rog was as opened to time the tl fehl suffered red a temporary decline When Manhattan sprang up imp It was waN Bullfrog that suffered In him these cn cases cg the and anal the tile drops were CI very emy slight reco recoveries ver very rapid because each Cachi Quip camp was well vell wel established before the time thelie new lie ono one cane along along Two iwo 0 and ami a unIt halt yuan years separated Tonopah and Gold Gold- Hell one tC and anul a halt half years and ind Bullfrog Bound to 10 be lie Recovery r Not HO no lO wui with Manhattan however Manhattan came Cro a baro bare six months after Bullfrog Tonopah and Bullfrog were bound to feel Ceel its Is sudden sud den birth With lh the San Francisco Frncisco on nn top too tOJ of ot that that hOt it I Is not nol at nil all ni tim I ji be he wondered at that Tonopah Gold- Gold Held fold and anal Bullfrog should suffer What hat IH Is II extraordinary 1 is that hint the thc slump should be lIe so slight The Tho reason roton for fn thi this l Is the lea Yr buying of or local under men non who have hove the tho properties their eyes and know that tho the stock Is selling farbelow below IU Its Il Intrinsic value alUe With San Ean Francisco on out Us its Is feet again In n tho the tall fall tal there is I bound to bo he a U sharp and anal bl big recovery History will 1 repeat Itself The history history his hl- tory lory ot of the mining camp of ot this part of or the country has hag shown hown that slumps lumps tolo following the tho opening up of oC new camps are but temporary that mat the thc they nr are fol fol- lowed ved h by brisk recoveries Manhat- Manhat Ia nha t. t I Ilal j lami lal an cannot an Ul exception to what LM an economic Pt law haw Its Is tocks stocks must must again I |