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Former Salt Lake Stock & Mining Exchange - Salt Lake City, UT, USA
Posted by: Groundspeak Premium Member Chasing Blue Sky
N 40° 45.687 W 111° 53.379
12T E 424909 N 4512656
Quick Description: Organized in 1888, the Salt Lake Stock & Mining Exchange provided the machinery for raising capital to develop the area's metal mines. Later it served the same function for the oil and uranium booms of the later 1940's and 1950's.
Location: Utah, United States
Date Posted: 3/20/2013 7:10:44 AM
Waymark Code: WMGMFT
Published By: Groundspeak Premium Member fi67
Views: 15

Long Description:
"The Salt Lake Stock and Mining Exchange was the outgrowth of the rapid develpment of Utah's mining industry during the last quarter of the nineteenth century. Organized in 1888 to provide mine developers the opportunity to offer shares in their properties to the public and to raise the necessary capital to carry out development work the stock exchange played an important role in the growth:of Utah's economy.

In 1899 the Exchange, located at 18 West 200 South^was incorporated by J. E. Jackson, E. H. Airis, D. H, Petery Jr., Timothy Egan, William H. Tibbals, R. L. Colburn, M. S. Pendergast, Ben D. Luce and Herman Bamberger. The Exchange continued to serve an important role in the economic life of Utah and in 1908 Samuel Newhouse donated property at 39 Exchange Place for a stock exchange building, Samuel Newhouse came to Salt Lake City in 1896 when he acquired the Highland Boy mine (now part of the Kennecott Copper Mine, a National Historic Landmark). Newhouse developed a strong commitment to his adopted home and worked diligently to make Salt Lake City the business and financial center of the West. He erected Utah's first skyscrapers, the Newhouse and Boston Buildings, on the west end of Exchange Place, constructed a hotel on Fourth South and Main just across the street from the Newhouse Building, donated land for the Commercial Club Building also on Exchange Place, planned for the construction of a theater across the street from the Stock Exchange Building, and two business buildings which would compliment the Boston and Newhouse Buildings and be located on the east end of Exchange Place. The Salt Lake Stock and Mining Exchange Building located in the center of Exchange Place was to be the heart of the complex. Unfortunately, Samuel Newhouse overextended himself and investments in unsound mining ventures led to his demise.

The Neo-Classical sandstone building was designed by the architect John C. Craig. On November 15, 1909, the exchange moved into its new building.

The history of the Salt Lake Stock and Mining Exchange followed the national financial trend with active trading during the World War I period, a recession following the war then a tremendous volume during the stock market speculation of the 1920's. With the stock market crash in the fall of 1929, the Salt Lake Exchange continued to follow the national trend and a Deseret News stock report for October 30, 1929 stated:

"Following one of the worst crashes on the Salt Lake Stock and Mining Exchange in recent years, prices steadied and some good recoveries were recorded, as support came into the market at the close. Prices in all sections of the market, however, showed sharp losses for the day and the crash on the eastern exchanges was more keenly felt locally."

Rebirth for the Salt Lake Stock and Mining Exchange did not come until the uranium boom of the 1950's. In 1954, a speculative fever in uranium stock brought the Salt Lake stock market great fame as the financial center for the frenzied trading. Raymond Taylor wrote of the period:

"Salt Lake City, that citadel of conservative Mormonism, became the gambling capital of the world. Las Vegas took a back seat during the big boom in penny uranium stocks. There were more shares traded over the counter in Salt Lake in a day than were handled by the New York Stock Exchange. Merchants gave away uranium stock with every purchase on Dollar Day. You kicked the tires in a used car lot and inspected the stock certificate offered as a bonus. Proprietors of hamburger stands, shoe repair shops, newsstands, beauty parlors, and pool halls bought brokers' licenses and opened an office in a corner of their establishments. While I didn't verify it personally, I was told that the girls in the Third South red light district met the competition of those who furnished Green Stamps by giving a share of uranium stock with every trick....For a while, there seemed no way to lose. Everything went up up up. Mien a company announced bankruptcy people kept right on trading its stock. The governor of Utah tried to restore sanity by warning people to beware of uranium stocks; sales spurted to a new high the next day.... Wall Street boomed the market, also, as large companies acquired claims to give their stocks the luster that only uranium could provide... Announcement of expansion in the uranium field by Vanadium Corporation of America moved its stock up twenty-three points..., El Paso Natural Gas formed a uranium affiliate, Rare Metals Corporation, which had a fleet of planes and a staff of geologists. Anaconda, Utah Construction, American Smelting, Phelps-Dodge, Kerr-McGee, Texas Gulf Sulphur, Phillips Petroleum, Santa Fe, and other giants moved into uranium...." (Raymond W. Taylor and Samuel W. Taylor, Uranium Fever, pp. 240-242.)

Taylor reports that during May 1954, thirty million shares of uranium stock was sold by Salt Lake brokers. Most of the uranium stock was traded over the counter and was not listed on the Salt Lake Stock Exchange. However, some of the leading brokers in the uranium stock had their offices in the Salt Lake Stock Exchange Building and the
building served as the focal point of the trading activity.

Since the uranium boom of the 1950's, the Salt Lake Stock Exchange, with the exception of the 1967-69 period, has fallen on quiet times. The exchange is one of thirteen registered Stock Exchanges in the nation and the last registered exchange to use the "call" or auction system in setting the market price for its stock trading. The Exchange is the only registered stock exchange between Chicago .and the West Coast states. In May 1972, the name was changed from the Salt Lake Stock Exchange to the Intermountain Stock Exchange to more accurately reflect the geographic area which it serves." (visit link)
Name: Salt Lake Stock & Mining Exchange

Address:
39 East Exchange Place Salt Lake City, UT 84111


Country: United States of America

URL: [Web Link]

Is this exchange still active at this location: no

Activity Period: 1888-1979

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