Asset OwnershipAsset Ownership

By Gaylen K. BunkerBy Gaylen K. BunkerCopyright © 2010, All Rights ReservedCopyright © 2010, All Rights Reserved

What does Ownership mean?What does Ownership mean?

The King and Queen of UtahThe King and Queen of Utah

Market for Ownership in UtahMarket for Ownership in Utah

What does Ownership mean?What does Ownership mean?

Assets = A store of potential.

Costs = The energy required to convert potential into valued service or product.

Benefits = What people will pay for that valued service or product.

Ownership is the right to control Assets and receive the excess of benefits over costs.

Early Utah AssetsEarly Utah Assets

• Silver, Copper and other precious metals were discovered in early Utah.

• Large sums of money were required to put together the machinery and tools to extract the metals from the mines.

• Stock certificates were issued to those who put up the money to show ownership.

Susanna (Suzy) Emery Holmes Susanna (Suzy) Emery Holmes (1859-1942) Born Richmond, Missouri(1859-1942) Born Richmond, Missouri

Susanna Bradford was visiting relatives in Park City in 1884 when she met and married Albion Emery. At the time, Emery was being used as a front for investors in silver, who were horrified when he suddenly died still holding their stocks.

Susanna inherited Emery’s estate and became Utah’s Silver Queen.

Amilia’s Palace Amilia’s Palace Suzanne Emery Bransford HolmesSuzanne Emery Bransford Holmes

Purchased in 1901Purchased in 1901

Gardo House PorchGardo House PorchSuzanne Bransford Holmes and HusbandSuzanne Bransford Holmes and Husband19161916

Mining Stock MarketMining Stock Market

• By the end of 1897, there were 33 Utah mining stocks being traded in Salt Lake City.

• Based on value stocks, the mines were worth almost $10 million.

• Dec.1898 the value was $17 million

An Official ExchangeAn Official Exchange

• March 16, 1899 an “Exchange” was incorporated as the Salt Lake Stock and Mining Exchange

• Over 10 million shares were sold that first year valued above $4 million.

In 1908 Samuel Newhouse, a wealthy miner, erected Utah’s first skyscrapers, the Newhouse and Boston Buildings at the west end of Exchange Place and donated property at 39 Exchange Place for an exchange building.

Exchange PlaceExchange PlaceSalt Lake City. UtahSalt Lake City. Utah

19161916

Salt Lake Stock ExchangeSalt Lake Stock Exchange

Exchange Place

3rd South Street

4th South Street

Mai

n S

tree

t

Sta

te S

tree

t

Salt Lake Stock ExchangeNewhouse Bldg

Boston Bldg

10,000 share per day10,000 share per day

• The year before the 1929 crash it was not uncommon to see 10,000 shares traded per day on the SL Exchange.

• In the late 1940s, with the discovery of Utah oil, the Exchange began to deal with a few promising oil companies.

Charley SteenCharley Steen (1919-2006) (1919-2006)

• Born in Texas

• B.A. geology UTEP 1943

• Spent WWII in Bolivia and Peru

• One year Univ. of Chicago

• Fired from Std Oil in Houston (insubord.)

• Became interested in Uranium in Utah

Charley SteenCharley Steen

1952, Steen hit it big, found a massive, uranium deposit southeast of Moab, Utah. He named it the "Mi Vida" mine (My Life), He made millions starting a "Uranium Rush”

In Moab, Steen built a $250,000 hilltop mansion to replace his tarpaper shack,

Uranium is KingUranium is King

• In 1954, the Salt Lake market exploded with frenzied trading in uranium stock.

• There were more shares traded “over-the-counter” in Salt Lake in one day in 1954 than on the New York Stock Exchange.

http://www.gjsentinel.com/featr/content/features/steen/steen_main.htmlhttp://www.steenmansion.com/details.aspx

The Uranium KingThe Uranium KingCharley SteenCharley Steen

Stock with every purchaseStock with every purchase

• Merchants gave away uranium stock with every purchase.

• Owners of hamburger stands, shoe repair shops, newsstands, beauty parlors, and pool halls bought broker's licenses.

• The girls in the red light district even give a share of stock with each trick...

May 1954 = 30 million sharesMay 1954 = 30 million shares

• In May of 1954, 30 million uranium stock shares were sold by Salt Lake brokers.

• In 1968, over 23 million shares of stock were traded.

Oldest Mining ExchangeOldest Mining Exchange

• The exchange was the nation's oldest and largest mining exchange.

• During its operations, the Exchange was the only registered stock exchange between Chicago and the West Coast.

• It was the last registered exchange to use the "call" or auction system.

• At 11:00 A.M., the auctioneer, rang a bell to begin trading and called the issues listed on the Exchange while traders or brokers (gathered around a horseshoe) responded with bids to buy and offers to sell. The trades were listed on a large quotation board and trading lasted 1 hour.

Salt Lake Mining and Stock ExchangeSalt Lake Mining and Stock ExchangeSalt Lake City. UtahSalt Lake City. Utah

19151915

Intermountain Stock ExchangeIntermountain Stock Exchange

• In May 1972, the name was changed to the Intermountain Stock Exchange.

• In the late 1970s and early 1980s real estate, insurance, transportation and electronics shares were added to the Exchange.

A Sad EndingA Sad Ending

• In 1986 SEC inspectors found numerous "deficiencies" in the exchange's self-regulation system and threatened enforcement action.

• The Exchange's members voted unanimously to go out of business and closed the exchange October 31, 1986.

What do you know?What do you know?

• What assets were in Utah?

• How did ownership change hands?

• Who was the Queen of Utah?

• Who was the King of Utah?

BibliographyBibliography

• The Kings and Queens of the Range, Kansas City, Mo. May 15, 1901, Vol 5, No. 50.

• “Uranium Fever”, Raymond W. Taylor and Samuel W. Taylor, pp. 240-242.

• http://www.emccommunitycouncil.org/history.shtml• “Images of Salt Lake City 1890-1930,” Gary Topping,

Melissa Coy Ferguson, and the Utah State Historical Society, Arcadia Publishing, 2009