Eureka daily sentinel. [volume] (Eureka, Nev.) 1871-1887, 1879-03-29
E w S.
NIGHT DISPATCHES.
SPECIAL TO THE EUREKA DAILY SENTINEL. !
A Meeting Of the Bullion Club.
Mr.. cRoLY's IDEAS OF STOCK EXCHANGES


New YORK, March %.
At . meeting OF the Bullion Club last
evening, David G.. Croly delivered an adj
dress on the organization and management
Of mining companies The New York
Stock Exchange" Croly said, "was to be
commended for its care in excluding from
its lists stock representing mining proper
ties which were in every way illegitimate.
It required perfect title, valuable ore de-
posits and ability to pay immediate divi-
dends. In this it differed from the San
Francisco Stock Exchange, the managers
of the latter not preferring to guarantee
any value in the stocks Of their respective
Boards. By paying $1,000 in one of the
Exchanges, and lesser sums in the two
others, any hole in the ground, even if
it, would be called by the name given to it
on the Boards. The Exchange, as such,
did not profess to inquire whether the
stock dealt in represented q property, a
fair or slim prospect, or a swindle."
After sketching his idea Of an ideal
mining corporation, Croly concluded in
substance as follows: Americans, above
all things, love business. Apart from the
sentiment of patriotism, what helped to
keep the Union together was the dislike Of
the average American to hail from a section
Of the once great country. We boast OF
our great trees, Of our vast plains and
our praries, of our great chain of lakes,
and our gigantic rivers and mining corpor-
ations. What would appeal to the imagin-
alton, to our love of large operations, and
which would give reasonable assurance OF
security and permanence in the way ofidiv-
idends. would, in time, become the most
popular stock to be sold by our exchanges.
Such corporations would save us from the
necessity, which attaches to all mines, of
depending on q few hundred feet of land. .
Some remarks were then made by G.. d.
Satterlee, President Of the New York Min
ing Exchange, and Mr.. Coll Dean, OF the
San Francisco Mining Exchange. Among
the gentlemen present, not members OF
the Club, were Judge Roosevelt, of Lead
vile General Patten, who constructed
the Panama Railroad Professor Clayton,
OF Utah, and Professor McCheeney, of
Illinois. The address referred pointedly
to the shortcomings of the California
mining companies and stock exchanges,
and suggested q remedy for some Of the
abuses, and as one of the most efficient
means Of securing honest management,
which was to demand Of every corporation,
no matter what its character, that it should
furnish full and frequent reports Of its in
come and o~utlays. The stock should be
made to represent the actual, and not a
fictitious capital. The certificates Of the
companies not to aggregate in the total
stock value more than the cost, with a fair
profit. This would correct the prevailing
abuse Of ficticious capitalization upon
properties Of small actual value. The
officers Of the companies should hold a
certain proportion OF the stock, which
should not he put on the market, nor
should any officer be permitted, while in
Office, to buy or sell the shares Of the Com
pany. Croly hoped that q discussion Of the
subject would prompt the Eastern public
to insist upon better guarantees than have
been heretofore given in marketing prop
critics claiming to be dividend paying.
Coll Dean, Of the San Francisco Mining
Board, briefly addressed the Club. He
ventured the prediction that the Comstock
lode would yield more during the next ten
years than il has yielded for the past de-
cade. The north-end mines were not
known much about in the East, but there
was q great deal more in them than the
public had obtained any knowledge of.
Mr.. CrOley and His Predictions.
New YORK, March 20.
The Tribune" to-day, says: d. G.
Croley has IN alarming reputation for
making pretty accurate predictions. In
1879 he published q remarkable article in
which he said ~ predict that within the
next two years this country will experience
the worst financial panic known in its his
tory. Land will temporarily fall to one
half its present value. The panic will be
precipi.ated in all probability by the fail
ure Of the Northern Pacific Railroad, aud
perhaps, Of the banks which manage il"
What Croley has already told warrants
special interest in his present predictions.
published aday or two ago. Among these
are the following The present year will
be a prosperous one for the country; there
viii be q general revival Of industry;. labor