The weekly miner. [volume] (Butte, Mont.) 1878-1881, 1880-03-02
ELEGRAMS.! i!
4" Es"A@ ~~ 70" f . - 10 -
NITED STATES.
aEEB8a ktF AQHSS 4
w1yING IN NEW YORK..
of Capitalists from San Francisco.

NTNHNG IN NEW 1Uhh.
Of Capitalists from San Francisco.
YORK, Feb. 21.-Thess Times to-day
|,rly column on the movements of
fornia capitalists, who have been here.
past few weeks CALIFORNIA; men Of
have been focking to New York in
and a citizen of San Francisco visit
Borecl building, on Broadway, might
maaine himself III his own city. In
fk Exchange Oh Pine street, too, many
faces would greet him. With the
leaving San Francisco TO establish
yes here, come many clerks and secre-
rho are to take charge Of offices as
they are established. That the move
a genuine one and intended to be per-
is evident from the energy with which
secuted, and the money which is be-
With the new Mining Stock EX-
is to be associated bank and Il clear
ase for mining stocks. In order TO
h these Institutions an old charter,
BY the Legislature during the Tweed
to man named Smith, has been pur-
by the principal movers i'll the scheme.
bwers granted in this charter for the
on of public exchange are SO broad
host any kind of business institution
formed underthe grant. Several meet
IRE held during the week by parties in
|, and considerable progress made in
ng for the formation of the new en-
and bank. They adjourned last
. however. without deciding upon any
e plan, although majority are sub
Rly agreed on all minor details. One
teatures of new board will be that no
Eibllty for the expenses Of management
mines is to be incurred by the mem-
ach seat being simply u license Afford
members all the a,lyantug ) that an
ge can afford. 1t is proposed to sell
500 seats at the following rates: The
20 at $1,000; second 100 at So, 900 ;
% at $1,000, fourth 100 at 5000, and
100 at $4,000. 1t is understood in
circles that the presidency of the bank
len rendered to Milton S. Latham,
bne of the gentlemen comprising the
Ice We're willing 10 touch for the
Zfthe rlmor. George =. Fooerts, one
principal movers in the new scheme,
BIT the gentlemen engaged in organic
board here did not propose to wait
buried in the ruins, and vixen the war
ade on the great industry Of the Golden
hey gathered their household goods
me to New York, and the result will
all the good mines Of the West will
bort time he organized here, and this
il be the headquarters and distributing
the mines ofthe country and the mar
ut OF those of the entire Pacific Coas;
sme here. He stated that the object OF
SfIk is to facilitate the purchase and sale
Rlns stocks. and to liiat end We, must
Is much accommoda.io as has been
(aflly given in San Francisco. The
in this city do not recognize mining
as good security, and refuse to advance
on them, aud the result naturally i
les are small. We want to accommodate
fn who want to buy mining stocks on
,. Now, mining Specu!atlo Is strictly
business, and it must remain so until
Pank is found willing to advance money
ckS, and to buy and sell on Il margin
lCney realized from the sale OF seats Ii
ard will partially constitute the capita
bank, but we shall undoubtedly add tt
occasion demands. For instance:
good stock which want to get OF
lket, | can deposit a certain SUN in the
o be loaned on that stock and used as ;
for those who wish to buy. iu TIL.
provide facilities for creating ID markC
Stock, and l virtually. add 10 the capi
he bank, whatever, that may be-. Iwist
nctly understood that we have 40 " isl
Ire the old board. | cannot tell YOU
hat mines will be listed in the new EX
but every one which is offered will b,
lIy investigated, and will be eXclu'ie,
We know it to possess value. Nothing
yperties of value will be placed OH tho
nd neither board nor bank will be ruI
Interest of any CLIQUE. AID the fact tha
worthy to be listed on the board vii
its holder to any favors from the ban!
share of loans or margins. Severa
ed applications have been received 10
in the board. including many New
rs as well as Califor,rians.