New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-02-27
DETAILS OF TIE PAN.


ago. ana recently so amended TO confer more en-
srEcd powers and privilege than wcro contained in the
original charter The corporation comprises public
cxcnangc. trust department, ana clearing house.
! The Public Exchange or "Cal Room will be
located Mn the vicinity of Broadway and Wall St,
the bllllmg no, yet having been decided upon
The Clearing House will br the ground floor OF the
BOrcCl Building 70. liJ Broadway and the Trust De-
partment the floor above and Immediately over the
clearing Office The three branches Will he under The
| same general control with Milton :. Latham, cx United
states Senator and XGovcruOr OF California as mana
ger Among the promoters Of the enterprise are Il. C.
Mccormick, rN Governor OF Arizona and cX-As-staut
Secretary Of the Treasury United States Senator John
J.. Jones. = b. Ek.us, Licuteuant-Goycrnor II. a. W.
Tabor. of Colorado, Alex. Mcdonald cx-United states
Senator cXG0ycrnor T. T. X. Saord, OF Arizona, George
D. Roberts Henry Uavemeyer, George Chapman Of tho
! Thrd National Baut. J.. VI. Lawson. Drake Dekay.
Il. ". Leaytt. WI schaier, and ". c. Reynolds The
trustees alc +. Won II fnan. L. VI. lawson Elisha Riggs,
stephen T. EiAlus Henry Haycmcyer, r. c. Mccormick,
H. 4 W Tabor. A. p X saT,rl ". T. Shaer. X. ". Lcav-
if. G.otg, D. Robcr.s. Drake d. KY and Milton $.
| Latham. The officers are: Henry G. stcbbins, prcsi-
dent; Elisha Eg-s, y.rc-oresidout; r. W Lcavt. sec
rotary aud Genera. G. T. Christensen. -snrer and adj
uials'rl'iyc officer ot Clearing House.
III" capital OF tue company, when fully paid, viii be
$1,000 ooo; par value Of Shares $1,000. The first 200
members the Exchange pay j 600 each hicham0nnt,
with 500 annual ducs entities them TO license to buy
conferred -ucn exchanges. The $500 pay $1,000
each and have equal rgnts and privileges. but in addi
ton, own one tho Trust Company. The remain
ing 500 seats are 20 be held reserve until Jauuary l,
I- the company. however reserying the right 10 sell
ir core pYndug .harc, or any part thereof prior 10
that time a not less than 1000 per share, and in the
c,cn a. suon sales the 500 seats iu the Eycaase VIII be
sold without -lurcs in tie Trust Company NJ $4,000
each Iu the nr,t 200 sets over 100 applications were
received and the suh.crpron lists for seats coupled
with au interest iu tI, Trust Company are now being
rapidly rI Member upon paying for their seats and
having nqGIatcd their annual dues. can enjoy
| the advantages which the Exchange viii af-
ford without nculrng further liability, the
management paying tho necessary expenses. The
rules and regulations governing members In their de al
incs Will similar 20 those o other stock EN changes
beng copied IN many respects from those OF the san
francisco Exchange where mining stocks and bonds are
the securities principally dealt IN. one feature Of this
new Mining Exchange IA especially worthy Of notice.
THERE'S prohibition against members OF other stock
Board, becoming associated with it and IL is designed
that ti, shall not conflict with, but shall act in har
trnv ith AL Other Soc, Exchanges. the promotion Of
s,,il mining Interests hcug the main object Of the
| movement" The WORK stock Exchange and the
N,a. YORK Nl.ug Bo1ld 5eyualiy aim To- Do exclusive.
M, ,nb,r r. ~ one being confined 60 that particular or
! cn1pt.u Wnic such r,su1tious exist 1t is cyiteu,
that Exchange cannot expect 10 obtain 7cccs-
sions 10 ts membership f,om tho-a rourcc- except by
! insisted upon by Tho od Boaids.
Tine ol-tu. gushing features of the ncw corporation
are the Tru-. Department and Clearing House. the
charter giving " poTcr to establish public exchange
and mart lor receiving deposits OF ana transferring
earnest moneys. -tocbs bond, aud other securities and
valuable properly: for the safc keeping and Tor tho
convenient delivery and Interchange of the same be
tween t, dealers therein ami for the procurement and
making loans upon the same for the intermediary
adjustment balances OF account bet Ncen ITS members
! and dcalcr-; 'or tho purchase and sale oi
! securities AMI CON. ruamneeng the payment
! of bond. and other obligations and for the trans
action and adjustment If such other business incident
thereto as may De provided Tor IN the bylaws OF said
corporaon." In addition, il may charge ana receive
commission the performance ot services may pur-
chase lease hold and real estate under certain
specified restrictions; may loan 10 lis members and
| .alers such of u. funds may by the trustees bc
| deemed prudclt; may borrow money of others and
| re.nau and give aud receive suitable obligations
for the sumo INT may not caIgr or receive higher
| rat. % interest or cpmh@a'on than l. prescribed by
;av Under this ample authority the company through
rS Trust Department, proposes To lead money upon
mining shares Just us cti NcV York hanks and Han-
m Institutions loan upon railway and Other stocks and
| bonds a- collateral security.
Thu. II proposed to give to mining interests stand
ing ana ttlc 10 Legitimacy such they never before
have had In This ctv u g. thc intention TO list upon
tho Eycbaurc oniy dividend lux properties, or such
/ been so CKtCUsiVCy uPFt'opu Ahdl lHtl N1"A
will he paving regular dividends and to accept "s col
lateral in the Trust Company only such mining stocks as
have an intrinsic and acknowledged market value.
| II the shares Of hopclcssly bankrupt railway and
| other corporations which for years ana IN many
cases never have paid dividend. can be accepted at
other financial Institutions security for loans we see
no reason why there shoud be at least orc company
I'm New York which will reco nize the shares Of dividend
paying mines worthy OF considerations rms Is lhc
sentiment of the incorporators OF tho new company
ana they have paid their money with the expectation
| and desire that It should he loaned on mining
| securities. II tho other banks VIII aIo" th'm
to have a monopoly Of the mining business they say
they VIII bc content Itrhey will not bo secure Wheh
holding collateral the shares OF mines Whch ieb"ary
| every month pay net profit OF F21ooo' T'o'ooo'
100000 100000 10 their hoders' theh thry
admit that thoy viii be satisfied to lose TIC Dank-
,ng contaI NJ San Francsco is largely and profit
| ably empoyed In mining transactions, and II New
York banks have hcSated about accepting su'h eecur'
ties 1t IA doubedlcss because their managers ala not
know good mine from a bad one and rather than run
auy risk placed all alike upon the " wildcat liS. with
few exceptions the management OF the new company Is
composed OF men who have extensive MINING interests
| and who know the difference between " contact
! veins" true assures" and placer deposlts.' Ihey
| know what mnos honestly and inellgently con-
Quoted how rich the H. how much there ls or IT,
how long lt will probably last and what tho estl-
| mated output OF mineral will be. With this
| information before them, furnished by their own
| inspectors and experts In every mining State ana
Territory they think that by properly discriminating
| they can select good coaterals frOm among mining
| securities Mr. Latham, the nctiye executive officer
| wa, for many years the manager OF the London and
| San Fraucsco Bank, aud brings to his new position
knowledge such few possess of how proitabiy and
| properly 10 Conduct the Trust Department
Before being " listed" mines must lrst pass
committee OF the Trust Company and also OF tbe StooN
rtcbauge When offered as collateral the stock must
be accompanied by the note OF the borrower ana II the
Trust Committee finds 1t unworthy It Will be stricken
from the list OF the Exchange. The mines which from