The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-06-06
The Helena Mining and Stock Ex-
change Elects Officers and
Adopts Bylaws.
An Institution That Will be of
Great Benefit to Mon
tana.
The Board of Trade Rooms to be Used by
the ACKNOWLEDGEMENTS
for Membership.

OF Word Smith last evening for the pur-
pose of electing officers and adopting by
laws and rules for the government of the
exchange. The project of forming min
ing exchange in this city has been the sub
ject of earnest thought and consideration
by Col. Sam'l Word for the past three
months. and in order to fully understand
the situation and requirements for forming
such body he made personal visit to the
east, and by visiting the exchanges of st.
Louis and Kansas City obtained such data
as was invaluable in the formation of a
stock exchange here. Bylaws and rules
and regulations were secured from all the
stock exchanges in the country and from
these were carefully compiled rules for the
government of the organization here. His
work was thorough and only required the
sanction of the board of directors. This
was secured at last nights meeting. The
Helena Mining and Stock Exchange starts
out with a membership of fourteen,
limited to fifty. Twenty of these are
to be active and thirty non-active.
The following gentlemen were present at
the meeting: Henry Klein, John T. Murphy,
Thos. Cruse Samuel Word. w. E. Cox, u.
q. Phelps G. K. Wells, Henry N. Parchen,
2. D. Edgerton, R. G. Wallace, E. w.
Knight.
MI. Word read the names of the incor-
porators, and stated that he had had the
forming of a mining and stock exchange in
this city in view for some time. He visited
Kansas City at the request of many citizens
and endeavored to profit by the informa-
tion there obtained, and drew up a sat of
bylaws. It would be Of no particular value
30 far as dollars and cents were concerned
to the incorporators. But it would be the
means of bringing to the knowledge Of the
country our rich mines and unsurpassed
mining region: 1t will be the means of
placing us before the world. Our stock
will be quoted in all the mining exchanges
of the country. The Helena Exchange will
advertise Helena far and wide. Not only
our own stocks will be quoted, but
others from every part of the country. It
will become strong and valuable institu-
ton.
The speaker then stated that he had in
mind man for the position of president
who would be power of strength to the
organization and give it character both at
home and abroad, and requested Mr. Phelps
to make the nomination.
Mr.: Phelps arose and placed in nominal
ton Mr.. E. W. Knight. He paid glowing
tribute to the probity and honor of the gem
tleman, and stated that he was eminently
fitted for the position. The nomination
was seconded and Mr.. knight was elected
John L. Murphy and H. NJ. Parchen were
placed in nomination for yice-president,
but both declined in favor of Col. Word,
who also asked to be excused; but it was
insisted that he was virtually the father of
the exchange, and that his we'll known push
and energy was needed to further it's sue
cess. The nomination was put and carried
unanimously.
In regard to the selection of q secretary
there was considerable discussion, as it
81 c-1 u
could be found. G. X. Wells was nominated,
but he being director was ineligible. At
this juncture Mr.. E. w. knight came in
and was introduced by Col. Word as the
first president of the Helena Mining and
Stock Exchange. Mr.. knight gracefully
volved a great deal of interest to the whole
state. A meeting place was needed where
the mining business could be talked over.
He would be glad to render any assistance
in his power, and returned thanks for the
honor conferred.
Col. Word presented the name of Capt. II.
S. Howell, receiver of the Helena Land
office, as secretary, and he was elected with
out dissent.
Mr.. L. G. Phelps was then nominated
and elected treasurer, for which he made
the usual acknowledgements.
Col. Word read the rules and bylaws for
the government of the exchange. The
capital stock is placed ct 5000, fifty shares
at 800 each, no member to hold more than
one share. No officer to receive a salary
except the secretary. The members are to
consist of active and non active members,
twenty of the former and thirty of the lat,
ter. This arrangement was made in order
not to let the institution fall entirely into
the hands of the brokers. All members to
have full voice in the election of officers.
1t was decided to rent the Board of Trade
rooms for the use of the exchange which
could be secured at the rate of $500 per
year, and employ caller who understands
the business, and mining expert to ex-
anime mines and report upon them before
listing. Every mine listed upon the board
shall be required to furnish a report once a
month, and all information SO gained shall
be posted for the benefit Of the members of
the exchange. Each mine listed shall also
furnish an abstract of title and be required
10 deposit $50 to pay the expenses of an ex-
pert examination. and SIS semi-annuallv
after the first year. All other stocks shall
be subject to the same conditions for ad-
admission as mines, except the e1amina-
ton.
The brokerage commissions are to be the
same as those prevailing in ST. Louis, ex-
cept as to non-active members, who are
only required to pay half the sum charged
non-members. And the active members
may make such arrangements among them
selves as they choose in regard to the COM
missions for buying and selling for each
other. Inc active members are required to
pay $25 per quarter dues, and non-actiye
members S., and the latter are not per-
mitted to trade upon the floor of the ex-
change. The salary of the secretary was
fixed at 500 per month.
Prof. G. G. Swallow, who was present,
handed in his name for membership, which
makes the list now fourteen, leaving thirty
six memberships still to be taken. It is
thought most Ct these will be taken within
few hours. Anyone wishing a member
ship in the Helena Mining and Stock Ex-
change must hand in his name with 800 to
Secretary Hamel and it will be filed ac-
cording to precedence. The directors,
however, have final voice in the selection
OF all members.
The thorough and rapid manner in
which the business of forming a mining
and stock exchange in Helena has been
conducted reflects great credit on its pro-
moters. There is great interest manifested
In It's success by the people. and that it
VIII be OF immediate and lasting benent
there Is no manner of doubt. In a very
short time the bulls and bears of Helena
MsllMake The stock market hum. When
sseNsf y n deemed advisable to do SO the
membel PIP IN the exchange lis to be in
Forbes 8 Davis Special
1000 shares Copper Belle--Oc.