The Bennington banner. [volume] (Bennington, Vt.) 1858-1894, 1891-08-28

the number present at the first meeting
and became members. However this
may be, the i'll luck in this instance
missed fire, for the exchange which was
then formed has continued uninter-
ruptedly prosperous, and its capital is
distributed with unvarying success in
the four quarters of the globe.
But two of the original members are
alive today, one of whom is the veneer
able Matthew Bolles.
Henry Andrews, Matthew Bolles,
Benjamin Brown, Jr., E. w. CLARK,
Samuel Dana, P. p. f. Degrand, Samuel
Gilbert, IT., Edward Munroe, Samuel c.
Williams, r. B. Schenck, Thomas r.
Sewall, John E. Thayer and Charles
Torrey were the names of the original 10.
They assessed themselves 500 each
and that was made the initiation fee.
1t was afterwards advanced to $500,
again increased to $500, and later on to
$1,000
In 1874 the membership had only
reached SO, and in 1879 it was but little
over 100
1t was then voted to sell enough seats
at $4,000 to fill the limit of $50 members,
and the seats were made transferable.
and a system of life insurance established
by which each member contributed $40
at the death of fellow-memDer, making
the sum of $4,000.
High Priced Seats.
There are now no seats to be bought
except upon the retirement of member.
Such sales are subject to the approval of
the board, the last sale being in the
neighbOrhood of $4,000.
The board has conferred lasting bene-
fits on the financial community of Bos-
ton, and through 1t Boston has had the
honor of being the pioneer in the rail
road development of the West, as well
as being the first to utilize the great agri-
cultural and mineral resources of that
country.
Today there are more railroad shares
and bonds held in Boston for Investment
purposes than in any city in the country.
The great Atchison, Topeka & Santa
Fe, Chicago. Burlington & Quincy,
and Union Pacific systems are examples
of what Boston enterprise and capital
can accomplish. and are lasting monu-
ments to the ability of her fnanciers.
Boston tinanciers were also the first to
develop the great copper mines OF Michi-
gan, which have been such prolific
source of profit ever since their dis
covery.
The total amount returned in divi-
dends by those mines which are capable
of earning them was last year over
S4,OOO,0OO, Of which the Calumet q Hecla
Company contributed 100000.
Since the commencement of dividends
the mines have paid over $50. 600, 900, the |
Calumet & Heela contributing more than
half of this.
The value of the copper produced since
the development OF the mines aggregates
over S2OO,0O0,OOO
Some of the difficulties encountered by |
Boston early finanoiers in their prOjec-
ton of railroads would have appalled, the
stOutest- hearted money king of today.
To begin with, the majority of the peo-
pie were opposed to railroads for various
reasons, and emphatlcally refused to
subscribe to the stock offered them.
Even the newspapers frowned upon
the railroads.
Railroad to the Moon.
When railroad was proposed from
Boston to Albany the Boston Courier OF
June, 1927 said: "Alcibiades. or some
other great man of antiquity, it is said
cut off his dogs tail that quidnuncs
might not become extinct from want of
excitement. Some such motive, we
doubt not, moved one or two of our nat
ural and experimental philosophers to get
up project of railroad from Boston to
Albany, project which every one knows.
who knows the simplest rule in arithme-
tic, to be inpracticoble, but at an expense
little less than the market value of the
whole territory of Massachusetts,, and
which if practised every person of con-
mon sense knows would be as useless as
railroad from Boston to the moon"
A pious inhabitant of the Nutmeg
State thanked God that he lived sin a
billy country, where it was impossible
to build railroads" Now, the Airline
runs within few feet of his house.
These incidents serve to show the
trials which beset the pathway OF the
lAhethOlOlo WhOSO DullO bll0 |
great railways Of the West.
One of.the first, il not the first, rail
road stocks to be offered to the public
for subscription was the Boston &
Lowell shares. Some 1000 shares were
offered at $500 each, but only $40 were
taken.
This was in 1880, hence, when the Ex-
change was formed, four years later
Boston & Lowell was one of the stocks
traded in, and it is probably the Oldest
stock in this respect.
In the Early Days
of the board any stock of stability was
traded in and thus the shares of any
that was capitalized could be
bought on change.
This included manufacturing, banks
and other stocks.
Today, all these stocks are held for in
vestment and are too sluggish to admit,
OF being listed on the board, only active
stocks being desired.
In the early days OF the board 1t was
not unusual for 1t TO meet without trans
acting any business and it was not until
10 years after It's organization that the
PUBLISHING of sales In the daily papers
was commenced, in 1874.
Even in later years the business has at
times been Insignificant, as will be seen
by the following, copied from the official
list Of July 26, 1873:
Boston Water Power. 125. 81, $1,000 ,,
scrip 70; Brookline Land, 800, 81; Cam :
bridge railroad, 10. 10lf; ORdensburG &
L. c. railroad, II pref. 80; Wilmington ,,
railroad, 80, 5if; Burlington q Missouri :
railroad, so Din Iowa., 100. :
On tba ahoya da,y tlo,c ,,,os ~. ,ooo,,d :