The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-12-07

~AANiS lbs DSCIl OAl IOOl dlllOI4S oOiiiC VI
the business men Of this city looking
toward the organization in Salt Lake
of a Mining Stock Exchange. This
raovement is now crystalizing and
within the next few days something
of a definite nature may be looked
for. 1t has been decided that the ex-
change shall be organized by business
men on business principles arru that
khe wild cat speculator with his worth
xss holes in the ground shall be eX-
Aided.
tSsFesterday the matter assumed a
tangible shape and one of the project
orS of the enterprise called in the re-
porters of both the morning papers
and gave them an outline of what the
proposed action would be.
What We want" said he, is to
form an exchange which shall be like
the one in Denver; backed up by good
men. In that city Dave Moffatt headed
the list and with him came some other
good men, which at once gave sta
hkity to the concern. Now if we in
this city can interest men like r. c.
Chambers, Frank Knox, James H.
Bacon, Nick Treweek. Dick Mackin-
tosh. w. S. Mccormick, Gus Holmes,
Colonel ShaUghnessy, Judge Goodwin,
James Glendlnning, Colonel Donnellan,
Major Downey, John E Dolly, Harry
Duke and hundred others which
might name, all will be right and the
exchange will be a success from the
start. We do not want any curb
stone men: we want men of business
and stability.
Further than this we want only
sto cks listed which are safe; we do not
want an exchange formed for the pur-
pose of boosting any wild cat schemes
81 -, +1,A md
The object of forming an exchange is
TO attract attention to the good mines
which Utah has by the hundreds. AT
the present time Colorado is attract
ing all the eastern men. Why even in
Cripple Greek there is an exchange.
The man with money from the east
comes to the west and never hears
of Titan. He invests in Colorado. The
papers there boom the Colorado prop
critics and nothing else. We want
something which will attract the
money of the east to this city and
state. Utah will soon enter the Union
Because Of this fact all eyes are now
directed this way. Soon there will be
a lot Of people coming out here and
when they arrive we want something
which will induce them to invest their
lilGg6Aars and cents and so impel them
assist us in making this a great
Rate. Utah is pre-eminently a mining
state. She has more rich mines than
any state in the union. Then let US
get together and organize this eX-
change where men may have a chance
to invest their money and we will be
doing a good work
Another thing which 1 wish to call
attention to- and that is this. That
the exchange should not list any prop
erty unless it has meri. Let the ex-
change, when a man wishes to list
mine, send a, man to the property and
on his report let the stock be listed or
refused as the case may be. Not that
7 want any man employed permanently
on this kind Of work; the temptations
would be too great, but let the presi-
dent or the executive committee select
different men FOR this character of
work.
There is too much of the cheap
stocks on the market in many of the
exchanges" continued the gentleman,
land with these shut out and only
sGFSd ones allowed on the board this
city and territory would soon have a
reputation which would rebound
greatly to the credit of the new state.
We are now entering upon an era
where we will have to hew out our
own fortunes. No longer will the
fostering hand of the parent govern
Enent be outstretched to aid US; we
must go 1t alone. In order to acquire
greatness We must make a beginning
and 1 know OF no better gay than to
emulate the examples of other great
commemorative which have achieved
the honors and the riches"
COIorIel DonneIIan.
Colonel Donnellan was seen in refer
ence to the proposition and declared !
himself heartily in favor Of it. THE !
time is ripe" said he, and the sooner
we begin the better it will be. We !
have the greatest mines in the world. |
Take the Ontario. the DAILY and the !
pSly-West, the Centennial-Eureka, the |
EUreka-Hill. the Mercur and many |
others which | might mention. True.
some Of them are close corpora tions, |
but | think that for the benefit of the |
state they might be induced to list
th.asir stocks on the exchange. If all
&sse mines were to be listed the COM
TS1 ison which would be made when
the names were compared with other
exchanges for instance. Colorado
with its stocks which range from
cents upwards-and we would ha.-a
the strongest exchange in the country.
l myself believe that it would be the
means OF attracting capital to the
state and that we should all be bene-
fitted in the lcng run. I would be in
favor Of keeping the small fellows out;
those who have nothing to offer but
who merely seek to boom worthless
properties, although if a man had
small thing with worth I would favor
letting him in. But I am in favor of
keeping the exchange on business
basis and having the men who are the
most interested take the matter in
hand and push it to the 'front.'"
President Bacon.
James II. Bacon, president of the
chamber of commerce, who has lust
returned from the east was also seen
in relation TO the matter and de-
clared in favor of it. I've ought to
have an exchange by all MEANS he
said. 1T would be the means of at
tracing great deal of attention to
Utah and would bring a great deal of
money to the state. There is a great
deal OF inquiry now in the east for
Knowledge as to the mines of Utah.
a1d the exchange would be the best
means of disseminating the inforrna-
ton. The information mentioned
would be Of a practical nature and
would be invaluable in attracting
capital TO us. Declare me in favor of
the proposition. without any equivoca-
ton"
Frank Knox is also in favor of the
scheme and many others which space
foroids mentioning.
Prosperity Invariably Follows. I
In relation to the forming of an ex-
change perhaps the following facts
may be Of interest showing, as they
do, the prosperity which has invariably I
followed communities xr,ba,o Lott; /;