The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-12-27

AT 12:15 yesterday morning the Sail
Lake Mining Stock exchange was for
mally opened under the most favor
able auspices.
The spectators lobby was crowded
to its utmost capacity and the floor
of the exchange was graced with
many of our most brainy and in
fluential citizens and business men.
Held's band discoursed several
choice selections before and after the
} opening, and a feeling of goodwill
and progress prevailed.
At the hour mentioned H. NJ. Ryan
assembled the callers platform and in
troduced Colonel John W. Donnellan.
the president of the exchange, who
said: 1T is a pleasure to me. and a
privilege, to call this exchange to
order. and to formally open it for bust
ness. 1t is unfC. tunate, however, that
in choosing their president, the ex-
=. change did not select a man who had
y the gift of oratory. It gives me salts
faction. however, to introduce to you
the silver tongued orator, Judge z. F.
Colborn.
Judge Colborn said, in part: This
occasion marks an important step in
the growth and development of this
territory. In mining matters our peo-
pie have been slow but sure, but the
wheel of progress is now on the up
ward turn with them and they now
feel that a mining exchange is neces-
ssary in their business.
There is no fear now but that Utah,
as a state, will soon take her place in
the galaxy of beauties, and with her
mountains Of mineral. which are with
out an equal on the face of the earth,
will soon lead the van, and with the
prosperity that comes with develop
ment, Utah need not fear comparison,
end not only as far as her mineral
wealth is concerned, but in almost
every way, for here we have the Great
Salt lake, which is without a rival in
the world, but we have land and water
and attractions and resources that are
without a parallel anywhere. This ex-
change, lust opened by our honored
president, has launched its bark upon
the sea OF business. It's object is to
determine the true value of mining
stocks, and no mine or prospect will
be listed on its board without first be-
ing examined and approved by the ex-
aiming committee. An invitation is
hereby extended to all reputable bust
ness and mining men to Join the ex-
change, and for this purpose the sub
scription list will remain open until
December 80. The first call will take
place next Saturday at 80 a. m. and
will continue regularly daily there
after. We look to business men to
give US sustenance, and 1 predict
great future for the exchange if the
officers VIII maintain for it a high
standard Of excellence"
Mayor Robert n. Baskin was then
introduced and said: This exchange
is a fixed fact for the present,
:. hat its future depends BON the
Ananner in which it is conducted.
II am an old miner, and heartily
endorse those who say that it is
best for the future Of Utah that we
should organize a mining stock eX-
change. Old mines, new mines and
mines to be opened in the future will
be listed upon its board. Much has
been said that Utah was not a min
ing region beca use the general forma-
tion here is lime, but experience
teaches us that the richest mines in
the world are found in limestone. Since
silver mining has become so depressed
there has been wonderful activity in
the search for gold and gold mines
will be found in this territory for gen
erations to come on ground that we
have often walked over, and the dis |
covery of gold in Camp Floyd district |
is a verification of my statement To !
make this exchange a success we must |
conduct it on business principles No |
wild cats will find a place on its board, |
and the personnel of its officers is a !
guarantee that the affairs of the eX- |
change will be conducted honestly and |
honorably. We do not expect at first |
that the bulls and bears will push |
and gore each other as they are do |
ing on the floors of the New York, San |
Francisco and Chicago exchanges. but |
the states of Idaho and Montana are |
interested in this enterprise as we'll as
Utah and in time our exchange will |
'be all that we can desire for it. Per-
severance will succeed, and 1 predict |
that with proper care the exchange
will become a power for good in this [
western country, and that the time
win come when the millions locked up
in eastern vaults will seek investment
in Utah stocks and mines, and an eX-
change is a necessary avenue for the
transaction OF this line of business
Within a few years railroad will be
built from this city to tbs coast, open
ing up rich mining districts along
its. route. and IN exchange here will
add stimulus t. this enterprise 1t
was a happy day for Utah when the
Salt Lake Mining stock exchange was
organized"
Colonel Donellan then took the stand
ito correct any impression he said,
that might have been made by Mayor
Baskin regarding the depressed condi-
ton of silver, for" said he, silver
mining is not in a. depressed condi-
.tion. and our silver mining districts