The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-07-26

Before August 1st the affairs of the
Salt Lake Mining and Stock exchange
Will be in first-class condition. and on
THE day of the re-opening it is expected
That the institution will be in excellent
shape for regular and continuous bust
ness
Since the closing of the exchange for
thirty days vacation the active brolz-
ers have had frequent meetings look
ing towards. lis rstsonstructfon and prac-
teal reorganization, and it may be said
that these meetings have had bene-
ficlal effect on every broker who has at
tended them. as by this means they
have had an opportunity OF exchanging
views on the way ehe board should be
managed and the necessity for the con-
unued existence OF the exchange has
become more ana more apparent
The meeting head yesterday at the
offlce OF Broker u. II. Peery WAS for the
purpose OF eIecdng a. president for the
ensuing year, ANA Tor the transaction
OF other Important business; ana wnen
presiding onicer L. II. Airs called lhe
meeting 10 order, the folloWing-named
members were present: h. Ii Airis,
Z. l.. Sheets, N. 5. Pendegast, j. -
Con11lin, @. L. Downey, {. 4. Loose, Il
G. Woolley, Kennetn Donnellan, ]. j.
Stark, Herman I1ia, FRANK darkness,
J. b. Ingram, J. 3. Thomson, ]. c.
Thompson, c. e. Hudson, e. E Crooks,
r. W. Sloan, d h. PeeTy and j. 4.
Jackson.
The resignation of President J. W.
Donneldan was then read, as follows:
Messrs. Herman Hill, E. D. Woodruff,
c. L. Hudson. E. 4. Crooks, f. Stark,
COMMITTEE.
Gent1emen-W4lile 1 very greatly ap-
preciaIe the kind expressions of your
selves and the members OF the Salt
Lake Stock and Mining Exchange to-
wards myself as the president OF the
exchange since its organization, and
while l personally feel more interest
than ever in the success and welfare of
the exchange, yet the duties and respon-
sibilities resting upon me in my bust
ness relations are 50 arduous and eX-
acting that in the present condition OF
my health l am not justified in con-
tinuing as your president, which posi-
tom / would not care TO hold unless
1 cotld give it the attention its import
ance demands.
Allow me 10 say in retiring from the
presidency that in my opinion the ac-
tive development and prosperity OF the !
mining interests of this state demand
the continuation of the exchange. Its
brief existence has fully deanopstrated
this. There is scarcely a. stock listed |
on the exchange that has not advanced |
in value since Slle first cadl- The ap- |
probation, reaching from 10 per cent
TO zoe per cent, involving millions of
dollars in the aggregate value of the
stocks quoted. The exchange has also
furnished a market for the treasury
stocks of mer1torious prospects in which
there has been an active and legii
mate speculative movement, thus CIV
ing the necessary capital for tine de-
veloplnent of many new mines. The
exchange as a business institution is
an important factor in our commercial
circles. its daily transactions involving
thousands Of dollars, much of which
is outside capital attracted to Utah by
its means.
I am not in sympathy with the view
of retiring the exchange TO an out-of-
t91e-way location ON the score of econ
omy. It should be located in pleasant
and cheerful quarters and in one of the
best and most central locations in the
city. 1t viii cost some money to thus
maintain it, but the active brokers and
ever the mine owners should assess
themselves if necessary to maintain
the exchange in a proper and dignifiet
Trusting ycl villa cain some gentle
man to the presidency from the list I
Of members, who wifi have the inter
ests of the exchange at heart and who
Will have the time to devote to 1T that !
may be required to properly discharge
bus duties, l am, very respectfully, J
JOHN w. DONNELLAN
On motion the resignation was ac- {
,epted, and a resolution was adopted
thanking Colonel Donnellan for his eff
,ient services as president of the ex- !
;h2nge, and for the deep interest al
ways manifested by him in the well ..
are of the institution. :
The following designations were then :
cad and accepted: I
J. L. Anderson and Frank Harris re- 4
signed as members of the exchange. +
Frank Knox, w. " Rice, J. H Ba- +
on, G. S. Holmes, E. A Wall, w NJ. n
Bradley, ]. I. May, George W. E. Dor il
ley, c. e. Stanton, John Dern and F. t
j. Airs, resigned their offices on all n
omnittees. n
The question of president to fill the "
-acamcy caused by the resignation of b
+. W Donnellan was then considered
" the meeting.
E. II. Airs, of the Mercur Mining
ompany, was the unanimous choice of
hose present, and although Mr.. Airs
.oa;.,.<7, -, f,o oon1tdof RI Tho r,,lao