The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1896-02-06
GOLD MINING EXCHANGE,
Some Important Additions Made
to the Associations
Bylaws.
M. F. Tarpey Considers California the
Greatest Gold Field in the
Entire World.

The first monthly meeting of the Gold
Mining Exchange of San Francisco was
held yesterday afternoon at 2 o'clock in
Assembly Hall of the Mills building.
President Turnbull presided.
The mines and mining committee Of
fered the following very important addi-
tons to the bylaws:
ARTICLE Xiv.
REQUIREMENTS GOVERNING THE SALE OR DEvEL-
oPMENT OF MINING PROPERTIES.
All applicants who desire to have mining
properties which are to be developed or sold
placed upon the book list of the exchange
shall fill out descriptive blank (Which shall
be furnished by the secretary of the exchange)
giving extent of improvements, if any, char
acter of the mine, kind and value OF ore, title,
and any other information which may be re-
CURED, and shall pay an application or list
ing fee of $40.
The committee on mines and mining shall
examine and pass upon the application and
statement and, if necessary, shall also person
ally examine the applicant. If the property
be considered meritorious by the committee
an expert mining engineer shall be appointed
by the committee on mines and mining, who
shall proceed, as soon as convenient, to the
property for the purpose of making proper
examination, and he shall submit written
report to the said committee, a detailed state
ment OF the condition Of the property as the
result of said examination.
Previous to the expert proceeding to make
an examination OF mining property the owner
option or agreement to deliver such property
to investors upon such terms as may have been
agreed upon DIV and between the mine-owner
and the mines and mining committee.
The cost OF the expert examination shall be
borne by the applicant, but it shall not ex-
coed the sum OF - dollars per day and actual
travelling expenses. An amount of money APP
proXimateiy covering the cost of his expert
examination must be deposited with the secre-
tary of the exchange before the departure of
the expert.
Should the committee on mnes and min
ing, after the examination and inquiry above
provided for have been made, then deem the
property submitted to its consideration TO be
meritorious and safe investment it may enter
into mutual arrangements, on behalf of the
exchange, with the aforesaid applicant for
such material assistance as may be thought
proper.
1t shall be the duty of the committee on
mines and mining to inform the applicant. at
as early a date as possible, what It's decision
may have been. If favorable to the property
under consideration arrangements shall be
made for selling the same by bond or securing
money for development purposes. All moneys
advanced for development purposes through
the recommendation OF the exchange shall be
expended under its supervision; except the
party investing shall elect to direct the ex-
penditure of his money to suit his own ideas.
For concentrating sale of mining property
commission of not less than = per cent shalt
be added to the price of the property, and sa id
commission must be paid ct the time of sale,
and as shall have been agreed upon to the
secretary of the exchange, by the person in
whose behalf the sale is made.
A fee of not more than so per cent of the sell
ing commission may be allowed member of the
exchange who makes the sale on the consum-
nation OF q sale, but not more than 33A per
cent shall be allowed non-member.
When required, the secretary shall fur nish
non-mem bers copies of reports of mines listed
on the exchange books, and reported upon by
the committee on mines and mining, at q cost
not exceeding % cents per folio. member
shall have the privilege. however. of obtaining
report from the book list at his own expense.
The secretary or his assistants shall not furnish
reports to any one at the expense of the ex-
change.
From the time the exchange shall enter into
contract for the promotion or sale of prop
erty, all the details of the transaction shall be
open to both the seller and the purchaser.
mously adopted. During the discussion
which followed NJ. F. Tarpey stated that
the aim OF the exchange shoald be to pre-
vent the burdening of the public as far as
possible with bad investments. He be-
lleved that there were plenty of people
seeking legitimate investments in Cali
fornia gold mines, and, from his observa-
ton, he thought California would prove to
be the greatest gold field in the world, not
excepting South Africa. His remarks were
received with much enthusiasm.
The president announced that the
rooms of the exchange would be ready for
public business about the 18th or Goth of
the current month. The exchange unani-
mously agreed that fitting public open
ing should inaugurate the work of the ex-
change, and that the Governor, public
officials and the leading mining and bust
ness meE o. the coast be invited to attend.
The president was directed to appoint a.
committee on reception to attend to the
necessary details. The meeting thereupon
adjourned.