The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-11-20
COLORADO SPRINGS EXCHANGE.
How Business is Conducted in This
Colorado Mining Center.

Hon. John Dern, president and man
ager of the Mercur and Geyser- Marion
mining companies, returned home yes
terday from Denver and Colorado
Springs, at which points his journey
was delayed and terminated when on
his way to Hot Springs, Ark, to
which place he was going for the pur
pose of comforting with the classical
ton committee of the General Freight
association in reference to a reduction
on freight charges on cyanide ship
ments as previously mentioned in these
columns.
Upon his arrival in Denver, and upon
consulting the time cards, Mr.. Dern
found that he could not reach Hot
Springs in time to confer with the COM
mittee. He therefore notified some of
the leading mining companies of Utah
of his inability to attend, and requested
them to telegraph the committee in
relation to their wants and desires in
the premises, which was done by the
Mercur company. Captain De Lamar u
the Golden Gate, the Geyser- Marion
and one or two companies using the
cyanide process in the reduction of their
ores.
Mr.. Dern also met with quite a num-
/ Der of Colorado mining men and mine
owners, to whom the object of his visit
W DIS HldQe hIIONI, the result D0luS IndC
the wires between Denver, Colorado
Springs and Hot Springs were kept hot
and telegram upon telegram poured in
| upon the committee, urging it to make
the desired reduction in shipping rates,
and While no decision has been arrived
at yet by the committee and probably
will not for some time to come, Mr..
Dern believes that the time and work
Will not be misspent in the end.
in oil do
visited the stock exchange of that
place, and he states that he was very
faVorably impressed with the methods
which characterized the dealings on
that board.
In speaking of this exchange, Mr.
Dern stated that there were about 100
charter members in the association, the
seats in the exchange being worth
about $500 each. Besides this, there
were quite a number of associate mem
bers, who are not allowed to deal on
the floor, but who are charged only
half Of the regular commission on or
ders filed by the brokers or active
members. Another feature that pleased
MIR. Dern was that no curbing is al
lowed among the members of the ex-
change, and all transactions must be
made in the pit of the exchange. while
all sales must pass through the ex-
change clearing house, thus assuring
fair dealings and making it impossible
to effect wash sales. Still another fea-
ture is the prohibition placed on the
division Of commissions between the
brokers or the remission of commits
sions on the part Of the broker to his
customers.
These rules are very rigid. but their
infraction leads to the immediate sus-
pension and even expulsion of the Of
tending member, the result being that
business on the Colorado mining ex-
change is carried on on the SQUARE
and there is but little opportunity given
to monkey with the market.
Already, according to Mr. Dern. sew
eraI members Of the exchange have
been expelled for splitting commissions.
and these members in disgrace cannot
be relnstated, neither can they form a
partnership with any member of the
board in good standing
During his absence Mr.. Dern had an
invitation to visit the great Portland
mine at Cripple Creek, a courtesy ex-
tended to but few mining men, but on
account of press of business and the
necessity of getting home as soon as
possible. Mr.. Dern was compelled to
decline the opportunity of inspecting
this magnificent gold producer of
which Colorado, as we'll as the entire
west. is justly proud.
MI bern expresses himself as hay
ms had very pleasant trip, although
the weather was stormy nearly all the
tlme he was absent from home.