The herald., 1897-07-01
OFFICE OF THE HERALD.

ganized is contained in the Exchange daily
bulletin, called the Daily Mining News, is
sued this morning. 1t is Reproduced here
because it sets forth a very correct and
proper method for the conduct Of such
business, and if the exchange will adhere
to the rules laid down by itself the In
vesting public dealing with it need have no
anxiety. We have received a good many
inquiries about the exchange, and find that
the prominent business men" whose
names have been put to the front are,
for the most part, men who know nothing
about the exchange or its inside working,
but think it may be a good thing for the
city, and are therefore paying the month
ly dues to help it along, the expenses be-
ing rather heavy. The majority of the men
in the management are interested in the
mines that are listed, but that is no reason
why they should not give the investing
public a fair deal. A good deal of the
stock sold is, we are told, treasury stock,
the proceeds of which will be put into the
further development Of the properties rep
resented.
The News, above mentioned, says: There
are many people who really do not under
stand the workings of legitimate mining
exchange. The Los Angeles Mining and
Stock Exchange has been organized by
prominent business men to give protec-
tion to investors in mining properties. No
property may be listed on the exchange
until it has been, carefully examined and
reported upon by mining engineer and
the listing committee of the exchange. If
a company does not own mineral property,
1t cannot have stock listed on the ex-
change, and any one desiring to invest in
mining stocks should be guided by the
action of the exchange. Only last week
three gold mining companies applied to
have their stocks listed on the exchange,
but upon investigation by the listing COM
mttee, they were refused. Any company
that owns good mining property and can
demonstrate 1t to the listing committee
may have stocks listed, and when SO listed
1t is RECOMMENDATION from the exchange
that the property Is a legitimate mining
venture. Itimust be understood, however,
that there are many stocks that are sold
In the open pit that are not listed, and
amongst the unlisted stocks are frequently
s, Ae very good properties. 1t does not
matter what mining stocks one holds or
where the mine is located, 1t may be sold
on the floor of the Los Angeles mining and
Stock Exchange, through any broker or
member thereof, in the open pit trading
under the ctll for unlisted stocks but of
course the exchange is not responsible in
any way for 1.-THE management of any COM
pany that has not listed stocks. We un-
derstand that there are some three or four
more applications in for listing of stock
on the exchange, most of which are be-
lieved to be good properties. They are now
being examined and investigated Intend
ing investors should bear in mind the diff
ference between listed and unlisted proper
ties as cited above.
y 4 4
The activity of the building trade is
shown in the following notes Of uncon-
tracted new work from the Builder and
Contractor.
Plans are being prepared for DR.. Keeley
for fine residence to be erected on Adams
near Figueroa.
Architects Ehlers & r,iddell have pre-
pared plans for two-story residence of
ten rooms, with all modern conveinences
and are now ready for bids.
Architects Morgan & Walls have pre-
pared plans for Mrs. Elizabeth Goodwin
for a residence, to be built on Figueroa
near Washington. The estimated cost of
the building is $4,000.
Architects Austin & Shilling have pre-
pared plans for five-room cottage for A.
K. Crawford. The same architects are also
preparing plans for H. G. Goodwin for a.
seven-room cottage, to be erected on An
geleno Heights, to cost $500.
Architect A. L. Haley has completed
work on a set of plans for system of flats.
to be erected on South Flower street. be-
tween Twelfth and Pico streets, for Mrs.
Alice Merkle.
Architect ]. R. Krause is preparing plans
for the erection or circular sounding
board, to be placed behind the queens
In orIr x1.s-
~silvery tones of W. j. Bryan will be heard
in every corner
Plans nave been submitted to the trus-
tees of the First Baptist church for new
church edifice, to be erected on Flower.
between Seventh and Eighth. The con-
templated new structure will be composed
of brick and stone, and will cost about
$35.0O0
Architect G. w. Buchanan of Pasadena
has prepared plans for a two-story frame
residence for N. and E. Bailey, to be erect
ed at Alhambra; it will contain about four
teen rooms and will be equipped with all
the modern conveniences. The same archi-
tect mas also prepared plans for H. Baker
Tor two-story residence at North Pasa-
dena, and the remodeling of the residence
OF b. F. Ball, on Terrace drive Pasadena,
\ \ \
The same pulse Of progress throbs
California. Pasadena alone, at the present
time, has no less than twelve beautiful
residences in course of construction, which
will cost $4,000 each; and, in several in
stances, mansions are now going up that
Will cost $4,000 each and over notably In
2, Redlands, Santa Barbara and Alhambra
This indicates the settlement among us of
people OF wealth, refinement and intelli-
gence-the costliness of their edifices shows
wealth, the beauty Of architecture and
embellishments declare taste and refine
ment, and the highest kind of intelligence
IS shown in the selection of Southern Cali
fornia as home to be enjoyed.
+ +
The tidal wave of prosperity is due in
"a few more months" according to the
authority of Henry Clews of New York,
VINO says in his circular of the 26th inst
as follows: "Wall Street sees in the cur
rent rise in prices little more than the
effect of the near approach of the passage
OF the tariff bill, and cautiously assumes
that when that comes, there will be an
extensive realization on the anticipatory
purchases now being made. There NAV he
some such reaction to limited extent
but 1t Will be found that there still re-
mains sound basis for buying. The re-
covery OF confidence that has already an
peared In the interior will receive fresh
impetus from the new tariff; and the
probability is that orders for stocks from
ether sections will then receive n fresh
impetus, carrying up prices to a still birb