El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-12-11
AMININGEXCHANGE
Interesting Letter From Co.
dorado. Springs
COST $3 OOO 70 $4,000
A Year to Start the Exchange, and
the Institution Should Have the
Fullest COOPERATION OF All Local
Business interests.

The question whether a mining eX-
| change can be successfully organized
and carried on at FL Paso has been
much discussed in the city and
| throughout the tributary mining
| country during the past few months.
There is difference of opinion, some
believing that the time is. and others
that it is not. ripe for such a venture.
| Acting on the suggestion of Major S.
| NJ. Davis, Secretary Russell of the
| chamber of commerce wrote to the
secretaries of the. mining exchanges
at Denver and Colorado Springs for
information as to the income, expenses,
number of employees, and other mat
tiers connected with these exchanges.
| In reply to this inquiry Secretary w.
P. Kinney of the Colorado Springs ex-
change writes an interesting state
ment with regard to that organiZa-
| ton. in partaS follows:
Our running expenses are about
$25, 900 per annum. We have about
| fifteen people on the payroll ranging
all the way from S25 to $500 per
month. We have 125 members. The
annual dueS on each membership are
500. Our additional income is deriv-
ed from the following sources: transfer
and imitation fees; stock listing; ac-
credited agents; and interest on funds.
Our listing fees are 500 for the
Prospect list. and 5000 for the
Mines list. Members have the priv
ilege of appointing accredited agents
in cities outside of Colorado upon the
payment of $50 for each agent SO ap
pointed. The exchange mas large treas
ury funds and a portion of these are
loaned out to our members on good
security.
"Of course our expense is heavy, but
out business is heavy too. We have,
of course, the strongest mining eX-
change in the United States, and 1 do
not know of any other city where the
same amount of business could be OBJ
tanned or the same expense justified.
We have been especially favored in
having a wealthy district to base up
on and in having energetic and able
business men as members. We are
closely identified with the banking
and business interests of the town and
have liberal support. Every man,
woman, and child buys or sells min
ing stock and this gives us. of course.
a large home trade to begin with, and
then our members have numerous cor
respondents throughout the east who
contribute large volume of business.
IF you should think of organizing an
exchange will say that a start can be
made at comparatively small expense
says $4,000 to $4,000 year.
To organize a successful mining eX-
change. however, is one of the most
difficult tasks on earth. l have seen
it tried time and time again in pros
porous communities. and where the
conditions in general seemed to be fav-
orable. l have seen many of them
pass out of existence after inglorious
careers, and ours is, in truth, the only
mining exchange which 1 regard as
wholly successful
Il send you herewith under separate
cover copy of our bylaws and regula
lions which will give you somewhat of
an idea as to our Methods
Az blished statement of the bust
ness ~ the Colorado Springs Mining
Stock Exchange during the years 1898
and 1899 gives the following figures:
No. of shares sold in 1885,. 65, SIG, 029
No. of shares sold in 1899. :. 23S .O45, $50
Cash values of sales, 1898. $40 ,2S7 .546
Cash values of sales, 1S99.. "a, S63, 425
The gold production of Cripple Creek
in 1897 was $12 ZOO, 900, in 1898 SIS ,000,-
900, and in 1899 $2O,0O0.O00.
II you have any little item of news
or otherwise The Herald will 4