The copper era., 1905-12-21
IS NOT SUCH AN
 EASY MATTER TO SECURE.
Listing of Mining Stocks With Boston
 Exchanee.

What IS LQ6 COSL O1 A1SSAAS stock of a mining company with fhe Boston stock exchange, and what ase the proceedings had in the matter 1S a question more often asked than answered. Since North Butte was sristed," and the more recent an nouncement that Calumet & Arlzond Is to be taken from the curb ana placed in a permanent home m the Boston exchange, the question natur- ally has more than passing interest. 1 The cost of listing the stock of a mining company depends largely upon the amount of capitalization, and the work necessary to be done to assure the "Stock Listing Commit tee" of the Boston exchange that the company is honestly managed, legally organized and really posses ses the property, machinery and such other incidentals as go to make up legitimate mine. The fee ex- acted by the exchange is the small est item of expense, being graded as follows: For companies whose capitalization is of the par value of $2, ,000, 900 or less, S10O, $50 more for each S1,OOO,O00 or fraction thereof; $500 for SIC, GOO or over. One of the rules of the exchange is that certified check for the amount of the fee must accompany each applica- tion for listing, the check to become at once the property of the ex- change.
 The Boston exchange furnishes a printed blank to companies desiring to list stock on the board, in which series of twenty-two questions are asked, and must be answered in writ ing. Among them is the name of the company; purposes for which it is or panized; date of incorporation, and the law under which organization was affected; amount of capital stock number of shares issued, and the amount to be listed under the appll- cation. If stock is held in treasury this must be stated, and also the purposes for which it is being there held. It is also necessary to state ii any of the stock is held in trust or pool and everything relating to the amount held by the public or officers of the company must be given.
 As matter of record, the amount of money expended by the company in surface improvements, including mining, milling and other machinery must be given in detail, also the amount of money expended under ground. After these questions have been answered, the application is re- ferred to a committee of five mem bers of the exchange, known in the official directory as the ''Stock List ing Committee"
 The listing committee then secures services of an expert mining en gineer who, with corps of assist ants, visits the. mine and makes . thorough inspection of the property gathering such data and information as will be of value to the committed in determining the merits of the mine. The expense of such inspec tion is paid by the company making application for listing it's stock, and amounts in some instances from s1 LOGO to $5,OOO. Maps, profiles and other necessary papers are required to be filed with the committee show ing the location of lands, shafts anC tunnels of the mine or mines, togeth CT with certified copies of all req estate deeds held by the company.
 Attorneys are also employed by the listing committee for the pur. pose of passing upon the validity ot the mining company's charter and bylaws, also upon the legality of the corporation. The expense of all this investigation is borne by the company, and before the committee is ready to make its recommendation, the cost sometimes runs into the thousands of dollars. Every detail conneced with the company's busi- ness is scrutinized.
 After the committee has recom- mended listing stock, in the event IHO IHNCSLlS dLlOn plONCS SdIlS1dCIOIy the company is required to have its certificates of stock engraved ac- cording to certain specifications adopted by the stock exchange, in order to afford the greatest security against counterfeiting. For each document or instrument there must be two plates, viz: A tint plante from which will be printed an anti photographic color, so arranged as to underlie important portions ot the face printing and a face plate con- taining the vignettes and lettering of the descriptive or promissOry DOT tion of the stock, to be printed in black, or black mixed with color These two printings must be so made upon the paper that the combined effect of the whole, if photographed would be a confused mass of lines and form; this to effectually secure against counterfeiting by scientific or other processes. The imprint o1 each denomination of the stock shall be of such distinctive appearance and colors as to make it readily dis. tiuguishable from other denomina-