Bisbee daily review., 1905-12-15
IS NOT SUCH AN
 EASY MATTER TO SECURE
THE LISTING OF MINING STOCKS
 WITH BOSTON EXCHANGE.
What is required by the Boston Stock Exchange Before it Can Be Done Curb Dealers ard Methods.

stock of a mining company with tneI
 Boston stock exchange, and what arel
 the proceedings had in the matter?
 is question more often asked than
 answered. Since North Butte was
 "hsred." and the more recent an-
 nouncement that Calumet & Arizoa is to be taken from the curb and
 placed in a permanent home in the
 Boston exchange, the question natur- ally has more than passing interest,"
 in the lake region, where large blocks
 of both stocks are held.
 The cost of listing the stock of al
 mining company depends largely upon
 the amount of capitalization, and theI
 work necessary to be done to assureI the Stock Listing Committee" of the Boston exchange that the compa- ny is honestly managed, legally organ ized and really possesses the proper ty. machinery and such other incident als as go to make up a legitimatel
 mine. The fee exacted by the eX- change is the smallest item of eX-
 pense. being graded as Allows For 1 companies whose capitalization is of
 the par value of S2,000,000 or less, S100! $50 more for each $1 900 900 OrI
 fraction thereof; $500 for s10,O00.000I
 or over. One of the rules of the eX- | change is that a certified check fori the amount of the fee must accompa-
 ny each application for listing, tneI
 check to become at once the proper
 ty of the exchange.
 The Boston exchange furnishes al
 printed blank to companies desiring toI | list stock on the board. in which al | series of twenty-two questions areI l asked and must be answered in writ | ing. Among them is the name of | the company; purposes for which itI | is organized; date of incorporation. | and the law under which organization
 was affected: amount of capital stock,
 number of shared issued, and the amount to be listed under the applica- tion. If stock is held in treasury l this must be stated, and also the pur- | poses for which it is being there held. It is also necessary to state if any | of the stock is held in trust or pool, l and everything relating to the amount held by the public or officers of theI company must be given.
 As a matter of record. the amount l 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 committeee of five mem bers of the exchange. known in the
 official directory as the stock List | ing Committeee." | The listing committee then secures | services of an expert mining engineer who. with a corps of assistants, visits the mine and makes thorough ln- Il sDection of the property. gathering Isuch data and information as will Il be of value to the committee in de- Il ierrnining the merits of the mine. The Il expense of such inspection is pnd by the company making application for listing it's stock, and amounts m | some instances from s1 900 to S5,OOO Il Maps. profiles and other necessary papers are required to be filed with ! the committee showing the location oi lands. shafts and tunnels of the mine ,l or mines, together with certified cop )l ies of all real estate deeds held by the lI company.
 l Attorneys are also employed by the
 listing committee for the purpose ol
 passing upon the validity of the min
 ing company's charter and bylaws also upon the gegality of the corpora 2 ton. The expense of all this investi z gation is borne by the company, and { before the committee is ready to make z its recommendation. the cost some , times runs into the thousands of dol lars. Every detail connected with ? the company's business is scruunized After the committee has recon J mended listing a stock, in the event the investigation proves satisfactory the company is required to have its certificates of stock engraved accord . ing to certain specifications adopted by the stock exchange, in order tC afford the greatest security agains , counterfeiting. For each documen ? or instrument there must be tWC ? plates. viz: A tint plante from whicf ? will be printed an anti-photographi' ? color. so arranged as to underlie i'm Q portant portions of the face printing
 and a face plate containing the viz nettes and lettering of the descripuvt
 or promissory portion of the stock 7 to be printed in black, or black mixe' |, with a color. These two printing E must be so made upon the papeI T. that the combined effect of the whole > if photographed, would be confuse, l' mass of lines and forms; this to ei l. fectuaIIy secure against counterfeitlni 3 by scientific or other processes m D imprint of each denomination Of tn '- stock shall be of such distinctive aI ], pearance and colors as to make ] ;, readily distinguishable from other dc } nominations and issues.