The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1906-07-02
WAR IS WAGED BY
NEW YORK BROKERS
New Rule by Board of Stock Ex.
change Paralyzes Min
ing Business.
TRADING is MOSTLY ON
THE CURB AT PRESENT
Deals on the Exchange Are Few
7 and Far Between Under
New Conditions.
Special TO The Tribune.

NEW YORK, July LIVER SINCE thc
governing board of the New York
Stock exchange ruled that none OF It's
members could do business with mem
bers of the mining exchange, there has
been a slow and gradual drifting away
from the mining board. In almost ey-
cry instance this withdrawal has been
involuntary. go the members claim.
1t has been forced upon them by the
campaign which New York Stock ex-
change houses have waged against
them. One broker. who sent In his
resignation. said
I'VE have been obliged to adopt this
course to protect our own business in
Nevada mining stocks. which we are
handling. Within the past few days
stock exchange houses doing business
In this class of stocks insisted, under
penalty of giving their orders to other
brokers. that we Immediately sever our
connections with the mining board.
This imperative order has resulted In
the movement 10 the curb"
Trying to Meet Issue
The governing board of the mining
exchange has decided TO take some
the new issue placed before It. Several
schemes are pending. Trading on the
exchange has practically come to
standstill.
A meeting OF the stockholders of the
Guggenheim Exploration company has
been called for July to take action
on increasing the capital stock TO S22,-
900, ,0C0. The notice of the call for this
| meeting states that during the past
he ho ra6 hnS
contracted for the purchase OF large In
! tcrests in important mining properties
| In Utah, Nevada, Alaska Yukon Terri
| tory and British Columbia. These pur-
| chases or contracts have occasioned
| obligations of upwards of $4,000, 900
and additional purchases are contem-
plated which Will involve further out
lay. II ls to meet these obligations
and to avoid the curtailing OF the ope-
rations of the company that the in
| crease In capital Is purposed.
| The increase In stock VIII be from
| $l7 coo. 900, the amount heretofore au-
| thorized and of which the company has
| thus far issued, or Is under contract to
issue, $l4. .0so 900, to s22. 600. 900. The 81
p10. 900 stock to be issued In excess OF
the $l4 090. 900 is to be Issued at the
rate of $500 a share, Every stockholder
OF the company is to have the privilege
OF subscribing for the new stock to the
| amount OF 80 per cent OF his present
holding. No subscription will be re-
| ceived for fractional shares, 1t Is be-
| ieved by the management that the
contamination of this plan will greatly
promote the interests of the company
and its stockholders.
To Enlarge Smelter Plants.
1t is learned that the smelter plants
of the Amalgamated Copper company
are 20 be enlarged. The capacity of
the Washoe plant the greatest copper
smelling plant In the United States,
which was built at an outlay of mil
lions of dollars by the Amalgamated
Copper company, Is TO be enlarged. 1t
Is said that recommendations have
been made to enlarge Its capacity by
1900 tons, bringing the total capacity
| day IN 70 10 900 tons. The Great Falls,
Mont, plant is also to be increased 500
tons A day according TO present plans,
The demand for copper has taxed the
capacity OF the ore refining plants OF
the copper trust IN Montana and re-
cent survey by officials has resulted In
Recommendations that the two big
nlants be enlarged. These plans are
now being considered by officials In
New York.
Movement of Orc Grows.
The summer movement or ore on the
great lakes is reaching enormous pro
9ortIons. II Is now at the rate Of 200
600 tons a day and Will be increased
considerably In another month. The
duluth Mesabe & Northern road cas-
! ily pre-emInent in ore traffic. expects to
move as high as 1000 600 tons month
during part OF the summer. 1t has
schedule OF traffic for the season of
II $50 COO tons far beyond any other
road and away ahead OF any preceding
wear. The second line In the business
is the Duluth and Iron Range, which
will move about 5000 900 tons. and third
is the Chicago & Northwestern, which
ships to two ports. and from both Co
gebic and Menominee ranges. and VIII
handle $500 600 tons
All OF the independent companies are
more active this year than at any time
In the past This Is shown by the num-
ber of mines they are buying after eX-
ploration and by their activity in ex-