The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1907-01-05
STARTS WITH THE NEW YEAR.
A Mining Exchange Under Produce Ex-
change Auspices.

Concerning the step forward by the
New York Produce Exchange to COM
bine with the produce exchange, a
mining exchange that shall be Of high
standing and repute the following
from a letter by w, R. Mcdowell. edi-
tor of MoDowalrs Magazine is of spec
ial interest: The new year ushers in a
real mining exchange and the middle
of the month should see business there
in full swing.
Mining is at last to have a real ex-
change, an exchange where the public
will be absolutely protected in their
transactions with it, and where it will
be possible for the stocks of good
mines to find a reputable body of men
standing for them. At the outset list
of stocks taken from the most active
issues at present traded in on the New
York curb, from the Nevada stocks,
from the Cobalt stocks and from other
camps will be used as a medium for
trading, and, until such time as the
listing committee shall have listed a
sufficient number of companies, which
will be required to pass through the
most stringent examination.
This step is taken to give the public
a true market in the shares now most
active, and is designed to do away
with the present unreliable and i'm
proper quotations, being circulated by
mining brokers. All transactions upon
the floor will be registered upon the
books of the exchange, and no mem
Der will be permitted to send out any
list of quotations other than the Off
cial quotation list
Trading in mining shares ION mar
GIN will be absolutely prohibited.
This opens tn edoor to too much
trickery and causes tremendous loss to
the public. The price of mining shares
is low enough to be within the reach
Of every investor, and if he II only per-
mitted to buy outright" he win at the
worst. in the event of slump, only
face a depreciation in the value Of his
shares, but cannot be wiped out,
BY special act of the legislature OF
the state of New York, passed April 19
1862, charter was granted to the New
York Commercial association, the
name of which was changed by an
amendment passed February 10, 1868
to New York Produce exchange.
This exchange now has some 24G(
members, among whom are many OF
our leading merchants, the leading
men of the shipping trade, -four grain
and commission brokers and many
members of the New York stock ex-
change. 1t is one of the eldest COM
mercial bodies in America, and has al
times stood throughout the world as
the embodiment of the highest princi-
pies in business affairs.
This Is no new exchange &ere are
no unknown quantities about it or It's
members, its organization is perSSct
and It's It's members are responsible mex
with whom anyone may safely trade.
There will without doubt be fully SOC
active floor members, once the trading
in mining shares is in full swing, and
they alone, with their many connec-
tions, will put ew life and blood into
and open new channels for the mining
business.
Once mining firmly established up
on sound working basis, the listing
Of the stocks Of Industrial, electric
fractions, gas and electric lighting
stocks, etc, not already listed on the
New York Stock exchange will be tax
en- up and a proper market made for
such issues,
This subject will be discussed from
time to time in McDowell's Magazine
published at 6S Wall street. The price
is 81 per year.