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Show TELEGRAPHIC 31 1 N ES AND 1I1!;. Ex Editor t'roly on Nlaing block Companies. A Modern Prophet Who In LucUf ttilh predictions. New York, 23. At a meeting ol the Bullion club lat evening, David G. Croly made an address on 'The organization and management o! mining companies." Tbe New York Stock Exchange, Croly B-vid, was to be commended tor its care in excluding from ita lists stock representing mining properties, which were in every way illegitimate. It required a perfect title, a valuable ore deposit, and ability to pay immediate dividends. divi-dends. In tbia it diflered from the San Francisco Stock Exchange;, the managers of tho latter not preferring to guarantee any value in the Blocks on their reapective boarda. By paying pay-ing $1,000 in one ot the erohanges, and lesser Bums m two otberg, any hole in the grouud, even il there were no minerals within 1,000 miles of it, would be called by any name given to it on the boards. Tbe Kxchauge, as such, did not profess to inquire whether the stock dealt in represented properly, a prospect or a swindle. After sketching his idea of an ideal mining corporation, Croly concluded in substance as follows ; "Americans, above all things, love business. Apart rora the sentiment of patriotism, patriot-ism, what helped to keep the Union together was the dislike ol the average American to hail from a section of a once great country. We boast of our big trees, of our vast plains and prairies, of our great chain of Jakes and our gigantio rivers, and Ihe mining corporation that would appeal to the imagination, to our love of large operations, and which would give a reasonable assurance of security and permanence, in the way of dividends, would in time become the most popular stock to be sold by our exchanges. Such corporations would save us from the insecurity which attaches to all mines depending depend-ing on a few hundred feet of lands." borne remarks were tnen made by G. B, Satterlee, president of the Now York Mining Exchange, and Mr. Caldeen, of tho San Francisco Mining Exchange. Among the gentlemen present, not members of the club, were Judge lioswell, of Leadville; General Tolten, who constructed the Panama railroad; Prof. McCheaney, of Illinois, and Professor Clayton, of Utah. D. G. Crowley's address before the Bullion club, last night, referred pointedly to theshortcomings of California Cali-fornia mining coinpauies and stock exchanges. He suggested, as a remedy rem-edy of eome abuses, and one of the moot efficient means of securing an honest management would bo to demand that every corporation, no matter what its character, should publish full and frequent reports of its income and out lay a. The slock should be made tc represent the actual and not fictitious ficti-tious capital; certificates of the companies com-panies not to agregato in the total Block value more than the cost with a fair profit. This would correct the prevailing abuse of the fictitious capitalization capi-talization upon properties of small actual value. Officers of companies should hold a certain proportion of the stock which should not be put on market, nor should any officer be permitted per-mitted while in office to buy or Bell shares of tho company. Croly hoped that the discussion of the auhjeot would prompt the eastern public to insist upon better guarantees than baye been heretolore given in marketing market-ing prospects claiming to be dividend paying. Caldeen, of the San Francisco Mining Board, briefly addressed the club. He ventured the prediction that the Comstock lode would yield more during the next ten years than it has yielded for the past decade. The North End mines were not known much about in the oast, but there was a great deal more in it than the public had ever obtained any knowledge of. The Tribune to-day: "O. G. Croly has an alarming reputation for making pretty accurate predictions. In 1X72 he publsshed a remarkable article, in which he said: "I predict that within tho next two years this country will experience tho worst financial panic known to history, land will temporarily tempo-rarily fall to one-half of its present valuo. The panic will be precipitated precipi-tated in ail probability by tho failure of tho Northern Pacific railroad and perhapaof Hie banks who manage it." What Croly has already told warrants special interest in bia present predictions predic-tions published a day or two at;o. Among thoao are tbe following: "Tbo present year will bo a prosperous ono lor tho country. There will be a general revival of industry. Labor will be employed and conrideuce in tbe future universally felt. Before the close of the year there will be a widespread interest in precious metal mining. A dangerous speculative feeling in other industries will soon show itself. There will be a partial failure of crops. The hay crop on the Atlantic elope will bo ehorl. Before 1SS1 homo prices will ro higher aud foreign goods be sold cheaper. We ehall export ex-port less and import mors. Unless the 'unexpected' occurs there wili be a drain of gold abroad, and then' resumpt r,o, as at present (-itahii-hci, mint ho leinl-acd upon anew, or it will fail." He predict, hi thu liiui outcome of the rhianci.il difficulties, a national bank similar to that nl Great Britain or Prance; a foreign war before many years, growing out of the weakness of the navy ar.d our rich and unprotected seahoard; a pestilence in the north, and air navigation. |
