DUBUQUE MINING EXCHANGE

DUBUQUE MINING EXCHANGE. In December 1906 the following advertisement appeared in the Telegraph Herald:

                           To Stock Buyers or Sellers
       The Dubuque Mining Exchange wishes to inform the public that arrangements
       have been made whereby quotations can be furnished on short notice on prices
       of any mining stock sold on any Exchange in the United States.

       If you want to buy or sell any stock, place your order in our hands and it
       will receive prompt attention.

       Our arrangements cover 98 cities and practically every stock exchange. (1)

                           Dubuque Mining Exchange
                         Phones-Old 1240   New, 304
                            204 Security Building

In 1906 despite Dubuque's long history with mining, the Exchange was advertised as "protecting the mining industry here in its infancy." (2) It was the Mining Committee of the DUBUQUE CLUB and a committee of the Commercial Club that chose the board of directors. (3) Local businessmen started the movement for the Exchange to keep all "wild-cat schemes grafts out of the city and district." Circulars were sent to mining companies by the Exchange asking for information on nearly every aspect of their operation including property and financial condition. Directors of the DUBUQUE COMMERCIAL CLUB canvassed the community to seek members for the exchange "for the benefit of all. (4)

Annual membership dues of five dollars allowed a person to use the Exchange. Each day at a designated hour stock auctions were held in a manner similar to the Chicago Stock Exchange. (5) It was ultimately hoped that the exchange would attract outside capital to the industry.

In 1906 the Exchange brokered the sale of stock in a mining operation in CENTER GROVE. (6) In 1907 the Exchange brokered the deal by which J. J. Ott and Charles R. Scott purchased in interest in the Big Joe Mine from George Frost and Pat Royce. The Exchange also handled the sale of $10,000 in stock in the McPoland Pond Mining Company. (7)

The Exchange's manager also had the duty of mine inspection. "Miners and operators have come to realize it is best to pursue the development work of an up-to-date modern system rather than than the old, crude and primitive way." (8)

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Source:

1. "To Stock Buyers or Sellers," Telegraph Herald, Oct. 17, 1906, p. 10

2. "Business Men to Support Exchange," Telegraph Herald, Oct. 10, 1906, p. 3

3. "Mining Exchange Opens Shortly," Telegraph Herald, Oct. 4, 1906, p. 2

4. "Business Men to Support Exchange."

5. "Mining Exchange Opens Shortly."

6. "Capitalists Come Here in Crowds," Telegraph Herald, Dec. 3, 1906, p. 5

7. "Interest in Big Joe is Sold," Telegraph Herald, Jan. 11, 1907, p. 6

8. "Development is Marked in Field," Telegraph Herald, Dec, 31, 1906, p. 3