The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-05-14
THE EXCHANGE MEETING.
The Call of All Stocks to be Contin-
ued as Heretofore.

There was a meeting of the mem
bers of the mining exchange yesterday
afternoon, at which considerable talk
ing was INDUCED in, and if any faction
gained a desired point, the proceedings
| cid not bring the fact to light, as the
meeting adjourned without any changes
being made.
President j. w Donnellan, in his
opening. remarks, stated that the list
ing committee had held a meeting on
the Sth inst, at which it was decided
to instruct the secretary TO discontinue
the call of certain of the unlisted
stocks, especially stocks that had been
called three weeks prior to May To-,
at which date the new order was to go
into egect.
The president did not know of this
meeting, nor was he present, and
therefore he questioned it's validity, and
for the purpose of reviewing the &C
ton of the committee he had called
the members Of the exchange together.
H. M. Ryan, in his most pleasing
manner, questioned the right OF the
members as committee of the whole,
to pass on the action of the listing COM
mittee. and held that the governing
board only had this right.
On motion Of Colonel Wall, however,
it was voted that the meeting should
examine into the matter, and the OBJ
jects of the meeting were then more
fully placed before the members pres
emf.
The old question relative to the listed
stocks then came UP for discussion,
and it was found that but eight out of
the thirty-two on the board had paid
their listing fees. The reason for this
was reiterated by the president and
Mr.. Ryan; but, in order to forever set
tie the dispute regarding these stocks,
it was moved by Mr.. Ryan that no
LITIGATION be sent to the companies that
had net paid requesting a remittance,
and that if this request was not COM
piled with within thirty days. that
their stocks would be dropped from
the list. This motion was put and lost,
there being but two or three asserting
votes.
After some discussion the belief was
expressed that the listing committee
had no authority over unlisted stocks,
as the constitution and bylaws con-
ferred no such power.
Some were of the opinion that the
call of unlisted stocks should be dis
continued, as, as long as they were
called free, the companies would not
come forward and list regularly with
the exchange.
The president and many others, how
ever opposed this forcing method, as
some of the unlisted stocks would fail
in an attempt to get a place on the
board, and that when listed the stocks
were, to a certain degree, guaranteed
by the exchange, which favor was not
extended to unlisted stocks. which were
called only upon request of the brokers
on the floor.
1t was then moved by Mr. Hudson,
and unanimously carried, that the call
er be instructed to call stocks as here
tofore, until further notice.
Mr.. Knox then made a motion that
the governing committee make neces-
sary revisions in the bylaws and re-
port to future meeting. Carried.
Mr. Hudson expressed the opinion
that funds for the maintenance of the
exchange should be secured by an as
sessment of the brokers, which led to
the statement by the, president that
there was sufficient means in the treas
ury to run the exchange for year, at
least, Without the necessity of levying
an assessment.
A statement of the condition of the
exchange. financially, developed the
fact that the association had S1,360.20
in the treasury, with room rent paid for
the month of May. and it was shown
that the monthly expenses of the eX-
change were as follows: Rent, 500;
caller, $50; assistant secretary, $50; in
cidentals, $50.
A call for economy was then made,
and it was moved that the services <of
the caller be dispensed with, and that
the assistant secretary perform this
work. This was amended by increas-
ing the salary of the assistant secre-
tary to $z5 month, and the amend
ment was amended and carried to re-
fer the question to the governing board
with the request that it take action
upon it at once.
The meeting then adjourned.