The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-02-01

The last issue OF the Argus coH-
tanned an uncalled-for attack on the
Salt Lake Mining Exchange, in which
it, makes the assertion that in 1.-The
most meagre way it represents the
great industry which gave it an excuse
for being BORN
It is true that the transactions on
the floor of the exchange are not all
that could be wished for in the way of
the volume of sales made; but it is
also true that the public at large is
largely responsible for this lack of ac-
tivity in the sale of mining stocks,
although there might be some i'm
provement on the part of the brokers'
who operate in the pit
The assertion of the Argus 1t the
transactions on the board of the eX-
change has little to do with the regu-
lation Of prices" is as far from the
truth as it is dnwarranted, as it is an
indisputable fact that the quotations
made on the floor of the exchange dur
ing the morning is the criterion by
which the dealings on the curb in the
afternoon are very largely based, and
there is not a particle of doubt
that but for the quotations so madd
there would be scarcely any mse>-et
simple reason that but very few would
have any idea of the worth or value
of the different stocks that are now
called almost daily on the exchange,
and but for this institution the mining
interests of the state would greatly
suffer.
What the exchange needs is the
hearty cooperation of the men OF
means in this city, and yet, with thu
q patronage that the public has accorded
the board, the institution made a fair
ly good showing for the month oe
January, as the records show that
during the past go days los, 525 shares
of stock changed hands in the pit of
an aggregate value of $24, S50.72, and it
is safe to say that ten or twenty times
this amount was transferred on the
streets during this period, which sales
were based on the quotations made by
the exchange.
Salt Lake would sadly miss the ex-
change were it to go out of existence.
and the mining interests would also
suffer. It is just what the people here
make it. and if there is a desire on the
part of anyone to see that it improves
let him or them put their shoulders 10
{ the wheel and give it a lift, rather
rthan to stand out and pass unwar4
ranted criticisms upon its lack of util-
ity.
The same writer aIludes rather
harshly to the exchange that preceded
the present board, which, it saws.
''closed its doors after a brief and
dull career in 1892
Now, the fact is that the old ex
change, upon its Inauguration. svas one
of the most lively boards in the west.
and its brief career" extended for a
period of nearly three years: and back
of the enterprise there was a LARGE
number of the best known and most
influential mining men in this civ
who did not hesitate TO put up their
good money and TO make heavy in
Vestments in stocks in order that +ha
institution might be kept afloat and If
only succumbed to the inevitable when
the quotations on silver and lead re-
suited in the closing down of the lead
ing mines in the state
It shows poor taste and a lack of
knowledge Of the condition Of affair.
that existed five years ago TO sneer. at
the old Stock Exchange which during
Its brief career of three years did
much for the mining interests of the
state.
What is needed to make the presen. |
exchange all that could be desired is |
the recognition that it deserves at the |
hands of the public, and if any person !
who desires to sell or purchase stocks /
in this city will give his order to one |
of the members of the board he will |
find that the sale or purchase viii be |
made at very near the actual value |
of the stock. and this value is made |
by the actual transfer of stock in the |
pit of the exchange where there is
active competition.
! No one but disreputable dealers
Would oppose the Stock Exchange. for
without such an institution the gull
able public could be skinned most I'M
mercifully.