The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-14

The controversy between the Salt
Lake and Utah stock exchanges as
sumed an interesting phase yesterday
after meeting of the board Of govern
ors of the Salt Lake exchange.
L viii be remembered that about ten
days ago the governors of that ex-
change met and passed a resolution
which was afterwards read in open ex-
change. that no member Of the Salt
Lake exchange should attempt to do
any business, either directly or indi-
rectiy, with any other exchange in salt
Lake. In the resolution was embodied
a clause which made each offense pun
ishable by q, fine Of 500.
The author of the resolution was
President D. H. Peery, jr, and it was
intended that it should be broad enough
to prevent any member from mistaking
its meaning. The Salt Lake exchange
members are almost unanimous in the
opinion that the stock market is beng
injured by dual boards, and great
many believed that if all the support
given TO the Utah exchange was with
drawn and Salt Lake board members
would refuse to give Utah board MEM
bers orders to fill. the Junior exchange
would cease to exist in short time
1t was also claimed that the bulk OF
business done by the Utah board came
from the Salt Lake exchange; there
fore with that avenue of business cut
off. it would be forced out of competl-
ton. and the evil effects of two ex-
changes eliminated.
May Cause Change.
The adoution of President PeerY's
resolution may cause a change to come
about in several firms in the stock busl-
ness. There are several firms in the
city where one member belongs to one
board, and another TO the other. All this
is to cease, or, according to the rule IN
vogue on the Salt Lake exchange. it
must stop, and whenever such cases
are found, it will mean either a diSso-
luton of partnership, paying a fine or
the member of the firm in question who
belongs to the Utah board Withdrawing
from that organization.
At the meeting Of the Salt Lake ex-
change governing board yesterday, the
secretary was instructed to notify Il.
NJ West of the firm of Morris & West,
that he must cease to do business with
his partner, a. L. Morris, who is secre-
tary of the Utah exchange, or be fined.
It was learned late in the afternoon
that r. j. Evans Of the firm of Foulks
& Evans, would likely receive SINH
lar notice.
Mr.. West had not received his notice
last evening, and was unprepared to
say what course he would pursue, but
it was learned from other sources that
If the exchange insisted on enforcing
the ruling made by the governing
board. he would likely carry the matter
into the courts. to determine just how
far that body is clothed with authority.
COMMITTEES. Confers,
The COMMITTEES appointed at last
Monday nights meeting of the Utah
exchange to wait upon President Perry
held. a conference yesterday and APP
pointed a subcommittee, consisting of
John r. Foulks and w. e. Vigus. The
latter were informed by Mr.. Peery that
the Salt Lake exchange had no prop
osition TO make other than the one that
had already been offered. and unless it
was accepted by the 25th of Septem-
Der negotiations would be entirely sus-
pended. One of the officers of the Salt
Lake exchange said last evening that
he did not consider the Utah exchange
a rival any more, and he believed
nearly all the members of the organiza-
ton thought the same way.
1--WE would like very much to have
the mineral exhibit owned by the Utah
change is willing TO pay 500 for it. The
exhibit is a good one, and ought to be
preserved. 1t would fill out some of
the deficiencies in our exhibit in the
Hall of Relics. and the two combined
would make a splendid showing of
Utah's mineral resources"
So far as the statement that the Salt
Lake exchange will sell five seats to
anyone connected with the Utah ex-
change, or anyone else is concerned, the
gentleman declared no one had ever
been authorized to make any such
proposition. He knew the board of
governors had not, and further that the
board could not make a sale for any
thing under $3.50 each. 1t seems hardly
probable that the two exchanges will
reach any terms that will satisfy them
both. A large part of the Utah men,
Ders are determined to keep up the
daily calls whether any business is done
or not. A member of the latter board
informed The Herald last night that
$500 had been raised between them
which. added to the $500 now in the
treasury. would be sufficient to keep
the exchange running for seven months |
az +bev had no nrber resources