The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-09-15

The chasm between the two stock ex-
changes widened yesterday and there
is apparently no hope that consolida-
ton will be effected. Both sides are in
a belligerent mood. Authorities of the
Salt Lake exchange say they will enter
tain no proposition whatever from the
Utah board. ard officers of the latter
organization al equally determined
that the proposition submitted by the
senior board win be rejected at the
special meeting called for tonight. The
subcommittee appointed to wait upon
President Peery of the Salt Lake eX-
change reported to the general COM
lnittce yesterday afternoon, and the
general committee viii present a writ
ten report to be read to the members
present at the meeting this evening.
Want Five Seats.
John r. Foulks, one of the directors
of the Utah board. said yesterday he
believed an amicable agreement could
be made if the Salt Lake board would
give to the Utah board five member
shin certificates IF the Salt Lake eX-
change will do this said Mr.. Foulks,
II believe the Utah board will close
up and turn over the mineral exhibit.
The plan would then be to place a GER
tain price on the seats, and If any MEM
Der of the Utah exchange desires to
purchase them they can do so and the
proceeds could then be distributed in
the shape of a dividend.
Il am not speaking for the exchange
officially, continued Mr.. FouliSs, but
believe the entire. body would submit
TO proposition of that kind. The Salt
Lake board has been willing to give US
three memberships iii that organization,
but that is not enough"
Must Dissolve Partnership.
There was considerable talk on the
streets yesterday about the action
taken by the governing board of the
Salt Lake exchange directing Secretary
Hudson to notify e. NJ. West of the
firm of Morris & West that he must
dissolve partnership with A. l.. Norris,
who is the secretary Of the Utah board.
There were numerous opinions ex-
pressed relative TO the authority of the
Salt Lake board to take such radical
steps. Some held that under the recent
ruling made by the governing board it
could be enforced against Mr.. West,
while others took the view that such
action was an attack on the personal
liberties of Mr.. West, and could not be
enforced unless it were embodied in the
constitution of the organization. OF
course, that is a matter the courts may
be called upon to settle.
Ultimatum to West.
The letter to Mr.. West was mailed
by Secretary Hudson yesterday morn
ing, and he received it in the afternoon.
The substance of the letter was that
Mr.. Vests partnership with A. L. Nor
ris is in direct violation of the rule re-
Gently adopted by the board of govern
ors of the Salt Lake exchange, in which
no member of the organization is al
70 n hssCi iV,1i
reely, with any other exchange in Salt
Lake City.
Mr.. West was informed in the letter
that unless he shaped his affairs diff
ferently he would be subjected to the
fine of 500, the penalty for each viola
ton of the rule. Mr. West declared he
had committed no offenSe nor violated
any rules of the exchange, and de-
clared that he would not be dictated to
in matters which, he thought, in no way
concerned the exchange. He said he
had been in partnership with Mr.. Nor
ris for over two years, and he did not
think the exchange or any one else had
a right to tell him he must dissolve
partnership. 1t was learned that he had
consulted an attorney during the day,
and was advised to pay no attention
to the letter he had received.
r. j. Evans of the firm of Foulks &
Evans had received no notice from the
Salt Lake exchange. The same condi-
tions. it is learned, confront him, as
Mr.. Foulks is a director of the Utah
board. He thought, however. the ex-
change was overstepping its authority.
He is Of the opinion the governing
board cannot deprive him of his bust
ness associate any more than anyone
should say to him he should ride in a
street car when he preferred to be con-
veyed in a hack.
The case has become interesting. and
it begins to look as if the courts would
be called upon to settle the contro-
versy.