The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-11-23
AEINE owners. brokers. bankers an

kEINE owners. brokers. bankers and
MI investors discussed yesterday the
conditions on the mining stock
exchange and suggested remedies. Here
are a few suggestions made as to steps
which might improve conditions:
Abolish all future trading, as voted
the previous day, but deferred by the
governing board"
Establish a clearing house for the
stock exchange. through which all
stocks and checks shall pass, with
view to detecting and stopping wash
sales and preventing irresponsible trad
ing."
ALLOW no trading on margins under
80 per cent
Have freQuent reports on exact con
ditions at the various mines made by
/ experts of high standing.
"Nase it a condition Of listing, ap-
plying to stocks now called, that the
mines be open for Inspection at least
/ one day in a fortnight
The clearing house plan and the
proposition TO have expert reports in
/ wolves additional expense. To meet
= this enc proposition is to impose lee
Of 5 or 10 cents on each transfer OF
4 stool. the amount TO be divided be-
tween the buyer and the seller. 1t is
estinat d that this would yield rev
enue of $50 to 500 a day, and be 50 DIS
tributed as to constitute no hardship
Another plan is to have the exchange
bear the expense Of a clearing house
cut of the dues.
W. S. McCo1nick's Views.
W. 5. Mccormick, representing the
bankers. who is also a director IN the
DaIy-West and interested in other min
ing properties, strongly urged the aDo'
lition OF future trading and summary
action against persons who circulated
malicious rumors affecting the value o
mining properties.
THE doing away with ali futur
t trading is a good step in the right Oh
r. rectiOn." said Mr.. Mccormick I'M
viii check 'shOrting' and put the trad
= ing on q. better basis. It Is urged tina
s the cutting of of sales for future de
Y livery will interfere with trading 10
= peopIe in New York or other places /
- the east. That is nonsense. We bu
r and sell stock here every day for on
/. customers in the east, and vice verse
y and we never resort to that privilege
and nobody else is obliged to do s.
n Just a. day or so ago man brought !
e stock worth perhaps $4,000 TO be sol
q on the New York exchange. We wire
J.; the order for the sale, received repl
= and drew for the amount as we Iol
It warded the stock Nc future denver
o agreement was necessary on the Ne
j York exchange, and the same Is til
" here. We buy and sell on the local 81
<, change on orders from New York an
n we find no necessity TO resort to futul
IL delivery agreements
e Something should be done 10 insul
= stability in mining stocks ana preJe
r. ITtah's principal industry so as 10 81
sc courage the investment of outside cal
\ ftaL The malicious and d!shone
r, methods used to depreciate the Valu
"a of stocks should be forced to cease. al
p I think the newspapers, IN calling a
tentiOn to the parcuces, nave q
n ready secured a wholesome resu
p Wherever a case can be proved again
10 a man. [ believe the directors of a mil
would accomplish good by prOsecutiI
the person who malici0usly clrculat
a false report affecting the value OF
prorertv. but 1t would be exceeding
e. difficult to prove it against any Of tho
d who have recently been guilty OF SUI
no practices.
n "A stock exchange clearing hous
lg conservatism as TO trading on margi
n and check on the dishonest practic
as of the bears. should do a great de
r for the standing Of the exchange al
for th4 public and for the developme
in of the ni7inr industry in Utah-'
ls Chapman Favors Better Methods.
.rS JAMES Chipman. president OF t
a. utah National bank. manager OF t
n Uncle sam mine and director in I
:, lover Mammoth took q view Simil
a 20 that of Mr.. Mccormick
" THE bankers want mining stocks
"a a stable basis" he said. AS the ma
- ket now is. we cannot loan much
M mining stocks because they are su
iect largely 70 manipulation and to {
Ia probation through the circulation
he false reports. The mining stock {
~ cha e for its own good should do
Ii in its power toward this end, as an
IL change, properly conducted, is be
fl eft to mining. I do not care TO 81
At ecst 10 the exchange what it shot
~ 40. although it seems as If the esta
nv Il hment OF a stock exchange cleari
no house. enforcing greater conservat
,s- on margins and giving the public
and accurate information on the con
,af ton of the mines, should have a o.
iii eaciaI effect The Uncle sam is OF
IN, for inspection every Wednesday
this reason. As for the fellows v
! try To knock stocks by circulate