The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1901-11-27

To the Editor of The Herald:
In The Herald of Nov. 20 I have read
a timely arraignment Of a certain class
of Salt Lake City men who. holding
seats on the mining exchange, make
use Of that organization as an agency
through which they can obtain a thin
coating of responsibility to conceal
their real methods of doing business. "
The mining exchange with its legiti-
mate and honest members is naturally
a sufferer along with the investing
public, which has been rendered sus-
picious and non-speculative by conflict
ing reports concerning Utah mines
Mining stock specializing, call It
what YOU will, is plain gambling. The
mining exchange has a lookout" that
/ is supposed TO see that everything is
square and above board. This look
OUT is the governing board. Just As
| long as this governing board permits
to enter its pit men who are known OF
suspected to be INSCRIPTIONS or dis
honest operators. just so long viii the
public draw tighter its purse strings
and give the exchange a wide berth.
Legitimate brokers complain Of lack
Of business, and yet they admit TO their
ranks men who are guilty of swindles
lin the name Of bUsiness') that would
put a Commercial street gambler 10
shame.
Utah mine owners and managers have
no sympathy to hand out nor support
to give to the mining exchange as long
as this cloud Of suspicion and doubt
hangs over II.
A broker is supposed to be an agent
whose business is to buy and sell stocks
] ~ Il g.
/ mission. AS conditions now ale on
Second South, the majority of brokers
/ are merely utilizing their customers
money and credit as a means for ac-
| curing for themselves great profits in
/ their shorting operations. The value
| of the mines then selves cuts no fig
/ ure. it seems. The market is influenced
/ entirely at the present time by conto.--
/ ton Of facts and malicious derogatOry
| reports, instead of by superintendent
mcnthly reports and smeIter and mint
/ returns from the various mines.
a mining operator coming to Utah
/ from other regions notices at once with
/ surprise that the brokers influence the
mines, instead of the reverse case, as
/ obtains in most other mining centeTs.
/ lie notes with disgust that certain
/ members of the fraternity Of stock
| brokers don their leggings and 'ay
/ pert" the various mines of the state
J every sunday, and return to do busi-
] ness on the exchange during che week,
! armed with favorable or an unfaVor-
/ able report as may best suit their long
/ or short operations. It is annoying to
US to have these stock opera -ors come
/ up 10 our mines and surreptitiously
| sample car of waste and go TO town
/ next day and report on the street ina.
! the ore of the BLANK" mine is too low
4 grade to pay!
/ The average broker knows little
about mining Che wouldn't be a broker
/ if he did and yet he can carry his
/ report, per Sunday excursion into the
/ city and demoralize the street, depre-
| ciating to the extent of thousands OF
/ dollars the holdings of miners whose
guest he has been. Men who commit
| such depredatiOns upon property sOor
become known; why then are they toll
! Grated on the mining stock exchange
Again there are operators on the