Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1903-02-07
BANKERS OPPOSE
LISTING STOCKS
inducements offered by Mining
Exchange Rejected,
SEEN TO BE OF ONE MIND
Regarding the introduction Of Their
Securities In the Pr r. Interviews
with Prominent salt Lakers.

with prominent SAT- Lhhers
The efforts being put forth by tn
members Of the Salt Lake Stock ant
Mining exchange TO get the Industrial
and bank stocks listed with that organ
izatlon, are not bearing fruit In th'
way OF success. That the stocks vii
be assigned a place on the blackboard
IN the near future there is probably nc
doubt, but the institutions addressed
some days ago by Chairman w. II
Farnsworth. OF the listing committee
do not take kindly to the invitation ex
tended to them to pay the especially
low foe. which was offered as an IN
ducement to them To come into the
fold.
II the stocks are called regularly each
day, It Is very probable that the
amount OF the fee charged Will be re-
bated; or else the members Of the ex-
change viii have to so down in Their
own pockets and put up tie price.
This would be contrary TO all prece-
dents, but judging from present indsta-
lions, one or the other OF these two
things VIII have to be done
So far as heard from, not a single one
OF the Institutions which received MIR.
Farnsworth's communication. have re-
Piled in the tone that the members OF
the exchange had hoped that they
would.
II was explained IN the chalrman's
letter TO the various Institutions that
the listing of the stocks on the ex-
change was not only a protection TO the
shareholders, but 10 the investors who
seek the classes ofseCureties mentioned;
this. the committee believes to be true,
for the reason that more substantial
basis would DE formed forregulatlng the
market prices OF the stocks, where the
members of the exchange enter into
competition IN the bidding Under pres
ont conditions, II was pointed out to
them. there is no convenient way
for investors TO ascertain what the
stocks are really worth or what they can
be sold for the fixing OF both the buv'
Ing and selling prices being in the hands
Of two OF three men,
While some Of the managers Of the
institutions were willing to agree that
the argument set forth was very plaus-
able and they expressed desire TO
give the exchange such assistance as
they could yet there was a hesitency
about listing their stocks.
Col John w, Donnellan. cashier OF
the Commercial National bank, when
asked TO submit 20 an interview on the
subject today, said
II do not believe bank stocks should
be placed In speculative channels and
cannot call to mind the existence Of n
single exchange where they are listed
as other stocks usually are This mat
ter was called to the attention Of the
directors Of the bank, but they do not
believe It advisable TO give the COM
mlttee Of the exchange a favorable re-
ply. ! am sure the exchange should
De encouraged, as long as It's transac-
tons are carried on legitlmatcly but
bank stocks should not in my opinion,
be listed for the reasons / have stat
ed" Col DonnelB1 thought the prac-
tlce INDUCED IN by some brokers In
"shoriug" stocks was decidedly bad
feature and almost certain Of dlsas-
trous results sooner or Inter
Col Thomas 6. Webher, manager Of
the u, G. NJ. H. when asked for an eX-
preston declared h. had not given the
matter serious thought but intended
to submit the proposition TO the direct
Ors OF the institution over which he
presides.
But he said, II fail to see where
In our institution would be benefited In
the least There ~ nothing 10 prevent
the members of the exchange from list-
ing our stock II they want u, but there
are very few transfers OF Z, G. NJ I.
stock made; ] have never transferred
a share Of my own stock. but have held
Il intact from year To year and II is
pretty much the same way with other
shareholders. II the listing OF the
stock on the exchange would be n bene-
NJ 60 US IN any way | certainly would
agree to H. but. as ! say. Ii appears TO
ne II would not"
Cashier w r. Adams. OF the National
Bank Of the Republic. pleaded that he
had not considered the matter serious.
ly, and that he would have TO do a lit-
tie thinking before expressing himself
either FOR or against
Judge Elias A. Smith, OF the Deseret
SAVINGS Bank declared that the hrok
ers would ind 10 slow picking when ID
comrs 20 handling bank stocks 1--WE
haven't registered transfer OF oui
stock" ne said. for over 60 DAYS.
don't expect that 10 would benefit the
bank or increase the value OF the stock
To have II listed on the exchange
Cashier n. ". Wilson. OF he Bank
Of Commerce voiced the sentiments of
the others. he dil not deem II wise
particularly for haukors. to saucticr
the speculating I'm bank stocks.
Manager r. II. Cutler OF the Utah
Sugar company. said he hed not as Vet
called the matter To Inc attention of tht
directors But personally ne woult
the stock of his romnanv nj.
ne haa seen some stocks man