The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-05-03
STOCK EXCHANGE
MAY BE RE0RGANIZED

The Salt Lake Stock and Mining ex-
change Is an Incorporated institution. 1t
IS the only prominent exchange in the
nltSu states that is Incorporated and a
movement is now on foot among the MEM
Ders having for its object disincOrpOrating
and recognizing as an association OF in
dlYluualS. For several years President
James A. Pollock and other members Of
the exchange have urged such action upon
the stockholders, and 1t now seems prob
able that favorable action will be taken,
as large percentage Of the membership
already fully appreciates the benefits to
be derived from the change. Other mem
bers who have not given the subject seri-
Gus consideration in the past are looking
into II and the outlook now is that at
least 80 per cent of the membership. Will
sign up the agreement that has been sub
mitted to them and which authorizes the
board Of governors to take the necessary
action.
There are so many reasons why this
institution should cease to be a common
Incorporation said President James A
Pollock during the afternoon. that
could not begin to enumerate them off
hand. But without considering details in
any way II ought to be enough for us to
know that there Is not a prominent eX-
change in the United States that did not
long since abandon the scheme of Operat-
ing under a charter as being impTactic-
able and inimical TO the best interests Of
the membership.
The chief point in operating as an as
sociation will rest in the fact that rules
can be enforced. thus placing every mem
Der on an exact and equal footing with
every other member As il is today il is
nearly out of the question to enforce the
rules governing trading. If ar attempt
is maize to impose a penalty the offender,
If he cares TO be ugly in the matter, prob
ably threatens injunction proceedings or
demands that his case be taken into court.
We have rules governing the collection of
commissions and ell members are sup
posed to strictly abide by them, If the
nNaaasa 20
do business for some one for less COM
mission than that prescribed in the rules.
the business Of another broker or men,
Der Of the exchange may be injured there
by and there IS no redress. If we surren-
der our charter and recognize as a simple
association. rules promulgated can be en-
forced 10 the end of giving every member
square deal. Personally have no wish
or desire to say on what rates Of COM
missions business shall be done. but l do
believe that whatever the rule may be. it
should be lived up 10 by every member
and the organization should have absolute
power to govern its members I mention
this simply to illustrate one of the large
number of controversies that the exchange
frequently has TO deal with. Matters are
coming up all the time that would. under
association rules, never be heard of, and
I believe the disposition Of the exchange
now Is 10 make Il q nuch stronger buSl-
ness institution. an institution in which
every member viii enjoy equal rights with
his fellows, nothing more, nothing less
change has also 0utgrOWn its present well
located. but antiquated and dlngy head
quarters. Before Samuel NeWhouse be-
gan construction on the sky-scrapers on
lower Main street. he told The Herald
that he had decided to give the stock eX-
change a magnificent permanent home.
Whether this would go into one Of the
buildings already being MANNED or
whether he would offer the Institution
separate and distinct building for the use
OF brokerage houses and firms with its
free call rooms. he had not decided. The
matter was taken mp with him personally
nv President Pollock. of the exchange and
the latter stated yesterday that he would
gladly continue To urge the importance
of the move on Mr.. NPwhOuSe upon his
return from the east. With the local eN-
change started off on the right business
basis and with home for the Institution
in one OF the big modern structures al
ready started by Mr.. NewhoUse. or in n
building especially designed fol the use
and convenience of the brokerage fra
ternity: with these things accomplished.
the height Of his ambition. as a member
Of the exchange. would be realized. He
has worked fer years to change the cor
Doration TO an association. With that an
accomplished fact. he is willing to work
for a change of quarters that will elevate
the institution to a plane of reSpectabilitv
as far as a home is concerned. that will
be I'm better keeping with the tremendous
amount Of business it transacts from year
10 year