The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-05-18
NEW EXCHANGE
IS LAUNCHED
B. F. Grant PreSides at Chris
tening and Good Crowd
Is Present.

The new Utah Stock & Mining exchange
threw its doors open and was formally
dedicated in the Atlas block yesterday
morning. The room was well filled with
visitors and members Of the new lnSu-
tuition, who listened TO christening al
dress by B. F. Grant, one of the dlrec-
tors He was introduced by Henry Miles
the exchanges caller who stated that.
as things were not quite ready for busl-
ness. 10 call Of stocks would take place
at that session Following the ADDRESS
Of Mr.. Grant. the freedom or the quar-
ters was extended to the crowd, and sew
eral boxes of cigars were opened ana
passed around.
Mr.. Grant told his auditors that the
new exchange had been organized because
il was believed there was a legitimate
field for it. He elaborated on the phe-.
nOmenal growth Of the city and the ire
mendOus strides that have been taken IN
the business Of mining. milling ana sneit-
ing, and declared it to be the purpose OF
the new institution 10 aid in fostering ana
building up the industry. Through the
honest business methods OF its members
and honest treatment of patrons aided
by the clearing house feature that had
been incorporated IN its system OF doing
things. he believed that many reforms
in the stock business could be brought
about He referred TO what he termed
the washing up and washing down of
Iron Blossom as an instance OF what
could happen in the matter of stock man
ipulatOn, and declared that the new eX-
changes clearing house methods would
put a stop to such wild fluctuations in
prices as the dealings in that stock had
witnessed.
Mr. Grant said that the opposition to
the new exchange reminded him OF the
talk that had been INDUCED in when Mr.
NewhOuse undertook the building Of his
s5yscrapers. When those buildings were
started there was an element that de-
clared the foundations would never be
completed. Now that they are pracu-
cally finished and being occupied and the
announcement is made that Mr.. New
house has begun the building of a great
hotel, there is still element ready to
predict that the foundations for that
structure will not be completed. Similar
predictions. he said, had been made by
competitors of the new exchange; II was
expected to die an early death, without
grace or a decent birtB
Now, we believe there is plenty of
room here for two exchanges said the
speaker. and I hope to see the state
forge ahead so rapidly ana the industry
of mining. prosper to such a degree that
there will vet be room for more eX-
changes. But if the contrary proves 10
be the case, and it is learned by expert
ence that there is room for only one, this
exchange will stand ready TO take over
the old one and absorb its assets, new
building and all, for just what they may
be worth
in the afternoon the first formal call
was held and quotations were made on
large number of stocks nearly all Of
which are listed on the old exchange.
The sales recorded were as follows:
Colorado. 100 at S2.47ia.
Crown Point, 500 at 1Sc.
Iron Blossom, 100 at S1.671z.
Lower Mammoth, 1000 at 29lzc 100 al
30c.
Mineral Flat. 800 at lie
Phoebe Metals Geo at DC
Seven Troughs ] 900 AT Pic.
Sioux Consolidated, 300 at sl.05