The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1909-06-17

the harmonious and uninterrupted move
ment of the staple from producer TO
consumer. Of speculation, the commit
tee reports;
! There have been in the past in
stances of excessive and unreasonable
speculation upon the cotton exchange.
notably the Sully speculations of 1904.
we pelleve that there is also Il great
deal or speculation of the gambling type
mentioned IN the introduction to this
report, In our opinion, the cotton ex.
change should take measures TO restrain
and so far as possible, prevent these
practices by disciplining members who
engage IN them, The officers of the
exchange must in many cases be aware
or these practices, and could, in our
oPinion, DO much 10 discourage them. -
The Coffee Exchange.
The rule of the coffee exchange pro.
Nidlng that In case of a corner the
officials may fix settlement price is
commended by the committee.
The Other Exchanges.
The exchanges dealing with fruit and
nay are not concerned with specua.
tlon. The committee, however, dlsap.
proves the practice on the mercantile
exchange and the metal exchange on the
ground that thoir quotations are not a
record Of actual transactions. On the
mercantile, SAYS the report, there are
some ''desultOry operations in so-called
future contracts in butter and eggs
but quotations are made by commit.
tee, That committee, the report
continues, lis actually close corpora
tIon of the buyers of butter and eggs.
and the prices really represent their
orally should be ready to buy from the
farmers and country dea lcrS
similar, but equally deceptive, is
the method of quotations on the metal
exchange. In spite of the apparent ac-
tvlly of dealings in this organization
IN published market reports, there are
no actual sales on the floor OF the
metal exchange, and we are assured
that there have been mono for several
years. Prices are, however, manipu-
lated up and down by a quotation com
mittee Of three, chosen annually,
who represent The great metal selling
agencies as their interest may appear,
affordlng facilities for fixing prices on
large contracts, mainly for the profit of
a small clique. embracing, however,
some of the largest interests in the
metal trade
"These practices result in deceiving
buyers and sellers The making and
publishing of quotations for commodi- |
ties or securities by groups OF men call |
ing themselves an exchange, or by any
other similar title whether incorporated |
or not, should be prohibited by law, |
where such quotations do not fairly and |
truthfully represent any bona fide |
transactions on such exchanges. Under |
present conditions, we are of the opinion |
that the mercantile and metal eX-
changes do actual harm to producers
and consumers, and that their charters
should be repealed. -
Conclusions Drawn.
The committee closes with n review
Of the experience of Germany in re-
exchanges, and points out the
Gnfavorable results of the German leg
slation. There is an addendum con
,erning the complaint of the New York
Bank Note company that the stock eX
change prevents any company except
The American Bank Note company from
engraving any securities dealt in on that
exchange. After discussion OF this
and tho answer of the stock
exchange thereto, the committee says
'it would seem that other considera
ions than the goodness of the work |!
md carefullness in guarding the plates
ire here operative, and that the stock
has not rid itself of the evils
If monopoly
The report is signed by tho members
II the committee as follows; Horace
White, chairman; Charles A. Schieren,
David Leventritt; Clark Williams, John {
3 Clark, Willard Y. King, Samuel Fl.
)rdway, Edward D. Page. Charles !
;prague Smith, Maurice l.. Muhleman,
ecretary, '
a. 4