The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1909-05-04
NEW EXCHANGE
IS REAL CANDY
Treasurer C. w. Hartley Re-
plies to Criticism of Old In
Stitution'S President.

c. W. Hartley. the promoter and the
treasurer of the new Utah Stock & Min
ing exchange. yesterday decided that
James A. PolIock's criticism of the new
undertaking called for an answer. so
he took his pen in hand" dipped il in
deep red ink and went after the presi-
dent of the old exchange in true lawyer
fashion, as follows:
THE Utah Stock & Mining exchange
feels that il need offer no excuse for
its existence and intended activities.
The enthusiastic reception 1t has re-
ceived throughout the state indicates
that the people realize there IS abund-
ant reason and room for ii. There ap-
peared on Sunday last. however, an
unproVoked and poorly considered at
tack on the enterprise. by James A. Pol
lock, president Of the Salt Lake Stock
& Mining exchange, in which, Il is rea-
sonable to presume, he exhausted all
argument why the present exchange
should be left in undisturbed possession
of the field.
IF the new exchange, TO use Mr. Pol
locks language, is the creation of two
or three disgruntled stock brokers and
q lot of narrOw-minded property hold
ers in the neighborhoOd of West Second
South street the latter once failing to
respond to the invitation OF the old
exchange for favors to offset the gift
OF Samuel NewhOuse of a lot on Ex-
change Place. why is it that the entire
state, regardless of past affiliations,
has rallied so spontaneously about the
new exchange? The support accorded
the movement is so sincere that it sug-
Eests one thing only: The public rec
ognizes the new exchange Is something
timely and sOrely needed, something
worthy of complete financial and moral
support.
mr.. Pollock selects property holders
as hackers of the enterprise. He insin-
yates that the movement is a real estate
proposition. Granting this for the sake
Of argument, let us ask what other mo-
tive is back of the Newhouse project?
Does the effort to enhance the value
of any one certain real estate district
by honorable means involve more moral
turpitude than another?
rs it not the considerable criticism
OF the methods OF individual MEMBERS
using Mr.. POllOck's admission in regard
to the old exchange, the justice of
which considerable criticism is not de-
MED, but rather admitted by him, which
has created this statewide dissatisfac-
ton? Was il not this considerable
criticism which justified 'narrow-mind-
ed property holders in the neighborhood
Of West Second South streets in their
refusal TO contribute gifts equal to the
NewhouSe dOnation2
The new exchange is organized along
business principles; it IS backed by
some of the best known mining and
business men of Utah, and will make
impossible the considerable criticism Of
Individual members Individual mem
bers compose the Salt Lake Stock &
Mining exchange. The harm they have
done is as far reaching and as worthy
of condemnation as If the exchange had
expressly, as we'll as implicitly as is the
case. sanctioned and abetted the same
What is considerable critiscism Of fndi-
vidual members if it is not 'cOnsiiera-
bic criticism Of the exchange as a unit?
Are not the harmful results the same
10 investors?
The new exchange soon. in the OBJ
scure room of some Second South street
scure room of some Second South street
with due consideration of true profess
sionai courtesy describes the location.
VIII be at work in quarters which will
compare very favorable with the unin-
wiling room Of the old exchange. and in
which the old exchange apparently was
ready and anxious TO remain indefi-
nitely until a property owner further
south inspired It to peel off its rusty
shell.
Mr.. Pollock IS correct in concluding
that there is room for only one ex-
change IN Salt Lake. The new ex-
change has had that in mind all along.
and II firmly believes that its rules and
regulations Will give investors such IN
usual safeguards that the people of
Utah viii see clearly the uselessness of
keeping the WORKOUT old exchange
alive. Mr. Pollock finds the support
accorded the new enterprise certainly
discouraging, and the end is not YETI