The White Pine news. [volume] (Ely, Nev.) 1906-1910, 1909-06-18


Papers which honestly try 10 dis
tinguish between swindling advertise
ments and others. may not in every
instance succeed in doing SO, says
the report. but readiness 10 accept
advertisements which are frequently
traps for the unwary Is evidence of
moral delinquency which should
draw out the severest public con-
domination.
Another serious evil is committed
by men who give standing to pro-
moters by serving as directors with
out full knowledge of the affairs of
the companies" An amendment of
the Penal Code is recommended
providing that any person who adj
vertises falsely concerning corpora
ton shall be guilty of misdemeanor
and that any publisher of news
paper responsible for such an adj
vertisement a written and signed
statement that such person accepts
responsibility for the same shall be
guilty of misdemeanor
With reference 10 bucket shops
II Is recommended thai a feature of
the Massachusetts, law be adopted
10 show only that the bncket-shop
keeper intended the trade 10 be set
tied by differences aud not by trans
fer of property. II is advised that
law be passed providing that. so far
as the transmission of continuous
quotations Is concerned telegraph
companies shall not be deemed car
riers, or be compelled against their
volition 10 transmit such quotations
To any person. also a Law providing
that II telegraph company has rea-
sonable ground for believing that II
is supplying quotations 10 bucket
shop. il he criminally liable equally
with the keeper of the hncket-shop.
THE PRODUCE EXCHANGE.
The committee disapproyes trans
actions in mining shares on the Pro
duce Exchange in The following
language.
From our examination of the
trading in mining stocks recently in
trodueed. We conclude that the lack
of experience in this class of business
has resulted in neglect of proper
safeguards TO The investor and an I'M
due Indictment 10 speculative trans
actions of gambling nature, and
should not be tolerated on the Pro
dnce Exchange.
THE COTTON EXCHANGE.
The New York Cotton Exchange Is
described as the worlds clearing
house for the staple Selling for
future delivery is declared 10 be
necessary TO the harmonious and IN
Interrupted movement OF the staple
from producer 20 consumer.
THE OTHER EXCHANGES.
The Exchanges dealing with fruit
and hay are not concerned with
specuation The Committee. how
ever. disapproves the practices OF the
Mercantile Exchange and the Metal
Exchange on the ground that their
quotations are moi a record of actual
transactions On the Mercantile. says
the report. there are some "desultory
operations in so-called future con
tracts for butter and eggs. but the
published quotations are made hy a
committee. THAT committee the
report continues. lis actually close
CORPORATION of the buyers of butter
and eggs. and the price really rep
resents their views as 10 the rates
al which the trade generally should
be ready 40 buy from the farmers
and country dealers.
THE METAL EXCHANGE
similar. and equally deceptive, Is
the method of making quotations on
the Metal Exchange. In spite OF me
apparent activity of dealing IN TINS
organization in published reports
there are no actual sales on The moor
OF the Metal Exchange, and we are
assured that there have been none Tor
several years Prices are. however
manipulated np and down by quota
tion committee of three. chosen
annually. who represent the great
metal selling agencies as thelr
interests may appear. aifordlhe
facilities for fixing prices on large
contracts. mainly for the proiit OF a
small CLINE. embracing. however,
some of the largest interests in the
metal trade.
.Tbese practices result In deeely-
ing buyers and sellers. The making
and publishing of quotations for com
modities or securities by groups OF
mon calling themselves an exchange
ar by any other similar title. whether
incornorated or not. should he pro-
. bihited by law. where such quotations
do not fairly and truthfully represent
any bona fide transactions on SUN
exchanges. Under present cohdilons
we are of the opinion that the Mer-
camille and Metal Exchanges TO ac-
tnal harm To producers and eonsnm :
ers and that their charters should
he repealed, III. como
The report is signed by the mem.
hers of the Committee as io,lows'
Horace White. Chairman. Charles a
schleren. David Leventritt' Clark ark
Williams. John b. Clark, Willard
v King. Samuel II ordway' Edward
n page. Charles Sprague smi'h'
uanriee l.. Muhleman, Secretary