Show 1 Can Blue Sky Board Act I Tichenor Tichenor- Tichenor By Ira ITa C. C COMMUNICATIONS from stockholders in mining companies continue to be received commending the stand taken in ini i i. i opposition to the practice of dealing in futures on the Salt Lake 1 Stock St k exchange by the plan of sixty day buying and selling which is is looked upon by brokers themselves as a form of gambling It I In a letter published below it is suggested that the blue sky i commission might have authority to stop the dealing in futures It it known that the new securities law contains a provision making t a a. a criminal offense to conduct bucketing operations While dealing in futures might not hot be construed as bucketing it is certain that the law intends to prohibit actual gambling in stocks i j It is suggested that if the present law does not cover the point it might be revised at the coming special session of the legislature s L. L ito to fit the case of gambling in futures The latest communication is follows i as Salt Lake City August 25 25 1919 The Mining Editor Salt Lake Telegram In a no previous letter which you were kind enough to print I stated I 1 I II I would investigate further the gambling methods permitted on the Salt Lake stock exchange and give you the result u A A Tintic Standard Stockholder is right about the margin business does not give It all all for the fact Is that the client who buys on m margin is but c charged interest at the rate of 8 or 12 pe per cent for a loan that the broker never really makes One remedy for the present rotten condition is for tor the 4 public not to buy on margin but if they do do insist that the stock be put in their name and ind when they buy for cash get the stock into their own possession Brokers are licensed by the federal government and the government will not allow their license to be a cover for gambling There is work here The Blue Commission is Sky district attorney for or the United States I another method of relief I am not sure that they have authority under the theu u present law but the le legislature meets In special session next month and If pressure Is brought to bear on the governor the law can be amended so as asto I 1 to give the commission the right to examine the brokers' brokers books and regulate irregular transactions I learn that the board of governors of the exchange has taken no action to remedy the sixty day day seller seHer form of ot gambling seemingly content to allow itself to be made a party to this form of gambling and the members J are equally Indifferent In this day and age a public be damned policy is too ancient to justify defense and the spineless men who will ignore public opinion will have to give way to pressure that will become Irresistible Thanking you for your good work A SOUTH HECLA STOCKHOLDER |