Show STOCK EXCHANGES THE los angeles mining review under date of july 1 alth contains a scorching but unquestionably merited editorial entitled oil exchange robbers wherein the members of the los angeles stock exchange 11 or some of them are se verely severely rebuked for downright crooked operations looking backover back over the history and career of many of the big stock boards and exchanges notably that of san francisco in the earlier days and subsequently portland and denver it would seem as if it were absolutely necessary for a great amount of weeding leedina Z out to be done before desirable results are obtained in denver where everything is done with marvelous rapidity the big mining 0 exchange t became a wonderful thing in a single ni night 0 ht only to be undone and practically rebuilt on a more conservative and honest is the word honest basis the blue jay fiasco necessitated the elimination of the undesirable element clement from the denver stock exchange just as will be necessary in los Ali geles and everywhere before such institutions can produce the good results they are capable of doin doing 9 when conducted on a broad guage 11 but strictly honest basis touching up the home people the las angeles review says if things continue on the exha exchanges noes r as they are now going no reputable company will desire to list its stock on the exchanges there are a number of brokers whose sole object is to hammer down prices of producing stocks their reason for this is to create alarm among the holders of producing stocks so as to make them let go because as these brokers inform them through the agency of the transactions on the exchanges prices are bound to go lower and when you want to sell you will not get as much for your stock as you can r get now they are lying and they know it but if they did not lie they would not succeed in frightening weak holders to let go their stock that is the way these brokers do business if the sales made were actual sales there would be less cause to growl the owner of stock has the right to sell it whenever and at whatever price he pleases but the vast majority of these sales reported each day are not legitimate they are wash sales jobs put up between brokers the particular brand of brokers to whom reference is here made take for instance uncle william or whatever the stock to be pounded is the market value of which is let us s say y 50 cents a share one wash broker says aay to another washer you offer today a thousand shares of uncle williamae Willi amat 35 cents and I 1 will take it in the transaction takes place and goes ou on record as one thousand shares of uncle william sold at 35 in the face of such evidence it is little wonder that weak holders of uncle william view with alarm the break in prices of that stock and rush into the arms of the brokers broker 3 to close out their holdings in it at the best price obtainable tai the situation is much the same here in salt lake or at least would be if there was any stock business it likely will be h business revives in the fall if in fact atell quotations revive at all when the salt stock stock and mining exchange was in the h day and exultation of prosperity it contained contain jel among its members as it does now for allot all that some of the best known mosi reliable experienced and competent mining el I 1 0 men in utah but an undesirable elem element ent was ad a bitted to membership and that element was ultimately disaster ous to the better interest of the exchange and the mining industry be cause it was an irresponsible element not lot necessarily dishonest but incompetent and because of a total lack of knowledge conce concerning ra mines and mining not qualified to act intelligently or advantageously 0 for their clients all mining minina m men en are not stock brokers but all mining stock brokers should in a measure be familiar with mining condi eions and possess something t of a practical as well as theoretical knowledge of milling minin the lives of individuals and corporations are materially similar similar they have their passing 0 events and incidents and time sets all things even while the average za stockbroker stock broker may improve and benefit mining condit conditions iGns foster and help elevate the cause he cannot retard the future of the great industry nor permanently break it down an undue hazard may jeopardize his clients cause but it does not cast a stigma on legitimate 11 mining |