Show THE EXCHANGE VS MINING during the past few weeks owing to a steady decline in mining stock quotations on the hoor of the stock exchange the morning press of this city has been taking the exchange el and its members to task and with great injustice we are are inclined to believe have characterized the exchange as a robbing institution and its members as a whole without any distinction as rascals and thieves wholly overlooking the fact that the majority of the brokers are men of standing in this community reputable and reliable and have even intimated that the exchange was detrimental to the best beat interests of the mining industry of this intermountain region the mining review has no special call to defend the mining exchange or its members but it is firm in the belief that it has suffered a rank injustice at the hands of the daily papers and that their attitude in the premises has not only been injurious to mining stock investment but that it has given a blackeye black eye to the mining i industry as well the review will admit that possibly instances have occurred where some of the members of the exchange have not dealt fairly with their customers underhanded methods have been recorded on every stock board in the land wall street is not free from rascally dealing and yet it would be folly to dub every member of the new york exchange as a robber and a thief and it is equally as bad to assail the salt lake board as a robber institution because it has a few black sheep in its fold during the past spring and summer min ing stocks on the salt lake market gained wonderfully in their quotation value some oi of them undoubtedly were inflated in value and yet the public made no complaint any one at all familiar with stock markets and dealing and speculating in stocks knows that there is bound to be fluctuations in value mysterious causes advance or depreciate the price and value of stocks there is always a certainty that they will go up or down but to imagine that a handful of brokers can cause a rise or decline all at once in fifteen or twenty leading and popular stocks in which thousands of investors are interested is the she erist kind of nonsense and to attack the stock exchange and its members because of a general decline in mining securities is as injurious as it is unjust and smacks of the hit bird and of personal retaliation to be candid in the matter the review is of the opinion that the real cause of the re cent decline in stocks can be laid at the door of the stock buying public capital is timid as we all know for some real or f fancied reason a stockholder orders his broker to sell his holdings in a certain company even if disposed of below ruling quotations the broker does as ordered and is called a bear it is whispered that this stock will break and other holders become panic stricken the stock of the company is dumped on the market by the thousands and a depression of a heavy percentage is recorded in sympathy other stocks begin to decline and prices begin falling all along the line until the bottom apparently falls out of the market and a crash is narrowly averted and not because the daily press has condemned the exchange and its members but because its staunchest supporters have realized that no real cause exists for such wholesale declines and have given their customers such assurances what the mining review revie w deprecates however and to which it seriously objects is the assertion that the exchange is a detriment to the mining industry to be frank the reverse is really the case for it must be said and truly so that the deep interest taken by investors during the past few years in mining stocks has had a wonderfully stimulating effect upon the mining industry and in mining in all of its phases and it is a matter of record that since utah mining stocks have disclosed such marked activity more mine development has been going on more millions have been invested in mines and more mills have been built and improvements made than ever before in the history in this western country mining companies are organized for the specific purpose of giving the owners of the property better opportunity and greater facility for the handling and disposal of their interests if they so desire A third owner in a mining property can more easily handle his interest in the form of mining shares than he could dispose of his undivided interest it is his right to put his affairs in this shape I however with no avenue for the sale of his shares excepting the peddling of the same on the street with no market value established as was the case here several years ago he would be at the mercy of a few dealers or brokers in mining stocks who could easily depreciate preci ate values when buying and inflate the same when selling with a well established mining exchange in operation and on the open board some tangible and satisfactory y idea of stock values could readily be determined with such opportunity ty some actie activity ity in mining securities can be insured and this condition would surely have some effect among those owning and dealing in minin securities and the mining industry i is s be bene e fitted and simply for the reason that the activity in the stock market would cause more mines to be opened more work would be done and more money would be expended in the purchase of mining property and its equip ment during the past few years investors in mining securities have made millions in utah stocks we will venture the assertion that in point of money value the sales on the salt lake exchange have not been equalled equal led by the transactions on any purely mining minina board on this continent during the same period the activity noticeable in mining circles has never before been equalled equal led the natural inference being viat that the exchange has been most beneficial to the mining industry we claim that such is the case and the writer of this has been in close touch with mining in this state and the mining exchanges of this city for the past twelve years we believe therefore that the storm raised by the morning papers of this city over the recent decline in stocks and their defamation of the exchange and its members is uncalled for and unjust |