Show EXCHANGE SPEAKS UP Vigorous Opposition to Lewis Bill in the Stat Senate To resist the hills hy which the Legislature Leg-islature of this State Is asked to prohibit pro-hibit the listing of mining stocks or the trailing In mining shares except hy permission oC the company by which such unities ure lasucd the Mining exchange ex-change at a meeting of its board oC governors yesterday morning ted t-ed a committee consisting of Ralph Guthrle Herman Uariiherger and William Wil-liam 11 I I Farnsworth Vlthout reproducing repro-ducing the hews oC the members per feonally expressed and personal reasontf which they claim are behind the proposed pro-posed enactments it may be sam that the Mining exchange as a milt Is opposed op-posed to the proposed legislation and to no small extent the exchange reflects the sentiment of the Investor the latter lat-ter so long as he is Invited to partake ot a companys treasury stock and to that extent contributing to the development de-velopment and equipment of the youngster young-ster demanding hat his shurew and his investment he given a rating In an open market and that their value shall not be arbitrarily llxecl by a company com-pany or an Individual representing that company The company unres the ex change whUh has no shares to offer the Investor and whhh has not sought the aid of the public In the exploitation exploita-tion of Its undertaking has no such ob Jretlons to an open market as are expressed In the bills In question and to deny the right of the Investor loaa quotation beoaune It was perchance objectionable ob-jectionable to a company which liOs his money would claims the exchange work serious Injustice to him Indeed It Is the value put upon a security by the open market which determines Us value as a collateral If the holder should be required to employ It as such rind to prohibit trading in sueh shares because It Is objectionable to a company com-pany would be to work serious hardship hard-ship upon the investor with whom the company or its agent have placed it Hays the exchange At all events the committee is prepared to debate the matter with the authors of the pro pobed legislation and will seek a hearing hear-ing ut once as will a number of investors In-vestors who arc ready to resist the measure The contention of the latter Is that no legislature has a right to say to I him that he shall not timId a market on the Mining exchange for any security purchased by him of a company com-pany or any agent of a company which has had Its wares for sale and Inld which hip money has been placed And he has a whole lot more to say hut It wouldnt look well In print On the other hand he exchange pledges Hs unanimous support In the effort to catch and to punish any wildcat wild-cat which has burled Us claws In the public and assures the Legislature that the quickest way of entrapping the wary animal Is to keep the I market wide open that the public may try It out In an open pit |