Salt Lake Tribune | 1919-07-24 | Page 14 | Stock Exchange to Stop Propaganda

STOCK EXCHANGl 1 Decisive Steps to Protect j Interests of Investors Will j Be Taken. A.-j.-urup.ra t:::it afTi'S o:: i.r. La' Si'j'-j:; and M.::Ir ercluir, o'll-l t-o go cor-ducttJ as io :ve toh ir.'.'e?:urE and cori.panica who;e stovk is ::.s:t-'i fji- s-e uia:lmum protection wj.s 'iven ry J. A-j A-j 1 1 o ! e , p r e b 1 d e 1 1 1 of t e e x h 1 1 u 'A , 1 ' ' a short tulk to brokers yesreniuy n:or:iir. bevecn sessions. Mr. HoIe btat-,-d thar-r-.jriiors detrinienta! to a heultl'.r-l market ha J been circulated from time to t-rre and that considerable complair.!. bad result re-sult . In rosard to the circu'.ation o. rumors for tbe purpose of depreri..:iK or Inflating tho value of stock, tbe constitu-tiun constitu-tiun and by-Iawa of the Salt I.aku Stoc exchange make no direct provision except to state that: "When any case arises for th-3 consideration of any committee and tbe consideration of any committee, and n?ie of action Is not provided for in the York P:ock e Achate thall bo adopted an a guide." CoucernitiFj clrculfi t;on of rumors, the rules of the New York Stock exchange provide as foliowa: "Circulation in any manner of rumors by members of .hH L-xcliangc or their firms will be deemed an act detrimental to the interest and welfare of the exchange; that all members mem-bers of the exchange .shall report to the secretary of the exchange any information informa-tion which comes to their notice as to the circulation of such rumors, and all houses having correspondents with whom they have private wire connections shah obtain and report to the secretarj' of the exchange any information as to such rumors ru-mors that come to the attention of their correspondents." "Conditions on the Salt T.ake exchange have generally been creditable in comparison com-parison witli exchanges in many other cities," said Mr. Molc. "Jt is tlie aim of the board of governors to see to it that conditions are improved until we have the cleanest exchange in the country. The board Is of one mind that transactions transac-tions on the exchange shall be above re- i ptoach; tiiat there shall be no manipuia- I Hon of stock; that the interests of min- j ing company and tlie puhlic shall be i scrupulously protected. Circulation of rumors to depress or Inflate the value of nny slock will not be countenanced. Those who infringe upon this rule will be summarily punished. "Should any me tuber of the exchange be certain that illegal methods have been taken to inflate or depress the value of stock, he should first notify the secretary secre-tary of the exchange. Our exchange can be made the most active market for mining min-ing stock in the country. To that end, the beard of governors is making extensive exten-sive plans, but before we can do this we must win the conlldence of the investor, and, by the scrupulous integrity of our transactions, retain this confidence." By a vote that was almost unanimous, members of the stock exchange decided that there should be a three-day holiday, consisting of Thursday, Friday and Saturday.