Show II E POLl I CY FOR EX CHAN G CHANGE r r Futures Will WiIl- B Be d r. r 1 i to but Curbing Is ls' ls Isan- Isan Banished Banished Ban Ban- Forever BROKERS FAVOR BOARDS BOARD'S Inder uder Present resent Status Members Have No Protection When Fellow Trader Tl-ader Fails MAY MAY URGE REVISION OF RULES The newly elected d governing board of the mining stock exchange will re restore restore re- re store trading in futures and therefore therefore there there- fore lore meet the desires of a a. majority of oC the membership of the exchange The board will vilt veto the proposition to abolish the afternoon call in Ir favor of cur curbing T The e curb said one of ot the new governors governors governors gov gov- offers too many opportunities for the pot-boiler pot and dishonest t broker to mislead an and cheat the buying pub pub- lic lie Wash sales and the unrighteous boosting of stocks were altogether too frequent on the curb in the past and I F for lor one do not propose to return to those conditions Brokers doing I a a legitimate business can get all the tr trading they want on the exchange that is what the exchange is 19 for and H It t must be so maintained v i A AS TO FUTURES The to be a a. difference of opinion as' as asto to the advisability of re restoring restoring re- re restoring storing futures Not a few of the 1 brokers contend that the buying and selling of stocks at advanced or re reduced re- re duc d prices d-prices prices for delivery at ata a subsequent subsequent subsequent quent date tends to destroy the cash price of the s security and ther thereby by In Injures In- In jures the to day-to-day transactions The advocates of futures maintain that the increase or decrease in Iii values c caused used by dealing in futures splits eten even een between bu buyers rs and nd sellers This is true where bear beLr and bull m movements alternate but with the preponderance of the one one ne or the other he influence of futures is bound say he brokers to be felt The one ad- ad antage e e. e however in the dealin dealing in is the opportunity it affords he outside speculator to play his on the probable rise or fall if f any security Without it out at the time f the transaction his being the owner f any stock The brokers who ca cater ter to this trade Ind md nd that their customers and profits lave have ave fallen off since futures were The lir i with money is 1 to willing to c carry carry-a rry a buy buyer x or oteller seller in futures tures for any reasonable j length o of time inie for fo for t the e 4 or pr 5 er er r cent or moren more moreon moren on n the investment represented 1 in the difference ce cel l In p price ce between a a future or r a cash transaction For instance if is quoted at 5 50 cents and anda a man nan manis manis I is willing to pay pay hay 52 rents cents f for foy ri it lt on I thirty days days' delivery there is an 1 diate profit of 2 cents In sight for the I 1 w will vIiI carry arty e lit L CHANGE SUG SUGGESTED ESTED Another Anoh r and and nd qu question stion to tobe tobe tobe be def determined is th that t l-t of ing the exchange a and d conducting it asan asan as an association The move is contended contend contend- ed for by those who believe that the theL L members of the exchange are entitled r t to protection as against outside credit credI cred cred- credItors I J. J it Hors in the case of ofa a fello fellow broker broker who who may go to the wall Under the oration laws such protection is is' is and the limit of the ex- ex ge's security Is in the value of j share hare h re or seat of the member in- in 4 d. d t n s Probable that there will be an ej l made to revise t the e rules of the |