Show I EXCHANGE CHIEFS WELCOMED 1 t Ill 7 J. J A Barclay r th s 's it Lake Mining Exchange confers with center Charles E. E Hudson president of the San Francisco Francizco Fran Fran- cisco exchange and right Warren Given president of the Denver Stock exchange MINES GROUPS Will ORGANIZE Western Exchanges Oppose Control Provisions of Legislation Preliminary steps for the formation ol of the Western Association ot of Mining Exchanges by representatives ot of the principal mining exchanges exchanges' or of the thc nation nation na- na tion w vre re taken at a ond y yin in the Salt Jal Lake stoc ex r The e organ z tion will be perfected perfected per per- and officers elected Monday even evening ing The organization was formed toper toper- mit to act as a unit on major problems s said id The association membership in includes eludes the Salt Lake stock exchange the San Francisco mining exchange the Denver stock exchange the Spa kane stock exchange the California stock exchange of Los Angeles and the Seattle stock exchange The organizers organizers or- or reported that these six ex cx- changes members and the ex cx- changes represent companies whose hares hares' are listed for trading It was estimated that the compa compa- flies nies employ workers Oppose Exchange Bill nUl Opposition to the Fletcher Rayburn stock exchange control bill or the national securities act of 19 4 was expressed in a series of oC resolutions adopted The exchanges declared themselves opposed to being included ed in the provisions of the Fletcher Fletcher- Rayburn bill the resolution pointing out that Various features of this act would prove to be ot of serious injury and reo re- suIt in the closing down in many cases of oC producing mines and throwing throwing throw ing thousands of men out of oC gainful employment In many instances mines have stood by their throughout the depression at tremendous loss of oC ore reserves and this legislation would have an adverse effect upon such companIes Would Amend Act The association is in favor of oC changes in the national securities act of 1934 to simplify registration and eliminate the expense and strict requirements imposed by bythe bythe the act on small smaIl companies The Thc exchanges themselves in their endeavor to meet conditions of the bur 11 m ed d lation t l f r t d all trading trade trad- ing operations ar are t d in such to inspire t the e confidence or of orthe the trading public The was attended at at- tended by Charles Charles' E. E Hudson president president dent of M the San Francisco ex ex- change F. F Coffin chaIrman of oC the board San Francisco mining exchange e Warren W R. R Given Gien COntInued on Ps Two Tn i MINES GROUPS Will ORGANIZE Western Exchanges Oppose Control Provisions of legislation Continued from Pare pue One dent of the Denver stock exchange J. J A. A Barclay presIdent ot of the Salt Lake stock exchange md and Imer Pelt pett Sr and W. W D. D as members ot of the legislative committee of the Salt Lake exchange W W. IL H. Child Salt Lake represented the California stock exchange of Los Angeles and the Spokane st stock ck exchange Mr Hudson who was one of the origInal members ot of the Salt Lake stock exchange In 1893 and 1894 also represented the California stock slack ex cx- chan change e of Los Angeles Would Bar Control Mr Given th the Denver stock ex- ex change presIdent expressed p personal opposition to any national regulation of western stock exchanges and predicted predicted pre pre- President Roosevelt cannot do what he desires for tor mining if the gay gov continues to hamstring mines We want a 1 shorter form ot of registration regis regis- under the securities act Mr Given declared The proposed form would be a hardship art on mining corn com because there do- do panics are too many tails taUs and ideas of eastern people as to the form of registering a security Little companIes cannot stand the ex cx pense of this thi registration He o opposed posed national regulation of western exchanges on the grounds condItions prevailing in regard to Wall Street are arc not applicable to western enterprises and exchanges Opposes Commission Clause The Rayburn bill was amended In committee to allow the federal trade commissIon to to exclude small ex cx- changes he declared This is not suitable We want nothing in the bill to affect small exchanges They might as well be licensed as have to go before be be- tore fore the commission to get Colorado mining companies have done doneall all that has been called for un dee der the new de deal l and appreciates what President Roosevelt has done for gold and silver sUver But the president cannot do what he desires it the gay gov continues to hamstring mines since passage of the first securities act |