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Show THE CITIZEN 14 in the Broken Hills treasury was spent on the property and that I was not even a director of the company. The Bingham Galena is a high class Utah mining enterprise, officered and managed by leading Utah citizens of unquestioned standing, and you know that, too. The Bingham Galena treasury stock offering was favorably passed upon by a unanimous vote of the Utah Securities Commission, consisting of the secretary of state, attorney general and the state banking commissioner. The offering was beyond criticism and the stock is now listed on the Salt Lake stock exchange. I have no apologies to offer for my promotions in California, Utah or elsewhere. I have always backed them with my last dollar. In endeavoring to influence the public mind into believing that I am dishonorable because Broken Hills stock is now selling in the market at a low price you are resorting to the most ordinary kind of flapdoodle, nonsense and humbug. If prevailing quotations in the stock market could be accepted as a criterion of the integrity of a promoter then about ninety-ninper cent of all the promoters of enterprises for which you have granted permits to sell stocks in California are right now candidates for the penitentiary and also fully ninety-fivper cent of all the sponsors of listed and unlisted securities of all descriptions traded in anywhere. e duced a billion dollars and more in s metals, precious and Utah might as well go out of the mining business. semi-preciou- Take the case of the Bingham Despite the fact that the company owns 4S5 acres adjoining a one hundred million dollar producer, and after it had spent $750,000, it found itself without funds to continue operations the banks and the bond brokers wouldnt loan the company a dollar. Then the company appealed to Ga-len- George Graham Rice, who was rusticating at Reno, Nevada, in an eighteen room mansion, to come to Utah and put the property on its financial feet. He came. Immediately he paid up all the outstanding debts of the company and took stock for it. Then he financed the company for heavy mine opermen ations. Then he put twenty-fiv- e to work men who needed work badly. Lo and behold! The God of Abraham, Isaac and Jacob, stood by him and within a few weeks he was able to tell the world that the company had found a bonanza ore body three feet thick, assaying 47 per cent lead and 12 .ounces in silver. It appears it will be a miracle if Rice and his associates do not make a million dollars out of the Bingham Galena deal if the mine makes good on its present showing. e It will be remembered that the newspaper dispatches said a warrant had also been issued for Child, Barclay & Company, Salt Lake stock brokers, on the same charge as lodged against Rice. Secretary Hicks of the Utah State Securities Commission wired Bellows demanding that a copy of the warrants against Child, Barclay & Company be forwarded because this company is a regularly licensed Utah brokerage firm. Secretary Hicks, at the last reports, was still sucking his thumbs waiting for a reply. Whats the game anyway? Is it true, as Rice claims, that the bond brokers and the bucket shop operators in western cities, run under and in connection with the New York stock exchange, are organized to destroy mining stock speculation? The bond peddlers, it is alleged, have been milking the public for the past four years. The bond market has been steadily declining and it is said the public has lost hundreds of millions of dollars buying the securities which have been cracked up to them as safe and not speculative. Worse, it is declared hundreds of millions worth of speculative securities have been peddled to a confiding public for which there is today no market at all. Rice says that the hulabloo about speculative mining stocks, no matter how meretorious they may be, is merely a smoke screen to cover the depredations of the swindling class of bond brokers. He says that if this band of brokers can get away with their raw game and are able to kill off mining speculation in Utah, which has pro a. THE VALUE OF A DOT. The issue of The Citizen of June 4 carried an article on the Greater Consolidated mine of the Alta district, in which it was stated that a new vein encountered in the tunnel through the property was being worked, showed assay values to $36.20 a ton. The vein covered the entire face of the tunnel, it was said, and was believed to be the main Logger or Benson fissure. By misplacing the dot in the figures the compositor made the assay returns read $3,620. Since then it is reported predatory interests have been trying to cause trouble for the mine management. The editor of The Citizen not only got the assay figures of $36.20 correctly from the promoters of the mine, but he also had access to the assayers written report and wishes to declare for the benefit of all inter- ested parties, that $36.20 represents the true assay value of the new find. Mining conditions in Tooele county seems to be picking up from the work that is being started on a number of prospects in the county. It is said Alex Caldwell who has a lease on the Sharp mine in Harker Canyon near Vernon has started operations on the property and expects to start shipping ore to the smelter soon. The steel for the new mill of the King Coalition commenced to arrive this week. Sixty men are employed in cement work, carpentering, grad ing, excavating, etc., and it will be but a little while now before construction work on the mill proper will be commenced, says the Park Record. Child Barclay & Co. Are Exonerated by Hicks TO THE SECURITIES COMMISSION: After having been attacked by the newspapers throughout the country relative to the sale of certain stocks, which, it was alleged was in violation of the California law. Child, Barclay and Company, licensed brokers, operating on the Salt Lake Stock & Mining Exchange, sent the following communication, in which a clean bill of health is requested: July 9th, 1921. H. C. Hicks, Secretary the U.tah Securities Commission, Salt Lake City, , Utah. Dear Sir: We desire to bring to your attention certain news stories calculated to injure our firm and which we would like your honorable body to investigate and see if we have been guilty of any offense worthy of attack by the Securities Commission of California. For your consideration we enclose copy of the original and only letter sent to certain people in California; copy of article appearing in the San Francisco Call containing attack on our firm by E. C. Bellows, one of the Securities Commission in Cailfornia; copy of article containing our wire sent to Commissioner Bellows; copy of post card sent out by the Fidelity Finance and Funding Company of Reno, Nevada. We desire to more particularly call your attention that in our one letter to California, we did not offer to sell stock in California, but said, We invite your business in the stock and would be glad to hear from you without delay. These orders would be executed on the Salt Lake Stock and Mining Exchange in the regular way and come interstate under the heed of com- merce. We believe that your commission will desire to afford us protection and if you investigate and. secure the charges of Commissioner Bellows of California that you will see fit to give us a clean bill of health. If immediate action can be taken on this we will appreciate it. Respectfully yours, CHILD, BARCLAY & CO., By (signed) J. A. Barclay. Immediately following the request, your secretary sent the following telegram to E. C. Bellows, Commissioner of Corporations, Sacramento, Cal.: 11, 1921. E. C. Bellows, Commission of Co- July rporations, Sacramento, California: Child, Barclay & Company, licensed and bonded brokers under the laws of Utah, have demanded investigat.on by the Utan State Securities Commission of the charges made by you in San Francisco Call of July second and sixth (stop). The Utah Securities Commission kindly request that you file by wire at our expense said charges and forward proof of same without delay in order that early investigation may be held and our commissioners take such action as the war- rant (stop). Appreciating your prompt . H. C. HICKS, Secretary Utah State Securities Commission. As no answer was received, the Western Union Telegraph Company was requested to ascertain whether or not the telegram had been delivered and on July 13th, the following telegram was received from the Sacramento office: July 13th, 1921. . H. C. Hicks, Salt Lake City, Utah. Yours eleventh Bellows delivered nine Twelfth. WESTERN UNION TELEGRAPH A. M. COMPANY. Your secretary then proceeded to secure such evidence as might be on file relative to the charge made that Child, Barclay and Company had violate the Corporate Securities Act of California, and obtained the following copies of the letter and postal card which were sent to California: CHILD, BARCLAY & CO., Stock Brokers. Salt Lake City, June 24, 1921. Dear Sir: We have been requested by Mr. George Graham Rice, who is now sojourning in Salt Lake City, to place your name on our mailing list to djiiimiiiiiiiiiiiiiiimiiiiimiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiiu I Bingham Galena BUY Silver Shield M We invite your orders for execution on the Salt Lake Stock Exchange 1 Dem E Salt Lake Stock Exchange Los Angeles Stock Exchange Newhouse Building, Salt Lake City I. W. Heilman Building, Los Angeles -- E E Sc Tlhoinnias , Members J rfllllllllllllllllllllilllllllllllllilllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllllli? f ; I S E E |