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Show 4 THE CITIZEN 7 i THE CITIZEN A Thinking Paper for Thinking People" MM IMMfiMMMMMMMMMMMMMf MMMMMMMMMMMMMMMtMIMMMMMMMMMMMMlMMMMtMilMMM M Published by THE GOODWINS PUBLISHING COMPANY 420 Ness Building, Salt Lake City, Utah. matter. June 21, 1919, at Entered as second-clas- s the Fostofflce at Salt Lake City, Utah, under the Act of March 3, 1879. PRICE: Including: postage in the United States, Canada and Mexico, 32.50 per year; $1.50 for six months. Subscriptions to all foreign countries, within the Postal Union, $4.50 per year. SUBSCRIPTION FRANK E. SCIIEFSKI JOHN L. KOEPPIJ2R ED. S. DIAMOND Manaffrr anil Editor Assistant Editor Advertising Manager STOCK EXCHANGE NOT GUILTY. WE NOTE with interest a clipping- from the Denver Post under date of August 16th, which - reads: Effective next Monday, certain brokerage houses will cease to accept orders for execution on the Salt Lake stock mining exchange, except to correct existing positions. All persons with orders in the hands of brokers for execution are requested to have them cancelled. It is expected that all members of the New York exchange will refuse to accept Salt Lake exchange business, outlawing the institution in an action similar to that taken toward the Boston curb market last year. Fictitious markets for certain stocks are understood to have led to this action. We believe the originator of this article is wholly misinformed as to the stand taken by the New York Stock Exchange; if not, it surprises us that the latter Exchange should presume to take such action. The Salt Lake Stock & Mining Exchange has been in constant session since 1898, a period of practically thirty years and no slur of this kind has heretofore, been cast upon this body. In fact it was the only Exchange of its kind in the United States which did not close its doors during the World War. The New York Stock Exchange closed, for fear, it is believed, of unwarranted fluctuations in the nations bonds and securities. What chance did a bondholder or stockholder of those issues listed on that Exchange have to determine whether or not he was a pauper? On the contrary, during this period, there was a campaign of development in the metal min- ing industry carried on throughout the western country, unparalleled in our history. Our nation . needed metals, both base and precious, and no means was overlooked by the heads of the government to unearth them. During this period one of the largest silver and lead producers in the world was unearthed and is today considered bigger than at that time, namely the Tintic Standard, in the Tintic district of Utah. This stock was quoted at various prices ranging from around 10 cents to the dollars during its prospective stage, selling last year to above the sixteen lollar mark, now about $14.00. This is merely an instance among which there are many, and it is only necessary to consult the dividend records of Utah mines, among which might be mentioned the Utah Copper, Silver King Coalition, Ontario, Daly, Daly West, Park Utah, Horn Silver, Iron Blossom, Colorado, Sioux Mines, Utah Mine, Bingham Mines, Centennial Eureka, Gemini, Swansea, Bullion Beck, and others too numerous to mention. The Salt Lake Stock & Mining Ex change was the medium where the holders of these issues in their prospective stage as well as their producing stage could determine the value of his or her shares; a market based absolutely upon the forces of supply, demand and merit. Reference is made in the opening paragraph of this article to a ficticious market being tolerated on the Salt Lake Exchange. This erroneous idea could only have been gleaned from the actions of a certan stock, listed recently on the Exchange which advanced from $1.00 per share to many dollars, and as quickly or more quickly declined to the cent column. The blame is placed on the Salt Lake Stock & Mining Exchange, but the facts are that it was only after many weeks of deliberation during which time an engineer from the State Securities Commission of the State of Utah paid a visit to the holdings of said company declaring same to be a very fair prospect, which opinion is backed by many other engineers who have visited the property, that the stock was allowed to be called on the Exchange. The cause of the unwarranted inflation of the price of the stock was caused brokit is said by a New York firm of ers who underwrote the stock at a nominal figure and with alluring, misleading statements and other unscrupulous methods prevailed upon the minds of the unwary to purchase a prospect stock at a mine price; and at a critical moment withdrawing their support, it was only the inevitable. If the action of the New York Stock Exchange is as stated in the quoted article above, why do not they get at the source of the trouble? Have they not laws in the State of New York? Where is their Attorney General? Is he deaf, dumb or blind? If this is tolerated who knows what may happen in the future. In this connection it might be well to quote the following resolution adopted at a meeting recently held in Salt Lake City by the National Association of Securities Commissioners: At the closing session tonight of the annual convention in this city of the National Association of Securities Commissioners a resolution was adopted reading as follows: That the Association commends the New York Curb Exchange, Chicago Stock Exchange, Salt Lake Stock & Mining Exchange, Boston Stock Exchange, and San Francisco Stock Exchange for their endeavors to maintain their markets on a high standard by a policy of just responsibility in their dealings with the investing public. These Exchanges show by the actions of their governing boards that they are desirous of rendering efficient, expert service with due regard to so-call- ed integrity. Officers elected for the ensuing year were: President, Jesse V. Craig, Nebraska; First R. C. Clark, Vermont; Second Ed. R. Hicks, Arkansas; Secretary, R. E. McNellis, Tennessee. The next annual meeting place of the association will be selected by the executive committee which will later be appointed President Craig. Vice-Preside- nt, Vice-Preside- nt, Fire Escapes. Sec. 487. erected and built in this city, shall be provided and with fire escapes and standpipes, as equipped i Every building that is occupied or so constructed as to be occupied by two or more families on the third story, not having proper and sufficient exits or facilities for escapes in case of fire, and every building of three or. more stories in height, and every building used or occupied or so constructed as to be occupied as a theatre, hospital, tenement house, apartment house, lodging house, or for a factory, mill or manufactory or for offices, work-shoor public entertainments or assemblies, above the second story, and every school building of more than two (2) stories in height, shall be provided and equipped with metallic fire escapes combined with suitable metallic balconies, platforms and railings, firmly secured to the outer walls, and erected and arranged in such a way and in such proximity to one or 'more windows or to as many windows of each story above the first as may be necessary to make and render said fire escapes readily accessible, safe and adequate for the escape of the inmates in case of fire, and when placed on the rear or sides of buildings not adjoining a street they shall extend down to within 8 feet of the ground. Said fire escapes shall extend from the level of the celling of the first story to and over the roof, A and shall be either vertical metallic ladder fire Q I escapes, metallic stair fire escapes, or other approved fire escapes. The inspector of buildings, and the chief of the fire department, shall determine the kind, construction, location and number of fire escapes, necessary and adequate on all such buildings to make the means of escape therefrom easy and safe to the inmates in case of fire. All fire escapes shall be erected and built as required by the provisions of this ordinance, and shall at all times be kept in good order and repair, and free from any and all obstructions. Every building used as a hotel, lodging house, tenement house, apartment house, factory, hospital, mill or manufactory, shall be provided with a portable, metallic ladder of sufficient length to extend from second story balcony to sidewalk, said ladder to be hung from third story balcony when not in use. It shall be the duty of the owner entitled to the beneficial use, rental or control of such buildings to keep the hallways and stairways in every such building as is used and occupied at night, properly lighted from sunset to sunrise to the satisfaction of the board of commissioners. fol-lo- Wednesday mornings disastrous fire, which caused the death of one young Salt Lake girl and injured several others, came as a shock to the citizens of the city. The sympathy of the entire populace goes out to the bereaved family, the injured and all who in any way suffered from it. On the other hand, deep indignation is felt throughout the city because the building lacked the proper fire protection for its inmates. For many years (1913) there has been a city ordinance in effect that all buildings with two or more families on the third story must be equipped with metallic fire escapes. We quote herewith the ordinance that all may familiarize themselves with this law. ws p, What is the matter with our Fire Inspector and Building Inspector ? Can it be that we are keeping in office men who are so grossly negligent in their duties? Apparently this has been the case. If these men who oked this building as complying with city ordinances are still in office they should be immediately ejected and replaced by men with a higher sense of duty and honor. This terrible catastrophe has happened. We cannot change it, but it is a bitter lesson from which we should profit. Every apartment house, or public or private building in the city should be made to comply with the law. In the first place apartments constructed along the lines of the Normandy, with several apartments to a side, should have windows on each side of the building in the center, and here there should be fire escapes. If the Normandy apartment building had these escapes, all could have reached the outside with safety and the smoke would not have been so dense in the halls. As it was the tenants were trapped in the smoke and flames like rats in a trap. Fires are not always preventable, though, like various accidents which we have, the major portion of them are due to carelessness. the streets regarding the Normandy fire are true, then some fur ought to fly in the city and county build-- , If some ing. GROSS NEGLIGENCE. For the proper and necessary protection and property, all buildings hereinafter designated in this section and ordinance, that are already erected and built, or that may be hereinafter of life of the stories told on Reports have been brought to The Citizen that there was a long wait after the first alarm was turned in and when the fire department did not respond, another alarm was sent in and the firemen responded quickly. But, as the story goes, there were no ladders or nets and some people had to jump three stories or burn up. It is said a call was made for the emergency wagon, but there was no one to drive the wagon, then ensued another delay. These reports ought to be investigated by County Attorney Kelly and if found to be true h should lose no time in taking action. It appears to us that the present city ordinance is pretty strong if it is properly enforced. The city commission with the aid of the city attorney are elected to make and pass ordinances |