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Show Smoke from the Weekly Pipe One of the funniest things of the week in financial circles -was the publication of an editorial edi-torial in The Mining Age of New York, wired to Edwin G. Woolley of the Logan & Bryan service, serv-ice, by old friend George Graham Rice, and published pub-lished in the Tribune, followed the next day by an interview with R. J. (Dick) Evans in which he said that it was practically impossible for local brokers to bucket an order. The Mining Age editorial reads: The Mining Age, which for a long time past has persistently advised its readers not to trade in mining issues on margin, now finds it necessary neces-sary to warn everybody that several of the leading lead-ing mining stock brokerage firms which for the past several years have made a specialty of margin mar-gin trading in Goldfield and Tonopan issuer- are hopelessly insolvent and canot hope to meet their obligations. They tre at this moment short hundreds of thousands of shares of Goldfield and other sto'eks and are without the money to make restitution to their customers. Not 5 per cent of the issues of any description which they are supposed to bo carrying on margin are actually in their possession pos-session or under their control. Evidence now In possession of the Mining Age is convincing from the point that they have been for a long time bucketing their orders. or-ders. The Mining Age has been in daily receipt re-ceipt of so many complaints from readers to the effect that they are unable to obtain cash settlements settle-ments or stocks from certain mining stock margin mar-gin houses that it feels incumbent to sound this note of warning. All recomendations heretofore made as to the reliability of any brokerage houses whatsoever are therefore hereby formally withdrawn with-drawn by the Mining Age. An excerpt from the Dick Evans story published publish-ed the following day read as follow . Bucketing of orders and the dangers to investors inves-tors and firms incident to such practices are practically prac-tically impossible under the rules of the Salt Lake Stock and Mining exchange governing the brokers dealing in mining and other stocks, said R. J. Evans, president of the local exchange, yes- terday. Mr. Evans was discussing the telegram received by Edwin G. Woolley of the brokerage firm of Logan & Bryan, which was published in The Tribune yesterday morning. It was to the effect that a number of the leading New York mining stock brokerage firms that had been making mak-ing a practice of margin trading in Goldfield and Tonopah stocks were hopelessly insolvent and could not hope to meet their obligations. In speaking of the reported insolvency of the eastern firms, Mr. Evans said that the condition con-dition had arisen, doubtless, on account of the f fact that the firms in question were not members of the eastern exchanges. They, for the most ( part, were merely operating under some well-advertised well-advertised firm name, and in some cases the firm as such did not exist. They were not governed gov-erned by the rules of any stock exchange, did not have the safety-first Idea in mind, and consequently conse-quently did not have in their possession or under their control the issues which they were supposed to be carrying on margin. The rules, he said, under which the members of the Salt Lake Stock and Mining exchange operate make it practically imro' 'ble for such a condition to arise, safety fl. -ng the idea behind the rules. ough close friendship, the writer has always al-ways known that George Graham Rice and Richard Rich-ard J. Evans have a highly developed sense of humor, and knowing that it is not surprising they individually took the occasion of the approaching ap-proaching holidays to cheer up their friends by handing them a laugh or two and incidentally assure the public that a perfectly good regular broker could do no wrong. It would be interesting to see the color of the broker's hair, big or little, who has never bucketed bucket-ed an order, and count noses also big and little of those who could have made a good living every year in the last seven if they had not bucketed some orders. We are awfully sorry to hear that such a practice prac-tice has been discovered on Broad street, for up I to the time of the expose, we were quite sure 1 that nothing like that ever occurred, and we are equally happy to know that bucketing cannot can-not be donq by members of the local exchange. Bless the boys who make us laugh in these times of trouble and strife. That was a splendid little buy the Freed boys made when they took over the stock of the Greenewald Furniture Company on a bid of $26,-777, $26,-777, Judge T. D. Lewis confirming the sale after hearing the testimony of those claimants who protested that the price was entirely too low, and the testimony of W. S. McCornick who holds a note against the company for $35,000. Mr. McCornick Mc-Cornick testified that in view of existing circumstances circum-stances and present business conditions, the bid was a fair one. The testimony at the hearing '' also showed the invoiced value of the stock to be ?G3,000. In the meantime, the friends of Mr. Greenewald Greene-wald are more than sorry over his loss. Jake Greenewald has given ten of the best years of his life to building up his business, and the only mistake he ma'de was a common one with some of us the belief that art for art's sake would bo appreciated here. A local paper recently commented on "Damaged "Dam-aged Goods," by Upton Sinclair. This so confuses con-fuses us that we are under the impression that Mollere wrote "Broadway Jones," and Brleux is the author of "The Jungle." Salt Lake in class AA baseball, the place it has coveted thes'o many years. Now lets make it the winning team the best kind of an adver- l tisement for the good old town during the exposition ex-position year. . 1 1 I |