The Youngsters

The venerable New York Stock Exchange last week tipped its hat to youth. Three young Salt Lake City brokers, Edmund W. Dumke (29), Richard W. Muir (28) and Given A. Light Jr. (27), plunked down $85,000 and were approved for an exchange seat in Dumke's name. Thus, as far as the exchange could check, Muir, Dumke & Light were the youngest partnership, in terms of average age, ever admitted to Big Board membership.*

The three met while working for Salt Lake City's J. A. Hogle & Co., soon came to the conclusion that a stock salesman's salary and commissions were not enough. Dumke got in at the start of the uranium boom and bought options on 400 claims in Utah's Big Indian district, sold them at a fat profit. Muir also cleaned up in uranium; he bought a big block of Lisbon Uranium Co. stock at 20-c- a share, saw it rise to $7. Light played the Big Board with equal success.

Muir and Dumke then formed a brokerage firm to trade mostly in penny uranium stocks. Early last year they brought Light and his cash into the partnership, whose net worth now is $250,000. Their goal when they launched Muir, Dumke & Light was to get a Big Board seat within five years. "Now that we have accomplished our aim so soon," says Dumke, "we have the longest potential experience of any partnership in the country."

* Though not the youngest individuals. Lawrence Cowen, now president of Lionel Corp., bought a seat in 1929 at the age of 21.

This file is automatically generated by a robot program, so reader's discretion is required.