The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-21
STOCK feature Retained
Effort to Have 1t Wiped Out Voted
Down by Board Of Trade.
JOHN N. KEMMERER'S REMARKS
Thought the Blackboard Was Used to In.
jure Infant Industries William Con.
nell of Opinion That Present sys.
tenn Serves o Useful Purpose.


VI op'"o" ,""' ''S
tem serves Userui purpose.
A ,oroo r,,,,,,ar ~ ,,,o,,ho,., o.,oaoa
tho ,oae,,nm -, tho ho.rd 30 tnaas =, 81
avonin, IT,, ~, ,1 H..a,, .., o'
nosed tba fo,,o,,,n, rasoIutIon. .0rho,
the .took soat,,ra ha ohonanoa -,
June Isas and thot tha h,ons hoo | rd
ho t,,,o,, o,,t 90 tto ,.ao,,, ~, ,h.. ~. ~ >,
In r,o,inr bjs resoI,,.Ion NJ -
,psrar aftar rarar,.,r,r tn otiao,s s"r
vh,ch Tia hood NOS rt,ad so,a.
"Doas tho stoo,, foatnro cove ,,ith,,
tho n,,ss,on n, ,his hoord ~. an, hno ra
30 ,,,aao noo, a an tho hoora 80,
goodo 7 o,ain, No .rd y,,rthar Coz, T.
barr,s our industries IN which we oil
have % rnrnh nr,da pomorohar mo ~,
of the industries have had a hard time
to get on their feet, and have wealth.
cred a depression as none of us
ever achieved, and anything to
cause the least suspicion of weakness
coming from this board would do much
more harm than coming from any
other source
at seems to me improper that our
board should give any opportunity to
injure the credit of any infant indus
try that 1t has brought into existence.
| claim the secretary has more than
he can do with the legitimate work and
aims of this board, and that stock
brokerage belongs to the brokers,
banks or individuals. Does this board
fix any value on industrial stock? No;
1t demoraliHes both the seller and
puyer. 1 nave STOCK IN factories, ana
none OF them are Tor sale at less than
par YET nave taken more thah l
orls,haliy iil'ehueu' anu consequently
Wouiu hol pus a' less ,hah Par, NJ
'a,ue 'ah We iiNeu u'i''' u's'ue"us uie
pau iio", '"e ea' "''iSS, an' ."em "uy
gro .an W iou"u "''"o'' pu'".
'es'
"hut oo!one' h's"soeA '"ia'
Coiohei frtcncoch' VINO supported 'he
resolution, saiu tha' uhe posi'ioi 'ahe'
Wy MI heniiheiei was sou'iu ohe'
anu piiat "hi'e ,he ooaiu hu,eeu ., oei,,'
INDUSTRIES ~ tne .owh' o'nei .m'.,'u
.,ohs Weie uiseieat.eu' anu .he e',o't VI
'ne oo'u ~
sou .s
lail ~ ioa.e' ,, on. ,I''I' 81 ,',n anu uy ~
n"o" =. '.,..,'. ,.'a,, o., 49,, ,aua 60
=. ,o. ~ stno,, vnho noa ,,,or,,
yvi,,,a, -, ConneII soid he regarded the
stock features as a matter of con-
venience TO the members and the COM
munity in general. and much more con-
yenient than advertising in the papers.
Dealing with the work of the black
board he said that it did not diminish
the value of any stock. but If II showed
any fraudulent institutions in their
proper light. then they should be ex-
posed and the work of the board should
continue. Another argument in favor
of the feature was that It prevented
any stock being foisted upon people
who were not aware of its proper value.
He had heard of a case where the
stock of a new institution, which was
not worth cents a share, was sold at
500 a share to a countryman. If such
action was stopped. by all means keep
the board. Dealing with Colonel Hitch
cocks remarks, Mr.. Connell said that
1t was an easy matter to make asser-
tions, but 1t was different question to
prove them, and II Colonel Hitchcock
could show him how the figures on the
board had the effect he mentioned, he
would be ready to yield the floor.
Cou,.,,ed IN Acc.n, Tbc;r E,,urc
When buver mr. seller desired to
n,ace stock on the hoard thew were
comneIled to give n guarantee to sci, or
buv ~ their offer was met Regarding
the effect rnon now industries be said
that n would raou,re consider. ble logic
to show how tho Nqures would .rfect
such industries All Industries should
stand mr. fall nm their own merits If
tbev wanted 40 MT down fraudu,ent
institutions the hest means would he
to keep on the board, and at the same
time they would foster all worthy in
stitutions
w. II. Peck, of the Third National
bank, explained the safeguards adopt
ed in connection with the blackboard
T. H. Dale opposed the resolution and
dealt with the advantages of the fea-
ture to the local commercial interests.
Ebenezer Williams, Luther Keller, ].
A. Lansing and others spoke on the
matter. after which the motion was
voted upon. About three persons voted
for the resolution, which the chairman
declared to be lost.