Bisbee daily review., 1908-12-23
HUGHES WILL TRY ID REFORM
 WALL STREET
Has Appointed a Committee Of Nine To Investigate Busi- ness of Exchanges and Re- port Necessary Changes.

l ALBANY, N. Y, Dec. Ex-Governor | Hughes has announced the appoint. ment of a committee of nine, consist | ing of bankers, business men and ] economists, to inquire into the facts surrounding the business of exchanges in New York and to suggest what changes. if any, are advisable in the laws of the state bearing upon specu- lation in securities and commodities; {; or relating to the protection of in- vestors; or with regard to the instTu- lmentaiities and organizations used in dealing in securities and commodities whicd are subject of speculation" The committee named includes:
 Horace White, author and editor: Charles 4. Schierer, merchant. former fy mayor of Brooklyn: David Eeaven- tritt, former Justice of the Supreme Court; Clark Willims State Superin- tendent of Banks; John B. Clark, pro- lessor of political economy in Colum- bia University; Willard V. King, bank CT, president. of Columbia Trust com pany; Samuel H. Orday, lawyer, New York. a member of the firm of Faulk- ner, Page & Co. and Charles Sprague Smith, director of Peoples Institute, of New York city.
 The commission is to serve without compensation and it is understood that all have signified their willingness to the governor to report as early as possible.
 To each member the governor to- night sent the following letter: Gentlemen.-At the last session of the Legislature I recommended that provision should be made for suitable inquiry into the facts relating to speculation in securities and commod- ties, with the view Of ascertaining the manner in which illegitimate transactions might be prevented and legitimate business safeguarded. As stated in accepting renomination, I had in mind, in making this recon mendation, such an expert inquiry as was made into bank'ng conditions, the result of which was the passdge CT highly beneficial measures.
 In this commonwealth. the vast commercial and financial transactions which represent the activities of the entire country. 1t is of tde utmost in.- portance that legislation affecting SnolA1cSo anu De IHe result of deliberate study and that we saould neither threaten business eta bility by ill-cons;de-ed measures vr. on the other hand. invite agitation ul impair confidence bs ignoring abuses and by failing to provide suitable cor recfion.
 Tt is with this in view that I re quest you to act as a committee for the purpose of collecting facts, re- ceiving suggestions, and making such recommendations as may seem to you fitting with regard to the following questions:
 What changes, if any, are advisa- bic fin the laws of the state bearing upon speculation in securities and commodities; or relating to the pro, tection of investors, or with regard to the instrumentaaities and organiza- tions used in dealing in securities and commodities which are the subject Of speculation?
 Tt Is not my intention to limit you in the consideration of any phase or the matters submtt tied and I an con fident that your carefully formed opin- ions. being those of men known fof their interest in public questions and their acquaintance with affairs. and accredited to the community by high reputations. will be of the greatest yalue.~