New-York tribune., 1908-12-16
w LII STREET PLEASED
NQUIRY WELCOMED.
Brokers Say Investigation WI
Benefit Honest Business.

The appointment by Governor Hughes Of q spe-
c.al committee 20 investigate Wall Street condi-
lions the principal topic Of conversation in
the financial district yesterday, and the opinion
was everywhere expressed that nothing but good
could result from investigation conducted by
men Of high character, such compose the COM
-nittee The governors Of the various exchanges
and leading brokers said that the commission
would be welcomed with open arms, and that every
assistance would Be given them 70 conduct their
Investigations thoroughly.
There WAS some comment on the fact that ex-
J7stice David 1eventritt- OF the Supreme Court Is
q member Of the Consolidated Stock Exchange
which he Joined on March II, 1884 Some Of the
Nav York Stock Exchange members said that they
thought It hardly fair that the little board"
should have z representative on the committee
and the big board" have none. Judge Leventritt
IS one Of the many inactive members Of the Con-
Eolidsted E21change among whom are included H
H Rogers John D. Archbold. Anthony y Brady
sn6 William Nelson Cromwell He has seldom II
ever. done any trading on the floor Of the lnsti'u-
rio- He declined yesterday to discuss his mem
e,e-shin in the little board even TO say
whether or not he would serve as a member OF the
committee u also remarked that aholler
member Of the committee. Willard Y King IS
not a resident Of this state but OF New Jersey
his home being in MorristoW-n.
Horace White the first man named on the com
r-ittee called q meeting Of the members OF the
committee yesterday afternoon. the time beng SCI
for Friday afternoon a. O'Clock at the once OF
clark Williams State Superintendent OF Banks
VINO is himself d member Of the committee AT
this meeting Mr.. White xiii probably be CHOSEN
chairman
Mn White said that any statement from him at
this tine would be improper If he had any
settled views what the COMMITTEES should co.
which he said. not the case He dld say
however that the committee would have no power
10 compel the appearance Of such witnesses as II
might desire TO examine. the body IS made up
IF volunteers who will act the request OF the
Governor and under powers conveyed by the
Legislature
The Hepburn Commissions investigation was
carried Oh in the same way said Mr. White, and
thst secured all the testimony desired"
The Hepburn Commission appointed during
the panic TO investigate banking conditions, and
fts members. like those Of this committee, served
without compensation
The work Of the commission. after the meetings
for organization, which will begin with Friday s
session. will start IN earnest after the holidays, ac-
cording Mr. White
Willard Y. King praised the action Of he Gov
ernor appointing 4 committee made UP Of men
who know the conditions. Clark Williams said that
the counaitttee appointed 10 conduct an inves-
tization. not inQuisition
John 3. Clark professor of political economy in
Columbia University another member Of the com
mission said last evening that he had accepted
the Governors invitation, but that he did yet
know any of the details regarding the committee.
r H. Thomas president Of the New York Stock
Exchange. said that the appointment Of the com
Of the exchange. He added that every facility
would be afforded the commission in its work. and
ta: the high character Of the members Of the com
mission was assurance that this would be carried
forward in a thorough and impartial
Charles Il Badeau. president OF the Consolidat ted
stock Exchange. said: The investigating com
snttee appointed by the Governor viii be welcomed
by all in Wall Street. The exchanges stand for
honest trading, and since the anJi-bucke shop laws,
adopted under Governor Hgghess administration.
tr SOY ueEf azir7g
no exchange connections are dropping OF bust
ness.
The report Of the commission appointed by the
Governor will Il Is my BELIEF, 90 anything but
harm to legitimate Wall Street institutions whose
essential aim IS 10 protect the investor in securities
AS far as the Consolidated Exchange is concerned,
We viii welcome the committee Al any time il
chooses TO call upon Us This exchange is open at
ell tin1es 70 investigation by the proper committed.
A business that cannot he conducted fairly and
scuarely, 10 all concerned IS not worth while being
called q business
George Brennecke president of the New York
Cotton Exchange declared that ne was anxious
70 receive the committee and assist in every way
possible in the investigation.
We have lien conducting IN investigation Of our
own since last August he said and are in a
splendid position 10 give the committee yaiuaSe
data ! an glad that shall nave practical men
- seal with because a knowledge Of commercial
business IS necessary If investigator is TO make
any headway ia Wall street"
T. 5 Meudels who conducts affairs of the
Broad street curb ulark-t also enthusas sticaIly
IN favor u the forthcoming investigation
Z welcome the Invest CATION OF Wall Street meth
ods which Governor Hughes proposes he said.
Let tie members of The committee call upon me
Ead Wiz show them . body Of several hundred
men, with organization. set Of written rules,
10 constitution code ezcep; the code Of personal
honor. and I VIII show This committee that this
body Of men transact q ytarly business amounting
20 more than s2oog9Oc] whose total yearly failure
Is not more than 5000, 20 per cent Of which IS
made good Yes, VIII show ths committee fine
er.s as honorable body Of men they ever wish
meet
IN brokerage circles there apprehension in
some quarters lest the committee might recommend
legislation prohibiting short selling. but the aior
tty Of the exchange members professed no fear
of that