New-York tribune., 1908-12-15
LIGHT ON EXCHANGES
GOVERNOR NAMES INVES-
TIG4TING BOARD.
Nine Vel KnOzCn Men appointed
to Report on Stock Trading
IN Wall Street.

Albanv Dec 14-Governor Hughes tonight
announced the appointment of a committee OF
nine consisting OF bankers, business men and
economists to inquire into the facts surrounding
the business of stock exchanges in New YORK
and to suggest what changes, if any, are advis-
able in the laws OF the state bearing upon spec
ulation in securities and commodities; or relat-
ing to the protection Of investors or with regard
TO the instrumentalities and organizations used
in dealing in securities and commodities which
are the subject of speculation"
The committee named includes Horace White
author and editor; Charles A. Schieren' mer-
chant formerly Mayor Of Brooklyn; David
Leventritt ex- Justice of the Supreme Court
Clark Williams, State Superintendent OF banks;
John B. Clark professor of political economy IN
Columbia University; Willard V. King banker
president Columbia Trust Company; Samuel H.
Ordway, lawyer; Edward D. Page, Of Faulkner
Page & Co. and Charles Sprague Smith, d.
rector of the Peoples Institute, all Of New York
The commission is to serve without compen-
sation and it is understood that all have signihed
their Willingness to act The commission has
been asked by the Governor to report as early
practicable.
To each member the Governor tonight sent
the following letter:
Az the last session of the Legislature recon-
mended that provision should be made for SUIT
ton in securities and commodities with the view
of A asCertafnfng the manner in which 1lIegltlmate
transactions might be prevented ana leslLlLla. .t
business safeguarded. As | stated in accepting
denomination l had in mind IN making ullS
recommendation, such an expert inquiry as was
made into banking conditions the result OF
which was the passage of highly beneficial
measures In this commonwealth the vast COM
D,erciel and financial transactions of which rep
resent the activities of the entire country 1t Is
of the utmost Importance that legislation AFFECT
ing business and exchange should be the result
of deliberate study, and that we should neither
threaten business stability by III coisIutieu coisui u u
meas aslIres or on the other hand invite agitation
or impair confidence by ignoring abuses ana oy
failing to provide suitable correction
It is with this view that request you TO act
as committee for the purpose Of collating facts,
receiving suggestions and making sucn recon- recon-,
mendatiOns as may seem to you fitting with
regard to the following question:
What changes. if any, are advisable in the
laws of the state bearing upon speculation IN
securities and commodities or relating 10 the
protection of investors, or with regard to the
instrumentalities and organizations used IN deal
ings in securities and commodities Whlch are
the subject of speculation?
It is not my intention to limit you IN the con
sideration of any phase of the matters SUD
rnitted and I am confident that your carefully
formed opinions, being those of men known Tor
their interest in public Questions and their ac-
ousinta1ce with affeirs and accredited to the
community by high reputation will be OF the
greatest value.
Of conpensation or indemnity for expense, as
have no authority to subject the state TO any
obligation in connection with your appolht1e eilt'
But know that your generous action IN ser IN ms
the community will be highly appreciated and
will a ford another and most welcome Illustration
of the public spirit of our citizens
shaII he glad to receive your report al as
early date as You may find practicable. l nave
the honor TO remain, very respectfully yours,
CHARLES z, HUGHES.
Governor Hughes recommended to the ex-
traordinarv session of the Legislature this year
that a similar commission be appointed, but the
legislative committee to which the recommended
tion was referred failed to report it
In his speech of acceptance, to which he refers
in his letter Governor Hughes said in part:
I have no sympathy with fanciful schemes for
the regulation of business with arbitrary iegis-
lation. But il is important to the maintenance &c
~ tusiness stability and TO the prosperity of
honest enterprise that suitable opportunity
should be afforded for the proper dealing with
all questions that presented, 10 the end thaI
such remedies may be provided as after com
petent consideration may be found advisable.