Daily press. [volume] (Newport News, Va.) 1896-current, 1909-06-20


purchase mining shares because thel
are quoted en- the curb; these are fire
quentiy advertised In newspapers ane
circulars sent through the mails as
so quoted.
Notwithstanding the lack OF proper
supervision and control over the ad
mission of securities to the supervls
ion and control over the admission
OF a securities to the privilege Of quo
tatiOn, some OF them are merltorl0us
and in this particular the curb per
forms a useful function. The exist
ing OF the cited abuses does not, IN
our judgment, defend the abolition OF
the curb market. Regulation is. how
ever. imperative. About So per cent
OF the business of the curb comes
through the Offices OF members of the
New York Exchange. but provision
of the constitution of that Exchange
prohibits its members from becoming
members Of, or dealing. on. any other
organized Stock Exchange in New
Yok. Accordingly, operators on the
curb market have not attempted to
form an organization. The attitude
of the Stock Exchange is therefore
largely responsible for the existence
OF such abuses as results from the
want of organization of the curb
market.
The Stock Exchange should com
pei the formulation and enforcement
OF such rules as may seem proper for
the regulation OF business on the curb.
the conduct of those dealing thereon,
and. particularly. for the admission Of
securities. to quotation
The abuse of advertising is gone in
to at length, the committee declaring
that much of the discredit in the pub
lie mind attaching to Wall Street is
due to frauds perpetrated by means
of alluring advertisements.
Papers which honestly try to dis
tinquish between swindling advertise
ments and others, may not in every in
stance succeed in doing So the re-
port says, but readiness to accept
which are obviously
traps for the unwary is evidence OF a
neral delinquency which should draw
out the severest public condemnation
Another serious evil is committed
ticns by serving as directors without
full knowledge OF the affairs Of the
An amendment to the
Penal Code is recommended provid-
Ing that any person who advertises
falsely concerning corporation shall
be guilty of Il misdeamcr and that
any publisher of a newspaper or other
publication who fails to obtain from
he person responsible for such an
advertisement a written and signed
statement to the effect that such per- |
son accepts responsibility for the
same shall be guilty of a misdeamor. |
With reference to bucket-shCps it is |
that feature of the |
law be adopted making |
[ necessary for conviction to show
hat the bucket-shop keeper intended
he trade TO be settled by differences !
md not by transfer of property 1t |
hat, so far as the transmission of
quotations is concerned. |
telegraph companies shall not be
deemed common carriers, or be COM |
Delled against their volition to trans |
nit such quotations to any persons; |
llso a law providing that il a tele-
graph company has reasonable ground |
'or believing that it is supplying quo
.ations 10 a bucket-shop. it be crimi- |
laliy liable equally with the keeper |
If the bucket-shop.
The Commodity Exchanges.
In its report to the exchanges that |
Zeal in agricultural products the Com |
nittee quotes the report Of the Indus |
.ri"l Commission Of congress in 1910 |
showing that selling for future deliv |
cry, based upon a forecast of future |
conditions of supply and demand. is !
IN indispensable part of the worlds
machinery. by which |
prices are as far as possible. equal
vantage of both producer and consum- |
sr. The committee then says:
Buying for future delivery causes
advances in prices: selling short tends |
% restrain inordinate advances. IN |
each case there must be a buyer and |
l seller and the interaction Of their
trading steadies prices.
De1ilnR TOT OUTSIDERS are uSpdtiy |
upon a 10 per cent margin; obviously |
Z the margin were increased gener-
ally, say 10 20 per cent. a considerable
lart of the criticism due to losses in
speculation. particularly as to the Cot
ton Exchange, would be eliminated"
The Produce Exchange.
The committee disapproves trans
actions in mining shares on the Pro-
luce Exchange in the following Ian
yuage:
From our examination Of the trad
ing in mining stock recently intro
fuced. we conclude that the lack OF
experience Of this body in this class
z business has resulted in a neglect
II proper safeguards to the investor
md an undue Indictment 20 specula-
tive Transact IONS ~ gambling ma