New-York tribune., 1912-12-28
FOR PUBLICITY BUREAU
Plan Proposed to the Members
of Consolidated Exchange.
THE PRESIDENT APPROVES
To Supply Full Information
About Securities Dealt In
and Aid in Other Ways.

With the approval Of President NJ r..
De Aguero. Warren W. Erwin. a mem
ber of the Consolidated Stock Exchange.
has sent to the members of that body a
circular letter outlining proposed plan
for establishing a bureau Of information
and general publicity. The plan has al.
ready been mentioned alta meeting Of the
board of governors and will come up
for further discussion at the next regular
meeting. 1t was decided that this was
the most opportune period to Inaugurate
such an organization, because public at
tention is being especially drawn t. the
security markets by the investigations Of
the Pujo committee. Further details Of
the plan follow:
The object Of the bureau should he TO
supply accurate. reliable and full in
formation concerning the capitalization,
earnings and business prospects Of the
corporate whose shares are dealt in on
our exchange. and concerning business.
banking and credit. ana general economic
and political conditions. IL WIZ be It's
proper function TO ascertain and make
available TO the members, and through
them To their customers. any fact or IN
formation that affects the safety on value
Of any such security.
The factors OF safety for different
classes Of securities should be considered
with a view 10 preventing losses by, as
well as 10 make profits for the patrons
of our exchange. In short. the bureau
should undertake To do whatever Will
make FOR the broadening Of, and the as
surance of confidence In. the market Tor
securities provided by our exchange. and
whatever WILL by beueiitng our custom
crs. build up the exchange.
10 should establish statistical library,
which should contain financial AM trade
publications. railroad and industrial re-
ports, government reports, etc, To ne
available for the Use of the members.
The bureau should be under the super
vision Of "A committee Of the board OF
governors. II should be conducted by i
manager who should be am expert on all
things that make or unmdkc values. lie
should prepare and publish for the use Of
the members and their customers a
periodical bulletin (say monthly on gen
cral conditions, and special reports as oc-
caSiOu demands. The manager should ne
assisted by an advisory board OF special
experts. 10 analyze values and physical
pcr.ir-, with whom he can consult
from time 10 time This board should
meet. say, once a month. and supply data
for the publication of a monthly report
on general conditions. The members oI
the advisory board should, when called
upon make brief REPORTS on special SUD
jccts assigned to them. lu their respective
fields.
In the circular sent 10 tine exchange
members the promoters Of the plan said:
Intelligent men mo- longer question the
indispensable need for stock exchanges MS
Il part of the machinery u modern busl-
ness Stock exchanges furnish the mar
I,,t- for the securities held by the one
million direct investors. and the much
larger amounts which are held indirectly
for the twenty million depo-itors IN
banks trust companies and savings m
stftUtionS and IOlicyholdeIS Of life IN
suraucr companies. Without such free,
omen and active markets th,-" securities
would oc deprived of much of their
values. stock exchanges are also the
Intermediates through which capital j.
made available to finance the great M
dustrilL. transportation and commcrcial
erfsrrriS.s which. under our modern S}--
t.ms. are So largely carried ON by cor
Uoidtluu-.
Like most human institutions, the stock
exchange system is still imperfect. Their"
arc abuses BOZ IN, operations of IN" So
curty markets as boz other markets ana
iu other businesses. Eut since IN"
mechanism of the security markets is
more complex. IL is not fully understood
by the public. iu the absence OF adequate
publicity the evils ere macnined, and
therr is periodically manifested "a DISPOSE
,ou % abolish the stocb exchanges.
Dealing. as they do. ir such enormous
values. the stock exchanges are the most
important Of all markets, and their aooli-
ton would result in immeasurable in
irrv." saws the clrcWar in closing