The Washington times., 1912-11-24
IN LOCAL FINANCIAL CIRCLES
By GEORGE II. GALL,

X ~ ~. ssnn S'0"s ses''ASO'S s"sS~
The principal address on this subject
was made .by Warren 8. Hayden. Of
Hayden, Miller . Co.. of Cleveland.
the term "blue sky legislation" 90 atm.
ing to destroy the business Of those
who sell fraudulent or otherwise non
mer.torious securities. He continued:
ANY blue sky law follows one OF two
q old a. representative government,
and 10 especially familiar to Americans
in these times. These opposing prin.
ciplee arc pAtei nalism and democracy:
In the preseh, application one would
passing in advance Con the merits OF
concrete transactions-ths other by
punishing transsression Of . prescribed
x kKansss 7. the only state. N; S';,i Hay: :
law. and this measure. he maintained
was OF the paternalistic type and un.
II thought" he said. II knew wh..
me Kansas law meant. meant but ,sisa1 wisnins s.uo 70
sral circular of q well established bond
house and asked whether the bonds
described therein were within the pur-
view of the blue sky law. The banking
S that .as shss1 IN
provai. Some houses have as many as
800 issues represented on their lists. AZ
to each Of these issues. except domesuc
and approval thereof would be ncces.
cary. the factor Of delay must be con.
M. Hayden said bis own State Of
Ohio was trying TO solve the enS,su.Ga e,S .n
70 S pS:'"f piay. fhe se' elements H Of a fsir apd
Just measure, he declared. would be the
licensing Of the distributors Of secure
ties. the publicity Of data relative to tne
merits q sec%res niawfuI anS CONDUCT
The convention was called TO order py
President George b. Caldwell, OF CHI
I'VE have been widely advertised g, a.
Ssssn'ssa ssssmss. hs 70 said. sn! !whiis sSi: J.
worthy object, II Is, however. incidental
to the field Of usefulness we hope 70
occupy. We are not expecting 70 pun.
lish blacklist nor to act IN an wSnt ITvi'I 1hs
investor should or should not buy. Inc
individual houses must continue 10 oo
this work. The furthest that we can
10 is first TO keep our memoernn.R, men orn ,rts ~
clean and TO give such moral and active t
support In roofing out Of the neld sucn
get.rich- -Quick schemes as our means ot
investigation may warrant. -.
the Guaranty Trust Company. Of New
York, delivered an address on bucket-
shops and the get-rich-quick concern
The address Of Frank Trumonii: cna,, and
Missouri, Kansas and Texas Railway
Company. was powerful presentation JOY.
of the railway case as cIaimant .CI
the funds Of the public. MT: Irumpu, nv ~
2.cent postage stamp to carry a letter
the railway companies have TO carry
1900 thousands pounds OF freight hVe
miles. 49,, po,-
ert II. Reed, OF Caldwell. Massiich &
Reed. New York, on Uniform NUM-
cipai Bond Legislation:" r: =. Hecht.
OF the Hibernia Bank and Trust Lrns. cSm- %m
n.cipai Drainage Bonds" and BY Fred
can Bankers Association.
Tomorrow Is the day for the stock
holders meetinKs Of the Washington
iItiiities Company. at Alexandria, and
the Virginia Railway Com
pany, At Mt Vernon. when the exchange
Of securities OF the two companies. as
agreed to by the directors OF eaeh'
Is to be ratified.
pany, and holders Of securities IN
most other Washington public utility
corporations. are hoping that the meet
ings will shed more light upon the
mans OF the new $50. .00O,O0O company.
Provided the directors action Is rati.
fled. and there seems to be no doubt
of that, immediate application IL to be
made to the Virginia state Corporation
Commission for approval OF the trans
action. That Is expected to be done
by secretary and counsel. Gardner l..
Boothe, on Tuesday morning. II not
tomorrow afternoon. at Richmond II
no new light Is shed abroad at tomor-
rows meetings. there Is some chance
that It will be brought out In Rich
mond.
Banking and other circles confidently
expect that some definite action will
| he taken early this week In respect to
the appointment Of a chairman OF the
inaugural committee. Bankers know
the value OF q day. There are just
ninety mine days. counting Sundays and
holidays. before the fourth Of March.
and there are 1.0U things to be done
before that date.