New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-03
Senate Committee Reports Ad-
verseiy While SuIzer Appeal
Is on the Way.
IT'S VOTE STANDS 81 TO 8
0f Twelve Wall Street Meas
ures introduced, Eight Have
Passed-TWO Have
Been Signed.
1B, telegraph to The Tribune. ,

Albany. May The Senate to-day put
The last nail into the coffin OF the Sulzer
bill for the Incorporation Of the New
York Stock Exchange. That measure
was reported adversely by tho Judiciary
committee. Senator Wagner defended it
and urged that the Senate disagree with
tho report. The Senate. however. refused
bv \ vote OF 81 TO 10 disagree.
Governor Sulzer had again appealed to
the Legislature to pass Stock Exchange
measures still pending, but before the
message was received the Senate had
acoptea an adverse report on the incor-
poration bill. This measure had passed
The Assembly. but the action OF the Sen
ale to-day killed II. Those recorded in
the negative were Boylan Malone. Pat
ten. Transporter. Scclev. Wagner, Wende
and Wheeler.
When the adverse report was submitted
10 tie Senate. the minority leader, Mr.
Brown, declaring the report had been de-
cided upon by all but unanimous vote
OF the judiciary Committee. moved that
tho report he adopted. The majority
leader, Senator Wagner. who asserted
that he had disa greed with practically all
Of the Senators on the Incorporation
proposition. moved TO disagree with the
report. Senator Browns motion pre-
vailed.
or the twelve Stock Exchange measures
introduced on recommendation OF the
Governor the Assembly passed all except
one for a 10 per cent maximum rate OF
interest or call loans. from which the Gov
ernor recently withdrew his support
Eight of the bills have passed both the
Senate and Assembly and TWO have been
signed by the Governor. Among those
ncndng is the one out Of which grew the
charges OF attempted extortion preferred
against Senator StlweL. chairman of the
Codes Committee. by George II. Kendall
president Of the New York Bank Note
Company.
Concerning these pending measures
ssid the Governors message to-day. i
have sent TO the Legislature emergency
messages to speed their enactment and
am convinced that their passage al TINS
session Of the Legislature is greatly 70
the interests Of the public welfare.
"T had hoped that the emergency mes
safes would have resulted in the SPEEDY
massage OF these measures. J now want
10 impress upon you as emphaucaliy ana
as earnestly as words can convey that
believe it 10 be the desire Of our citizehs
that these pending Stock Exchange meas
ures receive favorable consideration oS
the LEGISLATURE at this session.
The measures sent 10 the Governor uedi
with determinations by exchanges, trans
actions by brokers after insolvency ana
the disqualification Of customers seour'-
tics trading by brokers against custom
ers orders. false representations concern
ing securities. reporting or puollsnihg Nc
titious transactions and securities ana 'ne
delivery to customers OF memoranda Of
transactions by brokers.
The two bills signed make more s'ilh
cont The law against bucket shops ana
pro,ide penalty for manipulating tne
prices Of securities
The Senate later without opposi'oO
rassed the Levy bills designed 10 pre-
vent trading by brokers against customer
orders and 10 require brokers TO submit "
customers memoranda Of Transactions