New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-05-18
TAXES EXCHANGE TO TASK
Norman Says No Action Has
Been Taken on Shelters.
AFFIDAVIT ON APRIL IS
Wants Governors to Act on His
Allegations Regarding
Stock Listings.

q, a letter directed TO the president
md the governing committee OF the Stock
rvchange under date Of May l6 Sidney
xo-ran. who has been actively engaged
. hght against the American Shelters
securities Company, charging conceal
n.Dt Of its control OF the Federal Min
ing and Smelling Company at the time of
=. listing Of the Securities stock. in 1909.
lies the exchange TO task for its al
eyed dilatoriness.
lie recites how. on April 10. he appeared
A.fors the stock list committee and pre-
.sn,ed an affidavit in support OF his
.,.ree against the Guggenheim concern.
vo-nan states that w. W. Heaton. chair
ian Of the committee, informed him that
ne matter would receive fun considera-
,,on and that he would be notified OF the
oonmittee's action in due time. Four
rssks have elapsed since the governing
.ommlttee heard Norman's evidence. but
- word has been received by the Federal
companys champion as to any decision
il might have reached.
- have been unoflcially informed"
said Norman. that on the Monday fol-
lowing my appearance Edward Brush,
,ice president Of the American Shelters
conpany. made a verbal denial OF my al
isrations In strict justice to me and
those whom represent ! think that a
cony Of this denial should have. been sup
70 cL ~
nroying my allegations should be simple,
in view Of the fact that your organization
could call for the books OF the companies
involved and thus definitely trace the
stock in question. Examination OF the
Federal stock book will prove that the
certificates have not been transferred
spee originally issued 10 the American
shelters Securities Company. and II IL
therefore evident tina; If. as ] understand
Mr.. Brush alleges, control was out of the
hands Of the Guggenheim interests for a
short period during which American
Shelters Securities was listed, transfer
must have been by Endorsement only.
and the company's financial records will
therefore show 10 whom the stock was
delivered. how much was paid for il and
when and by whom II was returned to the
ownership OF American Shelters Secu-
rites Company. which l understand Mr..
Brush now acknowledges. At the time
this alleged transfer was made the stock
Of American Shelters Securities Com
pany was partially in the hands OF the
public and the details surrounding alleged
sale and repurchase Of one Of the com
panys most valuable assets is therefore
Of wider interest than is embraced by
the knowledge of a few officials.
Considering the Importance OF this
matter in its bearing upon the tremendous
losses sustained by Federal stockholders
IN the past few years l consider II only
Just and proper that you should make
early disposition of my complaint. espe-
rally as such action will in measure die
tate the nature OF further steps that
vii be taken 10 bring the matter more
fully before the public and also to the
attention OF those who are legally EN-
povered to protect the public where mis-
representation has been made. ! there
fore respectfully request that / be IA
vcred with an early communication upon
The subject"