The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1913-03-01

Public Examinations.
Regular periodical examinations OF
members by a committee OF the clear
ing house association should he pro-
hibited. and instead all such examina-
tons should be conducted by public
authorities"
The committee would give the gov
eminent supervision OF clearing house
certificates. and would prohibit the fix
ing OF rates by clearing houses for the
collection of out -oC-town checks, dis
count or interest on deposits
AS to the New York Stock Exchange
the committee recommended:
That Congress prohibit the trans
mission by the mails or by telegraph
or telephone from ono State to another
OF orders TO buy or sell quotations or
other information concerning transac-
tons on any stock exchange and also
prohibit national banks from buying or
selling or lending upon the security
or stocks or bonds listed on any stock
exchange, unless such exchange were
"a body corporate OF the State or Ter
ritory in which it is located"
Require corporations whise securi-
ties 1t the Stock EXchangc) lists" the
report continues. TO make a cornplet @
disclosure of their affairs. in parti-
cular any commission paid to promot
ers, middlemen or bankers out OF any
such security interest or the proceeds
thereof.
Require margin OF not less than
20 per cent on all purchases OF stock
prohibit as far rs possible the exc
cution OF simultaneous or Substantial
~ simultaneous orders proceeding from
the same person or persons TO buy and
sell the same security for the purpose
or creating an appearance of activity
therein. and any orders the purpose OF
which Is TO initiate or depress the price
of any security.
prohibit members from pledgins
securities purchased and carried for :,
customer for an amount greater than
I the unpaid fortune of the purchas sc
price, whether with or without consen,
Of such customer.
prohibit members from lending ia
other members securities carried by
the former for customers. whether
with or without the customers con
sent.
Judicial Review.
state In its charter the conditions
on which issues Of securities shall. be
admitted or removed from the trading
list. and provide for judicial review
OF its action in this regard
Keep books of account, showing the
actual names and transactions of Gus
toners. and give access thereto to the
Postmaster General"
Among the recommendations for the
restriction or national banks the com
mittee set forth TWENTY-FIVE regula
tions. These were:
The prohibition OF the consolidation
of two or more banks without the APP
prevail OF the Comptroller of the Cur
rency; prohibition Of directors serving
on the boards of more than one bank
in the same community or locality: for
bidding ownership OF stock in ono ma
tional bank by any other bank or trust
company forbidding voting trusts In
the control OF banks: providing for
cumulative voting in the election Of ma
tional bank directors; forbidding sc
curitH holding companies as adjuncts
TO national banks; forbiddinG inter
state corporations from constitutinE
any banking establishment their sole
fiscal agents; forbindins Interstate COT
porationa to deposit funds with mn
Buperyiued. unregalated, private bank
,crsM; fofbiddlnG national banks from
3t f1516 erwrstlng sEystsfSetk1ss