New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-14
EXCHANGE MEASURES IN
Assembly Committee Reports
Nine of Governors Bills.
OBJECT TO INCORPORATION
Several Members Against 1t,
but Agree That All PROPOSE
tons Should Be Discussed.

Albany. March l3.-Nine stock exchange
bills recommended by Governor Sulzcr
and introduced by Assemblyman Levy,
including the measure 10 compel the IN
corporation of exchanges, were reported
to the Assembly to-day by he Codes
Committee.
Eight Of tho bills propose amendments
10 the penal law making If felony TOR
a broker after insolvency To hNpothecdte
a customers securities. 10 make 'alse
statements or advertisements as 40 the
securities or financial condition of a cor
poration. company or association; to
operate bucket shops or Ia make was"
or margin" sales Of stocks; TO manlpu-
late securities or To conspire To deceive
the public as 10 stocks or bonds 10 re-
port or publish fictitious transactions OF
the securities. with intent 10 deceive. ana
for brokers To trade in securities against
customers orders
Brokers would I've required to deliver
to customers memoranda OF sales. and
exchanges would bc prohibited from max
ing an agreement To prevent their Nom
hers from dealing with any other OK
change.
considerable opposition developed i'm
committee To reporting the stock 'N-
change incorporation hill. az well a to
some of the other measures. but II MAS
decided to give tho Assembly an opppr-
tuuity 10 discuss The bills. The majority
of tho committee were in favor OF amend
ing tho penal law amendments 30 as To
make their violation a miSdom amor
rather than felony.
Five of the penal law amendments ar
fccting exchanges we're reported by the
Senate Codes Committee last night.
I'm accordance with its announced policy
of publicity. the New York Stock EN-
change has had printed pamphlet con-
tanning comments on the bills proposed at
Albany affecting the business methods -
the exchange. II is apparently the aim
Of the members To treat the Sulzcr meas
urcs fairly. and where proposed changes
are recognized a. being necessary his
is readily admitted Tn" pamphlet f.
signed by John g. Miihurn and Walter
r. Taylor, counsel for the exchange. Tn"
hin proposing incorporation is dealt with
I'm separate pamphlet containing VI.
Milburns oral argument before the Ju-
dietary and Codcs committee 81 the son
ate and Assembly
Referring To- the hill limiting tho inter-
ct rate ON call money 10 o. per cent. m"
pamphlet says.
The cffo.t Of the proposed at in times
Of stringcncy would be TO give 10 Lon
don. Paris and other great money mar
kofs a great advIutag" oyer New York
I'm the competition for money. ln times
" s,ringcncy the conditions which bring
about higher rate of interest would i"
aggravated. because there would Doe less
money - loan The money lent ~ tho
rate of interest fixed py law In times
of crises would ho lent TO selected and
favored borrowers. Tnos" compelled To
nave money could obtain % only hy sac
rlncing tholr securities. and IN" sarrit 90
of securities would in turn Intensity the
prevailing conditions.
The main argument ln relation 20 'ir-
elimination of exchanges ie that such |
provision would plt a broker. DOB resp 20
to his private business. on the sam" plane
9s a public service corporation.