The Barre daily times. (Barre, Vt.) 1897-1959, 1913-03-01
should be conducted ly public author,

should be conducted by public author
tiles"
The committee wouls give government,
supervision of clearing house certificates
and would prohibit the fixing of rate,
| by clearing houses Tor the collection OF
out OF town checks, discount or interest
on deposits
As 10 the New York Stock Exchange
the committee recommended:
THAT Congress prohibit transmission
by the mails oi by telegraph or telc-
phone from one state TO another of or
ders TO buy or sell OF quotations or
other information concerning transac.
tions on any stock exchange, and also
prohibit national banks from buying or
selling or lending upon the security of
stocks or bonds listed on any stool,
exchange, unless such exchange were
body corporate of the state or ter.
ritory in which il is located.
Require corporations whose securities
it 1.-THE stock exchangel lists" the re-
port continues, 'to make complete
disclosure of their affairs, in partieu.
lar any commission paid To promoters,
middlemen or bankers, out of any such
security interest or the proceeds there.
of.
Require a margin of not less than
twenty per cent on all purchases of
stock.
Prohibit as far as possible the execu
ton of simultaneous or substantially
simultaneous orders proceeding from the
same person or persons TO buy and sell
the same security for the purpose OF
creating an appearance of activity there.
in, and any orders, the purpose of which
is to initiate or depress the price OF any
security.
prohibit members from pledging SO.
curities purchased and carried for
customer for an amount greater than
the unpaid fortune of the purchase price.
whether with or without the consent of
such customer.
Prohibit members from lending to
other members securities carried by the
former for customers, whether with or |
without the customers consent
State in its charter the conditions on |
which issues of securities shall be adj |
nitted or removed from the trading list, I
md provide for a judicial review of its !
action in this regard.
keep books of account, showing the
letual names and transactions of Gus
and give access thereto to the
postmaster general"
Among the recommendations for the
'estriction of national banks the com.
nittee set forth % regulations. These
we're:
The prohibition of the consolidation OF
wo or more banks without the approx.
j of the comptroller of the currency;
prohibition OF directors serving on the
boards of more than one bank in the
anne community or locality; forbid
ing ownership of stock in one national
ank by any other bank or trust com
any; forbidding voting trusts in the
ontrol of banks; providing for cumula
i've voting in the election of national
ank directors; forbidding security hold
ng companies as adjuncts to national
anks; forbidding interstate corpora
ions from constituting any banking es
ablishment their sole fiscal agents; for
idding interstate corporations to de-
osit funds with 'unsupervised, unregu-
tied, private bankers; forbidding ma
onal banks from engaging in under I
-riting syndicates; allowing national
anks to invest 25 per cent. OF their
,pitaI in state, city, county or corpora
on mortgage bonds, if the corporation {
sues have paid interest regularly for t
We years; reform of the system of l.