New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-29
Characterization Uniustifisd.

clples OF trade and protect the public.
Characterization Uniustifisd.
They feel very strongly that the Gov
errors characterization Of the govern
mcnt OF the exchange is unjustiiied by the
facts. and, with all due respect, earnestly
protest against IL.
They respectfully request that the Gov
ernor receive committee of the eN-
change ut an early date To present the
views Of the exchange and TO convey TO
him tn" assurance Of their desire TO CO.
operate in the consideration Of lcgisla-
ton that will still further promote the
highest standards OF trade and correct
dealing. VIII you not kindly desiGnat"
the time when YOU will receive our COM
mttec?
Commenting further on this communi-
cation. member OF the governing COM
mitteo. i'm conversation with Tribune
reporter said il was tho intention -
every member TO enact reforms NhcT"
they were needed and that substantial
progress was being made In this dircc-
| ton. THAT this cannot he done in a short
period is an important fact that must
he kept in mind" he aided. and in order
that business may no; he affected adj
versely any proposed legislation must re-
ccive thorough consideration from all
t, Viewpoints
| Now that the state has taken up tho
question Of reforms there seems To ho
a feeling that the federal government
will not take up the matter. even on tine
| ground that tho securities dealt in are
! those OF interstate corporations. II ~ ar
! guod that the business done on the New
| York Stock Exchange IL purely Of a STATE
nature. and consequently under state jur-
I lsdiction.
The president Of the Consolidated Stock
| Exchange said tho message OF Governor
| Sulzcr on tho Wall Street situation CON
| tanned many suggestions of real value
| and his words concerning undue manipu-
lation should bear fruit
The suggestion for Il law prohibiting
commission brokers from taking the op-
| positc side of the account when ordered
! 10 buy or sell stocks for their customers
! is Of frst importance. he continued.
! This practice has been specifically for
/ hidden by the bylaws nf the Consolidated
stock Exchange for many years and the
! penalty is expulsion.
! The Governors ideas concerning the
! prohibiting Of brokers from doing bus-
| ness after their known insolvency would
! ne fully met by tho adoption OF law,
! such as suggested by our committee VIII, "a
! in Albany, requiring sem-annual sworn
| statements from any broker acting In a
| hduciary capacity. The recommendation
/ regarding more stringent penal laws
| affecting bucket shops is well worthy II
| consideration and should meet the COM
mendstion Of all right thinking men,
Other views expressed on the Coz
errors message in the financial district
yesterday follow;
Lieutenant Commander Louis NJ. Joseph
thai, Of Josephthal. Louchheim 81 Co
THE message appeals so strongly for The
approval Of all those who have the best
interests of New York at heart that I
cannot refrain from expressing my in
dorsement OF the recommends lions. II
is fortunate for our people that We have
in the executive chair at Albany man
who appreciates the fact that our city
has attained first place in America az \
commercial and financial centre. The
suggestions made in the message II put
into effect will produce renewed con
iidence in the Stock Exchange.
Federal Interference Unnecessary.
Wagner. Dickerson & Co: The mes
cage was "A very sensible one"
lanes h. Clews. of Henry Clews & Co:
THE Governor has handled the question
with great delicacy In order not 10 as
turb public confidence. and there is no
doubt that il will have sood effect.
There is no excuse now for federal IN
reference, as the business oi the New
York stock EXCHANGE Is conducted with
in the confines Of this state"
n. y. Baruch. Of Baruch Brothers:
..W. bSye every confidence ia Governor
Sulzer.
w + 'Vollman. Of j. s. Bache a 60
80 nv mind the last paragraph OF the
Governors message. where ne adNis-s
canton before the enactment Of new
laws is the most important of his recon-
,u,ndotions. This shows that no laws are
likely to he passed hastily ana without
due regard to the general business OF
the country.
Tho greater portion Of Wall Street 70
fused TO comment upon the Governor
legislative recommendations. Among TINS
,,,mher were Brown Brothers a. &C..
Y l., Carpenter a. CO.. X. l.. Day * Co.
nick brothers, Goldman. Sachs n Coz
ua,loarteu a. Co. H. +. Hutton Co..
Iiidder Peabody g. Co. l.adenburS. Thal-
mann e. CO.. r. II. RhoaIcs 4 TO-, Au-
gust Belmont Co. hoinbioweF "
Weeks. Hartman Co. and r. =.
Randolph.
II Is said that Governor Snizer has al
ready appointed "A committee to studN
the wall Street situation carefully, ana
II is probable that this body VIII meet
with the committee suggested by the
Coverning Committee OF the Stock Ex-
,.oo Ia, tho nrar kIture