New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-03-26
Give Other SuIzer Stock Meas
rres. Including blue Sky"
Proposal, Go Through.
PARTY LINES WIPED OUT
cate Control Would Destroy
New York's Commercial Su-
premacy, Declares Hin
man, Clashing with Levy.

,r.rv March 25-By a vote OF S. 10
=, ,r which party lines were oblteratcd.
~. Assembly this afternoon passed the
IN INCORPORATING stock exchanges ana
s,.c,nr them under the supervision Of the
s,,srintendent of Banks. This is the
.a., important Of Governor Suffers
',sbt stock exchange measures. Five
hers were passed by the Assembly to-
s.v and two went through last night.
IN attacking the incorporation bill dur
"a long debate Mr.. Hnman. the mi
Gritty leader, was Joined by Mr.. Ward.
=, New York. and Mr.. Maloney, Of Mas
,.r both Democrats Mr.. llinman
r-onhesied that the measure. if enacted
ron,d drive business out Of New York
s,s,e and pat an end TO the supremacy
a, New York City as the financial centre
ofths Western world lie called attention
!, the fact that the plan proposed in the
An had been tried on the London and
per,in exchanges and had failed, incor-
,hration and governmental supervision
eventually being abandoned.
W Uinman was accused by Mr.. Levy
n. majority leader. of giving word for
word the speech which John G. Milburn.
.,hs hired attorney" for Wall Street.
made at the hearing on the bill before the
,o,rt Senate and Assembly committees.
Mr. Ward thought the passage Of this
MIL was too drastic a step TO be taken
,or LET US wait" he said until the
proposed laws. preventing the hypothe-
cat,nc Of securities, putting the bucket
.bops out Of business and doing away
with the other evils complained of in con-
rectlon with Wall Street. nave been tried.
II they don't work then we can try the
Incorporation plan"
In his defence OF the bill Mr. Levy
showed that he had no faith in the
Stock Exchange members. compared
with them the forty thieves" he said,
are so negligible in quantity that they
could we'll join the exchange and learn
a whole lot Of points in their trade. /
don't say that all the members are
rogues. but so many Of them are that we
need this regulation.
Mr.. Levy said that the Stock Exchange
the aggregate of whose dealings IN
YEAR was sixteen billion dollars was the
greatest auction room in New York. lie
said all the other auction rooms were
subjected 10 the minutest inspection. ana
asked why Wall Street was omitted.
The other five stock exchange bilis'
passed to-day. and on which there was
little debate. were as follows:
Prohibiting any stock exchange from
making a rule or bylaw which Will pre-
vent its members from dealing with
members Of any other exchange This
BIZ Is aimed at a rule of the New York
Stock Exchange. which prevents its MEM
bers from dealing with members of the
Consolidated Exchange.
Making il a felony 10 initiate or de-
press the market prices Of stocks. bonds
or other securities for the purpose OF de-
eeiving the public.
Prohibiting brokers from transacting
business after insolvency and from by
rothecating customers securities. The
asst bill is directed against bucket shops.
The Assembly also passed Mr.. Gold
bergs so-called blue sky bill, which Gre
ates a state securities board, composed
Of the Governor, the Lieutenant Cover
nor and the Controller. TO regulate IN
yestrnent companies and pass upon all
securities. stocks and bonds offered TOT
sale. The purpose OF the measure Is 10
protect the public from fake securities