New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-03-17
Gets First Hand Information
on Its MechaniSm-Came
Here Open-Minded.
WOULD PROTECT
IGNORANT TRADER
Says Government Can, by Fullest
Publicity, Prevent Stock
Manipulation.

Senator Robert l.. owen. chairman ~
the Senate Committee on Banking and
currency. who introduced the bill for tho
incorporation OF stock exchanges. visited
the New York Stock Exchange yesterday
rs the guest of the governing committee.
The object of his visit he said. was 10
get first hand information OF the mechan-
ism OF that institution.
With five governors OF the exchange
and Nice-President NewComb, Senator
owen was escorted TO the big trading
floor where was explained TO him the
method OF buying and selling and trans
hitting quotations TO the central ticker
agencies on the top floor. from, whence
they are sent TO all parts OF the world
The Senator's chief concern. however
was the exchange clearing house. when
he apparently thought was the medium
through which the manipulation OF So
curties might be greatly facilitated. He
spent the greater part Of the dsy there.
The aim OF the government he said.
rs to protect the ignorant man who
throws his savings into stock the value
OF which he does not know. We want to
give every man a chance according 10
his merits. The Stock Exchange. with its
present mechanism. cannot prevent ma
nipulaton. the government can, by the
fullest publicity
Under the present system the MAJ
who owns control OF stock can buy
or sell It at any price he likes That Is
the kind Of manipulation we want 10
stop. / came here with an open MIND,
which is also the attitude Of the other
members OF the Senate committee ot
which / am chairman"
Senator owen said this was his first
visit to the Stock Exchange. and adj
mitted that his knowledge Of its workings
had been obtained from what he had
learned from others and from books deal
ing with this subject
How can the government prevent man
ipulation?' was asked.
BY publicity and by refusing the Use
OF the mails"
Asserting that Incorporation would b.
good feature and would not prevent the
Stock Exchange authorities from discl-
plming its members. he continued:
The judicial system Of the federal
courts should be amended so as 10 MAKE
trials more speedy At present the sys-
TEN is very much at fault and 1t Is well
known that justice delayed Is justice de-
MED
Senator owen said he had not reached
any decision as TO changes he might rec
ommend to the pending bill for stock eN-
change regulation. President Mabon he
stated. was still to submit a brief, which
would he followed by the answer Of sam
uel Untermyer counsel for the Culrency
and Banking Committee. He concluded;
For myself. / have not agreed WIN
those members OF the committee, lK'
Nelson and Bristow and Reed. who nave
looked upon the Stock Exchange as a a.
cantic gambling centre. ] recognize us
usefulness as great market place AM
its service i'm bringing foreign capital INTO
he country and distributing capital ~
enterprises throughout the country. II Is
the purpose of none Of US TO enact de-
structive legislation. but n possible 20
nerfect a measure under which the legiil-
mate functions Of the new Stock PA
change and other exchanges may he pre-
served
Senator owen also visited the curb mar
ket and one Of the large odd-lot houses
70 examine the methods by which small
blocks of securities reach the investment
public To-day he viii deliver A -. rat
rick.s Day address in Boston.