The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-14
SENATORS IN TANGLE
ON STOCK DEAL BILL
Owen, Its Sponsor, Says Com
mittee Authorized Him to
Report It Favorably.
MEMBERS DENY DOING THIS
Measure, Proposed by Inter
myer, Limits Use Of Mails
and Wires to Brokers.

WASHINGTON, May f3.--A favorable re-.
port will probably be made 70 the Senate
soon on tho Pujo bill ito prevent the use
of tho mails and OF the telegraph and
telephone in furthe rance OF fraudulent and
harmful transactions on stock exchanges"
This bill was introduced by Senator
Owen last January and was inspired. II
not actually drawn, by Samuel INTER
myer. The attempt to revive II to-day
after II had been dormant for several
weeks aroused some interest and surprise
and will be attended with some difficulties.
A serious question arose after tho COM
mittee adjourned to-day as 20 whether its
proceedings had been regular. Some OF
the members declared that there was at
no time quorum present when business
was transacted.
a motion was made to take UP the bill
and to exert every effort TO have II en-
acted into law at this session az Congress
This motion prevailed hut In the Informal
discussion concerning II in the committee
IL was made very clear that a majority Of
the members realized that the bill could
not be passed. although they agreed that
II was wise to make formal show OF try
ing to get favorable action by the Senate.
Chairman owen said after the commit
tee adjourned that he had been author
lied TO report the bill fayorably. Other
members denied this and explained that
Senator Owen was simply directed to
frame a report In support of the bill and
submit 1t later TO tho full committee for
consideration.
One member OF the committee said that
II the chairman made an attempt to make
n favorable report TO the Senate he would
raise "A point OF order that the report was
not authorized.
Since the bill was introduced In the Sem
ate last January a number OF changes
have been made in 1t. Generally IL IS tho
measure recommended 10y the Pujo com
mittee.
The frs, section provides that no let
ter. circular. postcard or other written
| or printed statement quoting prices or
giving advices, Information or represe nta-
ton concerning transactions in secur.
ties sold or offered for sale and no
memorandum Of purchases or sale or
notice or any like Information shall be adj
mttcd to the mails or carried by telegraph
or telephone beyond the limits of the State
in which the stock exchange is located I'M
less the exchange provides by charter and
| by bylaws, regulations and prohibitions
safeguarding the transaction OF securities
dealt In and genuineness OF quotations In
the following respects:
The fling Of certificate with the sec
rotary OF the exchange. certified by an indie
pendent accountant or permanent account
ant. showing among other things the ma
| ture, value and amount OF tangible prop
erty. assets and the liabilities and obliga-
lions OF the corporation whose securities
are to he dealt in with other Information
as to its net earnings. with like inforra-
! ton as to each OF its subsidiaries Also
copies OF every agreement as To commits.
sion. fees profits. &c, paid to brokers
bankers and middlemen In connection with
! the issue of stock. covering a period of five
years from the date of organization OF
/ such corporation.
The committee retained the feature re.
quiring annual statements to the secre.
tary OF the exchange and To the PostInas-
ter-Generd concerning its business and
earnings.