New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-01-02
Makes Year Fruitful, De-
spite Big Falling Off in
Transactions.
EARLY OPENING A
FEATURE PRAISED
Value Demonstrated in Trading
Which Followed Passing of
New Haven Dividend.
BY WALDEMAR WURTs,
Ststisticlan of the Exchange.

While the year 1913 on the Consolidated
was on every stock exchange in the coun-
try. there were, however, a number OF
developments of Importance. which have
placed the exchange in a much firmer
position, strategically, than ever before
In it's history. The price Of seats on the
exchange is very low. considering the
broad market presented to a man who de-
sires to make trading in securities mis-
business. With a return of activity 10
Wall Street there would be quick re-
Election in the price of memberships or
the strong position now held by the in
stitution.
The value Of the early opening Of the
exchange at $50 o'clock each day is being
demonstrated whenever overnight news
of importance is received. The effect OF
the recent passing of the dividend on the
stock OF the New Haven Railroad was
first demonstrated marketwise on the
Consolidated. where there was active
trading at declines ranging from 2l2 TO
80 points before any other stock market
had opened, which, notwithstanding the
heavy decline, afforded holders an oppor-
tunity to sell at the highest prices re-
corded after the dividend was passed.
In the year 1913 the Consolidated Stock
Exchange successfully appealed to the
New York Legislature for protection
against the boycott" resolution passed
by the New York Stock Exchange in 1903
prohibiting the members OF that exchange
from trading with or for the members of
the Consolidated Stock Exchange under
penalty of suspension. Credit for the
enactment of the anti-boycott law must
be given TO the legislative committee Of
the Consolidated Stock Exchange, con-
sisting OF NJ T.. de Aguero, president of
the exchange; t. c. Adams, Jr., Ogden
d. Budd, f. A. Farnsworth, Clarence =.
Perpall and w. l.. s.. Webster.
The best Of the Wall Street reform laws
enacted by the Legislature were original
" proposed by the Consolidated Stock
Exchange legislative committee. That
committee was not satisfied with helping
to prevent the increase Of the 81 tax on
transfers of stock, but went further ana
demanded the repeal of this tax, pointing
out that II represented the worst kind OF
class legislation. The efforts OF the legls-
Iative committee resulted in bill repeal
ing this tax being favorably reported out
10 the Legislature, but because OF the sui
yer imbroglio it was TOO late In the regu-
lar session 10 permit OF It's final consider
alton by the legislative body
The exchange legislative committee now
proposes to again go to Albany for the
repeal of the obnoxious transfer tax law.
and believes it will be able to convince
the Legislature of the injustice OF this
levy upon one class OF business men.
Proof will be furnished that II is tax
which. since it's enactment. eight years
ago. has been steadily bringing less and
less income TO the state. It's effect having
been TO deaden the business upon which
II was imposed. AS that business has
been injured, sympathetic injury has been
done TO real estate and to general trade
in New York The legislative committee
believes that the seriousness OF the situ-
alton, when properly presented, VIII be
appreciated at Albany.
Transactions in railroad and industrial
stocks on the Consolidated Stock EN-
change during the year 1912 totalled
II $751; ,9Si.
The heaviest days business was lS2iSo
shares. on June 10, on which day new
high record was established for trading
on the $50 O'Clock opening call. On that
day 233l0 shares changed hands between
go and 10 o'clock. when trading began
elsewhere In the Wall street district. The
$50 o'clock call has been feature OF
the trading on the exchange throughout
.ltNerr
stocks dealt In in Wall Street established
on the Consolidated Stock Exchange be-
fore 10 o'clock have been followed closely
by the New York Stock Exchange when
IT opened Frequently the overnight price
changes recorded on this call have been
vide when there have been important
news Developments.