The New York herald. [volume] (New York, N.Y.) 1920-1924, 1922-04-28

bers bucketing or having intercourse
with such concerns. Through control
over issuance of market quotations II
makes II impossible for the bucket shop
to continue in business once Its true ma
ture is discovered
THE wireless offers great possibili-
ties for spreading quotation prices and
may be abused. but with restrictions
should be OF great service.
New Type of BucketinG.
Bucket shopping is said to run in
cycles. but the character of such shop
ping changes. The old type was a gam
bling institution. The new type actu-
ally bought and sold securities on orders
dummy accounts There Is no need for
the small investor to patronize such
places. We appreciate fully our duty
to safeguard and encourage the small
investor.
THE suggestion Is often heard thar
the State should examine the books of
our members the same as II does banks.
There Ia objection because of the PEE
culiar relations between the broker and
his client The bank only knows what
a man has on deposit. The broker 5
books show actual uses the man has
made of the money and the IRISH he Is
taking.
There Is nothing more democratic
than the market Some critics would
have US licensed or Incorporated. would
substitute law for our rules. You do
not produce honesty by legislation Ethi-
cal restraint is more effective than
statutes. Blue sky laws never accom-
pish their purpose. The plan of licens-
ing is full Of danger. You cannot keep
a crook from getting a license and a
license Is not what is claimed for It, We
are not opposed to legislation to protect
the public against fraud. but the way
to stop fraud Is to convict the wrong
doer and the law provides for that"
Senator Hitchcock made an exhaus-
tive analysis OF the systems of credits
and banking.
Determined to resist all interference
from reformers and uplifters VINO have
been seeking through legislative action
to restrict freedom of the press and
make permanent the rigid war time CEN
sorship OF newspapers, the American
Publishers Association at
the day session adopted resolution in
structing its committee on Fedora, laws
10 combat all such efforts.
~ 81 tAt iiPOlNdHIC " LHc tuIITe DuD-
fishing industry was the stand taken by
The association indorsing the open shop
FOR newspaper offices and deciding to es-
tablish an open shop division to en-
this movement. Earl j. McCone
of the Buffalo Commercial. secretary Of
the Open Shop Association, said its
had grown from thirty-six
o zoe in one year. and four publishers
oined yesterday.
Then, too, the publishers moved to
make subject to arbitration all points OF
Inference between themselves and the
printing trades unions. This motion In
lorsed their stand taken one year ago
ind In this respesct differed from one of
The unions. which restricts certain SUBJ
|ects as being not proper for arbitra-
ion.
Business Is Better.
The general tone of the convention is
optimistic. The publishers take the view
hat business generally is improving
slowly In some spots. but nevertheless
Improving. In some sections the re-
,overy is more rapid than in others,
put the advertising barometer shows
steady movement.
S. L. Thomson of the Chicago Tribune,
hartman of the committee on legislation.
presented the freedom Of the press reso.
ution, and in explaining it referred to
he bill before the House Of Representa-
Ives seeking to restrict sending through
he malls publications giving betting
odds and stock exchange quotations.
This is one of the measures supported by
canon Chase OF Brooklyn and his assoc
iates.
Another proposal was that no news be
printed of chorus girls marrying Million
aires. The speaker said such rules put
unlimited power in the hands of the POST
and his subordinates.
The war censorship was a dangerous
precedent. he pointed out, and the pub
ishers and public should not tolerate
my influence TO restrict the press. One
PAPER was held up in the mails because 1t
contained story about window con-
est. and II that were done I'VE might
IS well quit" Mr.. Thomson said.
The resolution. which was adopted
states:
The liberty of freedom of speech and
freedom of the press being the most
recent of modern liberties secured to
the people, and in consequence the
most frequently threatened: and,
IL appearing to this convention that
as an aftermath OF the extraordinary
executive and judicial powers exer-
cised during the great war, the liberty
of the press has been seriously threat
ened during the past year in efforts to
pass restrictive legislation In Congress