New-York tribune., 1922-02-04

months more than one Stock Exchange
house has appealed to our committees 5
70 protest against the removal Of tick
ers from houses that were known to
the authorities of the exchange to be
DONG an improper business. I. for one.
cannot be convinced that these appeals
were made from disnterested motives.
Only while membership in the New
York Stock Exchange gives assurance
to the public of the absolu honesty
and good faith of broker can we feel
justified in asking that public for its
business and its support"
MI Cromwell offered the suggestion
TO officers Of banks that they be eau
tious in recommending some dealers in
securities. as it has sometimes seemed
10 be sufficient for a depositor to have
a substantial bank balance to Justify
those same officials in giving them let
ters of introduction which imply bust
ness integrity and responsibility.
To Provide Free Market
Tho experience of the Stock Ex-
change, Mr.. Cromwell said, shows that
an absolutely free market can be most
effectively provided in so far as there
is the least possible interference by
governm ental authority. The responsi-
bility of the exchange begins and ends,
he declared when it has provided me-
chancal facilities for dealing in securi-
ties, has seen to it that as far as
possible both purchasers and sellers
obtain the most favorable terms avail
able and has used its power to see to
it that the terms Of bargain arc
promptly fulfilled.
MIR. Cromwell said that securities in
which members of the Stock Exchange
are authorized to deal represent a par
value of $1S.464 3O5 ,O09 in stocks, in
addition to 30.714,634 shares Of stock
without par value and bonds in an
amount of 1889 1859, ,260.
THAT the public has right to place
its trust in members of the Stock En-
change" he said, may be gathered d
from the following figures:
"ln tho tenyear period ended 1919,
the average business failures among
Stock Exchange members were less
than one-half Of per cent per annum.
One-half Of these settled in full with
their creditors. thus reducing the abso-
Lutte failures to one-fourth of l per
cent. This was in decade of violent
speculation, Of tho most terrible war
In history. of complete arrangement
an absolute shutdown of the New
York Stock Exchange for continuous
period Of FIVE months.
Conditions Changing
"But conditions arc constantly chang
ing. Measures that satisfied yestcr-
days requirements may prove alto
gether inadequate tomorrow. The so
cial conscience is continually chang
ing; public opinion is going through a
continuous evolution, and the Stock
Exchange must be ever responsive to
the changing conditions. The Stock
Exchange must, as far as may be, an
ticpatc legitimate public demand"
Among the other speakers Of the
evening were l.. T. Loree, president OF
the Delaware and Hudson Company, and
job f. Hedges
Mr.. Loree discussed the controversies
resulting from government control Of
the railroads during and after the
war. Had the roads been returned to
their owners January /, 1919, Mr..
Loree said, the government would not
have suffered the huge losses that re-
suited from government control in the
succeeding fourteen months.
Officers Elected
The association elected Arthur
Mylcs, of Moore e. Schfey, president
for the succeeding year. Walter II.
Sykes jr., Of Post & Flagg was named
vice president and Jules S. Bache was
elected trca asurer.
Governors elected for three years
were George j. Little, Andrew J. Mil
ler. J. Harsen Rhoades and Arthur
Marx Anson B. Mora and j. J. Ahearn
were elected governors to serve two
years