The Morning Tulsa daily world. [volume] (Tulsa, Okla.) 1919-1927, 1922-02-26

ket quotations ignore the news the
market observer Is bewildered, He
should not be. Tie news is stale
when II comes out.
The Stock Exchange assumes no
responsibility for either the intrinsic
or the market value of the securities
dealt in, and III cannot and should
not exercise any influence upon the
prices at which securities are bought
and sold; however, the committee
on listing examines very carefully
into the integrity OF the companies
applying for listing and into the
legality of such securities and full
publicity of such a company's finan-
cial statement is available for the
information OF prospective investors.
These securities almost invariably
serve a period OF probation on the
curb market and thus become what
is generally termed seasoned
/ stocks" before they are listed on the
exchange.
a member once elected TO mem
bership then chooses whether he Is
to become a floor trader and thus
trade for his own account, or a
commission man, A commission
man, one who buys and sells for his
client, often conducts what Is known
as a wire house" That Is, he
maintains private leased wires TO
other cities where he conducts
branch offices. A great many COM
mission men are out OF town resi-
dents and carry on their transac-
tions through resident member,
generally termed a correspondent.
They are in constant touch with the
market during the session through
the operation of the ticker service
and leased wires and orders for the
purchase or sale OF securities are
handled as expeditiously in points
far removed from New York as they
would be IL placed in one OF the
board rooms % the metropolis.
|. Firms which do a brokerage or
commission business, generally have
partnership agreement whereby
no member is permitted on behalf of
himself or his firm to take specu-
! tive risk on securities or deal In
futures in grain, cotton or proNl-
sions. The reason for this is OBJ
yious. Speculative accounts for
I employees OF brokerage houses or
banks are not permitted. Brokers
and bankers are the custodlans OF
| funds belonging to others. Mem
| bers are not permitted to make ex-
| travagant claims concerning supe-
riority OF their service and are not
permitted TO use advertising OF an
| undignified character.
1t Is not the function of the stock
| exchange to assist promoters in the
distribution of new securities, nor
are they permitted the listing Of
any stock until satisfactory evidence
| is given that the issue has been well
| distributed among investors. Prac-
tlcally all stock houses have their
/ books audited by independent &C.
| countants. This is measure OF
great protection to the clients as
well as TO the firms themselves. In
a growing financial community Ike
Ou,s tour banks now show resources
| Of Approximately 0.OOO ,O0O) II
naturally follows that there is a
| lively interest in the market price
| OF the great number Of stocks and
! bonds whose number ! have already
| recounted.
The service OF the two local mem
| bers OF the exchange service pro-
/ vides for the instant conversion OF
| these securities into cash. BY con-
| version, mean that the holder OF
any OF these listed securities car
present his certificate to us, we will
offer them for sale on the floor OF
| the exchange receive advice as to
/ the execution of his order and pay
him the price thus secured qdi..
narily within few moments.
may cite instance after Instance
where one of your banks or local
capitalists have established ball
ances running weli into sir figures