davidaulloa/AmericanStories huggingface dataset:
New-York tribune., 1922-07-30
Passing or Eligibility

5. What specific steps does the Cor
solidated Stock Exchange take in pass
ing upon the eligibility of an applican
for membership?
The Consolidated Stock Ex-
change follows closely the best
practices of all exchanges in pass
ing upon the eligibility of appli-
caits for membership. 1t is neces-
sary for an applicant to have two
mem bers in good standing to spon-
sor his application and appear be-
fore the committee on member
ship to personally recommend the
applicant. The names of the ap-
plicant and his indorsers are
posted in the business room of the
exchange, with notice requesting
members to inform the committee
in writing of any objections they
may have to the applicant. Each
applicant for membership is re-
CURED to fill out an application
blank. (See Exhibit Al The his
tory of each applicant is thor
oughly Investigated by outside in
vestigating agencies. Recently
the exchange has inaugurated
system of investigation of its own
to supplement that of outside
agencies. The applicant must be
passed on by the nine members
of the membership committee, and
he must have the approval of at
least six of these nine members
before his admission to the ex-
New-York tribune., 1922-07-30
What Investor Wants

No one will be surprised to And that
Mr.. Silkworth, who has been president
since 1919, speaks highly Of the Con-
solidated Exchange. If the convenient
visitor from Mars were to read his COM
ment he might readily assume that the
New York Consolidated Exchange was
the noblest financial institution ever
invented by man. Mr.. Silkworth leaves
little doubt in his statement that theo-
retically and in its bylaws, which
closely parallel those of the big board,
the Consolidated Exchange ia a market
place of widespread usefulness
And yet the layman of limited means
who desires broker will be little con-
d, cerned with whether the Consolidated
is primary or secondary market, with
quarters and eighths saved, and with
data bearing on the ability of the Con-
solidated to stand on its own legs. He
wants to know rather whether the par
ticular broker he is dealing with ia
honest. Mere membership in an ex-
change will not alone give the key to an
answer.
Where the mortality rate of brokers
is high, as it has been, particularly
this year, with the Consolidated raem-
bers, customers will inevitably become
restive and inquistorial.
To degree, the Consolidated thrives
because of the nature of its competi-
tor, the New York Stock Exchange. Be-
cause of the standpatism of the ex-
change regarding certain types of So
called legislative reform, the Consoli-
dated has been able to ingratiate itself
with politicians and to some extent with
the public by coming out as the sponsor
of these measures. Moreover, because
Of the slowness of the Stock Exchange
to encourage odd-lot Grades of less
than 100 shares) transactions and be-
cause of dissatisfaction with the sys-
tenn, the Consolidated has been able
as ten-share unit market to make
much in public discussions of it's in
dispensability as a marketplace for the
little fellow.
The two exchanges began to COM
pete in measure in 1885 as result
of substantial improvements in the
ticker system. Before that time the
Consolidated dealt in different securi-
ties from those traded in on the big
board What is now the Consolidated
was started in 1875 as the New York
Mining Exchange, which in 1887 alb
sorbed the American Mining and Stock
Exchange. Between 1877 and 1886 the
enlarged organization absorbed the
National Petroleum Exchange, the
Miscellaneous Security Board and the
New York Petroleum Exchange and
Stock Board Before this fundamental
change in the character of securities
listed the exchange members dealt in
petroleum shares and pipeline certif-
Gates not dealt in elsewhere In 1885
listed on the Stock Exchange, and later
in miscellaneous securities At pres
ent its members deal primarily in the
same securities as the members of the
New York Stock Exchange, but, ac-
cording to Mr. Silkworth, ten to a
dozen mining shares, not listed on the
big board, are on the Consolidated list
New-York tribune., 1922-07-30
the Consolidated Exchange Perform Useful Service:

toner In the Office of any member
of the Consolidated Stock Elk.
change may sec proof of the exc
cutlon of his order on the ticker
within very few momentr after
the order Is given makes this sery.
Ice of the Cons oidated Stock
exchange invaluable to investors
ana traders of small means. No
other exchange in the country
dealing in high-class securities
gives this service to its clientele.
Comment-out of town exchanges,
such as Boston, Chicago and Cleveland.
,erm't trading in lots Of less than 100
mares. hs, incidentally. it is highly de-
oatabic whether the individual of
small means ought to be encouraged to
specuiate---i. e., to buy and sel for the
purpose of making a profit. II he really
inoends to invest. an eighth to quar-
Ter difference in price in odd lots is
hegllglhie. Moreover, since the Con.
soiidated Exchange prices are ad.
mittedly very close to those Of tho
New Yorl; Stock Exchange, which is
the primary market. there may be
something in the assertion of Stock
Exchange folk to the effect that the
eighth to quarter that is theoreti-
caiiy gained by trading at the Con-
soIldated Is frequently lost because in
practice the little beard lags few
seconds behind the big board. We are
informed that there is ticker giving
New York Stock Exchange quotations
on the floor of the Consolidated. and
mat New York Stock Exchange prices
are posted on blackboard in full
view OF members Of the Consolidated. !
New-York tribune., 1922-07-30
Riuals OF Big BoGrd

In debates about the Consolidated
Stock Exchange Of New York, it is fire.
quently enormously assumed that it
is the sole competitor of the New York
Stock Exchange. The latter has other
rivals. Some shares dealt in on the
big board are also listed in out-of town
domestic markets and in the principal
foreign markets, especially London and
Amsterdam. And yet, from scarcely
any other source, does the Stock Ex-
change receive more direct competi-
tion than in the "over the counter
market, which is another way of d.
scribing direct communication between
stock and bond dealers outside of any
formal marketplace. The "over the
counter" market is especially powerful
in listed bonds, and also in certain
classes of shares, such as bank stocks,
which, though listed, have their most
active market outside the New York
Stock Exchange.
Allan A. Ryan's adventures in bank
ruptcy led to some speculation why his
muitimillionaire father did not come
to his rescue. According to those close
to Thomas Fortune Ryan, the father,
he resents even discussing his sons
affairs. Wall Street attributes the
cstrangement to criticism by the scion
New-York tribune., 1922-07-30

The wholesale failures until recently
this year of brokers, reputable and dis
reputable, not unnaturally led to re-
New-York tribune., 1922-07-30


which they would lose one eighth
or one-quarter point on each
share, and also lose the active
open market, such step would
put an extra burden on these
small investors and traders run
ming into hundreds of thousands
of dollars, if not millions, annual
~. Furthermore, they would be
left without an opportunity Of fol-
lowing the execution of their or
ders, and also of checking Up
their orders as is now possible
under the methods employed by
the Consolidated Stock Exchange.
tComment-Odd-lot houses connect
ed with the New York Stock Exchang,
keep record by which comparison
can be made showing the time whe,
an order was received and quotation.
prevailing at that time.)
New-York tribune., 1922-07-30
Brokerage Monopoly

The system originated in the time
of Louis XIV, and, though it lapsed
during the French Revolution, was
later restored by Napoleon. On the
Paris Bourse there are only seventy
authorized brokers, known as agents
de change, who are appointed by the
President of France. They have vir-
tual monopoly through their sole right
to place stamps on securities sold, as
required by law. They are brokers
unable to act as dealers.
theoretically, these seventy men
constitute the Paris stock market, but
as matter of practice more than go
per cent Of the business is obtained
and brought to the exchange by the
coulissie, unofficial brokers who trade
on the curb Of the Bourses According
New-York tribune., 1922-07-30
BY Mcrryle Stanley Rukeyser=======.-.==--.-==--

currencc Of the aspiration that sys-
tenn of bankrupt-proof brokers be in
vented.
One suggestion frequently made is
that surety companies guarantee the
accounts of brokers. Another is that
the New York Stock Exchange itself
start pool for the purpose of guaran-
teeing all the contracts and obligations
of all its members. The objective in
both cases is to prevent the loss Of
funds by customers of brokers result
ing from the insolvency Of the broker.
Obviously it would be fine thing to
remove the specter of the possibility
of brokerage failure. And yet the more
substantial brokers are dsinclined to
favor the suggested innovations. In
demurring they assert that the system
would have all the disadvantages Of
guaranteed bank deposits, in which all
the banks Of commonwealth mutually
guarantee the deposits Of all other
banks. Under such conditions the
powerful, the intelligent and the eau
tious must contribute to fund for
the purpose Of rescuing the reckless
from the consequences Of their own
acts. The premium on good manage
ment is removed, it is argued, and
gradually the whole system tends to
become demoralized. This disastrous
effoct could ha forastaIlod IN +he hrok.
erage experiment, perhaps, by admitting
only carefully selected risks into the
mutual, protective arrangement.
In Paris a system has been evolved
under government sponsorship for
keeping the broker perpetually solvent.
New-York tribune., 1922-07-30
Volume Of Business

ID. How does the total volume NJ
business on the Consolidated compare
with that on the New York Stock Ex-
change?
New-York tribune., 1922-07-30

9. Could the Consolidated Exchange
continue If the laws Of the state made
1t impossible for members to get
actual possession of securities through
purchases through members of che
New York Stock Exchangeo
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
in RUSS-JAP War
Chita VIII Declare Peace at
End if Imam Entered.
Soviet Can Hardly Stay Out if
War Is Needed.
SAY JAPANESE FORCE HAND
Reports of Attacks Are Called
Untrue by Chita.
Amur District Is in Peril From
Continued DepredatiOns.

Washington, April 12.-Formal dec
laration of war against Japan by the
Far Eastern republic war into
which soviet Russia Will inevitably be
drawn, will be promulgated on the
day that the japanese army, now en-
gagged in driving back the troops of
the Chita republic. penetrate tho
Amur district Of Siberia beyond the
village of Imam, ENJOYS of the Far
Eastern republic today stated
The Japanese army is now forty-slX
is retreating before the Nipponese
hosts without firing a shot" &C
cording to cable advices received to-
day by the Chita representatives here
who declare that press reports ema-
mating from Toxic ARE inspired by
the Toxic foreign office and are to be
taken with a grain of salt"
"Misinformation calculated to pol
son world public opinion is being
spread by the japanese government,
the Chita officials declare. 'Terse
war office statements" they con-
tinued, ARE being issued to the press
declaring that the Chita soldiers have
fired on the japanese and that the
present skirmishes are necessary be
cause Japan's hand has been forced
This is untrue"
The situation in the Far East as
BIT concerns the present operations of
erstwhiIe Merkuloff armies. briefly
stated by the Chita delegation is as
Follows;
! Bandit battalions. fragments of the
Kolchak and SeminiX armies. headed
by MerkuIoff a VIadivostOk merchant
whom the Chita officials declared to
have been in the pay of Japan and
to have been armed and prOvisioned
by Japan. broke the treaty of 1920
K between the Japanese command and
the Vladivostok Zemstov government
and marched beyond the Nladivostok
district into the free zone along the
Usurie railroad to the north and
penetrated the Amur district far into
the heart of the Chita country.
IF the Chita troops become op-
pressed for need of help the off
cials declared. lit is logical to suppose
that soviet Russia will come to their
rescue SDeedily.''
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
SUCCESSFUL C. OF G. YEAR
More Than 800 Members Attend Din
ner Tuesday Night.

More than 500 members of the To-
peka Chamber of Commerce attended
the dinner which closed the fiscal
year of that organization, held Tues
day night at the chamber dining
room.
Following the dinner there were
several addresses. George t. McDer-
mott retiring president of the organ
things which have been done with the
cooperation of the Chamber of Com
merce during the past year. He laid
stress upon the success of the Wash
burn college campaign, the hotel
project. and the Victory highway. One
of his ideals of future for Topeka,
thru the work of the Chamber of
Commerce is a huge office building
which will house a large number of
Kansas insurance companies.
Topeka" McDermOtt said. with
its strong financial institutions, and
the home of more insurance COM
panies than any other city in the
state, can become the financial center
of the state"
McDermott was presented, by DR.. f.
J. Kulp, a written testimonial of ap-
probation and esteem from the board
of directors, engraved. signed by all
the directors, and framed.
DR.. p. p. Womer, Doctor Kulp, w.
A. Biby, George w Stansfield, newly
elected president, A. E. Van Petten
first vice president. and f. c. Gibbs
ScCptlu vice pIeSlQtnLs were introduced
by McDermott as the speakers of the
evening. &C. C Sickler, who is COM
mencing his second year as secretary
of the organization, made a brief re-
port of the activities of the Chamber
of Commerce during the past year.
Music was furnished during the
evening by the orchestra from Wash
burn college, and by the Modoc club
quartet, consisting of I. Z. Henry, Don
Tweedy, Clyde Lowry and Harry Blu
ehanan.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
BANKS 0. K.
Guaranty Fund Holds More
Than 115 Million.
Bankers Association Gives Out
Statement at Convention.

Hutchinson, Kan, April 12.-More
than one and one-half million dollars
remains in the Kansas bank guaranty
fund at the present time as a protec-
ton to depositors of state banks. ac-
cording to a statement made today by
officials of the Kansas State Bankers
association, which is holding its an
nual convention here today.
The statement declares that depos-
itors of state banks need have no fear
of the bank qua ranty fund not being
be made upon it thru the failure of
banks. The maximum amount that
can be raised annually by the bank
guaranty law is approximately $780,
600, according to the statement. which
in part follows:
Since the passage of the Kansas
bank depositorS' guaranty law in 1909,
every depoSitor in a failed guaranteed
state bank has been paid in full with
the exception of certain certificates
issued by the Kansas State bank. of
Salina, amounting to about $220,000.
In this case, the supreme court held
that these certificates We're issued in
violation of the law and not guaran-
teed for the reason that they had
been issued for property instead of
money, as required by law. or repre-
scented borrowed money In addition
to being issued for property instead
of money, they were sold to outsiders
at a great discount, notwithstanding
the fact that they were already draw
ing 4 per cent.
The holders of these certificates
mandamused the bank commissioner
in the supreme court of Kansas to
compel him to pay these claims from
the guaranty fund. The Kansas State
Bankers association employed special
counsel to assist the attorney general
III preventing the looting of the fund
by unlawful transactions of this kind
THE decision of the supreme court
simply means that all real deposits
in guaranteed state banks in Kansas
are guaranteed just as they have al
ways been since the passage of the
law.
''Depositors need have no uneasi-
ness whatever. Notwithstanding all
the claims paid out of the fund lately
there still remains more than one and
one-half millions in cash and bonds
Further than that. the more than
seven hundred guaranteed state banks
are bound by contracts with the state
to pay upon call of the bank commits
s:oner as many as five assessments
per year until all claims are paid i'm
fun. The amount that can be so
raised approximates 100000 a year."
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
Dandrufy Heads
Become Hairless

II you want plenty of thick, beau
tiful. glossy. silky hair, do by all
means get rid of dandruff. for it will
starve your hair and ruin it if you
don't
1t doesn't do much good to try to
brush or wash il out The only sure
way to get rid OF dandruff is to dis
solve it, then you destroy it entirely
To do this. get about four ounces of
ordinary liquid arvon; apply it at night
when retiring; use enough to moisten
the scalp and rub it in gently with
the finger tips.
BY morning. most II not all. of your
dandruff viii be gone. and three or
four more applications viii completely
dissolve and entirely destroy every
single sign and trace of IL.
You will find. too, that all itching
and digging of the scalp viii stop. and
your hair Will look and feel a hundred
times better You can get liquid ar
Won at any drug store It is inexpen-
sive and four ounces is all you viii
need. no matter how much dandruff
you have This simple remedy never
fails.-Adv.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
J. R. VORIS TO VISIT Topeka
Head of Near Ease Relief viii Be
Here ThufSGfny

John r. Noris, associate genera
secretary of the Near East Relief. is
to be in Topeka Thursday, at which
time he will confer with church ex-
ecutlves and religious leaders of the
entire state on the progress of the
work or relieving the starving in Ar
menia and other near eastern coun-
tries.
Governor Henry J Allen, chairman
or the state committee of the Near
East Relief. with other state officials
VIII attend the luncheon and confer
ence to be held at the Chamber of
Commerce on Thursday in honor of
Noris Voris has just returned from
an extended trip thru the Near East
and the famine stricken area, in
Russia
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
RUSSIA TO GET REGULAR MAI
British and American Postoffice Dc
partments VIII Both Aid.

Washington. April 1.-THE postof-
flee department has entered into an
agreement with the British postal au-
thorities for the delivery of regular
mail matter and parcel post packages
to various points in Russia, it was an
nounced today by First Assistant
Postmaster General Bartlett. Tons of
parcels, containing clothing mostly,
are being forwarded each week. and,
according to reports received here, Z 5
per cent of the packages are being
delivered to those to whom they were
addressed.
Little money is being sent to Rus
STA, it was explained, because it had
been found to be impossible to pur-
chase needed supplies there.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
AN EASTER MESSAGE BY RADIO.
Legion Commander to Broadcast His
Advice on April 10.

Indianapolis, April Irrational
Commander Hanford MacNider of the
American Legion will send an Easter
message to all members of the legion
and the legion auxiliary by radio,
April Is, thru the w W. J. radio sta
ton at Detroit. Mich, it was an
nounced at legion headquarters here
today.
The message will be sent at $50
meter wave length and under normal
conditions should be heard by opera
tors in the middle western states, 1t
was said. This will be the first time
the legion commander has used the
radio to speak to ex-service men and
women.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
WILL ABANDON BOOZE TALK?
Belief Expressed That James Speyer
Will Head salvation Army Drive.

New York, April 12-Belief that
James Speyer, international banker
would continue to head the citizens
committee of the Salvation Army in
its fourth annual home service fund
appeal, despite his connection with an
anti-prohibition organization, was eX-
pressed last night by Frederick House,
man, vice chairman.
Miss Evangeline Booth, commander
of the army, recently declared that Mr..
Speyer would have to abandon his Of
fetal connection with the anti-prohi-
bition campaign If he was to continue
as head of the drive
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
WILL LET AIR MAIL CONTRACT
Commercial Aviators Asked to Testify
on Proposed House Bill.

Washington, April 12.-Representa-
tiVes of commercial aviation compan-
les and the aeronautic chamber of
commerce were asked today by Chair
man STEVENSON of the house postof-
flee committee to appear April % at a
hearing on bill authorizing the post
master general to make contra cts for
carrying mail by air
The bill. introduced by Mr.. Steiner
son, is designed, he said, to encourage
development of commercial flying and
to expedite mail delivery between
points designated by the postofnce
department.
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
Still Deny VenizeIos To Be Premier.
(By the Associated Press)

Athens, April 12.-The report That
Eliptheorios Venizelos has been in
vited by King Constantine to resume
the premiership is credited in respon-
sihIe circles as mere conjecture"
His sudden return to Europe was be-
Ieved to be in connection with an ef-
fort TO get honorable peace from the
Turks
The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-04-12
Jamestown Population Is Up.

jamestown. April 12.-Henry Wall
township assessor, has just finished
his assessing and census work in the
city of Jamestown According to Mr.
Wal1's figures the city has a net gain
of ten lnha bitants- The city's popula-
ton last year was SIS, and this year
reaching 566.
Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1922-11-15
Oidtime Football.

Football may be rough game, but
t is quite gentle and harmless now
compared to what it used to be. Way
back in the Eighteenth century when
the sportswas in its swaddling clothes
the type of ball used was not so kind
to the feet of the one who kicked 1t.
ighteenth-century footballs were
made of straw which was braided
until a long rope was obtsined. This
was then wound and coiled into the
shape desired. The finishing touch
was TO knock it around In water until
II became hard and unyielding.
When the leather ball finally re-
placed the old straw model, It was
stuffed with horse hair until 1t be-
came hard and solid. The leather ball
was at first scoffed at by the old
timers who had played the game when
itraw balls were in vogue. Even when
stuffed with hair, the leather ball was
regarded as "a toy for weaklings who
rere afraid of injuring their feet.
fhe parents of thar age had more
ausc to complain about the roughness
,f t'se galae.tban have those of today.
s,3oSa sons kick inflated pigskin In
.fead of solid balls of straw.