Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-12-31
STOCK EXCHANGE MAKES
FRESH PROGRESS IN YEl.}
Important improvements in
Service to tho Public Arc
lnaugllratcd.
ny seymour l.. Cromwell.

President New York STOCK EHcnangn.
As FAR as tn" operations aud func-
ions OF the New York Stock Lx-
change are concerned. the coming
year should witness II further de-
vc!opmont OF mAay tendencies and
: efforts clearly Indicated Ly It's cxpc-
rlcn'" during !r.9.
In its purely economic aspects the
principal event on the cycnlisn dur
ing the past year has undoubtedly
been the cOnsidcr4h!. cnliunc ,mcnt
OF security prices in advance OF the
subsequent recovery II industry and
trade. AS after similar periods Of
depression previously experienced In
tfliS country, the !l-St signs Of renew
ed confidence and reawakcned busi-
ness activity were manifested on the
stock Exchange. The stock market
early IN the spring discounted a
broad though not Sensational rccov-
cry IN the commercial field and again
served as reliable barometer TO the
subsequent trend OF business activity.
JhlS year. TOO. there was moro gem
cral understanding by the public Of
this ability OF the securities market
To discount tho future conditions Of
trade. There was also n better an.
- pTcc!ation OF this valuable and pro-
,!ously least appreciated cono,nic
function Of tho Stock Exchange Sc
curitics market.
The pronounced rise In stock prices
had the further effect OF bringing
disaster TO scores OF bucket shnps
arch can flourish only in declining
markets First and last. over a hun.
dred OF these pretended security
brokerage establishments failed. The
stock Exchange has been fightInr
these financial )ackals for Atty years
continuously. AS matter OF fact
-ae action OF the exchange In deny
ing the facilities OF It's market to
these non-member firms in 1927 pre-
cipitated and forced the public OK
posture Of their true character which
shortly ensucd. Economic conditions
may not favor the practice OF buck
citing for some years to como. but
whe the next long declining mark ct
In securities occurs eternal vigilance
VIII prove the only successful rem
edy for this financial disease
= , reasoning from precedent, a more
Immediate problem would seem TO be
the prevention OF the sale of fraudu-
lent or worthless sccurities--which is
danger peculiar to bull markets
just as bucketing is peculiar to bear
markets. Fake securities are, OF
course and always have been kept
OH tho Stock Exchange floor because
oi the EXchanEe's severe and search
ing hsting requirements" But the
Exchange. as the primary American
securities market, cannot rest con-
tent simple with excluding fraudu-
lent securities from trading on its
'Sor. 1t is already. in coopcration
WIN othcr established and progress.
siV" business associations. making
every effort To protcc, the invcstl.
gazing public from the security
swindler. Owing largely to Its ain
ccrc interest In this problem. a Ret.
ter Business Bureau has been cs,.,h.
iished In New York. which has AL
ready donc Socman service in run
nipg the statesmen OF illcgitimatc Sc
curities out OF business. Here. as
with the old problem OF the bucket
shops everlasting vigilance and per-
sistence must be largely depended
uDon for an actual Improvement over
I &Aa