The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1923-06-16
WALL STREET.
IN Open
AFTER PUBLIC
Vigorous House. Cleaning To
Induce Traders To Cast Off
Timidity And Re-enter Mar
ket Continues AggressiveIy
BUCKETSHOP SCANDALS
PRECIPITATE DISTRUST|
Curb Mart, Hard Hit Lately
By Failures Of Firms, Also
Crippled By UncompIiment-
airy Gossip, May Pass Out

NEW YORK, June 15.-Wall street
is out in the open. 1t is willing to
tell all about itself if asked and isn't
looking for immunity. Harried by
the harmful revelations incident 10
the prosecution of brokerage houses
of the bucket shop category--houses
not members of the stock exchange
the more substantial element of the
street" thus continues to carry on
vigorous house cleaning.
1t is house cleaning designed to
induce a willing public to shed it's
timidity and r1-enter the market.
Various financial maneuVers have oc-
Cured in the past few days, al, SEEM
ingly destined to attract outside in
terest, but the determined aloofness
has caused an otherwise constructive
market to sag.
There is no doubt that the recent
series of brokerage failures has
frightened the public away from the
financial marts. The tangled skens
Of Juggled finance and the legal
mazes surrounding all attempts to re-
cover from defunct firms as revealed
daily in the news have confirmed the
potential lambs" that non-specula-
tive pastures are the better grazing
grounds.
y y o
Plan No Dictator.
Talk of dictator" for Wall stree.
"a VIII Hays or Judge Landis-
has died out completely. 1t is job
that is practically impossible to fill.
But committees have been meeting,
boards of governors have been TAX
ing action, exchange members have
been disciplined and every assistance
pledged to legal authorities in run
ming down shady operators
The strongest action yet taken by
the stock exchange came Friday
afternoon when the governing com
mittee issued a statement declaring
all members must testify without
conditions when called upon in any
legal proceedings. This is wide de-
rarture front previous tactics on The
part of insoWent brokers-they have
resorted to every possible legal In
strumentality to prevent their books
and other recordso being examined by
grand juries, district attorneys and
other legal officers.
The New York Curb market,
hard hit within the past month by
failures Of member houses with
estimates large liabilities and Grip
pied in its operations by rumors of
forthcoming other failures, followed
Immediately behind the big board"
officers in ordering its members to
tell all" when asked.
May Abolish curb.
There is gossip that the Curb may
finally pass from the financial trad
ing landscape, being absorbed by
the major exchange. limitations
along that line are CLEANED from
the fact that number of stock and
bond issues listed on the Curb have
been abruptly transferred to the
big board" This happened with
two bond issues Friday and a num-
Der of other issues were transferred
after the close of the market Thurs
day.
he stock exchange breathes
determination-it has to get the pub
lie back to put any life into the
trading-and it's latest edict to it's
members is designed to force the
other minor exchanges out into the
open.
Stock Exchange" tn governing
committee ordered Friday, shall in
any legal proceedings, whether civil
or criminal, refuse to give testi-
mony or to produce his books and
papers or the books and papers of
his firm concerning his transact
lions or transactions of his firm as
a broker on the ground that such
books and papers will tend to in
criminate or degrad him.
Violation of this resolution shall
be punishable by suspension or ex-
pulsion as the governing committee
may determine. The governing
committee IL confident that no
member would in any event refuse
to testify or to produce his books
and papers in any legal proceed
ings on the ground that his action
would tend to Incriminate or de-
grade him, but it has adopted this
resolution in order to manifest to
the public the position il expects it's
members to take and to set a stan
dard which it hopes will 5e gen.
orally followed"