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LIBERTY
BONDS
SECURITIES DEPARTMENT
COMMERCIAL
TRUST COMPANY
7 Member federal Restrr System
I City HaU Square, West
& .4-
; MMmn
f
SWBSISSWWfflWP
, .i, ','!. "il.1""".."..
GOSSIP OF
THE STREET
pe
Ml
Pfc
f
umfliniiirjjnumniimiuiaiiandiimu-nanmiMrHiaTjfuniimiun
Railroad
Equipent Bends
Atlantic Ceatt Line Equipment
6' da 1932
estaern Railway Equipment
6i doe 1928
aCataak & Ohie Equipment
6'i da 1928
Baltimore & Ohie Equipment
. W, da 1922
Ntw Yerk Central Equipment
6' due 1931
, Frice and particular, en tpplicatitn
BIOREN&CO.
Established 183
410 Chestnut St.
Members of New Yerk and
1 Philadelphia Stock Vxchangtt
Tetiny being observed as a legal heli
cloy by most of tlie States, nil the
principal stock wchn risen and commed
ity mnrkpts nre closed. Compared with
n yenr age, the financial position of the
peuntry (Uncloses a rcmnrkable change
for the better. Just nbeut a year nire
the security market started wlmt was
te be n prolonged period of liquidation.
The Rcncrnl business of the country was
facing widespread depression. Drastic
measures te correct the inflated credit
Mtuntlen were being applied In nil dl dl
Jectlen. Today that Is nil n matter of
past history. The financial world,
with a few readjustments te be com
pleted, lini succeeded in getting Itf.
hoime In order. Whereas money was
n lines t unobtainable a year age, there
! premise new of It becoming n drug
en the maikct before the current year
closes.
The Immediate fnhire, however, of
fccurlty lnnrliett, as measured from n
speculative angle, Is somewhat clouded
by renen of the proposed Soldier llenus
Hill, with Its ndditlenal burden of tax
ation. There arc some who fn-1 conti
nent, however, this will only be a tern-
tmp'irv l.nlf l, tltrt nnni.trtletKft nrnprnm.
U li. . . . V '"-"- ,-"-
g; miners n:c et uie opinion a mnrucu re
el notion N impending, the latter busing
i3 their argument en the belief that many
of the peels which were se active from
rather discouraged by the new develop
ments. They had hoped te held prices
firmly until such time as consumers
would again come into the market with
free inquiries, but the anxiety of some
sellers te get business resulted in a
lower range by ene or two interests
early in the week, which was 'later fol
lowed by the ether large 'selling
agencies.
tinkers' Opinions
Newlmrgcr, Hendersen & Leeb
"With sterling at the highest rate In
two years, a progressive reduction in
idle cars, n substantial rebound in the
."tuple grain prices nnd with distinct
signs of a decided quickening in the
steel industry, there can hardly re
main any serious doubt as te Widespread
nullifications of the reconstruction
movement. Ner is it difficult te under
stand t,lm pronounced upward ceurse of
the major markets. In our opinion,
the Inherent position of "the security
markets was put te im unusually severe
test Inst week, nnd the effectiveness
with which the combination of depress
ing Influences nnd elements of dis
turbance were overcome was striking
testimony of the pronounced change of
sentiment. In ether words, the eyes
of the market world arc trained toward
the prospects opening for the future,
rather thnn looking backwards te the
disconcerting nnd distressing results of
business In the last two years. The
sliest of last 5 car's troubles will rise
f loin time te time ns the statements of
corporations appear, but the monetary
adverse cfl'ect will be counter-balanced
r, : ; :. V i " . . iiiv me growing eenci unit, mc ueiiiu.s
the turn of the year hnve begiin te taR. I ()f llcprcs,ien .erc rciu.hc,i nnd p,
ger under the r leads. I.ens steek-j lnst VMr. M,nns 0f lending aid of
they sav. quletly accumulated by out- , ,;..- ,.., ,.r0,Iit t0 rniirndB nre
under consideration in Administration
circle, which premise nn early remedy
EL2t
sasssaassasssssBSi
' 1. If- 1 Ik
.Centervatum
Our Aim
We execute orders
en a commission
basis in listed
securities, t
RODNEY & CO.
Member
Philadelphia Stock Egehang
New Yerk Cen. Stock Bsefcant
203-204 Bellevue Court BUff.
F. A. Htnry . Bpmet etius
Ritidant Partiur e 7474-a
siders at bargains months age,
lecn dribbllm; Inte tlie inarKci.
have
With
''Terelgn Exchange'
Explained"
Is an attractive booklet designed
te familiarise the Investing public
with the many factor that exert
an influence en foreign exchange
rate. It cover thU important
ubject thoroughly and in a man
net that all will underttand.
Calf, telephone or virHtJer a
tree com of booklet F-ttt
Wm. H. McKenna &. Ca
Widener Building
PHILADELPHIA, PA.
TtkeAane Lanut trtl
Nmt Teefc, Oilwe, PaMreen,
iimnHAnnliln flirt bitrnntn rf ti Llfiirt.
1MU tnx in cw erls, but the .'. n ,, ,e ninn,.j ...m rnvnlininnlT
of criticism has emanated i. .,, , ' ,.,t u.
L-nlly every section of the ' "il
. Jn tta iinai analysis, no mnr- "
,n fn (u mi.i it must ntii. II. V. Ilacliman & Ce "We con-
SIX
RAILROAD
BONDS
Due
'1928
1933
193R
1947
1949
19D3
Yield
7 00
u.7e"a
6.03.
R37-n
6.00
Rating
AA
A
AAA
AA
AAA
A
THE ABOVE LtST '
MORE FULLY DESCRIBED
UPON REQUEST
Mackie. Grouse Ce.1
REAL ESTATE TRUST DLDO.
Walnut 6330 Racs 0878 I
f-cl, K,,.l . 1. .,lln fl.nen iwvnla V11-". "".'" 1", ii) iuu
.... .iji, i'iijiii "V, V " , i ,:"' ler tne rniireiui troueies nnd wnicu we
have been compelled te stand in the .nnsl(I(ir thc i,Kgct piece of constrnc censtrnc
bunch nnd new arc fiielti" a situation ,!,. ,.. ,,. i, ., t,n
l brought about by the wreck crew in the ! , iItel- Secretnry Hoever's suggestion
ijeuse Lommtttee en ays nnu .ncaus. , ,)mt ft Gvcr,imM,t guarantee of rnll
whlch might easily tepple tl-e whole ,.ea( ,U,)mcnt trust certlllcalcs would
market into a heap. mn.,, tja,m nttrectlve te investors tuid
Wide Storm of Trefest oniilile the railroads te raise money for
v i i.n i,- i., nm - needed rolling stock without expendl
.,.." ha9.,I'cr1.b" ", Stu'm,: tun- of funds from the treasury U un-
I'lUllSL UV& kUV WiUIIWOVIl kMUUIl..
llenus
sn me sort
from prnctl
country
i am Yinw
mniii- nme .lirnpfltr fmm 1 1 1 nennlp. , tlnuc bullish en the cotton market, es
nnd the taxes of this country already peelnlly en the later deliveries. October
arc extremely excessively high. Tlie and l)ceember present discounts leek
taxation question has been ene of great exceedingly cheap and in our opinion
Importance and has been ene of the will proc te be se before the end or
greatest burdens en thc people being the planting Reason nbeut ninety days
one of the greatest retarding influences from date. With the present rate of
in the business world that have been in consumption a full crop during the ni-
cvidence in ninny 5 ears. The passage of , preaching season will be n necessitv.
1 1.1!... i.n urn imnxuiininir win nnd mi echo et the tinanciul mammy
lie contrary te the pre-election prom- of the Southern planter te make nn
Iscs of the present administration from ' ndequnte money outlay this yenr has
the 1'resldent down. ! been plainly beard In the nnneunce-
, .... ' "lent that fertilizer tag sales in five of
Meney Rates Firmer , t. lending Southern States up te n
' Jleney market conditions last were ucent date were slightly mero than 50
such as te add some complications te ht cent of similar sales during the same
1 the market situation for both stocks 1 period of la-t year."
I nnd bends. There was n fairly firm' Hccker & Ce. "The proposal of Cen-
rate maintained en thc tleur of the New 1 gre-s te Increase taxation In connection
I Yerk Stock Kxehnnge for the most pnrt with the Soldiers Benus Hill hns sent
I of the week, and in some sessions It was i n chill through the security markets
'reported that there was n scarcity efijust nt a time when business was leek-
funds for nil purposes, although the at-' Ug forward te decreased taxation. As
I tentlen was net sufficiently ncutc te ' ing as tills uncertainty lnsts there will
force the rate up te unusually high be a geed trading market. The "idiis-
levcls. trials will be mere ndversely affected
Thc general expression of opinion is by the proposed tax en undivided Prute
that the menev market rates for both than the ra lshich should be bought
ir.nii nmi inn. fluids will net show much en any breau. .
.1" i:v.;v ;:v:m ;ir nrnnin levnts nf tub nwutu
' iL i.i. .. 1. j...Ihi 1ih mt fnrf-
r
w
A
lii!
Beles &Westwood
MambeiS Phila.pteck.Exchand,
' INVESTMENT
SECURITIES
tecLTitle Bld, Philadelpiiia
PHONE- LOCUST 4721
lit
8 !JI
M Ss
fh int. work diirlne the next fort
I niirhi-. At the moment, however, there
are se many ether elements of com
plexity that less attention Is being paid
te thc money market than otherwise.
Government Refunding Operations
Police Sergeant Kills Self
Mount Vemon, N. V., Feb. 13.
Telling his son there xvns "going te be
n call for the Corener seen." Michael
Riley, police sergeant, who retired
One of the most Important develep: -I J uk ier ;- '.'"; f
menu in the "" ""l T. his room yesterday and then shot him
sltuntlnn durine the last week was Mat ',. .. ,. .,. ,mi
.7.1.;. ,,n,,ni hv S!rprPtnrv et I sen uiruiiRii uiu icm,...
UL HIV UillluuuvvM.i.4.. "j -- ---- --
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"
REPUTABLE INVEST
MENT BANKER WANTED
TO PARTICIPATE IN THE
SALE OF A HIGH-GRADE
ISSUE FOR AN OLD-ESTAB-
b LlarifcD, iN.VlIUAALL.1 AU
SvunTiSRn v. v t v. it pnrsp
f T A .r a. , aMM,
TELEPHONE MR. HARDING
AT SPRUCE 5786, PENNSYL
VANIA KNITTING MILLS,
16TH & CALLOWHILL STS.
"Make Your Jeb Oar Jeb"
Since 1876
A "Fay" Jeb has meant a eoed, claan,
tatlsfactery piece of work.
Hew about letting us estimate next
FAYbuilder
N22. Se.MOLE ST
i ni. liunes,aBp
GEO. A. HUHN & SONS
STOCKS AND IIONDs
Odd Lets Solicited
Members of (lie rii'ladtlplila, Nw
Yerk and CIiUmike .stork Ktchanses
Liberty Bends Bought and Sold
Belletue Court Hide. H1H Walnut St.
N. V. Ill llreadwuy
the Treasurv Mellen of the calling for
icdemutien of the .'l-'H per cunt fully
ita exempt Victory Lean notes en.
iJunc 13. This is quite in line with the
policy of thc Government in its effort.
te rotund in iue iicik'"""""1"' ul
$0,500,000,000 of short-term (levcrn-
ment securities maturing wuuiu m
next yenr or se.
Thn initinl sten bv the Government
in this direction was that of the rcctnl
offering of $400,000,000 of 4?i per cent
United States xrensuiy notes nun uiu
subsequent allotment of $000,000,000,
200,000,000 of which were issued in
exchange for Victory Notes. ,
The opinion in the Street Is that
ever n period of the next few months
i Secretary Mellen will from tune te
tlmu offer turtner suusiniiuui umuuius
of GeAcrnment securities, the sugges
tion being made that the maturities
of such offerings will range for periods
covering from five te ten or possibly
twelve years.
In this manner the present outstand
ing short-term indebtedness will have
been taken care of in Mich a way as te
render it easier te pay off the new issue
fin, . m-pntptl than could nesslbly be ex
pected were a flat $0,500,000,000 issue
carrying one maturity put uui at tuis
time.
Copper Market Easier
The break in the fight between
copper consumers and the sellers came
last week, and it came where indlca-
! tiens pointed it weuui, naineiy, umuug
I the sellers who finally split ranks nnd
,h-,iniu(l their nrices sharply. As a
I result quotations at present arc lewei pr;fipJ Public Accnuntantc
1 than they have been for severnl months. CertUiea fUDUC ACCOUnUUltS
The leading sei.ing auuieriucs ar i Lrexel Building, f hllAdelphift
Central National Bank
of Philadelphia
Chestnut Street at Fifth
nXANTlAI,
NOTICK Of UEUEMITION
Te holders et Victory Notes and ethers
renrernedi
Netice Is tierebr sltrn a follower
1 Call for redemption nf 3i l'er rent
lclnry Notes. All ut the 3i per cent Se-
net of United State of America Convertible
(Inld Notes of 10UU-1033. ethernlfe knenn as
.'( per cent '"Ictery Notes, nre hereby culled
for redemption en June IK. 11)22, pursuant te
the prevision ter redemption contained In
the notes nnd In Treasury Department circu
lar Ne. 138. dated April 21. 1V1P. under
which the notes were originally Issued. In
terest en all Victory Notes of the 3 per
rent series will reisc en said redemption
date. June in. 1022.
8 Hnsrwnslen nnd Termination of Victory
Nnle conversion nrlrllesr. m lew of the
call for the redemption of alt a1 per cent
Victory Notes en June 15, 1022. and pur pur
suent te ths previsions of said Treasury De
partment circular Ne. IBS. the tirivllece of
conversion of Victory Notes of either series
Inte Victory Notes of the ether series Is
hereby suspended from February 0, 1022. te
June IK. 1022, both Inclusive, and en June
in. 1022, will termlnate. Victory Notes ac ac
cerdlnsly cease, te be Intercenvertible, effec
ta February 0. 1022, at,d en and after that
date no conversions cf the notes may be
mode.
3 Detailed Information as te the presenta
tion and surrender of 3 per cent Victory
rica for redemption Is Blen In Treasury
Department circular Je. 277, dated February
n 1022. ceplei et which are nvallnhle at the
Trtasury and tlie Federal Renene Hanks.
(Slcncd) A. V. rELU)N
Secretary of the Treasury, reb. 0. 1H2.
KENTUCKY PVIILIC SERVICE COMPAN1
Sinking Fund Netice
Sealed proposals will be received et tht
ntnee of Fidelity Trust Company, Nes. 323
831 Chestnut street, Philadelphia, for tht
sala te the Trustee of a sufficient amount of
the First Mortgage 3 per cent Geld Uends el
the Kentucky Public Service Company, dated
February r 1010, te Invest the sum of
1(1000.00. and the said Trustee hereby giver
notice of Its Intention te se apply the said
fund. Proposals must be sealed and pre
ecnted te the said Trustee before 12 o'clock,
nn Wednesday, March S, 1032. Ne eftei
exceeding 102 H per cent and accrued Inter
est will be accented. The rlfrht Is reserved
te reject any nnd nil bids. Such bends as
may be accepted will be paid at the erne
of the Trustee en Friday. March 10. 1022.
FIDELITY TIIU'ST COMPANY, Trustee
WM. P. QEST. President.
Philadelphia, January 30. 1022.
Annual Meeting
JSS-J FINANCIAL CONTRIBUTORS
Netice Is hereby clvcn that the Annus!
Meetlnc. of contributors te the Welfare
Federation or miliiuelphla will lie held en
February 28, In Heom 054, City Hall, at
3:30 P. 31.
Twenty representatives are te be elected
for a nve years' term and the annual report
will be submitted.
F. C. KINOSI.EY.
Executive Bccretary.
SECURITY SALESMAN
An onnertunltv te form a worth-while
connection with tt lUe house Is of- (
frred te u few geed stock anil bend 9
snlesmen. Andres,, ull replies te
Salesman," care of Mates Advertis
ing Ce., Ilulletln llldg-., Philadelphia.
tar VlIljaJXY TRl'tiT COUPANV
Philadelphia, February S. 19D.
Ths stated annual meeting of the stock
Balder Jj this company will bs held at It
erne. 825-831 Chestnut street. Philadel
phia, en Tuesday. February It. lttt, at 1
o'clock necn. for the e'ectien of a Beard of
Dlrectur for the ensuing jear. and for Us
trtMsiiCtlen of su:h ethsr business as ma
ts breugbt before them.
sjTANLKY TV. COUSLET.
Sscretary.
"t"'
OFFICE OF
PIIII.ADEI.PIIIA TRt'bT COMPANY
I'niipucipnia, januarv 7, iu.2.
Ithlx Company will be held at their eflice un
, Tuesday, February It, 1022, at, 12 o'clock
M.., ana en ine name aay an eioctien will
h held, between the hcurs of 12 o'clock M.
and 1 o'clock P. M.. for Director te serve
Bends for Investment
r-rilnr Tnnn Rennest
Correspondent Offleta in Over CO Clttta
Philadelphia 121 Chestnnt Ht.
Atlantic City 1223 lloirdwelk
The National City Company
WIEGNER,ROCKEY&CO.
Curing the ensuing year.
li. i
McCLOY, Secretsn-.
nivtdends
NEWBUHGER.
HENDERSON & LOEB
Members New Yerk and
J Philadelphia Stock Exchange
i 1410 Chestnut St.
C. S. PATTON & CO.
ID CHESTNUT 6T3.
BANKERS
Successors te
SA1XEB A STEVENSON
Bends and "locks hervht nnd salt.
Members Phlln. P'.iek Echang.
Hathaway, Stene, Wallace 8C Williams, Inc.
ENGINEERS
MANAGERS
1713 Santem Street, 'Philadelphia
SPRUCE 7857
Operating Management of Industrial Enterprise
Industrial and Technical Investigations and Reports
THE PHILADELPHIA ELECTRIC CO.
1000 CHESTNUT STREET
Philadelphia. Pa.. February 10. 1022.
The Heard of Directors have this day de
clared a quarterly dividend of 2 (being SO
rents a share) upon the preferred capital
stock of this company; and also a dividend
et id 2-3 cents u share upon the preferred
capital stock of this company Issued us nf
I'cbruary in, 1022. payable March 18, 1022,
te stockholders et record February IT, 1022,
II, C. LUCAS, Treasurer.
THE ATLANTIC REFINING COMPANY
ail! Pass unit Aveaue
PHILADELPHIA
February 10, 1022.
At a meeting of the lienrd of Directors
held February 10, 1022, a dividend of 15.00
per share was declared en thu Common Stock
ut the company, payable March IS, 1022, te
stockholders of record nt the close of busl-
1 ness February 21, 1022. Checks v. Ill be
mailed. W. li. ANDEnSON,
, Secretary.
THE
CO,
PHILADELPHIA ELECTRIC
ItHIU ClIUHTCiUT STKKET
Philadelphia. Pa.. February 10, 1022.
The Heard of Directors have this day de
clared a Quarterly dlldend et H'i'e (being
13.73 cents u share) upon the common cap
ital stuck of this company. payable March 15,
1022, te stockholders et record February
17, 1022.
II. C. LUCAS. Treasurer.
Proposals
IffJSafe Bendslnvestmeitl
HALSEY, STUART
& CO, Inc.
Land Title Hldir. Phene, Locust 7410'
StOckwell ' CERTIFIED rUBUC
' Wilsen & ACC0J!!!lANn
It&avill ldTitkBJfrh.
' - '
"AUTOMOBILE
MfllNSURANCE
1EKTY MVTCAL INHUtlANCE CO.
St Locust 0U7B. 2U-22 BO. lSth tlU
Till life.
Vsssv'stah
T Helder of Certificate of Dopeiit for First and RefunJiM
Mortgage Fire Per Cent. Geld Bend of The Denrar ane
Rie Grande Railroad Company Uiued under the Deposit
Agreement dated Mar 28, 1917, between the Helder l
aid Bend and the Committee therein named i
NOTICE is hereby given that a Ptsn and Agreement dated January 27, I til,
for the reorranltatien e( THT. DENVER AND RIO GRANDE RAILROAD
COMPANYhss been proposed by The Western Pacific Railroad Corporation te
the undertizned Committee, snd has been approved and adopted by the Commit,
tee, and that a copy el said Plan and Agreement of Reorganization has been filed
with Bankers Truat Company, Depositary under said Deposit Agreement, at it
effi'-., Ne. 16 Wall Street, in the Borough el Manhattan, in the City of
New Yerk. The Committee recommends the acceptance e( said Plan sal
Agreement el Reerganiratinn by the hetdera of said Certificate of Deposit.
Each holder et a Certificate of Deposit lnued under said Deposit Agree
ment shall be conclusively presumtd te have anented te said Plan and
Agreement of Reorganization unless he shall, within thirty days after the
first publication of this notice, that la te say, en or before tb Aril
day el March. 1922, have hied Kith the said Bankers Trust Company
date or
by bin'.
any,
the
Depositary, written notice of bis dment therefrem, specifying therein the
astes ana tne numecr or numeers ei tne uertincaies ei ucpeait
efl
ICT
en
may. within ten (10) day from the first day of March, 1922. withdraw hi
In cue thc Plan and Agreement of Reorganltatien shall become effect!
a provided by Article Mnth el the Deposit Agreement, any holder el a
Certificate of Deposit who shill have filed notice of diasent as above provided
HIS, niltlt I tt.. w, uj v ,.w,,. .,,v ..la. VI, .lll,i. I,,,, nillluin ..
bends from deposit under said Deposit Agreement in the manner provided ha
Article Ninth thereof, upon payment of snch amount at the Committee In its ab
solute discretion may fix at hit proportion of the compensation and expense el
tkt committee, net exeeeaing one per cent, ei tat lac amount ei u
represented by his Certificate el Depetit,
Dated, Ntw Yerk, January 30th, 122.
jumn licnrtr nAnnunu,
IV W. JONES. Secretary.
"tfWil kt.. Nw Yer City.
Chain am.
BERTRAM CUTLER,
CHARLES HAYDEN.
ANDREW J. MILLER,
FREDERICK STRAUSS.
MELVIN A. TRAYLOR.
. .
"V
1 Hi:I.EI PROPOSALS FOR CONSTRUCT-
I Ing blgnul Towers nnd Ilemote Control
1 Houses, Contract 8611, end for furnishing and
Installlns Underground Cables. Contract
tlus, along the Fronkferd Elevated Hallway
between Arch street arid UridK street, will
be receUed Rt thc Director's OfTlce, Depart-
, ment of City Transit, 1211 Chestnut street.
1 l'h ladelpMa, until 12 o'clock neon, Tuesday,
February 28, 1022, and opened immediately
. thereafter.
Plana and specifications can be seen at
I 1211 Chastnut street, twelfth fleer, and
copies of same with blank forms for pre-
, pesnla will ti supplied te Intending bidders
upnn application. A deposit of flu will tw
required ter tne pians. inis uopeslt will
a refunded upon the return of the plans,
1 Fer each bid a proposal bend must be
I filed In thn Law Department of the City.
. and rhe certificate, et guch tiling be Inclesed
with the hid.
Thn Director reserves the rirht in refAnt
1 nny or all MdH rs 1ij may deem best for tha
WILLIAM 3. TWININQ,
Director. I
Philadelphia. February 10, 1022.
I PENNSYLVANIA HTATE HIGHWAY Dr,
fartnient, Harrlsburg, Ps,. Healed pre-
, peS"s,y.lll bVeCFtbruS hrnH'Hn'?,i;ui','1
'until 1 " M.i rtnruary IB, 1022, nhen
bid "will be PUbllcls' wnl 'no atfceduiJ'j
nS?sltle for the furnishing of paint te H
used I" repainting metallic surfaces, m"
dlr!2 blanks end specifications may he pre.
Sured upon application te the Stat Higg.
way Deportment. Harrlshurg, Pu. '"
way uepa. QEOltaE H. IHLKS.
Assistant State Highway Commissioner
SEALED lltOPOSAI.H WILL HE OPENED
by tlie lupt. of Lighthouses, Ilaltlmere
Md.. a" 2 P. M. March I. 1022,' fir sili ty
the United States of tender Jassamlne and
Itellef Light Vessel Ne.. B. Vessels can te
seen at Portsmouth. V. Information en
UT'pm.t,.iM
VltUPUHALH FOB HEROE AND OAUAkV
UINK, War Dept. Phlla. Quartermasttr
Inttrmtdlate Depot, Phlla., Pa. Sealed pro pre pro
petsls. in triplicate, will- bs received her
VV," iM- Vebraary IT. MM. feffSrS
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Efferts made by the
-. i
Consolidated Stock Exchange
of New Yerk
te educate and secure legislation for
the Protection of Investors
and Stock Traders
The Consolidated Stock Exchange of New Yerk has net contented itself with a. NEGA
TWE ATTITUDE toward bucketsheps and bucketsheppinf. Through its ctxmstJ, a
long age as 1909 this Exchange drafted an Anti-Biicketshep bill and conducted a long
and bitter fight te procure the enactment of this law. The bill was enacted m New Yerk
State as Chapter 458, Laws of 1909, and was subsequently used as a model for skadar
legislation in ether States.
Following the report of the Committee appointed by Governer Hughes te iirestigate trad
ing and investing conditions, our counsel drew bills te accomplish the reforms raceas'
mended by this Committee and submitted them te the Governer of the State of New Yerk
te secure his aid for their passage. The greater part of these bills became laws, as follews:
s
Chapter 593, Laws of 1913, providing for the compulsory delivery te customers of detailed
memoranda of transactions, and adding Section 957 te the Penal LmtD.
Chapter 475, Lavas of 1913, preNbiting the makjtng or publication of any false statement at
false advertising as te the value or as te facts affecting the value of securities end pretlimg
that such conduct shall constitute a felony, and adding Section 952 te the Penal Law.
Chapter 476, Laws of 1913, making the reporting or publishing of fictitious transactions tn
securities a felony, and adding Section 951 te the Penal Law.
Chapter 253, Laws of 1913, making the manipulation of prices a felony, and adding Section
953 te the Penal Law.
Chapter 592, Laws of 1913, making trading against customers' orders a felony, .and adding
Section 954 te the Penal Law,
It is te the advantage of the investing and trading public when opening accounts te buy r
sell securities, te ascertain the standing of brokers and their integrity and ability te legiti
mately handle their accounts, just as conservative business men de when eattiing upon
any contract It is important, as well, that the broker be protected by his customer with
the required marginal security.
This Exchange maintains a surveillance ever the business procedure of the brokers com
prising its membership and their wire connections.
YOU ARE WARNED AGAINST THE SOUOTATION OF ORDERS OVER THE
TELEPHONE Oft BY TELEGRAPH BY BROKERS WHO ARE UNKNOWN Tt)
YOU AND WHO OFFER TO EXECUTE ORDERS IN QUESTIONABLE SECUR
ITIES OR IN STANDARD ISSUES ON INADEQUATE MARGIN.
ThU Exchange invites the investing and trading public te co-operate in the elimination of
all malpractice in connection with the purchase add sale of securities.
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W, S. SOkwerth, Pmi
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