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HEARINGS

BEFORE THE

COMMITTEE ON BANKING AND CURRENCY

UNITED STATES SENATE

SIXTY-THIRD CONGRESS

SECOND SESSION

ON

S. 3895

A BILL TO PREVENT THE USE OF THE MAILS AND OF THE
TELEGRAPH AND TELEPHONE IN FURTHERANCE OF
FRAUDULENT AND HARMFUL TRANSACTIONS

ON STOCK EXCHANGES

Printed for the Committee on Banking and Currency

VISHINGTON
GOVERNMENT PRINTIXG OFFICE

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COMMITTEE ON BANKING AND CURRENCY.

L'NITED States SenATE.

ROBERT L. OWEN, Oklahoma, Chairman.
GILBE!T M. HITCHCOCK, Nebraska. KNITE NELSON, Minnesota.
JAMES 1. REED, Missouri.

JOSEPH L. BRISTOW, Kansas. ITLEE POMERENE, Ohio.

COE I. CRAWFORI), South Dakota. JOIX F. SILAFROTH, Colorarlo.

GEORGE P. MCLEAN, Connecticut. HENRY F. HOLLIS, New Hampshire. JOHN W. WEEKS, Massachusetts. BLUR LEE, Maryland.

JAMES W. BELLEP., Clerk,

2

O. OF. !!! 22

REGULATION OF THE STOCK EXCHANGE. .

WEDNESDAY, FEBRUARY 4, 1914.

COMMITTEE ON BANKING AND CURRENCY,

UNITED STATES SENATE,

Washington, D.C. Pursuant to notice the committee met at 10.30 o'clock a. m.

Present: Senators Owen (chairman), Hitchcock, Lee, Pomerene, Shafroth, Nelson, Bristow, McLean, and Weeks.

The CHAIRMAN. Gentlemen, this meeting was called to hear an argument upon Senate bill 3895, a bill

To prevent the use of the mails and of the telegraph and the telephone in furtherance of fraudulent and harmful transactions on stock exchanges.

I understand that representatives of the New York Stock Exchange-President Mabon, Mr. Pomroy, Mr. Van Antwerp, Mr. Milburn, the counsel for that organization, and others-are here, and if the committee please we will give them an opportunity to be heard on this bill at this time.

Senator Weeks. Mr. Chairman, it seems to me that those who are advocating this legislation, if there are any present, who desire it considered and adopted, should give the committee their reasons for so doing, and then the members of the stock exchanges of New York and other cities should have an opportunity to answer the arguments which they may advance, in the regular course of procedure. It does not seem to me at this time that those representing the New York Stock Exchange should be called upon until arguments and evidence in favor of this legislation have been presented to this committee.

The CHAIRMAN. I was assuming that the members of the committee were familiar with the Pujo report, the recommendations made in that report, and the evidence which was taken by that committee, and that the representatives of the stock exchange were likewise familiar with those matters.

Senator WEEKS. That is true. The members of the committee are familiar with the report, and, of course, the members of the stock exchange are familiar with it; but there is a great deal in that report that is subject to controversy. Some of the evidence, I think, is easily controverted. Many of the conclusions are questioned. If it is desired now to take up the Pujo report and give the representatives of the stock exchanges a chance to reply to conclusions that were reached in that report, or evidence that was presented at that time, I see no objection to doing that.

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