personal gain. Brokers report to customers the names of brokers through whom they purchase and sell, and thus a record is made which may be followed up if wrongdoing in any transaction is suspected. 6. With reference to the provisions of the bill, excellent in themselves, for procuring fuller disclosure and knowledge as to securities for listing, we would point out that these requirements could be much more effectively enforced and applied by a commission having supervision of the issue of securities by corporations, such as exists in many of the States and is contemplated in the proposed Federal trades commission. The approval of such a commission would doubtless be required by the stock exchange as a necessary prerequisite to the listing of all securities. The plan of the bill to legislate into the charters of incorporated stock exchanges all these requirements as to listing is an indirect and cumbersome method of doing what could be better done directly by a commission. 7. So, also, with regard to the prevention and punishment of fraudulent transactions in stocks and bonds. These are already effectively dealt with so far as their members are concerned, by the governing bodies of stock exchanges. If more drastic legislation is required, it should be directly applied against the culprit by means of the criminal law, and not inserted and enforced by indirection and circuity through the charters and by-laws of incorporated exchanges. For these and for other reasons which might be urged and which have been brought o your attention, both in writing and orally, by the representatives of other stock exchanges, with which we are in full accord, we would respectfully ask your honorable committee to report the pending bill with a negative recommendation. For the information of the committee a copy of the constitution and by-laws and of the rules for listing upon the Salt Lake Stock Exchange accompany this protest. Respectfully submitted. SALT LAKE STOCK AND MINING EXCHANGE, (The constitution and by-laws, together with the rules for listing on the Salt Lake exchange, mentioned in the above communication have been omitted in printing but may be found on file with the Committee on Banking and Currency, United States Senate.) INDEX. STATEMENTS. Coolidge, J. Randolph, jr., president Boston (Mass.) Chamber of Commerce.. Boyesen, Hjalmar H., counsel Consolidated Stock Exchange, New York, N. Y. Budd, Ogden O., ex-president Consolidated Stock Exchange, New York, N. Y.. Page. 236, 265 272 178 426 263 324 Jackson, James F., Boston, Mass.... 427 Kendall, George H., president New York (N. Y.) Bank Note Co.... 217,454 232 Mabon, James B., president New York (N. Y.) Stock Exchange. 159 Milburn, John G., counsel New York (N. Y.) Stock Exchange. 345 Noble, Henry G. S., New York, N. Y. 160 Page, Edward D., Oakland, N. J. . 295 Pomroy, Henry K., member board of governors New York (N. Y.) Stock 198 Rich, George J., member board of governors Boston (Mass.) Stock Exchange.. Concerning New York Bank Note Co. and the engraving of securities.. 585 585 602 527 565 570 667 602 527,570, 667 609 652 663 Application for membership Boston (Mass.) Stock Exchange (Exhibit U).... Boston (Mass.) Stock Exchange (Exhibit T). California Petroleum Corporation (Exhibit E). Boston (Mass.) Stock Exchange: Brief on behalf of New York Stock Exchange at Money Trust investigation (Exhibit C).. Bucket shops, etc., laws of New York, 1913, concerning (Exhibit B).. Protest against passage of S. 3895 (Exhibit Z). Cincinnati (Ohio) Stock Exchange, rules, regulations, and by-laws (Exhibit F). Page. Philadelphia (Pa.) Stock Exchange (Exhibit W). Correspondence between Haynes-Norman Corporation, New York, and New Expulsions from the Consolidated Stock Exchange of New York (Exhibit H).. Hughes's, Gov., committee on speculation in securities and commodities, report Laws of New York, 1913, regarding bucket shops, etc. (Exhibit B). New York Stock Exchange: Brief on behalf of, at Money Trust investigation (Exhibit C). 710 745 935 757 751 764 762 795 844 751 764 635 896 918 762 918 797 710 715 745 685 Correspondence with Haynes-Norman Corporation, New York (Exhibit Y). 918 Report of president of, concerning recommendations of Hughes's committee Requirements for original listings (Exhibit D).......... Seven per cent cumulative preferred stock, application to list (Exhibit Promotions and prospectuses, act to amend general corporation law relative Pittsburgh (Pa.) Stock Exchange, protest against passage of S. 3895 (Exhibit 758 Quotations at New York (N. Y.) Stock Exchange, February 2, 1914 (Ex- 868 President of New York Stock Exchange on recommendations of the 817 Requirements for listing: Hughes committee on speculation in securities and commodities (Ex- 797 Chicago (Ill.) Stock Exchange (Exhibit G).......... 757 Philadelphia (Pa.) Stock Exchange (Exhibit G). 758 Consolidated Stock Exchange of New York (Exhibit J). 795 New York Stock Exchange (Exhibit D)... 739 Philadelphia (Pa.) Stock Exchange (Exhibit X). 915 Rules, regulations, and by-laws Cincinnati (Ohio) Stock Exchange (Exhibit F).... 751 Rumely, M., Co.: Common stock, application to list on New York Stock Exchange (Exhibit Page. 838 Preferred stock (7 per cent cumulative), application to list on New York 840 Salt Lake Stock Exchange, Salt Lake, Utah, protesting passage of S. 3895 937 Should speculation be regulated by law (Exhibit O).. 830 Ten Years' Reglation of the Stock Exchange in Germany (Exhibit N). 822 819 COMMUNICATIONS. Anderson & Powell, bankers and brokers, Cincinnati, Ohio.... Boston (Mass.) Chamber of Commerce, proposing substitute for S. 3895.. Field, George A., New York (Ñ. Y.) Bank Note Co.. Heinsheimer, Edward L., Cincinnati, Ohio.. Lowell, John A., president John A. Lowell Bank Note Co., New York, N. Y.. О 455 523 521 521 454 522 522 452 |