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Show GOVERNORSULZER OF HEW YORK URGES LAWS TO REGULATE THE STOCK EXCHANGE ALBANY, N. V Jim. it. Hiate eu-prrvision. eu-prrvision. regulation of the Nn York stock iflia,e and other exchange, are advocated by Uovernor Kiilxer ia a in ease ea-se ire M-ut by him to tba legislature last sight. The time in rip, In th governor' opinion, for lh elate to step in nil end "flagrant nhneee. euiftv erhemea and clever combinations to catch the unwary and to mislead tba public." To effect thia, Be recommends the an artmant of a groim of lawa, at least one of which shall provide imprison ment as a penalty for ita violation. Theee lawa, tba governnr aava, ahoudl applv to.certaia practices which bava been ahowa to exist by lb I'ulo committee of tba house of repreeenta-lives repreeenta-lives and ether investigators. Duty of tbe State. "The testimoay of eome of tka governors of tar exchange,' tovern-or tovern-or Sulr.er aava, 4leavea ao doubt in tba miada of mri of judgment tbat the exchanges bava bran either incapable incapa-ble or unwilling to devise measures that will effectively eradicate tba aril. It bow ia tba obvious duty of . tka tilt, it eeenie to ma, to devise tka rrtuediee. If tka atata neglects to do ita plain duty, tka atata should iad no fault if tka federal govcruaieet acts ia tba prainiaaa. " Among tha tneaaurea whirb (iovarnor Suiter would bava enacted into law ara: A law to distinguish clearly propar traneai'tiotia of purrliaee and aala from thoae tbat ara tha result of combinations combina-tions to depress artittciallv tba price of securitiea without regard to (hair 'true value or legitimate aupplv and demand. Would Prohibit See-saw, A law to prohibit brokara froia "ailing "ail-ing backward and forward anion! thrttiaelvea blocks of a particular stock, with intent to deceive or mialead out aiders. A law to prohibit brokara from "all ing for tbair own account tka aama slock, they have baa a ordered to buy for tbair raatomere at tba tuna the customers' ordera ara executed. A law rlaarlv prohibiting insolvent brokara from continuing to buy aad all after thay baeomo insolvent. A law making it a criminal oflcnse "to iaatie any atatamant or pubjiah any advartieement aa to tha value ot any "lock or otkar ereurity, or aa to tka financial condition of any corporation corpo-ration or compear iaaulng or about to ieeuo atock or aeeuritiaa. wkara any nromiae or prediction contained in aura atatamant or advartiaamant ia known to ba falaa or to be not fairly justi-Red justi-Red bv existing conditions.'' Ueea Plain Term. I Oovf?rnor Hulsr lm rvorr.midi, but leave to the kf mlatura for d"4Uioa, rbftDireo ia exiitiojf law, and the atmnt af aew Jaw govrniDf aliort rvalpo, the hyfrothWation of eruritiea. backet ihopi( umitt (under which head he elaaeet the raieinr of call money rate to mora tha a 6 fer cent) the relatione between eiehangea and the conftolidatioo of exrhat.ffe. Uovernor Sulser burt night wmXti that at hie requeet btlle embodylnf hi ptfng-reooinmendat ptfng-reooinmendat lone for prupoawl loiriola-tton loiriola-tton are betnx drafted for totroductkn In the le(rt latere. The coventor's meesejre was referred without comment in bo lb houses to oom mlttee. Senator Wirtirt, the majority leader, announced that he would confer at once with lee-lelato" and others Interested In the question, but that no action would be taken "until all aidee tkve bad a fair heart n." |