Morning Oregonian., February 06, 1913, Page 5, Image 5

1913.
10
You Can Buy This Selden Truck
BARS 'WASH SALES'
INAUGURAL BRIEF
THE MORNING OREGONIAN, THURSDAY. FEBRUARY
6,
STOCK
EXCHANGE
WILSON
MAKE
New York Organization Acts in
Anticipation of Legisla
tion at Albany.
CRITICISM IS BEING MET
AH Dealing in Stocks Involving X
Change of Ownership Prohib
ited, and Further Reforms
Are Under Way.
NEW YORK, Feb. 5. The New York
Stock Exchange this afternoon adopt
ed a stringent resolution against
"wash sales." Tnis action followed
closely the Intrductlon In the State
Legislature today of bills recommend
ing stock exchange retorms as ouv
lined In the Governor's recent mes
Rare.
The board of governors of the Ex
change adopted the following resolu
tion: "No member of the Stock Exchange,
or anybody connected with a stock ex
change firm, shall give or with knowl
edge execute order for the purchase
or sale of securities which involve no
change in ownership."
Punishment for this offense already
In set forth in the constitution of the
Exchange under the head "Fictitious
transactions."
Any violation of the rule makes a
member liable to suspension for a
period not exceeding one year.
Kew Rale Is Broader.
The rule as now adopted Is broader,
In that It applies not only to a mem
ber of the Exchange, but to any one
connected with a stock exchange
firm. J. B. Mabon. president of the
Exchange, said of the action of the
governors:
"This resolution has been framed
after much consideration in the be
lief and expectation that it will be
efficacious in preventing manipula
tion. The object of tha rule, as is ap
parent from Its language, is to pro
hibit the giving of orders which will
not result in a change of ownership,
or the execution of such orders by a
broker with knowledge of the fact
that there will be such change. It is
proposed to take further action on
other matters."
Various committees of the Exchange
still are at work upon rules to prevent
operations and transactions which
have been criticised. The conclusions
of the committees. President Mabon
aid, are to be submitted to the gov
ernors from time to time.
Direct Application Made.
The resolution adopted today hits
more directly at the subject which has
occupied publlo attention ever since
the agitation against alleged ex
change abuses began. It deals spe
cifically with some of the evils point
ed out In the report from the Hughes
commission several years ago.
Officials of the Exchange declined
to comment on the bills Introduced
In Albany, one of which bore directly
on the resolution adopted in today's
meeting of the governors.
Referring to these bills, M. E. de Ag
uero. president of the Consolidated
Stock Exchange, said:
"Most of the practices complained
of, namely, having any connection
with bucket shops, trading against
customers' orders, wash sales, accept
ing money from clients or doing busi
ness while in an Insolvent condition,
are strictly prohibited by the consti
tution and bylaws of the Consolidated
Stock Exchange and the penalty has
been Invariably enforced."
The Stock Exchange resolution of
today was adopted unanimously, and
takes effect at once.
MAXriTCM . INTEREST FIXED
Sulzer Bills Would Limit Call Loan
Rate to 15 Per Cent.
ALBANY, N. Y, Feb. 5. Seven bills,
drafted by Governor Sulzer and em
bodying his recommendations on Stock
Exchange reforms as outlined In" his
message to the Legislature, were Intro
duced in the State Senate today. Pro
vision Is made for fixing a maximum
rate of Interest on call loans, but the
question of Incorporating the New York
Stock Exchange is still open.
The provisions of the bills Include
the following: A maximum rate of 15
per cent for call loans Is established ;
the reporting of fictitious transactions
In securities or the publishing of false
representations concerning securities
is made a felony: manipulation of se
curities for the purpose of Inflating
or depressfmr' -tWe-'prlce Is forbidden
and a pretended purchase or sale Is
made presumptive evidence of intent to
defraud.
One of the bills would prohibit a
broker from trading In stocks, against
his customer's orders, the object beins
to prevent a broker from taking ad
vantage of his confidential relation
with his customer for his own profit.
The bill would prevent a broker from
misleading his customers Into making
purchases contrary to the broker's Idea
of the market and thus enabling the
broker to profit by his illegitimate
advice.
Another measure deals with hypothe
cation of the customer's securities and
would prohibit a broker from receiv
ing from a customer, ignorant of the
broker's Insolvency, moneys or securi
ties except In liquidation of a debt, if
the customer loses as a result of such
transaction. This Is designed to pre
vent an unscrupulous broker from con
tinuing Is business after he knows
that he Is Insolvent. The measure also
would prohibit a broker from pledging
a customer's stock for more than the
amount due him thereon, the object
being to prevent a broker from using
a customer's stock as his own in the
borrowing of money.
There Is one bill especially aimed at
bucket shops, designed particularly to
make the supresslon and prosecution
of these places more effective.
ARMY TRANSFERS ORDERED
Department Begins to Carry Out
Reorganization Plan.
WASHINGTON. Feb. 6. Carrying out
the recently adopted rlan for the or
ganization of Army brigades, orders
were issued today for the transfer of
station of six infantry battalions and
squadrons of cavalry In the Middle
West and one on the Pacific Coast. The
movements are to begin about Feb
ruary 10. These organizations are to be
moved as Indicated:
Third Battalion, Fourteenth Infantry,
from Fort Missoula, Mont., to Fort
Seorge Wright. Wash.; Second Bat
Lallon Ninth Infantry, from Fort Snel
ling, ilinn., to Fort Thomas, Ky.; First
Battalion and tnaching gun platoon.
Eighteenth Infantry, from Fort Bliss,
Tex, to Fort Missoula, Mont.: Third
Battalion. Fourth Infantry, from Fort
Lneran II. Roots. Ark, to Fort Snelllng,
VI: an.; Taird Battalion. Ninth Infantry,
from Fort Sill, Okla., to Fort Logan
H. Roots, Ark.: Second Battalion. Nine
teenth Infantry, from Fort Sheridan.
11L, to Fort Sill, Okva., ana the Third
Squadron, First Cavalry, from Boise
Barracks, Idaho, to the Presidio, Mon
terey. CaL
KELTY RESIDENCE ROBBED
Skillful Is Bnrglar Who Shows Dis
crimination in Workings.
A burglar of skill and discrimination,
but little patience, robbed the home of
Paul Kelty, 294 Poplar street. In Ladd's
Addition, last evening while the family
was absent.
His skill was shown when the
marauder made entry through a high
kitchen window which had been
"stuck" all Winter and which the com
bined and several efforts of the mem
bers of the Kelty family, exerted at
various times, had failed to open.
The burglar demonstrated his dis
crimination In his choice of articles
taken. A Smith & Wesson hammerless
revolver and a cheaper pistol were re
moved from a chiffonier drawer, but the
cheaper gun was tossed on a bed and
left, while the better one was carried
away. Four scarfpins were taken, while
two of less value were left. Of those
taken one was set with a pearl, one
with an opal, one with a moonstone
and a pearl and one with a ruby. Mrs.
Kelty's watch was taken, as was also
a small amount of money, while a few
dollars in another corner of the same
drawer were overlooked. A heavy seal
ring and one of Chinese gold set with
Jade were taken.
That the robber possessed but slight
patience was shown In his treatment of
a chiffonier drawer and one In a
dresser. Finding them locked, he sim
ply tore away their fronts and threw
the pieces on the floor.
The total value of the articles taken
was somewhat above J 100.
LUMBER SPIES REPORTED
Mall-Order Concern Says Trade Se
crets Were Stolen.
CHICAGO, Feb. S. Spies in employ of
the lumber trust were kept stationed
In the building material departments
of large mall-order concerns In order
to steal trade secrets of the business,
according to testimony given today be
fore Examiner Fuller In the Govern
ment's dissolution suit.
Carl F. Heitschmldt, yard superin
tendent of the. mail-order department,
testified that W. Boyce, a defendant In
the proceedings, had told hlra that cer
tain employes of mail-order concerns
were placed there for the purpose of
obtaining the firm's secrets.
The witness also told how Boyce had
attempted to employ him as a spy, of
fering him a weekly salary and prom
ising to "take care" of him In case he
was detected.
Fred W. Knshel, representing a Chi
cago mall-order house, testified that, as
his firm could not get lumber from the
manufacturers. It was forced to buy its
own mills.
Message to Extra Session.
However, Will Make Spe
cific Recommendations.
CABINET IS IN ABEYANCE
SON TO SEARCH DESERT
Father Believed to Have Been Lost
in Wastes of Arizona.
ST. LOUIS, Feb. 5. Perry W. Mader,
of this city, left here today for Ari
zona to search for his father, Leslie
Mader, 65 years old, who It Is said Is
lost on the Arizona desert. The elder
Mader left here December 21 to Inspect
some mines In Arizona, near the con
fluence of the Virgin and Colorado
rivers. On December 31 be wrote from
Arizona that he would start In a skiff
down the Colorado River to Needles,
Cal, 125 miles away, and there take a
train for St. Louis. Nothing further
has been heard from Mader, and a
money order sent to him has been re
turned undelivered.
Perry Mader, the son. will go first
to Kingman, Ariz., about 40 miles down
the Colorado River from the place his
father is supposed to have started.
CHINA TO BUILD AIRSHIPS
French Military Adviser Behind De
cision of Xew Republic.
PARIS. Feb. 6. The President of
the Chinese Republic, on the sugges
tion of his French military adviser,
Major Brlssaud Desmalles, has decided
upon the establishment of an aerial
fleet, the organization of which will
be entrusted to French officers.
All the Chinese staff officers, ac
cording to an announcement made here
today, will be required to be gradu
ated from the aviation school, either as
pilots or observers, and a series of
competitions, to which all aerdplane
constructors will be Invited to send
machines.
President-elect Sees "o Reason Why
He Should Xot Defer His An
nouncement, hut Hopes He
Xeed Sot Do So.'
TRENTON. N. J., Feb. 5. President
elept Wilson will begin work tomorrow
on. his inaugural address, and plans to
finish it in two weeks. . He indicated
that It would be brief.
It is likely that his first message to
the extraordinary session of Congress,
to be convened shortly after the in
auguration, will be longer, containing
specific recommendations ?or legisla
tion. Just what these will be Mr. Wil
son will not decide until he gets to
Washington. ,
Anti-Saloon Delegates Call.
The Governor spent the day, for the
most part, with state officials. A dele-,
gation from the Anti-Saloon League of
New Jersey called to obtain his aid in
procuring the passage of a bill which
would give the Governor the right to
1 remove delinquent officials. The Gov
ernor saja ne was in lavor ox sucn a
measure.
Governor Wilson said he saw no rea
son why he should announce his Cab
inet before ho was inaugurated, though
he Indicated that he would try to reach
a decision as to selections before that
time.
"I remember very well." said the
Governor, "that President Cleveland did
not announce his Cabinet until after
he had been Inaugurated, and there
were speculations and guesses until the
very day of the announcement."
Georgia Presses Cabinet Claims,
The Governor said he hoped he would
not find It necessary to follow that
precedent.
Governor Wilson was urged today to
appoint as Secretary of Agriculture C.
S. Barrett, of Union City, Pa., president
of the National Farmers' Union.
When asked about his attitude toward
the Illinois Senatorial contest, the
Governor replied:
"All I have said Is that the Demo
crats ought to return the primary
choice, and In view of the primary vote
In Illinois. I felt they were entitled to
two Democratic Senators."
W. G. MteAdoo's Mother Dies.
rvriWIT I T71 Tnn T-'Vl fi "Tr
Mary Floyd McAdoo, mother of Wil
liam G. McAdoo, vice-chairman or tne
rTnnirsitin National Committee, died
at her home here this afternoon.
REPORTS FROM VESSELS
By Marconi Wireless.
Steamer Enterprise, from Honolulu
for San Francisco, 353 miles out, Feb
ruary 4, 8 P. M. Steamer Oleum, from
San Luis for Portland. 374 miles north
of San FranciBco, February 4, 3 P. M.
Steamer Riverside, with Oceania
Vance in tow, ten miles south of Eel
River, February 6. Steamer W. F. Her
rin. 284 miles south of the Columbia,
February 5.
Steamer Northland, off Point Brehon.
southbound, February 5, 8 P. M.
Steamer Breakwater, from Portland
for Marsh field, three miles south of
Yaquina, February 5. 8 P. M.
Steamer Bear, from Portland for San
Francisco, in the Columbia River 4C
miles from Astoria, February 6. 8 P. M.
Steamer Rose City, from San Fran
cisco for Portland, off the Umpqua
River, February 5. 8 P. M.
Steamer Navajo, southbound, crossing
the Columbia River bar, February 6,
8:40 P. M.
Steamer Roma, fromTacoma for San
Francisco, off Rice Rock: steamer
Chanslor. 19 miles from and bound for
Everett.
SEMBRICH OH NORDICA.
Watch of These Two Eminent Artist
Do Yon Prefer t
This morning we will place on sale
the latest records of Sembrich and Nor
dica. the two world-famous artists who
have Just given highly successful re
citals in this city.
At no other place In the city can the
records of both these artists be secured.
This Is due to the fact that Eilers
Music House are not mere agents for
one or two makes of Talking Machines,
but carry all the different makes ox
machines and records all the time.
Call at our aayngni taimng-machlne
quarters (Second Floor) and hear the
records of Nordica and sembrich. Those
living at a distance can order by mail.
Free and guaranteed safe delivery. If
you are not already on our mailing
list, write at once and we'll send you
catalogue. Eilers Music House, the
Talking Machine Headquarters, In the
Eilers Building, Seventh and Alder sts.
SENATE HITS LOBBYIST
LEGISLATIVE 'WORK ONLY DE
LATED BY BICKERINGS.
Factional Contentions Prove Undo-'
Ing of Planned Progress on
Roads and Highways.
STATE CAPITOL, Salem, Or, Feb. 5.
(Special.) Road lobbyists came In
for a heavy scoring In the Senate today,
when members of the roads and high
ways committee complained bitterly
that they had found It practically Im
possible to make progress while they
are delayed by bickerings and factional
contentions of outside lobbyists.
These declarations came when a de
bate was being waged around Thomp
son's resolution asking for a confer
ence committee of three from the Sen
ate and three from the House to har
monize differences between the road
bills.
Both Senator Von der Hellen, chair
man of the Joint roads and highways
committee, and Senator Ragsdale, mem
ber of the Senate committee, asserted
that the lobbyists who appeared simply
delayed the road-making game and
made it difficult for the committee to
advance In any direction.
Ragsdale said that as long as out
siders bombarded the committee prog
ress would be held up and intimated
that if there is no road legislation this
session it will be the fault of the many
who have carried on fruitless discus-
for
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sions and consumed the entire time of
the committee.
He urged that the conference com-
i.. K BtrmA tn if fnr no other rea
lm LtCC wo
son than to allow the regular Joint
committee to listen to the discussions
.v, inhhvi.t. while the conference
committee, off by Itself, go ahead and
decide detiniteiy on wimi &
tlon shall be taken as to road matters.
11. Thrtmnnnn resolution carried.
Rellaher charged, however, that it was
"loaded" and fathered by the paving
companies. '
Schuebel Introduces Review Bill.
STATE CAPITOL, Salem, Or., Feb. 5.
-(Special.) Representative Schuebel,
of Clackamas County, has Introduced
his bill for the review of judicial de
cisions, as waj. announced that he
would In The Oregonlan. It was re
ferred to the committee on the revision
SENATE ASKS IjARGER COTJRT
By Vote of 2 to 7 Upper House
Favors 7 -Member Bench.
STATE CAPITOL, Salem, Or, Feb. S.
(Special.) By a vote of 22 to 7, with
Miller absent, the bill providing for an
increase of the Supreme Court from live
to seven members passed the Senate
today. The bill was Introduced by Sen
ator Butler, who, in championing it,
declared that the work Is now so con-
gested as to make It practically a one
man oourt. He said so many cases are
appearing and so much work to do
that all of the judges cannot pass on
every case.
Farrell. who is not a lawyer, also
supported the measure, stating that
last year 285 opinions were written, the
greatest on record for any court of but
five justices.
Burgess, Dlmlck, Hawley, Hosklns,
Patten, Smith of Coos and Smith ot
Josephine were those voting against
the bill.
Pelrce Prohibits Fund Diversion.
STATE CAPITOL, Salem, Or., Feb. 5.
(Special.) Representative Pelrce to
day Introduced In the House a bill pro-
hlbltlng the use of Irreducible school
funds for any purpose during the year.
The fund is to be held during the year
and apportioned annually, according to
this proposed law. There has been
complaint that In some Instances the
fund has been drawn upon for other
purposes.
GUI Hits at Cigarette Publicity.
STATE CAPITOL, Salem, Or., Feb. 6.
(Special.) No newspaper may publish
any advertisement and no one shall
advertise in any manner any kind of
cigarettes, according to the provisions
of a bill filed In the House today by
Representative QUI, of Clackamas Conn,
ty. He provides for a fine of from 13
to $2B0 for violation.
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THE
OREGON
HOM
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