The evening world. Newspaper, May 12, 1922, Page 21

@ CROMWELL CFES Mr. iy Fie Robe PERIL IN LICENSES FOR N. Y. BROKERS Exchange President Tells Philadelphia of Precautions in Stock Market. PHILADELPHIA, May. 12.—"'One * thing I would like to make very clear to your minds is what our so-called opposition to Blue Sky Laws really means," said Seymour L. Cromwell, President of the New York Stock Ex- change, in an address at a dinner of the Philadelphia Stock Exchange last evening. “The bills against the passage of Which we have protested,’ he con- tinued, “‘would have thrown open the dealing in securities practically un- jolested to those very people whom we feel should be ruthlessly driven out of the business. The very poli- ticlans who claim to have the same object in view would be granting per- sonal licenses to brokers at a nominal cost, practically giving them a badge which would carry with it in the minds of the people a guarantee of honesty from the State. We know how easy it is for a dishonest man to get a letter of recommendation from a reputable person. The very embarrassment of refusal seems often to inhibit a man who otherwise might refuse. “The now notorious case of Hughes & Dier ts worth citing. After the New York Stock Exchange had re- moved thelr wires about a year ago Pressure began to be exerted on the authorities of the exchange from many high quarters. Politicians ot all ranks and of vartous parties seemed suddenly to rally to the de- fense of these men. Is this not evi- dence that these very people against whom the law would have been aimed could easily have obtained a license? “Furthermore, we can see nothing but danger in a law which provides that a Secretary of State or some other official should practically guar- antee the issues of stocks and bonds which have been presented to him and meet with his approval. This would mot stop the bad things, and would be really an interference with legiti- mate business. “The New York Stock Exchange has always been far in advance of the law in its listing requirements, and yet it would be the last to feel it advisable to put such a stamp of ap- proval on an isstte of stocks and bonds; and thus that particular stamp would be their guarantee rather than thelr own value, “If there is one suggestion more than another that I would like to leave with you it 15 the necessity of educating the public concerning the functions of the Stock Exchange, the nervice it renders, the availabliity of that service to small Investors and the safety that surrounds transac- tions between the public and mem- ver firms of the Exchange. “If the public could picture all of the distribution of manufacturers flowing through one outlet—a super- wholesale house—to the rétailers and to the Individual buyers, {t would have a better realization of the status of the Stock Exchange, “There is a crying need for the Interpretation of the Stock Exchange to tho public. Mystery begets sus- picion and distrust, and until we find a way to give the public a proper un- derstanding of our institution so long will we encounter hostility born of Ignorance. “We of the New York Stock Ex- change are frankly appealing for the support and confidence of the pub- Ne," concluded Mr. Cromwell. ‘That we may deserve {t, through the oon- tinued maintenance of a high stand- ard of business conduct is the ambi- tion and the expectation of every true friend of the institution."* ance to Obtain a Divorce OPTED BA § ie (ruth, "At frat 1 woemed Ineredl-| Arse Weer THE EVENING WORLD, FRIDAY, MAY 132, rt Graves Going 1922, oe ty-seven full-time executives, The assoctation, it was gtated, sixteen agencies handling depel children, with twenty-two | ull-t agents employed; has nine local committees working on mental §y= gienc; provides seventy-six visi shaft | was adopted. tion, Ih one 1 have helped to remove | tion was the reception and dinner held in the @rand Ballroom of the Hots! Biltmore last night. Whenever I asked other experfénce was given by At first It seemed incredl- Andrew Hamilton, born in 1895. He] Dr. John H. Finley, former State hle, because, childlike, I thought there} was in an orphan asylum until he|Commissioner of Education, and for- vould be a vast difference between an} was five years old and then was|mer Secretary of the association, pre- Wh parent and a foster parent, and| placed with the Lowis family of|sided. Speakers told of the health surely there was not any difference] Adams, N. Y. and relief work of the association, vith my parents, Homer Folks presided yesterday] ‘They pointed out the association “A representative of the State] morning and George A. Hastings, at} does not consist merely of a head- “harities Aid Association called at 1y home recently “and asked If I the luncheon and George F. Canfield | quarters in New York, but represents Jought adoption worth while. I most to State institutions and hai of fifty-four headquarters expe: public health, child welfare and social work. opened the afternoon session with a] the work of 12,000 citizons in all parts} TWO tpn IN BELFAST review of the ‘association's work tn] of the State interested in health and “dit Nes ertainly do, How could T possibly | placing children in 8,400 good homes.| charities, It represents fifty-two| s/t tuneng meetriot sontincee wots 2 . iink oth: If there has been| The social event of the two-day an-\ county-wide Committees on Tuber-liate hour last night. Two men were Tell of Happiness Found} \ny douse 1 r minds about adop- niversary programme of the assocla- culoais and Public Health, with thir- \tunded When Placed in Childless Homes Years Ago. Entire2# Floor 15 W.34*St Testimony of the good results o! placing homeless children in childlest homes was given yesterday by two o! the beneficiaries in the Hotel Bilt at the opening meeting for the vance of the fiftieth anniversary of the State Charities Ald Assdciation All parts of the State were repre sented, (BETWEEN FIFTH AVE. AND BROADWAY, OPP. WALDORF HOTEL) | IN NEWARK: 807-813 BROAD ST. (Between Market Street and Branford Pl.) The first to tell her experiences in an adopted home was Miss Marfori Wendell, who was placed twenty-fou years when the association begur this branch of work. Present also : was the latest baby to be ‘placed’’ “ y bag OR” the association, Helen Gray. SENIOR or “At the age of eight months," she sald, “lL was taken to my present home, My parents tell me I weighed less than nine but throuk! love, proper feeding and medical aid I was restored to normal health, pounds, heir differences was not stated. ‘to “Children were always eager to tr 2 ( RACING | | owe ry You Save Up to TOMORROW Till 6 P. M. decided to separate, but the cause of | { Couple to Sail Separately to] Start Proceedings in Paris. Friends of Mr. Graves of No. heard to-day that divorce proceedings| K' will be started in Parls soon. Accord- ing to rumor the couple will leave by] \., different steamers for France withip | Co and Mrs. Robert] y two weeks. Pla It was authoritatively admitted this} Plant a week that Mr. and Mrs. Graves had| estimated at $2,000,000 when she died. all appearances they were living hap-l] $7599 EXCELSIOR HANDICAP Saturdays py "upto afew eck ago $6000 COLORADO STAKES Tul'9 BM. children. 7 West 61st Street] of Brooklyn when she was n tained a Reno divorce, Mr. G: JAMAICA $20 In This Remarkable Sale! A big money-saving opportunity made possible NOW because of the havoc that frosty April raised CALIFORNIA HANDICAP Sty PURSE AND 2 OTHER FT Beginning SPECIAL TRA Both had been previously married. rs, Gravés was Miss Lorraine Miller rried to ingsley Swan, from whom ife was Miss ¢ tlin ,and his seco! t, widow of th She left Mr. Lrooklyn at M. stop, ut Ave. "1" to Tovth ste, a, theuee by’ trolley, Admission $3.85, licluding Tax. She could eat anything— without indigestion or sleeplessness didly afterward. tress was most painful after eating potatoes or other starchy foods, of which she was very fond. Yeast every night between her evening meal and bed- . time. She poured about a half cup of boiling hot water over the yeast cakes, stirred them thoroughly, added alittle cold water and drank. = with Spring selling among clothing manufacturers! 8,400 Suits With 1 and 2 Pairs of Pants & Top Coats For Men and Young Men VALUES UP TO $45! eee RR a long time she had been troubled with gas after her evening meal. The dis- Then she started taking twocakes of Fleischmann’s She found she could eat anything andtleep splen- ‘Thousands of men and wornen are finding that Fleischmann’s Yeast corrects stomach and intestinal troubles. It promotes the flow Sack of bile and pancreatic juice. It is rich in the ap- and ” . petitere palsies viet 90 Eat noes is Sport Sizes to fit men of all proportions—regulars from 33 to 30—stouts, ‘ pelthaneliieas = Models short-stouts and long-stouts, 37 to 52. Shorts and stubs, 33 to 44. Add 2 to 3 cakes of Fleishmann’ veut Galore! Slims 35 to 46. Stud hs your daily diet. You will find that pa 0 udents first long trouser suits, 30 to 36 digestive system is greatly benefited. Place a standing order with your grocer. He will de- In this enormous collection of Garments you will find every conceiva- liver it regularly. ble effect in 1, 2, 3 and 4 button single and double-breasted sport and sack models, from the most extreme to the most con- servative styles. Worsteds, Cheviots, Cassimeres, Serges, Tweeds, Flannels, Homespuns, etc. Pencil Imported G ‘The tinost selection of Krass rugs 9x10 $4.50 $3.50 fringe, An extensive range New Process Rugs Waterproof, sanitary, services summer rugs. Slight mill seconds, Oxlz oxo 46x Gx $5.98 $2.98 $225 $lag In. Extra Heavy... Summer Floor Coverings Half Priced! $2.75 $60 9x12 Fringed Seamless Velvet ‘29 In the very newest exquisite designs and color com- ‘binatlons. 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