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STOCK EXCHANGE PRACTICES HEARINGS BEFORE THE COMMITTEE ON BANKING AND CURRENCY UNITED STATES SENATE SEVENTY-THIKD CONGEESS SECOND SESSION ON SJtes. 84 (72d CONGRESS) A RESOLUTION TO INVESTIGATE PRACTICES OF STOCK EXCHANGES WITH RESPECT TO THE BUYING AND SELLING AND THE BORROWING AND LENDING OF LISTED SECURITIES AND S.Res. 56 and S.Res. 97 (73d CONGRESS) RESOLUTIONS TO INVESTIGATE THE MATTER OF BANKING OPERATIONS AND PRACTICES, TRANSACTIONS RELATING TO ANY SALE, EXCHANGE, PURCHASE, ACQUISITION, BORROWING, LENDING, FINANCING, ISSUING, DISTRIBUTING, OR OTHER DISPOSITION OF, OR DEALING IN, SECURITIES OR CREDIT BY ANY PERSON OR FIRM, PARTNERSHIP, COMPANY, ASSOCIATION, CORPORATION, OR OTHER ENTITY, WITH A VIEW TO RECOMMENDING NECESSARY LEGISLATION, UNDER THE TAXING POWER OR OTHER FEDERAL POWERS PART 17 AVIATION STOCKS, APRIL 18, 1934 AND ANSWERS TO QUESTIONNAIRE, MAY 1, 1934 Printed for the use of the Committee on Banking and Currency 175641 UNITED STATES GOVERNMENT PRINTING OFFICE WASHINGTON; 1934 COMMITTEE ON BANKING AND CURRENCY DUNCAN U. FLETCHER, Florida, Chawman CARTER GLASS, Virginia ROBERT F. WAGNER, New York ALBEN W BARKLEY, Kentucky ROBERT J. BULKLEY, Ohio THOMAS P. GORE, Oklahoma EDWARD P. COSTIGAN, Colorado ROBERT R REYNOLDS, North Carolina JAMBS F BYRNES, South Carolina JOHN H BANKHEAD, Alabama WILLIAM GIBBS McADOO, California ALVA B ADAMS, Colorado WILLIAM L PETER NORBECK, South Dakota PHILLIPS LEE GOLDSBOROUGH, Maryland JOHN G TOWNSEND, JB , Delaware FREDERIC C WALCOTT, Connecticut ROBERT D CAREY, Wyoming JAMES COUZENS, Michigan FREDERICK STBIWER, Oregon HAMILTON F KEAN, New Jersey HILL, Clerk R H SPARKMAN, Acting Clerk SUBCOMMITTEE ON STOCK EXCHANGE PRACTICES DUNCAN U. FLETCHER, Florida, Chairman CARTER GLASS, Virginia ALBEN W. BARKLEY, Kentucky1 EDWARD P. COSTIGAN, Colorado ALVA B ADAMS, Colorado 1 2 PETER NORBECK, South Dakota* JOHN G TOWNSEND, JB., Delaware JAMES COUZENS, Michigan Alternate, Thomas P Gore, Oklahoma. Alternate, Phillips Lee Goldsborough, Maryland. n CONTENTS Page Mr. Pecora introduced into the record the reports prepared by the examiners 7759, 7845 Mr Redmond was extended the courtesy of sitting in on behalf of the New York Stock Exchange 7857 m STOCK EXCHANGE PEACTICES WEDNESDAY, APRIL 18, 1934 UNITED STATES SENATE, COMMITTEE ON BANKING AND CURRENCY, Washington, D.C. The committee met at 10:30 am., following adjournment on Thursday, April 5, 1934, in room 301 of the Senate Office Building, Senator Duncan U. Fletcher (chairman) presiding. Present: Senators Fletcher (chairman), Glass, TVagner, Barkley, Bulkley, Gore, Byrnes, Bankhead, Adams, Goldsborough, Townsend, Walcott, Couzens, Steiwer, and Kean. Present also: Ferdinand Pecora, counsel to the committee; Julius Silver and David Saperstein, associate counsel to the committee; and Frank J. Meehan, chief statistician to the committee. The CHAIRMAN. The committee will come to order, please. Before proceeding with our executive session I will say that Mr. Pecora is ready to make some report in connection with the aviation stocks. He will now make a statement about that and we will let the material go into the record to be printed. Mr PECORA. In regard to the trading in certain aviation companies' stocks on the New York Stock Exchange, December 1, 1933, to February 9, 1934, we have reviewed the exchange's reports of transactions in the nine aircraft stocks covered by the Senate committee's resolution, to ascertam, primarily, whether or not there was extensive "short" selling of those stocks prior to formal announcement of cancelation of the air-mail contracts. The reports submitted to us by the exchange would be of assistance in enabling us to ascertain whether any sales were made by persons who may have had advance information that the contracts would be canceled, only in so far as the reports show individuals, et cetera, who sold large blocks of shares Interrogation of the sellers of the stocks would be necessary to ascertain, for the record, just why they sold stock during this period. The stocks under review wereAviation Corporation, Inc. (Delaware), common stock. Bendix Aviation Corporation, common stock. Curtiss-Wright Corporation, class A stock Curtiss-Wnght Corporation, common stock Douglas Aircraft Co , Inc , capital stock National Aviation Corporation, capital stock Noith American Aviation, Inc , capital stock. United Aircraft & Transport Corporation, common stock. Wright Aeronautical Corporation, capital stock. "Odd-lot" transactions-—that is, purchases and sales of less than 100 shares—were not required to be reported; however, the unit of 7759 7760 STOCK EXCHANGE PRACTICES trading in Wright Aeronautical being only 10 shares, trades of that number of shares or more were reported Our analysis of price changes in these stocks showed that, with the exception of Wright Aeronautical, the market value of each of them increased somewhat during December, that all of them showed relatively large price inci eases in January and that from February 1 to 9, inclusive, substantial declines m their market prices occurred, culminating in relatively sharp "breaks' 7 on Saturday, February 10* The latter date was the day after announcement of cancelation of the air mail contracts, made after the close of trading on the New York Stock Exchange February 9. Schedules showing the price fluctuations and sales of these stocks during the period under review, and ^especially during February, are appended to this report. "Short" sales, as reported to us by the exchange, accounted for only a very small proportion of the total sales and apparently were not a major factor in the declines which occurred m the market prices of these stocks On the contrary, there was extensive liquidation of "long" holdings during the latter part of January and the first 10 days m February During this period, numerous articles in the press regarding disclosures by Senator Black's committee indicated the possibility of revision of the air-mail contracts with resultant loss to the "aircraft" companies and those indications may have accelerated the selling of "long" stock. Furthermore these stocks had been "marked u p " in December and January and were therefore vulnerable to unfavorable news concerning the respective companies. Under such conditions, liquidation of large blocks of "long" stock would tend to cause lower prices Among the sellers of large blocks of the stocks during the latter part of January and to February 9 were Curtiss-Wright Corporation, common stock. Sperry Corporation sold 36,000 shares of "long" stock December 7 to February 1, of which 20,000 shares were sold January 30, 2,000 January 31, and 2,000 February 1 T A Morgan, care of Sperry Corporation, sold 3,000 shares of "long" stock on January 30 and February 1. National Air Transport, Inc., sold 11,900 shares of "long" stock February 9—the date the air-mail contracts were canceled. United Aircraft & Transport Corporation, common stock. OneJ H Townsend sold 16,100 shares of "long" stock in December for Frederick B Rentschler, vice chairman of board of directors of United Aircraft, and Rentschler, under his own name, sold 20,300 shares on December 27 The specialists for the respective stocks were the largest traders during the period under review, but, except in the case of Wright Aeronautical, in which the specialist sold 1,500 shares, or 23 percent of the total sales of 6,440 shares, the sales by specialists did not exceed 17 percent of the total trading. And I now submit for the record a tabulation for each of the aviation company stocks, showing the number of shares purchased, the number sold, and the total sales, as well as the percentages of specialists' sales to total sales. (The tabulation referred to is as follows ) 7761 STOCK EXCHANGE PEACTICES Bought Aviation corporation McWilham Wainwright & Co (through George & Famngton). Short .. . E. E Tweedy (through Stout & Oo) Short R V Hiscoe (through Baker, Weeks & Harden) Short — 9,200 9,000 60,900 79,100 Total Bendix Aviation Corporation 0 J Henderson & Sons (through Walker Bros) Short 68,600 31,200 9,000 80,800 68,400 200 31,100 9,200 40,300 Total Curtiss-Wright Corporation, common . Adler Coleman "& Co (through Adler, Coleman & Co) Short 123,600 21,700 115,400 26,700 142,100 Total Douglas Aircraft C o , Inc .. Brandenburg & Oo (through Foster & Adams) Short- 53,700 North American Aviation, Inc Edwin Weisl (through' Ira Haupt & Co) Short Shuman & Oo (through Shuman & Co) Short Total - - ._«. ——_—__ - - -_ - - - - 115% 379,700 10 6% 1,077,950 13% 667,200 6,000 6,000 5,300 100 15,800 5,500 100 13,500 2,400 182,600 — ——— 14% 508,650 8% 21,500 — 577,900 35,400 17% - - - United Aircraft & Transport Corporation— Benj Jacobson&Co (through D M Minton&Co) Short Wright Aeronautical Corporation Miller & Dodge (through Miller & Dodge) ._- 50,S00 1,200 Total sales and percent of specialists sales to total 52,000 Total National Aviation Corporation W R K Taylor (through W. R K Taylor & Co) 8,700 1,100 9,200 200 49,100 12,500 68,600 Total Ourtiss-Wright Corporation A Adler Coleman & Co (through Adler Coleman & Co) Short Total Sold 1,450 175,800 5,500 294,900 7% 1,383,000 181,300 13% 1,500 6,440 23% 7762 STOCK EXCHANGE PRACTICES New York Stock Exchange prices of Aviation Corporation, Inc. (Delaware) [Common stock outstanding, Dec 31,1933, 2,777,753 shares] CLOSING QUOTATIONS, FIRST A N D LAST DAYS OF D E C E M B E R 1933 A N D J A N U A R Y A N D FEBRUARY 1934 Quotation Date Dec 1 Jan 2. Feb 1 lH - 10H Increase (+),decrease (—) Quotation Date Dec 30 Jan 31 Feb 28 7H 10H 1% Months' sales (shares) 122,300 293,200 415,000 +2H -2H Total 830,500 HIGH A N D LOW PRICES IN DECEMBER, JANUARY, AND FEBRUARY 1 TO 9,10, AND 13 TO 28 High Date Dec 11 Dec 20. Jan 4 Jan 31 Feb 1-9 1 9 Feb 10.. Feb 13-28 17 24 . Increase (+), decrease ( - ) Low 8H 10% 6% } 7H -i* } -2H z 6% 8H Sales (shares) U22,300 ^293,200 «107,300 55,200 '252,500 Total.- 830,500 i December > January *Feb 1-9 «Feb 13-28 New York Stock Exchange prices of Bendix Aviation Corporation [The common stock, $5 par value, outstanding Dec 31,1933, 2,097,663 shares] CLOSING QUOTATIONS FIRST A N D LAST DAYS OF D E C E M B E R 1933 A N D JANUARY A N D F E B R U A R Y 1934 Quotation Date Quotation Date 17 22% 19^ 14% Dec 30 17H Jan 31 23 Feb 28 Dec 1 Jan 2 Feb 1 Increase ( + ) , decrease (—) Months' sales (shares) 131,650 290,100 169,400 +2M +5H -3% 591,150 Total HIGH A N D LOW PRICES I N DECEMBER, JANUARY, A N D F E B R U A R Y 1 TO 9,10, A N D 13 TO 28 High Date Pec Dec Jan Jan Feb Increase ( + ) , decrease (—) 14% 17H 22% * 23% - - r-t 1131,650 2290,100 16% 20 19 Sales (shares) } -3% C* 2 11 3 30 1-9 1 7 10 Feb 13-28 15 28 Low . i December «68,700 18H Total S91,150 — t January. * Feb 1-9 8 86,900 < 13,800 * Feb 10,1934. *Feb 13-28. 7763 STOCK EXCHANGE PBACTICES New York Stock Exchange prices of Curtiss-Wnght Corporation [The common stock, $1 par value, outstanding Dec 31,1933, was 6,719,646 shares] CLOSING QUOTATIONS, FIRST A N D LAST DAYS OF DECEMBER 1933 A N D JANUARY A N D FEBRUARY 1934 Date Quotation Dec 1 Jan 2 Feb 1 . 5 8 Increase ( + ) , decrease (—) Quotation Date 1 Dec 30 Jan 31 Feb 28 Months' sales 99,150 681,200 503,200 -H Total 1,283,550 HIGH A N D LOW I N DECEMBER, JANUARY, A N D FEBRUARY 1 TO 9, 10, A N D 13 TO 28 High Date Dec Jan Jan Feb 1 2 31 1-9 1 8 10 Feb 13-28 13 23 Increase Low Sales crease (—) H 199,150 3 681,200 -IH -H * 297,600 < 34,600 % T 4 } 4 8 171,000 Total . a i December January 1,283,550 . a Feb 1-9 «Feb 10 8 Feb 13-28 New York Stock Exchange prices of Curhss-Wright Corporation [The class A stock, $1 par value, outstanding Dec 31,1933, was 1,147,321] CLOSING QUOTATIONS, FIRST A N D LAST DAYS OF DECEMBER 1933 A N D JANUARY A N D FEBRUARY 1934 Date Date Quotation Deo 1 Jan 2 Feb 1 Quotation 5H Dec 31 Jan 31 10H Feb 28 Increase ( + ) , decrease (—) Months' sales 22,900 273,700 182,100 5J4 10H 10 478,700 Total HIGH A N D LOW PRICES I N DECEMBER, JANUARY, A N D FEBRUARY 1 TQ 9, 10, A N D 13 TO 28 Date Dec Dec Jan Jan Feb 14 20 3 30 1-9 1 9 10 Feb 13-28 14 24 Total . . . 10% _ Increase ( + ) , decrease (—) Low High 10M } 5 } 5H } SH 9H — i December. ——. 2 January. - 11 $u} -I* 122,900 +m 8 273,700 -2H +IX ^83,100 * 13,800 +2H «85,200 478,700 — a Feb 1-9. Sales <Feb 10. «Feb 13-28 7764 STOCK EXCHANGE PRACTICES New York Stock Exchange prices of Douglas Aircraft Co , Inc. [The capital stock of no par value, outstanding Dec 31,1933, was 467,403 shares] CLOSING QUOTATIONS, FIRST A N D LAST DAYS OF D E C E M B E R 1933 A N D JANUARY A N D F E B R U A R Y 1934 Quotation Date 14 15 Dec 1 Jan 2 Feb 1 Quotation Date Increase <+), decrease ( ~ ) 14 27% 23% Dec 30 Jan 31 Feb 28 Months' sales (shares) 20,700 401,100 473,600 +12% 895,400 Total HIGH A N D LOW PRICES I N DECEMBER, JANUARY, AND FEBRUARY, 1 TO 9, 10, A N D 13 TO 28 High Date Dec Dec Jan Jan Feb 7 202 3 1 1-9 1 ._ . 9 10 ._ . F e b 13-28 13 19 _- . -- .- 15H - - - - - .... -2H J 20,700 14H 3 401,100 23 22H } 19% -6H -3% <245,400 428,100 25 21% } 3H 6 200,100 28H . 28% . Sales (shares) 13 } 14H } . - - - . Increase (-^decrease (—) Low Total 895,400 »December «January. *Feb 1-9 »Feb 10 «Feb 1&-28. New York Stock Exchange prices of National Aviation Corporation The common stock, no par value, outstanding Dec 31,1933, was 477,352 shares CLOSING QUOTATIONS, FIRST A N D LAST DAYS OF D E C E M B E R 1933 A N D JANUARY A N D FEBRUARY 1934 Quotation Date Dec 30 . 10K Jan 31 Feb 28 Dec 28 » Jan 2 Feb 1 Quotation Date . . Increase ( + ) , decrease (—) 10% 12% Months' sales (shares) 1,600 26,700 19,600 +2% Total 47,900 * Listed on New York Curb Exchange until Dec 27,1933, sales on the Curb Dec 1 to Dec. 27, inclusive, were only 5,800 shares HIGH AND LOW PRICES IN DECEMBER, JANUARY, AND FEBRUARY, 1 TO 9, 10, AND 13 TO 28 High Date Dec Dec Jan Jan Feb 28 29. 23 31.— 1-9 1 9_ 1 0 . . Feb 13-28 13 24 Total. 10# . — . _ ... 13H ._. i December. Increase <+), decrease (—) Low 13M Sales (shares) 9% } 16"" } U 3H » 26,700 9% } -3H -% * 7,100 <3,200 m '9,300 8% m 10H 7% } 11,600 47,900 * January 'Feb «Feb 10 «Feb. 13-28 7765 STOCK EXCHANGE PEACXICES New York Stock Exchange prices of North American Aviation, Inc [The capital stock, $1 par value, outstanding Dec 31,1933, was 3,435,333 shares] CLOSING QUOTATIONS, F I R S T AND LAST DAYS OF D E C E M B E R 1933 AND JANUARY AND F E B R U A R Y 1934 Date Quotation Dec 1 Jan 2 Feb l Quotation Date Increase (+), decrease (—) 5H Dec 20 Jan 31 S% Feb 28 Months' sales (shares) 38,400 161,700 233,200 -H +3H 5% Total 433,300 H I G H A N D LOW PRICES I N D E C E M B E R , JANUARY, AND FEBRUARY, ]L TO 9, 10 A N D 13 TO 28 High Date Dec Dec Jan Jan Feb 8... 21 4 31 1-9 1 9 10 Feb 13-28 13 23 . . . . Increase Low crease (—) 5% } Sales (shares) -IH 138,400 2161,700 SH SH * 94,800 * 27,200 6H 5H U l l , 200 6H 433,300 Total »December 2 January «Feb 1-9 <Feb 10 »Feb 13-28 New York Stock Exchange quotations of United Aircraft & Transport Corporation [The common stock, no par value, outstanding Dec 31,1933, was 2,087,338 shares] CLOSING QUOTATIONS, F I R S T A N D LAST DAYS OF D E C E M B E R 1933 A N D J A N U A R Y A N D F E B R U A R Y 1934 Date Quotation Dec 1 Jan 2 Feb 1 Quotation Date Dec 30 31 3* Jan Feb 28 Increase (+), decrease ( - ) Months' sales (shares) 347,600 695,300 971,200 36^ 24% 2,014,100 Total H I G H A N D L O W P R I C E S I N D E C E M B E R J A N U A R Y , A N D F E B R U A R Y , 1 TO 9, 10, A N D 13 T O 28 High Date Dec Uec Jan Jan Feb 7 20 4 31 1-9 1 9 10 Feb 13-28 13 24 Low Z5H _ ._ . 36SS Z7H 25% ... 26^ } ~6 } Wi 28^ [ 22H -396 17H } -9 m Sales (shares) 1347,600 2 695,300 3 340,100 4 96,300 «534,800 2,014,100 Total ^December 29*£ 30% Increase ( + ) , decrease (—) 2 January »Feb 1-9 *Feb 10 fi Feb 13-28 7766 STOCK EXCHANGE PRACTICES New York Stock Exchange prices of Wright Aeronautical Corporation [The common stock, no par value, outstanding Dec 31,1933, was 599,857 shares] CLOSING QUOTATIONS, FIRST AND LAST DAYS OF DECEMBER 1933 AND JANUARY AND FEBRUARY 1934 Date Quotation Dec 1 Jan 2 Feb 1 Increase (+), decrease (—) Quotation Date 16^ Dec 29 20 Jan 31 56H Feb 28 14 56H 56H Months' sales -2% Total 170 5,050 4,230 9,450 HIGH AND LOW PRICES IN DECEMBER, JANUARY, AND FEBRUARY, 1 TO 9, 10 AND 13 TO 28 High Date Dec Dec Jan Jan Feb 6 20 19 27 1-9 1 9 10 Feb 113-28 4 20 16H 14 19^ 75 59M . . _. Increase (+), decrease (—) Low } mi 49% 47H 44 - Total } } } -2H +56H 2 5,050 -10% -2H 8 1,220 450 +17H 5 2,960 2 January U70 9,450 - i December Sales s Feb 1-9 «Feb 13-28 * Feb 10 Mr. PECORA I also submit the following schedules wliich show all sales of 500 shares or more, and purchases of 1,000 shares or more, by persons whose names and/or addresses indicated they were connected with aircraft companies, the same being prepared from New York Stock Exchange summaries—and I might state that these lists are subject to correction (Summaries covering stocks of the following aviation companies, Bendix Aviation Corporation, Curtiss-Wright Corporation, common no. 1; Curtiss-Wright Corporation, common no. 2; Curtiss-Wright Corporation, class A; National Aviation Corporation; North American Aviation, Inc.; United Aircraft & Transport, no. 1; United Aircraft & Transport, no. 2; Wright Aeronautical Corporation; are as follows:) Bendix Aviation Corporation Page Account Bought Broker 1 James S Adams, 934 Woodward MacKubin, Legg & Co Building, Washington, D O Carl O Ade, 80 East A v e , Koch- Smith, Graham & R ester, N Y . do Do 100 Clark, Ohilds & Keech Goldman, Sachs & Co F Allen, 1 Sheridan Sq Do 3 Total C Louis Allen, Graybar Build- H L Horton & Co ing, New York, N Y - Long or short Long . Do 100 2 2 Sold 100 Short 1,400 500 900 1,000 Long Do 1,900 1,900 500 Do 7767 STOCK EXCHANGE PBACTICES Bendix Aviation Corporation—Continued Page' •3 Broker Bought J S Bache <& Co 100 Bennett, Smith & Co Domimck & Domimck Paine, Webber & Co E A Pierce & Co Scholle Bros 100 Account Alison & Co , 244 Buhl Building, Detroit, Mich Do Do Do Do Do Total 4 4 4 7 7 8 9 12 13 14 15 Amarmond Co , Ltd , Montreal, Canada American & British Continental Corporation, 1 Exchange P I , Jersey City, N J Do American Midland C o , 2666 Penobscot Building, Detroit, Mich Lloyd Anderson, 500 Shoreham Building, Washington, D C . Henry Ansbacher & Co , 20 Copthall A v e , London, E C 2, England Do F S Arguimbau, Merrick, Long Island, N Y Lynn & Bermce Atkinson, 609 S Grand A v e , Los Anglles, Calif Bank of Galesburg, Galesburg, 111 Dr R A Barr, Barr's Inmmary, 80019th Ave South, Nashville, Tenn Do H H Bateman, 453 S Spring S t , Los Angeles, Calif Baynewfoundland, L t d , Bay Co Bridgeport, Conn Do 15 Harry C Beaver, Essex Club, Newark, N J Do Do 15 16 Total Robert Beaird, care of WiUiam McGrath, 39 S La Salle S t , Chicago, 111 Do T J Beauchamp, room 1402, 60 Beaver S t , New York City Do Do Kidder, Peabody & Co 500 400 1,100^ 1,400 Jackson & Curtis Long or short 100 Long P 100 f 100 200 600 300 Do Do Do Do Do Do 1,000 1,000 Do Emil J Roth & Co E A Pierce & Co 500 1,000 500 Do Do W B Hibbs & Co 200 100 Do Livingston & Co 300 Arthur Lipper & Co Baker, Weeks & Harden . . . E F Hutton & Co 500 2,800 Do 500 3,000 500 100 500 Lamson Bros & Co Fenner & Beane A M Kidder & Co 1,200 do 500* Hendrickson & Co _do - 500 Do Do Do Do 500 . Do Do 800 Kidder, Peabody & Co Do Do Short Long 500 500 do E A Pierce & Co Do Do 1,000 500 500 100 Short E A Pierce & Co 3,000 3,000 Long Fagan & Co Bond, McEnany & Co 1,800 1,100 900 1,100 Do Do 5,900 5,000 Paul H Davis & Co do Total 18 H H BeU, 518 Center S t , Taft, Calif Do 20 Theo BerdeU, 1 Wall S t , New York, N Y 22 A C Birkmeir, S p l , 2323 W Mam S t , F t Wa\ne, Ind 23 Maj Harry A Bishop, care of U S Soldiers Home, Washington, D C 23 S T Blackwood, 238 Bay S t , Toronto, Canada 24 The Blue Ridge Coiporation, 1 Exchange P I , Jersey City, N J & Share Co , Cracker Build 27 \("Bond ing, San Francisco, Calif 27 Roy Bonhotel, Route No 1, Ne maha, Nebr 28 Silvio Bottanredi 32 L H Bndgman, 727 Louisa S t , Flint, Mich 33 Brooklyn Trust C o , (Loan De partment), 177 Montague S t , Brooklyn, N Y Sold Sutro <fe Co 1,200 do Fahnestock & Co Thomson & McKmnon Harriman & Co Laidlaw & Co _ Abbott, Hoppm & Co _ Clark, Cmldb & Keech Abraham & Co Do 1,000 800 1,000 Do Do 100 500 Do 100 100 Do 500 Domimck & Dommick \ W m Cavalier & Co / Lamson do Bros & Co Do 100 1,000 500 Do 1,000 Do 400 100 Do Do Short 2,100 Long Do 100 Do 7768 STOCK EXCHANGE PBACTICES Bendix Aviation Corporation—Continued Page 34 35 Broker Account Maj E h E Brown, F t George G W W Lanahan & Co Meade, Md Brown, Lisle & Marshall, 201 Clark, Childs & Keech Turks Building, Providence, Bought 100 RI 4,000 36 E G Brans, Jr, 11 Wall St, New Thomson & McKmnon York City 39 C D Bunker, 818 Begole St, Clark, Childs & Keech Flint, Mich 1 500 (H H Berry, 3658 Buffalo Rd, J S Bache&Co 40 { Wesleyville, Pa do I Do 1,300 42 Henry L Cabell, Box 2278, Rich- Branch, Cabell & Co mond, Va 3,200 43 Cophil, Inc , room 1404, 730 Fifth L J Marquis & Co Ave, New Yoik, N Y 300 44 Carlisle, Mellick & Co , 50 Broad- Carlisle, Mellick & Co way, New York, N Y 700 47 A M Cavanagh, 84 Monroe St, Mallory, Pynchon & Eisemann Brooklyn, N Y 100 49 Chase Investment Co, 1124 Lo- Lamson Bros & Co cust St, Des Momes, Ind. \ fChase National Bank, 11 Broad Ward, Graver & Co New York City 49 J1 St,Do J R Timmins & Co I Do Prentice & Slepack & Co. ... ( Total 1,000 49 Thurmond Chatham, Winston- White, Weld & Co Salem, N C 50 Harry Christie, box 241, Nor- Tobey & Kirk. . . . mandy Beach, N J do - ... 100 Lamson Bros & Co 50 B C Christopher & Co 1,000 51 E F Clark, box 678, Cleveland, Butler, Wick & Co Ohio .. 55 Arthur L Coe, 414 Cal Wayne Shields & Co Building, Fort Wayne, Ind do Do do 55 Louise Coe, 330 West Wayne St, Fort Wayne, Ind 500 56 Anthonette Combs, Quaker Ridge Belden & Co Rd , New Rochelle, N Y 57 Reginald O Conant, 116 East C J Lawrence & Sons 53d St, New York, N Y 57 Continental Bank, 30 Broad St, Sterner. Rouse & Co New York, N Y 500 58 Herbert W Cook, 1791 Boulevard Hendrickson & Co East, Woodchfe, N J 1,500 58 Cooke, Thomson & Rosenthal, Redmond & Co 130 Crystal Arcade, Manila, P I 59 John E Cornell, 1511 East Hyde E A Pierce & Co Park Boulevard, Chicago, HI 500 60 Maurice Coulombell, 25 Rue Le Post & Flagg Conte de Isle, Paris, France 69 Paul H Davis & Co Odd lot firm account 5,300 Paul H Davis & Co . . . do 69 Homer G Day, 1160 Park Ave, 69 69 70 77 79 New York City Do Total I C Debenckehare Variety Manufacturing Co, Dayton, Ohio Decoppet, Doremus (firm account), 42 Broadway, New York City D H Deibler, care of Federal Radio Commission, 1800 E St NW , Washington, D C Gladys Duff, 51 Bennett Ave, New York City John V Dunne & Co , 19 Rector St, New York City Sold Long 500 Short 4,000 Long 100 Short 100 Long 100 Short 1,000 Long 2,500 Do 7,100 700 Do Short 100 Long 100 100 Do Do 300 1,000 Do 200 Do 100 Short Do Long 1,000 200 Do 200 100 Short Do 500 Long 100 Do 100 Do 500 Do 1,600 Do 600 500 Do Do 5,000 7,700 3,300 Do Do 10,300 11,000 Do Burton, Cluett & Dana 300 Montgomery, Scott & Co 700 600 1,000 600 500 Greene & Brock Do Do 7,900 DeCoppet & Doremus Fenner & Beane Long or short 100 200 Do Weingarten & Co 200 200 Short John V Dunne & Co 900 900 Long 7769 STOCK EXCHANGE PBACTICES Bendtx Aviation Corporation—Continued Page 79 81 Broker Account Edmund du Pont, 1074 du Pont Building, Wilmington, Del Eastern Snares, 1 Exchange P I , Jersey City, N J. Do Bought Francis I du Pont & Co 100 200 Do 1,300 Do. - .— - — do do do do .do _._ —— .. - — 300 Do 800 100 300 500 Do Do. Do. 100 Do. 100 100 100 100 Do. Do Do Do 500 Total 89 Esskey & C o , Menomome, Wis__ Paine, Webber & Co. . do Do. do Do do Do do Do do Do . _ do Do Do do - 200 200 Total 93 Ruth H Ferguson, care of A D Chisholm & Chapman....Ferguson, 52 Broadway, New York City do Do do Do — do . _ . Do do Do do Do do Do do Do . do Do ^ do Do do Do do. . . Do do Do . _ do Do do Do - 100 100 Do Do 700 100 100 200 200 100 200 200 Do Do. Do Do Do Do Do Do Do Do Do Do Do Do 300 300 100 300 100 200 100 1,400 Sutro & Co 300 Do do 300 Do 600 J R Wilhston & Co . do do do do do 100 Do. 500 Do Do Do Do Do 600 Total 103 Fraser, Dingman & Co , 217 Bay S t , Toronto, Canada Do Do Do Do Do Do. Do Do Do Do Do. - - - 101 F Vernon Foster, 11 Wall S t , New York City Do Do Do Do Do 100 100 100 100 100 100 1,200 Total Financial Independent (joint), 300 Van Nuys Building, Los Angeles, Calif Do Do. 2,000 Empire Trust C o , Edmond S t , Wintrhop, Mitchell & Co. . . . St Joseph, Mo Do do. do - Do . ~ do Do do . . Do Total 100 Long. 1,500 Laird, Bissel <fc Meeds Total 94 Long or short Emanuel & Co Total 81 A B Echols, Dupont Building, Wilmington, Del Do Do Do Do-. 86 Sold Laidlaw <fe Co do do do do do i .. - 100 400 100 100 100 200 200 600 200 Do 800 1,000 Do. Do Do Do Do ...... 7770 STOCK EXCHANGE PRACTICES Bendtx Aviation Account Page 103 Corporation—Continued Fraser, Dmgman & Co , 217 Bay S t , Toronto, Canada —Con Do Do Do . Do Bought Broker 120 200 Long do . . do do do 400 100 100 200 Do Do Do Do . 1,400 S G Gray, Box 1737, Shreveport, La Do Do 200 Do Hincks Bros & Co 100 Short 1,000 Do Long do . Seligsburg & Co 100 1,000 100 do H G Einstein & Co Do Short. Long 100 Fenner & Beane do do 100 100 100 Total - 500 Total Do Short. 200 100 100 200 200 1,000 Do Long. Do Do. Do. Do. 2,000 T Greenwood, Stock Ex- Montgomery, Scott & Co change Building, Philadelphia, Pa Do do Do do- . — Do do Do do Do — _ do Do do Do :::::do:::::::::::::::::::::::: Do do Do do Do do _ do Do Do. . . . do Do do Do do - - Do do Do do Do do 100 100 100 100 400 Total 126 Hambly, Peaker & Armstrong, Laidlaw & Co 613 Dominion Bank Building, Toronto, Canada Do . do — 127 Hamstrom & C o , Real Estate Butcher & Sherrerd Trust Building, Philadelphia, Pa Do . — do 131 Mrs Helen, B Halle, % S J Halle & Steiglitz Halle, 25 Broad S t , New York City 133 L E Hatzfeld, 40 Wall S t , New Henderson & Co York City Do . . . do Do do Do ^ do Do do Do do Do do Do —.do Total. 2,000 E A Pierce & Co 121 J H Green, Amarillo, Tex „> Jno F Clark & Co -122 James W Greene, 316'Grove S t , Colgate Hovt & Co Jersey City, N J Do do do- Do do Do do Do 122 H Long or short Laidlaw & Co Total Simon Gerber, care of Albany Pharmacy, Washington, D C 116 Serge Gluhareff, care of Sitarsky Corporation, Bridgeport, Conn Do 117 Louis Goldvogel, 386 Broadway, New York City Do 117 Herbert Golsner, 807 6th A v e , BrooMvn N Y 110 Sold . - -- Do. 200 100 100 100 100 100 100 200 100 200 100 100 100 100 1,700 Do. 700 500 600 Do. Do. 700 1,200 Do. Do. 700 400 100 200 500 Do. Do. Do Do. Do Do Do Do. 1,000 100 100 1,200 Do. Do Do. Do. Do Do. Do. Do Do Do. Do Do Do. Do Do Do. Do 1,900 7771 STOCK EXCHANGE PRACTICES Bendix Aviation Corporation—Continued Broker Account Page do do do do Long. Do Do Short Long 100 100 Total H Hecht, 2375 Penobscot Fenner & Beane Building, Detroit, Mich do Do Hemphill, Noyes & Co , stock ac- Hemphill, Noyes & Co count C F Henderson & Sons, 71 Broad- Walker Bros way, New York City do S H Hill, c/o Julius Hausman, 52 H Zuckerman & Co Broadway, New York City do Do Long or short !888 Shields & Co Sold 8 133 J F Havice, 621 Wayne Pharmacial Building, Fort Wayne, Ind Do Do Do Do Bought 400 135 A 1500 Do. 137 2,400 500 3,100 Do Do. 58,600 57,600 137 137 139 200 500 1,200 R V Hiscoe, 52 Wall S t , New Baker, Weeks & Harden Yoik City Do do do Do do Do do Do do Do do . Do . . do Do — do Do . . . do Do do Do do Do do Do do Do do Do do Do Do _ . do do Do . . do Do do Do —do Do John Hitchcock, 119 Woodlawn A v e , Wellesley, Mass Do — . Do — Do Total w~ 147 Jones Howard & C o , 249 St James St W , Montreal, Canada 150 J F Holmes, 122E 4 2 d S t , N e w York City 151 Mrs Hattie F Hornblower, Boston, Mass 151 Al M Houghton, Munsey Bldg , Washington, D C i Stocks received 175541—34—PT 1 7 - 100 3,800 100 2,300 400 100 500 200 7,500 Total 145 200 500 Robert R Henderson, 45 Wood- MacDonald & Co dale A v e , Chestnut Hill, Philadelphia, Pa Do do do Do do Do . ...do Do Total. 144 100 Jackson & Curtis— 100 do ....do do 100 300 . . 200 . do Shields & Co 500 Do Short. Long Short. Long. 200 300 200 Do. Do. Do Do. 700 100 Do. 500 200 1,000 1,500 1,000 300 1,300 100 200 200 Do. Do. Do Do Do. Do Do. Do. Do Do. Do Do Do Do. Do Do Do Do Do 100 100 6,600 Do 500 Do.. Do 500 500 1,000 Hornblower & Weeks 500 Hemphill Noyes & Co 100 Do. Do. Do 7772 STOCK EXCHANGE PRACTICES Bendtx Aviation Corporation—Continued Page Account Bought Broker 154 J M Hugo, 1088 Park A v e , New McClure, Jones & Co York City Do do do Do Do do Total 155 100 100 200 — Total- 200 Do 200 200 Do 100 Short 300 1,000 - Do Total Do 500 Do 1,500 Do 2,000 160 Jacquelm & DeCoppet, firm ac- Jacquehn & DeCoppet count, 47 Broad S t , New York, 100 Harry Jahnke, 6208 Fairfield A v e , Jackson & Curtis Chicago, HI 161 Coleman Jennings, 2221 Mass Hayden Stone & Co Ave N W , Washington, D C 300 6,900 500 300 E A Pierce & Co do Total 200 Do 100 Short 300 300 700 600 Post & Flagg 500 700 100 Mackubin, Legg & Co John Muir & Co 100 - 100 Auchmcloss, Parker & Redpath L J Marquis & Co 500 Chisholm & Chapman 200 .. Lamson Bros & Co 100 Eisele, King & Nugent 500 Henderson & C o . . . . 500 . do Lambron, Hutchings & Co 179 N J Larmier & C o , First National Bank Building, Wenatchee, Wash Do Do E A Pierce & Co . do . . . . 200 500 Long Do Do Do Do Do Do Do Short Long Do 500 Do 1,000 Do 3,000 Do 500 Do do do Thomson & McKinnon 1,000 300 Hornblower & Weeks Do Do Laidlaw & C o . . 178 George Langley & C o , Bileans House, Edmund S t , Liverpool, England Do — Long 2,000 158 Interstate Equitable Corporation, Fahnestock & Co 1 Exchange Place, Jersey City, Total 181 Molson Lawson & C o , 437 St James, Montreal, Canada Do Do Do 500 158 International Bond & Share Cor- J R Timmins & Co poration, Montreal, Canada 158 Intercontinental Corporation, 460 Russell, Miller & Co Montgomery S t , San Francisco, Calif 163 Johnston & Ward, box 1870, Montreal, Canada 164 Jones, Howard & Co , 38 King S t , West Toronto, Canada 166 Louis J Jullien, 1443 P S t , Washington, D C 170 J J King, Naval Operating Base, Hampton Roads, Va 171 Joseph T Kirchner, 713 6th S t , Washington, D C 173 Mrs L Knappleman No 2, 225 W 106th S t , New York City 173 Gisak Kobayashi, 2101 Foxland E d , Washington, D C 175 S S Kresge, care of S S Kresge & Co , Detroit, Mich 176 C C Kruger, 2019 N S t , Lincoln, Nebr 176 Walter S Kuser, care of Peoples Brewmg Co , Trenton, N J 177 Win F Ladd,Jr , care of Henderson & Co , 502 Park A v e , New York City Do Long or short 100 Long V C & Freda Huntmgton, 45 Jenke, Gwynne & Co Clarenden A v e , Newport, Vt Do do. Do __ do Barney Johnson & C o , Eau Claire, Wis Do.— Sold 400 100 500 Do Short 500 500 Long 7773 STOCK EXCHANGE PRACTICES Bendix Aviation Corporation—Continued Account 182 Maurice M Leavitt, 1411 Fourth Ave Building, Seattle, Wash New York City Lehman Corporation, 1 William St, New York City Mrs Maude A Leighton, 1611 UpshurSt NW, Washington, DC Do. A E Loetcher, 1282 Langworthy Ave, Dubuque, Iowa J J Lowtiz, 29 Broadway, New York City Edward E Ludwick, 36 East Levering Mill Rd, Cynwyd, Pa E E MacCrone & Co, 2646 Penobscot Building, Detroit, Mich John H Marvm, trust, care of Foster, Marvin & Co, 2 Wall St, New York, N Y Matthew Marvm, trust, care of Foster, Marvm & Co, 2 Wall St, New York, N Y Murray S Marvin, trust, care of Foster, Marvin & Co, 2 Wall St, New York, N Y Mason Foundation Co, Lexington, Ky Mrs McConniche, 2817 Woodlawn Drive, Washmgton, D C M J Menejec, 411 House Office Building, Washington, D C Do Milton Mensch, 39 Broadway, New York, N Y Do G H Meunier (joint account), 300 Van Nuys Building, Los Angeles, Cain* C Y Middleton, Kentucky State Life Building, Louisville, Ky O R Miller, Rice Lake, Wis—. S H Miller, Baltimore & Pine Sts, Baltimore, Md Mitchell & Craft, Washington, Pa Monitor Trading Co , 141 Broadway, New York City A M Montgomery, 15 Broad St, New York City Mrs F E Montgomery, 1 West 72d St, New York City F E Montgomery, 1 West 72d St, New York City Elizabeth B Morrow, Humphrey Rd , Mornstown, N J Q O Morton, Campbellsville, 183 Lehman Bros, 1 William St, 183 183 188 190 190 192 198 198 198 198 201 210 210 212 213 213 216 217 218 218 218 218 220 222 Johanna K Mosenthal, 889 Lexington Ave Do __ 223 O R Mulhson, Wilkes-Barre, Pa 224 M G Murphy, 14th and Jackson S t s , Omaha, Nebr 228 Harry A Nefl, care of Paul Warren, 731 Court S t , Fort Wayne, Ind Do Broker E A Pierce & Co Lehman Bros do Laidlaw & Co— Lamson Bros & Co.. E Lowitz & Co E A Pierce & Co— ..do.. Sold 10,000 Long. Do Do 100 Do 100 100 2,200 2,200 700 600 700 1,000 300 .do- 300 ..do- 300 McClure, Jones & Co.... Clark, Childs & Keech... G M -P Murphy & Co.. do.. L J Marquis & Co.. . ...do Sutro & Co. 1,000 200 100 300 "l,"400" W L Lyons & Co— W L Lyons & Co.. F B Cahn & Co... Moore, Leonard & Lynch. John Melady & Co E B Smith & Co George & Farnngton Granberry & Co —..do White, Weld & Co.. .doo J H B Brooks & Co Winthrop, Mitchell & Co.. Shields & Co .do. Jenks, Gwynne & Co. Do Short Long Do. Do. Do. Do. Do. Ho Do. Do. 100 500 600 Do. Do. Do. 100 Short. 100 100 Do 500 Long 500 500 Do Do Short Do Do Long Do Do Do Do Do Do 100 Do 100 500 1,000 1,000 100 100 100 .do. .do. Long or short 1,400 1,000 Foster, Marvm & Co. Total229 Newfoundland care of Ridell Stead Gi Hutchinson, C P R Building, Toronto, Canada Bought 100 600 1,000 1,000 2,000 2,000 100 Short 200 500 Long 7774 STOCK EXCHANGE PEACTICES Bendix Aviation Corporation—Continued Page 229 Broker Account N Y Buffalo, Trading Corporation,. 1 Wall S t , New York, Belden & Co NY Abbott, Hoppm & Co 231 A B Noyes, care of Jensen Noyes Do Overlook, Stevens & Co, Bisbee, Ariz 239 Mrs Martha Parson, 974 East Ave , Rochester, N Y 240 Winston Paul no 7, suite 2406,580 Fifth Ave , New York City 240 W J Paul & Co , 25 Vincent P I , Glasgow, Scotland 241 M W Peifer joint account care of C E Hall, care of Hibbs & C o , Washington^ D C 244 Capt Thos Phillips, care of E K Henderson, 10 Postoffice Square, Boston, Mass 246 Mrs C M Platt, 1621 Grove S t , Berkeley, Cal Do 247 Agnes R Polk, 431 Howard S t , Detroit, Mich 250 Proctor, Cook, & C o , firm account, 50 Congress S t , Boston, Mass 252 M J Qumn, J r , 71 Broadway, New York City 253 F Raes, 1412 Lmwood, Ann Arbor, Mich Major R H Ranger, 574 Parker S t , Newark, N J 255 O B Reimer, 44 Pme S t , New York City 256 John B Richards, 3133 Internal Revenue Building, Washington, D C J V Richards, 3133 Internal Revenue Building, Washington, D C 257 John Ries, J r , 47 Union S t , Montclair, N J Ferdinand T and Juniata Ritter, 6636 Orange Ave , Long Beach, Calif 259 Fred Rockelman, 18426 Wildemere Ave , Detroit, Mich 261 262 263 265 271 272 273 274 Long or short Long 1,000 Do 1,000 Do 100 Shearson, Hammill & Co Do, 1,100 Total 235 Sold 900 do Do 231 Northern Investors, Ltd , 437 St James St West, Montreal, Canada Do Bought Hemphill, Noyes & Co do - E F Hutton & Co Smith, Graham & Rockwell. — 600 500 1,800 800 500 500 1,000 G M P Murphy & Co Do Do Do Do. 1,200 Do W B Hibbs & Co 100 Do Laidlaw & Co 100 Do E A Pierce & Co ... do do 100 Do 1,000 100 Short 300 Long Proctor Cook & C o . - 2,100 2,300 E C Benedict & Co 500 500 Do Watling, Lerchen & Hayes 100 200 Short 300 500 Long 7,500 7,500 Do Laidlaw & Co Lapham, Holden & Reimer... J S Bache & Co ... 100 Do. 100 do Do 700 Do 600 Short 700 700 Long. Ernest Rosenfeld, 62 Williams St__ S B Koch & Co Do Lazard Freres 500 2,000 500 2,000 Do Do Total E J Roth & Co , 29 Broadway, suite 1510, New York City D P Rumsey & Co , 61 Niagara S t , Buftalo, N Y E H and Helen S Salzman, account of Lt E H Salzman, Aircraft Squadron E C E F , Marine Barracks, Quantico, Va Joseph M Schulte, 386 Broadway, New York City Maj E E and Therese Schivien, Fort Leavenworth, Kans Nathan B Scott 2d, 2500 Massachusetts Ave N W , Washington, D C K M Seggerman, 40 Wall S t , New York City Mrs Juamta H Semmes, 500 Investment Building, Washington, D C 2,500 2,500 1,000 Do 1,200 Do 100 Do Hemphill, Noyes & Co 500 Do E F Hutton & Co W E Hutton & Co Fenner & Beane J C Dann & Co Carstairs & Co H G Einstein & Co 500 500 Short Belden & Co 100 100 Long Hemphill, Noyes & Co 200 100 Do Willard & Co 300 600 Do Laidlaw & Co 200 200 Do 7775 STOCK EXCHANGE PEACTICES Bendix Aviahon Corporation—Continued Page 277 278 278 Account G D Shirey, 1920 Clifton Ave , Baltimore, M d Do 284 J E Smith, Flint, MichDo 288 291 292 293 297 300 305 306 307 310 311 312 Total E B Smith & Co , firm account, 15 Broad S t , New York City A L Smithers, 50 Broadway, New York City Helen B Stark, Martin Brown Building, Louisville, K y Mrs Grace Stickley, 3409 Eightythird S t , Jackson Heights, N Y Hairy H Sticles, 1602 Union & People's National Bank Building, Jackson, Mich B Paul Stonecifer, 1125 Lmcoln Bank Tower, Fort Wayne, Ind Do E L Stowell, Cosmos Club, Washington, D C Charles E Street, Alger Court, West Bronxville, N Y Mr E M Talcott, 925 Fifteenth S t , N W , Washington, D C Mrs A n n a H Taylor, 42 Oakland Rd , Maplewood, N J Charles Tesch, 500 Grand Street, Brooklyn, N Y O N Tevaseder, 1200 Fullerton A v e , Chicago, HI J J Thomas, 111 Sutter S t , care of American Can Co , San Francisco, Calif Trading Associates Corporation, 1109 Calvert Building, Baltimore, Md Mrs L M Troub, 750 Main Street, Hartford, Conn Milton F Untermeyer, 60 Beaver S t , New York City H Van Raalte, 1125 Park Ave , New York City Frank H Vedder, 165 Broadway, New York City Vercoe & Co , Huntington Bank Building, Columbus, Ohio (11 Wall S t , New York City) Irene Wait, 1213 W Paterson S t , Flint, Mich Dr L Walker and M . Loomis Foreign Mrs Claudia Ward, Clover R d , Brighton Station, Rochester, NY Do Warner & Co , no 2, 120 Broadway, New York City Long or short 500 Long. 700 Do. 400 800 Do 100 Short Foster & Adams.. 400 1,000 900 1,000 Long John Muir & Co. 500 500 Do Paine, Webber & Co.. ....do 600 300 400 Do Short 600 700 1,000 Long 1,500 1,500 Do 100 Short Baker, Watts & Co .—do E B Smith & Co F S Smithers & Co W L Lyons & Co Springs & Co 100 100 Do Domimck & Domnnck... 500 500 Long Shields & Co.. 200 Do ..do.. W B Hibbs Co 100 Short 100 Long Abbott Hoppin & Co Do 1,100 ..... 100 Do. Rhoades, Williams & Co.. 500 Do. F B Cahn & Co 600 Do Clement Curtis & Co 500 Do 200 200 Do Short Long Harnman & Co... |E F Hutton & Co Belden & Co 800 1,000 Francis R Cooley & Co 500 500 Do H Hentz & Co 500 500 Do Weingarten & Co 500 500 Do Butler, Hemck & Marshall. 500 500 Do. Thomson & McKinnon 300 800 Do Clark, Ohilds & Keech 600 1,100 Do C B Richard & Co 500 500 Do Smith, Graham & Rockwell- 100 Do. 100 Short 1,500 Long do Cowen & Co. W S Wasserman, Fidelity Phil- Auchincloss, Parker & Redpath adelphia Building, Philadelphia, Pa Trimble & Co Do Total. Sold 300 N Shipler care of Lawton Consti- Fenner & Beane tution, Lawton, Okla R P Shmmnn & Co , 120 South Harris Burrows & Hicks. LaSalle S t , Chicago, HI Total Floyd A Shutts, Ballston Spa, Wm Sinclair, care of Pressed Steel C o , Cawley, Oxfoid, England 285 Bought Broker 100 100 Do 400 400 Do 500 500 7776 STOCK EXCHANGE PRACTICES Bendtx Aviation Corporation—Continued Aceount Page Broker C C Weaverlmg, Jr, 1326 Euclid St NW , Washington, D C Harold B Weekes, 14 Wall St, New York City 317 Louis White, 2395 Grand Ave, Bronx, N Y 318 Mrs Catherine J Whiting, 345 Whitney Ave, New Haven, Conn A T Whitt, Winchester, Ky 313 319 Charles A (E) Williams, P 0 box no 276 Do W B Hibbs & Co Stern Kempner & Co 300 1,400 500 Do 100 Do Bo W L Lyons & Co 100 200 Fenner & Beane 100 100 Long 100 Short do 200 loo" Do 100 Long 500 Laidlaw & Co 100 Do Do 100 Do 500 100 Short .do Total 0 500 Long Chas W Scranton & Co— , 321 Wm J Williams, 910 Orange E A Pierce & Co A v e , Huntington Beach, Calif 324 Wm C Witts, United Clay Prod- Fenner & Beane ucts C o , Investment Building, Washington, D C Melville Wolff, 110 Eiverside Salomon Bros & Hutzler Drive, New York City 325 R F and I P Wood, joint G M P Murphy & C o . . account/ Naval War College, Newport, R I 328 Long or short 100 Short 100 Mrs Ethel MacMurray Wright, 1661 Crescent Place N W , Washmgton, D C Do - - Sold Wemgarten & Co - . . Total 326 Bought 200 W Young, care of Buick Motor C o , Flint, Mich 500 Long Clark, Childs & Zeech Curfoss-Wnght Corporahon COMMON Page 2 4 6 7 9 10 Account Broker K S Adams, 247 Girard Ave, Hartford, Conn Do Adler, Coleman & Co , 15 Broad St New York City Do Do Do TotaL Rosemond A Agneil, Iowa Apartments, No 2, Washington, D C R C Alexander, 2315 Nebraska Ave, NW, Washmgton, D C A J Allen, 326 Hudson St, New York City F S Allen, 55 Broadway, New York City Do Harry Alpenn, care Elks' Club, Paterson, N J Do H J Alward, Quartermasters' Office, Fort Des Monies, Iowa H N Ambrose, 1722 19th St NW , Washmgton, D C Wm B Ambrose, post-office box 271, Beaumont, Calif Adams, Merrill & Co . . . . -do Adler, Coleman & Co do do do. American National Bank, Vincennes, Ind Bought 500 Long 118,200 26,900 Do. Short 115,700 Long 27,900 Short 143,600 100 100 1,000 500 800 500 800 100 Babcock, Rushton & Co J S Bache&Co E A. Pierce & Co . do Thomson & McKmnon Long or short 600 145,100 Goodbody & Co W B Hibbs & Co Morgan, Howland & Co Appenzellar, Allen & Hill do Goodbody & Co do Sold 900 100 4,500 600 Long Do Do Do Do Do Do Do Do. Do Do 7777 STOCK EXCHANGE PEACTICES Curtiss- Wright Corporation—Continued COMMON—Continued Broker Bought 10 American Oriental Finance Corporation, 29 Nanking R d , Shanghai, China Do . 11 The Amermond C o , L t d , Montreal, Canada Do Amsterdam City National Bank, Amsterdam, N Y 13 Frank Anderson, 668 78th S t , Brooklyn, N Y Do Do Walter I Anderson, 124 Market S t , York, Pa 14 C Andress, care of N W Ayer, 500 5th A v e , New York City Do Do 15 Anglo-California National Bank, San Fiancisco, Calif, 1 Sansome St Do Do..: 16 Dr M Ana, 31 Glenwood A v e , Jersey City, N J Do 19 J B Ashmore, R e g , 149 Broadway, New York City Do H W Atkms, Texas C o , Wilmington, Calif 21 Lawrence Avery, 535 Davidson Building, Sioux City, Iowa 22 C J Babcock, 4114 Chesapeake St N W , Washington, D C S Rankin Bacon 155 E St SE , Washington, D C E A Pierce & Co 900 23 Irvin Baer, 529 W Baltimore S t , Baltimore, Md Do. Do Page Account . do Kidder, Peabody & Co . do Foster & Adams 1,000 H G Einstein & Co do do Stem Bros & Boyce 100 700 Clark, Williams & Co do do E A Pierce & Co do J K Wallace & Co do Fenner & Beane Total Do Do Do 600 Do 200 Do Short Do 1,000 Long. Do Do Do 500 200 Do Do Short Long Do 1,000 500 Do. Do. 100 Short W B Hibbs&Co 100 Long W W Lanahan&Co 200 Do Westheimer & Co 200 Do. do do 200 800 Do 400 Goodbody & Co do 300 500 Do 500 Do 1,000 100 100 300 300 Total Do Do Do Do 5,000 400 100 200 24 W S Bailey, Frigonflco Wilson Tucker, Anthony & Co Du Brazil, Gaixa-Postal " 0 " Sao Paulo, Brazil, South America 27 Bancamenca-Blair Corporation, Fahnestock & Co . . New York City Waller & Co Do Bank of America C o , 485 California S t , San Francisco, Cal Do Do Do Do 1,600 Lamson Bros & Co Total George E Bailgy & Co , 917 Ber- Fahnestock & Co gen A v e , Jersey City, N J Do do Abbott, Hoppin & Co Do Goodbody & Co Do 27 Long or short Long 500 500 200 do Rhoades, Williams & Co.. Sulzbacher & Co — - Total 23 Robert P Baggaley, 29 Fan* S t , Paterson, N J Do 13,900 Sold E A Pierce «fe Co— 500 do Strassburger & Co do A 0 Slaughter, Anderson & Fox Rhoades, Williams & Co E F Hutton&Co Wm Cavalier & Co do 100 100 400 1,100 Do. Do Do Do 500 500 Do 7,500 Do 100 Do Do 100 100 100 100 100 500 Do Do Do Do Do Do Do Do 7778 STOCK EXCHANGE PRACTICES Curtiss- Wright Corporation—Continued COMMON—Continued Page Account Broker Sold 27 Bankamenca 34 35 35 37 40 40 42 42 43 43 43 44 44 45 45 45 46 46 47 50 51 52 Co, 650 South Eussell, Miller & Co Spring St, Los Angeles, Calif A O Slaughter, Anderson & Fox Do. Simmons & Peckham DoE A Pierce & Co_ DoWm Cavalier & Co Do. E F Hutton&Co TotalBank of Maysville, MaysvOle, Stem Bros & Boyce Ky Banque Beige pour L'Etranger, H Cassel&Co 67 Wall St, New York City Major J A Barnard, 115 Broad- Domimck & Domimck... way, New York City Mrs Julia S Barnes, 775 Park Lloyd & Co Ave , New York City Marina Baruch, 39 W 53d S t , H Hentz&Co New York City Do .do. H W Bass, American National Fenner & Beane Bank Building, Gadsden, La Mrs A B Bates, % J G Taylor, Bates & Co. Bates, 48 Wall S t , New York City Mrs L G Bates,321W 22ndSt, O D Barney & Co St Louis, Mo Dr A E Baugar, 827 12th Ave , Fenner & Beane.. Tuscaloosa, Ala Gene Bauman, 300 Postal Build- J E Bennett & Co ing, Chicago, HI Mrs Elvera Beason, % Boss Kidder, Peabody & Co. Beason, 15 Exchange Place, Jersey City, N J Walter Beech, 223 North Belmont Harris, Upham & Co.(Wichita) Kansas City Terence Francis and Mary G W. W Lanahan & Co. Beehan, 4400 Illinois Ave NW , Washingtn, D C H H Bell, 518 Center S t , Taft, Sutro & Co« Calif Do -do. Mrs Florence W Bellamy, 115 Domimck & Domimck.. Broadway, New York City JohnT Benchert,713A St SE , W B Hibbs & Co Washington, D C Ludwig Bendix, 48 Wall S t , New Carl M Loeb & Co York City Do. -do. E W Bennison, 1618 W Charles Lamson Bros & Co.. St Grand Island, Nebr N G Bennett, 21001st St N W , J S Bache & Co Washington, D C Do ..—do Mrs Mane C Benney, Army E A Pierce & Co. and Navy Hotel, Washington, DC M H Bent, 1524 L St N W , Fenner & Beane Washington, D C E J Bentley, 20 Exchange Place, Callaway, Fish & Co. New York City Wm J Berg, 40 Wall S t , New Herrick, Berg & C o . . . York City Harry Berkowitz, 1304 3d Ave, Orvis Bros & Co New York City Do ..do. H W Berkowitz, 286 Fifth Ave, Benjamin Hill & C o . New York City H A Berliner, 2841 Tilden St W B Hibbs & Co— N W , Washington, D C Mrs R M Biggar, Northwood- Frazier Jelke & Co— land R d , Gates Mills, Ohio Emmon L Bingman, care of Lamson Bros & Co— Waterloo Fruit & Produce Co, Waterloo, Iowa Bishop Trust Co, Honolulu, J Barth & Co . Hawaii Bought Long or short Long 200 100 100 100 300 500 600 500 500 700 2,500 700 600 1,000 4,000 1,800 500 800 1,000 1,000 100 400 Do Do Do Do Do Do Do. Do Do Do. Do Do. Do. Do Do. Do. Do. Do Do Do. Do. Do Do 100 Do Do 100 Short. 200 Long 650 500 100 166 100 "266" Do Do Do. 100 2,000 Do 500 Do 500 500 Do. Do Do 200 Do 500 100 Short. 100 3,000 Do Long. 7779 STOCK EXCHANGE PRACTICES Curtiss-Wnght Corporation—Continued COMMON—Continued Account Page H M Blakely, 88 Central Park W , New York City Mrs S S Blick, 2218 Champlain S t , Washington, D O Do D A Blodgett, 2d, 597 Madison Ave, New York City Do Blue Ridge Corporation, 1 Exchange Place, Jersey City, N J M Bodenheimer, 21 Champs Elysees, Paris, France H M Bolhnger, 3723 Van Ness St N W , Washington, D O Bonthron, Wm D , 1946 Penobscot Building, Detroit, Mich. Y E Booker & Co Washington, DC Bosworth, Chanute, Loughndge & Co, Security Building, Denver, Colo Brady & Co , Buffalo, N Y R W Bragg, Alberta, Va G Brashear Co , 510 South Spring S t , Los Angeles, Calif Do F W Bnckman, 116 St James, Georgetown, S C A J Bnegel,631BrooklmeBlvd, Pittsburgh, Pa British Type Investors, Inc, 15 Exchange Place, Jersey City, NJ Do.... R N Brodie, Inc, 61st & Lowell Sts, Oakland, Calif P A Brooks, 311 East 14th S t , Minneapolis, Minn George E Brown, White & Stanley, 40 Wall S t , New York City E G Burns, Jr, 11 Wall S t , New York City Do A H Bryant, Jr , Yale Club, 50 Vanderbilt Ave, New York ffo Miss Anna Burke, 195 College S t , Burlington, Vt A F Burroughs, Washington, D C Perry P Busch, 5600 Sunset Blvd , Los Angeles, Calif F G Button, joint account, 1387 Main St, Springfield, Mass Mrs M Cadgene, care of Lyons Piece Dye Works, Paterson, NJ Gr Uff Ing Gianni Caproni, Milan, Italy Herbert L Carlebach, 60 Broad S t , New York, N Y Claude Carlot, 12 E 11th S t , Kansas City, Mo R A Carson, 9335 Miles Ave, Cleveland, Ohio Minnie F Cassatt, Rosemont, Pa. J T Castles, 65 Leslm S t , Newark, N J 101 Chas Challice, Jr, 1104 Lincoln Alliance Building, Rochester, NY Do 101 J E Chambers, care of M & T Tiust, Buffalo, N Y 102 Charter Bank of India, 44 Beaver S t , New York City Broker Bought Clark Williams & Co G M P Murphy & Co. Long or short 500 Long 1,000 Do 1,000 Do 200 Short. 300 Long Do 1,000 do.. .do— .doClark, Omlds & Keech— J S Bache & Co Sold Do 1,400 W B Hibbs & Co 100 Do Whitehouse & Co 500 Do. Dominick & Domimck.. White Weld & Co E F Hutton & Co. Livingston & Co Sutro & Co E A Pierce & Co McClure Jones & Co.. Parrish & Co Fahnestock & Co. 500 100 Do. 1,000 Do. 500 Do Do 1,000 200 """eoo" 700 100 600 Do Do 500 Do Do 1,400 Hayden Stone & Co Sutro & Co Pifer, Jaffrey & Hopwood.. 800 2,000 Do 500 500 Do. White, Weld & Co 500 500 Do Thomson & McKmnon. do J W Clark & Co.. .do.. Jenks, Gwynne & Co... Do 12,800 12,600 Do Do 500 1,000 Do Do. 500 1,000 Clark, Childs & Keech- 100 Do E F Hutton & Co 500 Do 1,000 Do Hayden, Stone & Co Goodbody & Co Noel, Berman & Langley-. Fox, O'Hara & Co Do. 1,000 7,200 Wmthrop, Mitchell & Co.. 37,200 Do. 6,900 Do* 500 Do. Murfey, Blossom & C o . . . 1,500 1,000 Do Cassatt & Co do L F Rothschild & Co 1,000 1,000 1,000 Do Do 1,000 Do 500 600 500 Do Do 3,000 4,000 Do Sutro & Co W A Gardner & Co McClure, Jones & Co 7780 STOCK EXCHANGE PEACTICES Curtiss- Wright Corporation—Continued COMMON—Continued 103 109 110 111 112 113 117 119 121 122 St, New York City Do Do Do Total Chemical Bank <& Trust Co, 165 Broadway, New York City Do Do Do I.. Do Do DoTotal .-„.. B C Christopher & Co, 200 New Board of Trade Building, Kansas City, Mo Do _ Fred W Clark, 68 4th St, Portland, Oreg Allen T Clemont, 9 Pontiac St, Saranac Lake, N Y M L A Clemont, Stoneleigh Court, Washington, D C Mrs Flora L Cloman, 1302 18th St, Washington, D C Arthur P Coe, Westchester Apartments, 4000 Cathedral Ave, Washington, D C Mrs Gertrude C Collins Columbia National Bank, 911 F St N W, Washington, D.C Do — Franklin Conkhn, Jr, 132 Chestnut St, Newark, N J F K Conn, 1016 Wallace S Building, Tampa, Fla 124 J N. Cooke, 295 5th Ave, New York City. Do 124 129 130 131 133 Bought Chase National Bank, 18 Pine Anderson & Block St, New York City Gude, Winmill & Co Do G M P Murphy & Co Do Benjamin & Ferguson Do Lapham, Holden & Reiner Do McClure, Jones & Co Do Joost, Patrick & Co Do DO ::.::.:::: J R Tunmins&Co Abbott, Hoppm & Co Do Louis Kaiser & Co.Do Daly & Craib Do Total 103 Chase National Bank, 60 Cedar 103 Broker Account Page Total . Cooke, Thompson & Bosenthal, 130 Crystal Arcade, Manilla, PI W V Cosden, Southold, Long Island Vernon Cottingham, Peosta, Iowa Philamon B Coulter, 1502 Philadelphia. Building, Baltimore, Md Robert M Craggs, 1218 East Preston Rd, Baltimore, Md Do Theodore Prince & Co Davis & Mclntosh Herrick, Berg & Co James E Bennett & Co Sold Long. 100 100 100 100 300 100 100 100 100 100 100 100 400 1,000 Clark, Dodge & Co S B Koch & Co Billings, Olcott & Co Appenzaller, Allen & Hill Laird, Bissell & Meeds Abbott, Hoppm & Co Shearson, Hammill & Co 400 100 100 200 800 400 600* Lamson Bros & Co 200 200 100 400 100 do Short. 300 100 100 100 Do 100 Do 500 Do Do. 300 Do. Do. 900 Do. 1,000 500 500 200 Do. 300 Short. Redmond & Co 500 3,000 500 3,200 Moore & Schley 800 800 Lamson Bros & Co 100 G M -P Murphy & Co do - - - Do. Long. Do 200 — - Long Short. 1,000 MacKubin & Legg Do Long 100 Dyer, Hudson & Co do Long Short 1 000 Carleton & Mott Winthrop, Mitchell & Co do Clark, Dodge & Co Thomson & McKinnon. Do Do. Do Do Do Do. 1,000 400 E A Pierce & Co Gordon & Whitney Elmer H Bright & Co Auchincloss, Parker & Redpath E A Pierce & Co Do Do. Do Do 200 400 Do Do Do Do. Do. Do. Do. Do Do Do Do 400 _._ Long or short 300 Do. 7781 STOCK EXCHANGE PRACTICES Curhss- Wnght Corporation—Continued COMMON—Continued Page Account 134 E Hugh Cravens, care of Clay County State Bank, Excelsior Springs, Mo Do 134 135 136 136 137 f 137 \ * 140 141 143 145 145 146 147 147 147 147 148 148 149 151 151 Total . M Creditor, 3601 Connecticut A v e , Washington, D C Do Cresswell Corporation, care of Fenner & Beane, 47 North Orange S t , Orlando, Fla Paul J Crogham, 5108 8th St N W , Washington, D C Do Guy L Crosen, 1112 1st St SW , Mason City, Iowa Bo Ma] J S Crutchen, 3311 Porter St NW , Washington, D C Cuba City State Bank, Cuba City, Wis J J Curran, Minneapolis, MinnRay Curry, 825 South Pacific S t , Dillon, Mont Carle H Dane, XT S Geological Survey, Washington, D C Ava W Dougherty, care of Emory Dougherty, 2229 1st S t , Washington, D C Emory Dougherty, 2229 1st S t , Washington, D C Norman F Davies, 1910 West 2d S t , Grand Island, Nebr Carrie E Davis, 942 Franklin S t , Johnstown, Pa Do Ellen H Davis, Fort Adams, R I . E Mettler Davis, account Griffin, 8603 85th S t , Woodhaven, Long Tsiand Howard Davis, 2357 Ashland Ave, Evanston, HI Do Luther B Davis, Citizens National Bank Building, Charleston, W Va Miss Roth Davis, 1809 West Cumberland A v e , Knoxville, Tenn H Mason Day, (special account), 48 Wall S t , New York City DeCoppet & Doremus, firm account, 42 Broadway, New York City Do William W Degen, 1219 North New S t , Bethlehem, Pa Do Bought Broker Winthrop, Mitchell & Co do Fenner & Beane - 700 Long 300 Do. 2,000 300 1,000 1,000 Fenner & Beane 100 do Winthrop, Mitchell & Co Pame, Webber & Co Winthrop, Mitchell & Co TTarriTn^mi & Co ,- 2,000 , W B Hibbs&Co. do 100 A E Masten & Co 500 _ do- . G M - P Murphy & Co Auerbach, Pollack & Richardson Lamson Bros & Co do Harris, Upham & Co Livingston & Co - "Rednnond & Oo - ...» 100 200 Do Long Short 3,000 500 100 100 Do Do Do. Long Do Do Do 100 Short 1,666 100 Long. Do — 1,000 do Total 152 R Del Castillo, 16 Beaver S t , Clark, Childs & Keech New York City 152 R del Castillo, no 2, 16 Beaver . . . . do S t , New York City 152 R Del Castillo, J r , 16 Beaver . . do S t , New York City do 152 R del Castillo, Jr , no 2,16 Beaver S t , New York City . . do 152 R Del Castillo & Co , 16 Beaver S t , New York City Long Do Short 500 200 500 151 Edw J DeGuenther, Milwaukee, Pame, Webber & Co Wis . . . do Do Do Short 900 Do 2,500 Do. 15,500 DeCoppet & Doremus do E B Smith & Co Do Do Do 200 Lamson Bros & Co Do. 200 100 Lamson Bros & Co.— . 300 200 do Lamson Bros & Co Long or short 2,000 do Clark, Williams & Co Sold 900 Long 1,000 Do 700 Do 300 Do 1,000 1,700 Do Do 600 700 Do. Do. 700 200 Do. 7782 STOCK EXCHANGE PRACTICES Curtiss- Wright Corporation—Continued COMMON—Continued 166 Broker Account Page Stewart Deuchar & Co, Buss Building, San Francisco, Calif Do Bought 100 Do 500 167 Anna De Witt, 376 Kiverside Drive, New York City168 Ivan Dibble, 123 E 6th S t , Topeka, Kans 169 Jim Diemerly, Sigourney, Iowa.. 161 Haven Doe, Somersworth, N H_162 Dobbs & Co, Georgia Do 167 Dr George S Drake, Jr, 6115 Lindell Blvd, St Louis, Mo Drumhellejr, * •> Ehxliohinan Whife,-Seattle, Wash Do Do G H Dudley, 1704 E GoldAve, Albuquerque, N Mex 174 L A Dupey, Adeline, L a ~ Do Do Do Do : Berg, Eyre & Kerr Wmthrop, Mitchell & Co 100 Lamson Bros & Co Whitney & Elwell HubbardBros & Co do C D Barney & Co 600 1,000 2,000 Do 600 Do. Short Long Do 600 Do 1,000 Do 900 400 & E A Pierce & Co 170 DO Long or short 400 Long E A Pierce & Co Win Cavalier & Co Total 169 Sold do Dean Witter & Co 400 Spencer Trask & Co Do 700 100 Do Do 800 600 Do 200 100 100 200 100 300 Beer & Co do do do do do :..::::: Do Do Do Do Do Do 1,000 174 Hillard B Dupuy, Savannah, Ga. Jno F Clark do Do 174 Helene A Durwage, 342016th S t , Washington, D C 176 0 W Dynes, Union Station Building, Chicago, 111 176 Total East Coast Investment C o , 71 Broadway, New York City 176 A M Eberhard, Clarence, M o . . . 181 Elliott & Wolfe, 115 Broadway, New York City Do 183 John H Emanuel, 181 Linden A v e , Englewood, N J 188 191 192 196 196 196 196 199 ShearsonHammill . ... Do Do 1,000 100 Do 1,000 Do E A C Liquidating Corporation, A O Slaughter, Anderson & Fox 120 Wall S t , New York City Do Do Jno F Clark & Co. . . . . . . . 176 184 W B Hibbs & Co 600 600 Isaac Endlar, 161 Devonshire S t , Boston, Mass Do Total 0 Evmn, care of Joseph Pullman, 237 West 29th S t , New York City Farmers Bank & Trust C o , Oharlestown, W Va Agnes Farnum, 580114th St NW , Washington, D C Mr Tozar Fenik, care of Harriman & Co, 815 15th St NW , Washington, D C Louis Fenik, 1708 Newton S t , NW , Washington, D C E J Fenton, Salamanco, N J Geo W Ferns & Co , Washington Blvd , Washington, D C Joseph Finn, 130 Prospect S t , East Orange, N J 1,000 Do 300 300 Do Do 1,700 Ira Haupt & Co 1,000 Do. Pearl & Co 1,000 1,000 Short. Long 900 600 Do Do H C Wainwright & Co = 700 Do. Proctor, Cook & Co 900 Do 1,600 500 Do. 1,000 Do. . . .do Taylor, Bates, & Co Abraham & Co — W W Lanahan & Co W B Hibbs & Co 100 Do Harnman & Co 100 Do 100 Do Goodbody & Co C D Barney & C o . . 500 500 100 Do Do George & Farnngton. 500 500 Do Mackubin Legg & Co 7783 STOCK EXCHANGE PRACTICES Curttss- Wright Corporation—Continued COMMON—Continued 190 Broker Account Page Bought Firestone Park Trust & Savings Jackson & Curtis— Bank, Akron, Ohio Do E A Pierce & Co~ First National Bank, Grand Island, Nebr 206 First National Bank, Tampa, Fla. 206 First National Bank, Waterville, Maine Do 206 First National Bank, Wilkinsburg, Pa 207 Fust National Bank, Santa Barbara, Calif Do .-_ 207 First Trust C o , 4th and Felix Sts , St Joe, Mo Do 208 Bvron Fisher, 670 Ohio St Do 208 Dr Norman Fisher, 234 Michigan S t , Toledo, Ohio 209 Maxwell B Fisher, care of Schumacher, 208 Campbell A v e , East Williston, L I , N Y 210 Dr Elisha Flagg, 23 Commonwealth S t , Boston, Mass Do _ 212 Arthur H Flower, 1929 Grand A v e , Dayton, Ohio Do 217 Ross B Fountain, 201 Main Street, Matteawan, N Y 223 Frost, Whited Investment C o , Texarkana, Ark 225 Mrs May Gage, 514 Swanoy Place, Pelham Manor, N Y 226 Homer 0 Galpm, 218 Forrest Road, Davenport, Iowa Do 228 S Garfinkel, 39-24 111th S t , Corona, L I , N Y Do _ —- — 229 Gary State Bank, 504 Broadway, Gary, Ind Do Do 200 231 232 234 234 235 237 238 Richard S Gatti, 5101 Connecticut Ave N W , Washington, D C Mrs B M Gebhard, 4 Silver S t , Taunton, Mass Karl Gerber, Tower Building, 1004 14th St N W , Washington, D C Mrs Lydia Geeslin Gibson, 3700 Massachusetts Ave ,Apartment 114, Washington, D C James Gegela 3018 S 10th St Omaha, Nebr Mrs R B Gillian, care of J S Bache & C o , Hotel Washington, Washington, D C Do Ernest Glasser, 69 Metropolitan A v e , Brooklyn, N Y Lamson Bros & Co 100 Thomson & McKinnon Wrenn Bros & Co 100 100 . do A E Masten & Co Pask & Walbndge 1,000 - Hutchins & Parkinson 1,000 600 Do Do Do. 1,200 Do Do 500 1,000 500 Do Do Do Do 500 Do Do, 500 . . do W E Hutton & Co 1,000 do Blyth, Bonner & Kimbley 1,300 E A Pierce & Co Long Do 500 . . . do J E Bennett & Co . . . do Collin, Norton & Co Kidder, Peabody & Co Short 1,000 800 do Winthrop, Mitchell & Co 700 500 Do. Do. 1,000 Do Do. 700 Do. Josepthal & Co Do. Lamson Bros & Co 100 Short do Tobey & .Kirk 200 100 Long. Do do Clark, Ohilds & Keech SutroBros & Co do 500 100 1,700 Laidlaw & Co do Lamson Bros & Co 500 Do. Do. 500 100 Do Do. 1 000 Harnman & Co Do. Do. 1,600 W B Hibbs & Co 100 Do 100 Do 100 Short J S Bache & Co 2,000 Long. do— Wood, Low & Co 2,153 Glenny, Roth & Doohttle,Liberty Pask & Walbndge Bank Building, Buffalo, N Y Do do Do Scholle Bros— _ _. Total Do 900 Total 230 Long or short 700 Long — Total 202 Sold 2,000 Do 300 700 100 300 Do Do 800 Do Do 7784 STOCK EXCHANGE PKACTICES Curttss- Wright Corporation—Continued C OMM ON—Continued Account Page Broker Bought 240 David Goldberg, 254 W 35th S t , Hirsch, Lihenthal & Co New York City 240 Kathenne Goldberg, care of Dan- A R Frank & Co iel Goldberg, 5454 S Shore Drive, Chicago, HI Do do 240 Theodore T Golden, Agent, 515 Harnman & Co>_ American Security & Trust Building, Washmgton, D C 241 Henry Goldenberg, William Tay- Dean Witter & Co lor Hotel, San Francisco, Calif Do do 242 E A Gongwer, 2127 California Laidlaw & Co 243 244 245 245 247 249 249 253 254 254 258 259 St NW , Washmgton, D C W Goodwyn, care of Livmgston & Co , Richmond, Va Do L 0 Gordon, No 2, Muskegon Motor Specialty Co, Muskegon, Mich A Gottlieb, 1113 K St NW, Washington, D C R B Gotto, 2039 New Hampshire Ave, Washington, D C Ferdenand Grabaei, 2234 Massachusetts Ave, Washmgton, DC B M Grant, Atlanta, Ga Do Howard Grant, 827 Whittier Drive, Detroit, Mich H T Greenwood, Philadelphia Stock Exchange Building, Philadelphia, Pa C E Griffith, care of Hotel Keen, Omaha, Nebr Marie S Griffith, Chal Fonte Apartments, Apartment 524, 1601 Argonne Place NW, Washmgton, D C Fulton R Graver, 5460 Thirtymnth St N W , Washington, DC Do 259 260 266 266 268 268 269 271 272 274 - . - Total S S Guggenheuner, 1016 5th Ave, New York City C P Guion, 1509 W Koemg St, Grand Island, Nebr Darnel Halbert, 115 Broadway, New York City Mr Chas Ward Hall, 2050 Elmwood Ave, Buffalo, N Y P C Halter, 5974 Engle Ave, Cleveland, Ohio Hamilton National Bank, J L Sherwood, Agt, Washington, DC B Nason Hamlin, 53 State St, Boston, Mass R W Hartley, 828 Exchange Building, Omaha, Nebr Hansons & Macauley, 255 St James St, Montreal, Canada Do L P Hardy, Camayo Arcade, Ashland, Ky Long 500 Do 100 500 Do Do 1,000 500 Do Do 200 Do Do 1,000 do Lamborn, Hutchmgs & Co J S Bache & Co do 100 G M P Murphy 500 200 1,500 TjivvnffstoTi & C o Wathng, Lerchen & Hayes Montgomery, Scott & Co Do Do 200 Jno F Clark & Co Do Do Do 500 Livingston & Co Long or short 1,000 500 200 Do Do Do Do 1,400 Lamson Bros & Co— 100 Short. E A Pierce & Co 100 100 Long. MacKubin, Legg & Co Do. Guaranty Trust Co, 140 Broad- Clark, Childs & Keech way, New York City Do Do Do Do Do Do Sold TVTPT) nun fill & 100 200 100 100 100 Anderson, Block, & Co Lamson Bros— 700 600 1,000 1,000 . . Hornblower & Weeks 500 Laidlaw & Co— 100 Bright, Sears & Co 4,300 A Isehn&Co Wmthrop, Mitchell & Co Long 800 Do 700 Do Do 1,000 Do Short 100 100 200 Do 1,000 100 L F Rothschild & Co Do Do Do Do Do Do Do Do Short. 100 A J Wright & Co Lamson Bros & Co 100 100 100 300 100 Co H Hentz & Co Do. 100 Hornblower & Weeks Adolph Lewisohn & Sons Ladenburg, Thallman & C o — Moore & Schley Pame, Webber & Co Tnsftohthal & Co Lockwood, Peck & Co Do Long Do 500 7785 STOCK EXCHANGE PEACTICES Curhss- Wright Corporation—Continued COMMON—Continued Account Page Broker Bought 277 Harsm, Roberts & Co , 105 West Shields <fc Co278 279 282 289 289 292 299 306 312 312 313 314 316 317 Adams St, Chicago, HI Wilson M Hartman, 428 West Wayne, Hummer & Co Mam St, Freeport, HI Albert J Harvey, Jr , 5027 Plank- J S Bache&Co mgton Blvd, Milwaukee, Wis Hayden, Stone & Co (error ac- Hayden, Stone & Co count), 25 Broad St, New York City H Hensley, Manchester, Ky W L Lyons & Co -.-. Edwin J Hentzelman, 420 Harri- Lamson Bros & Co son St, Davenport, Iowa George F Hewitt, 61 Broadway, J H Ohphant&Co New York City R V Hiscoe, 52 Wall St, New Baker, Weeks & Harden York, N Y do Do Howard Holderness care of Jeffei- E A Pierce & Co son Standard Life Insurance Co , Greensboro, N C do Do — -do Do . L Hopkins Association, 711 First Livingston & Co National Bank Building, Miami, Fla Lmdsay Hopkins, San Sebastian Foster, Marvin & Co Hotel, Coral Gables, Fla — Anne Hricko, 99-10 37th Ave, Libaire & Co Corona, N Y (en or account) D J Hornstein, 1518 K St NW , Laidlaw & Co — Washington, D C Mr P Y K Howat, Roberts Harnman & Co Paving Co,2SSt SW,Washington. D 0 Ma] Lion Wade Hoyt, 4550 E A Pierce & C o — Conn Ave NW , Washington, DC Huff, 506 1st St SE, Fenner & Beane Roanoke, Va do Do Total 319 E L Huffman, 1413 H St NW , W B Hibbs Co -_ Washington, D C. 319 Reynolds K Mughes, care of Con- Tucker, Anthony & C o tinental Production Co, Sao Paulo, Brazil do Do 318 L. P Do Do do do do do do do do do do Do Do Do Do Do Do Do Do Total 321 B R Hulten, 1 Norwood Ave , Tobey & Kirk Jjnnlc Arhnr N T do H L Horton&Co 322 Harry R Humphrey, Seaview Golf Club, Absecon, N J Jno F Clark & Co Sherman Hunt, Dallas, Tex W Finlay Hunter, Tampa, Fla_- Lamson Bros & Co 323 324 H O Huss,830N State S t , Chi- D A Noyes & Co cago, 111 do 325 Dr C W Hyde, l i b l l S t N W , Mackubin, Legg & Co Washington, D C M Hyman, 15 Manchester A v e , Appenzellar, Allen & Hill White Plains, N Y James J Igoe, Special, 69 Metro 326 pohtan Ave , Brooklyn, N Y Sold Long or short 800 Long. 500 Do. 1,000 1,000 Do. 500 500 200 100 Short Do. 2,000 Long. 100 Do. 23,700 Do Do 500 500 1,700 Do Do Do 1,000 1,000 Do. 500 500 Do 100 Do. 23,800 1,000 100 Do. 100 Do. 100 Do 700 Do 800 100 Do 200 Do 200 600 100 300 100 200 100 Do Do Do Do Do Do Do Do Do Do Do 2,000 500 500 300 500 1,800 Do 500 1,000 500 1,000 Do Short Long 1,000 100 900 1,200 1UU 500 Do Do Do Do 500 Do 2,153 Do 7786 STOCK EXCHANGE PEACTICES Curtiss- Wnght Corporation—Continued COMMON—Continued Page Account 331 S A Jacobson, 4806 S 15th S t , Omaha, Nebr Aaron Jarvis, 1370 Broadway, New York City B Johns, R F D No 4, Rockville, M d Mrs Dorothy B Wilmot Johnson, 470 W 24th S t , New York City H C Johnson, 1000 North Dearborn S t , Chicago, HI Herbert J Johnson, care of Standard Oil Co , Davenport, Iowa O C Johnson, Perth, New Brunswick 340 Noiman Johnston, Service Company, Marine Barrack, Quantico, Va 341 A Jonas & Co , Warnford Court, London E C 2 , England 341 Abraham Jonas & C o , 65 London Wall, London E C , England Do 342 R C Jones & Co , Washington, D C 346 Kamp & Co , Durham Building, Denver, Colo 34S Mrs Rose Kass, Southern Building, Washington, D C Do 351 Harry Keller, «/o Marcus & Co , 671 5th A v e , New York City Do 356 M E Keser, 23 E 74th S t , New York City Do 356 O M Keys, 39 Broadway, New York City Do 356 C M Keys & Co , 39 Broadway, New York City Do Do Do* 357 Mrs Martha Kiefer, 2201 Cleveland A v e , Chicago, HI Do 358 Joseph Kmdig, Jr , 325 W Market St • York, Pa Kmlook & Co (joint account no 2), 2 Austm Friars, London, England Geo Kippmger, 307 Keith Building, Dayton, Ohio 363 Morris C Knapp, post office box 2005, Hollywood, Calif 366 Adolf Koester, Fairmount Hotel, Jersey City, N J 366 Kohler, Sheerm & Fish, 48 Wall S t , New York City 367 Joseph Koss, 42 Elm S t , Auburn, Maine 368 Dan Kovich, Eveleth, M u m M Kozar, Uniontown, Pa _. 371 Henry C Kreuger, 220 S Vermont S t , Mason City, Iowa 372 T LeRoy Kuhn, 616 Rittenhouse St N W , Washington, D C 374 J Labanowski, 608 Humboldt S t , Brooklyn, N Y Do Do 375 J R Lake, J r , 354 Van Sicklen S t , Brooklyn, N Y Do _ 376 S G Langher, 20 Wacher Drive, Chicago, HI Bought Broker Lamson Bros & Co Sold 100 Stern, Kempner & Co. Long or short Short 1,000 Long Hemphill, Noyes & Co 500 500 Do Kidder, Peabody & Co 100 600 Do Lamborn, Hutchings & Co—. 400 500 Lamson Bros & Co 200 Short 1,000 Long 200 Do Wrenn Bros & Co Livingston & Co 1,000 G M P Murphy & C o . . 2,500 1,000 Laidlaw & Co Do Do 500 100 Shields & Co Stem Bros & Boyce.. E A Pierce & Co.. Do Do Do Do Do 100 100 Do Do 900 Do Do 500 Do Do 1,100 Do Do 1,000 1,400 Do Do Do Do .do.. E W Clark & Co. 500 3,600 Do Do Fahnestock& Co_. 1,500 Do 500 Do —.do Chisholm & Chapman.. .do.. Bacon, Stevenson & Co. doCallaway, Fish & Co . . . . do Carleton & Mott.-. Theo Prince & C o — Carleton & Mott Callaway, Fish & Co.. S B Chapin & Co-— ~800 400 _. 1,000 ""§00 1,100 500 W E Hutton & Co .. E F Hutton & Co.— 200 Fellowes Davis & Co.. 500 500 Error account 100 100 Short Watson & White Paine, Webber & Co Kay, Richards & Co Lamson Bros & Co 1,000 1,000 100 Do Do 2,200 Long "loo" Do Do Short W B Hibbs&Co 100 Libaue & Co.— 100 Short 200 100 Long 100 Short Long do .do-. Boody McClellan.. do Jackson & Curtis.... TI66" Long 300 Do Do 7787 STOCK EXCHANGE PBACTIOES Curtiss-Wright Corporation—Continued COMMON—Continued Page 376 376 380 381 382 382 383 383 385 387 390 Account Miss Adelaide Langhorst, 170 York S t , Elmhurst, HI B G B Langhy,2145CSt N W , Washington, D C Lawne&Ker,4St Andrews Sq, Edinburgh, Scotland E Lay, Beech Hotel, Godsden, Ala Constance E Leak, 45 7th Ave, New York, N Y E W Leard, Industrial College, Washington, D C Albert Lee, 43d St and Lexington Ave, New York, N Y Emmet F Lee, 242718th St NW , Washington, D C Wm H Lemgan, Boston, Mass— Nicholas Levienne, 1933 North Bronson, Los Angeles, Calif Bought Broker do 1,000 Long 100 Do Frazier Jelke & Co 1,000 Fenner & Beane.. 700 Walter J Fahy & C o . - 392 393 394 395 395 397 398 400 400 401 402 403 F B Lovitt, 90 Tyler St,Wollaston, Mass 100 Short. 200 Long. Fellowes Davis & Co 500 500 Do W B Hibbs & Co 100 100 Do. Kidder, Peabody & Co. Dean Witter & Co 500 500 1,000 Do. Do. 400 200 Do. 300 100 200 100 Do. Do. 800 500 Shields & Co 200 do Harriman & Co 100 do Livingston & Co - 100 500 — 100 100 1,000 do Fox, O'Hara & Co — . Kay, Richards & Co Arthur Lipper & Co Total 175541—34—PT 1 7 - 1,300 100 McClave & Co Redmond & Co 100 - Spencer Trask & CO---13,700 Paine Webber & Co —.— Short. 4,100 Do. 1,000 100 Do Short. 500 Long. Do 600 700 Do. Do 100 Short. 500 Long. 500 Do 13,100 500 13,700 Putnam & Co Do. Do. 200 E F Hutton & Co Stem Bros & Boyce Winthrop, Mitchell Short. Long. 100 Short-* 3,800 Long. Total Alfred V Lowrie, 334 Blue Hills A v e , Hartford, Conn Do Do. 200 Elick Lowitz, 29 Broadway, New E. Lowitz & Co York, N Y. Do do 403 Do. 200 Lmdsey Hopkins Association, 711 Courts & Co First National Bank Building, Miami, Fla Do... do Do do Do.— Livingston & Co Total Jos Lippmann, 142 Adelaide Drive, Santa Monica, Calif Do Deborah Lipson, 215 W. 88th S t , New York City O Litzenburg, Cumberland, Md. A W. Loasby. 52 William S t , New York City J. E Long, Clarksburg, W.Va Walter Longnecker, 65 Oakdine Ave, Grantwood, N J Flore Lorenz, 76 Biverside Drive, New York City Louis Lottio, 50 Lafayette S t , Wilhston Park, Long Island, Do 800 Fenner & Beane.. Charles E Lewis & Co, 601 E F Hutton & Co 2d Ave, South Minneapolis, Minn Do W J Wollman&Oo Do Piper, Jafiray & Hop John B Lewis, care of F J Snyder, 24 State S t , New York City Do Mrs Annie E Light, 3929 Huntmgton St NW , Washington, DC Do Marion H Lues, care of First National Co, Macon, Ga Long or short E A Pierce & Co TotaL 390 Sold „.. 500 13,600 500 Do. Do 200 700 Do. Short. 500 7788 STOCK EXCHANGE PRACTICES Curtiss- Wright Corporahon—Continued COMMON—Continued Page 404 405 406 406 407 411 412 413 414 415 418 419 421 421 422 425 427 429 430 430 432 433 433 Account H S Luckman, 155 Leonia Ave , Leonia, N J H L Luke, 2926 Izart S t , Omaha, Nebr Irving Lundbory, Kohl Building, San Francisco, Calif Lundborg & Co , Kohl Building, San Francisco, Calif Lynbrook National Bank, Lynbrook, Long Island, N Y Dr Luis May, 445 Knickerbocker Ave , Brooklyn, N Y Do Daniel V Magner, VO9 M St NW , Washington, D C Harold T Maitland, 372 Temple S t , Long Beach, Calif Frank E Maloney, 939 River Road, Niagara Falls, Ontario, Canada Frank E Mandel, Belden Stratford Hotel, Chicago, HI Mrs K L Martinez, 4 Newcomb Building, New Orleans, La Do Marine Investment C o , post office box 815, Baltimore, Md J W Marsh, 401 23d St N W, Washington, D C Arthur H Marks, Manne Midland Trust Co , New York City Do w._ _ Do— M Jacob Markmann, 1407 Franklin Trust Building, Philadelphia, Pa George E Maynard, Bureau of Engineering, Navy Department, Washington, D C H D McClelland & Co , Inc , New York, N Y J Harvey McCoy, 347 Madison Ave , New York, N Y J O McDonald, 2404 Fair Ave , Columbus, Ohio Wm H McDonald, 353 Buffalo Ave , Niagara Falls, N Y Daniel H McGhee, 502 E DeWart S t , Shamokm, Pa Francis J McGrath, 18 Tremont S t , Boston, Mass McGregor, Irvine & Anderson, 14th St and Chaphne S t , Wheeling, W Va Broker Bought Tobey&Kirk Lamson Bros & Co.. 439 443 447 449 450 Long 500 Do Do E A Pierce & Co 600 Do ..do.. Harriman & Co . 900 200 Do Do E F Hutton 1,000 Do Goodbody & Co. 1,000 Do Lamson Bros & Co . 1,000 Do E A Pierce &Co_-. 1,000 Do .do. Westheimer & Co.. 1,000 2,000 W S Hibbs & C o . 100 Tate & Hayes .do. Paine, Webber & Co.. W E Hutton & Co_. 500 Hecker & Co.. 200 Do Do Do 500 Do 100 500 Do Do Do Do Do James B Colgate. _ 500 E J Conlon & Co 700 700 Do 1,000 1,000 Do 200 800 Do 500 Do Fenner & Beane_ Goodbody & Co__ J & W Sehgman & Co. Tucker, Anthony & Co.. Post & Flagg 1,000 1,000 Do 300 600 Do 600 200 200 Do Short Total.. 435 438 Short 1,500 1,000 100 Eastman, Dillon & Co F H McHafie,Wevaco,WVa_-. Harris, TTpham & Co.— Do do E McHugh, Bridgewater, Mass . McLachlen Bank Corporation, Washington, D C Mary I McMillan, Elizabeth K McMillan, Margorie L McMillan, George M McMillan, joint account, care of L S Trowbndge, 1118 Ford Buildmg, Detroit,Mich J F McRaith, 361 Woodlawn R d , Cedar Rapids, Iowa Luis Mendoza & C o , box 2510, Habana, Cuba Mrs B W Meyer, 20 East 76th S t , New York City D S Middleton, 55 Corfton R d , London, W S , England A Clinton Miller, post-office box 427, Wmston-Salem N C. Long or short 500 Short 100 Dean Witter & Co... ..do. Sold 400 Pame, Webber & Co.. W R Hibbs & Co.—. 1,000 Long Do 1,000 Do 500 500 Do 1,400 100 Do 600 Do 200 Donunick & Dominick.. J E Bennett & Co Thomson & MeKmnon.. D M Minton&Co L. F. Rothschild & Co— 1,000 Do E. A Pierce & Co 1,000 Do. 7789 SrOCK EXCHANGE PK^CTICES CurtiBS" Wright Corporation?—Continued COMMON—Continued Page 454 455 459 459 460 462 Broker Account R D Mills, room 1005, 245 7th Ave , New York City M Milvy, 40 West 48th St, New York City C F Moeckel, care of Salterman & Mitchell, Stanley, N C Sigvard Mohr & Co, 16 Bryant St E , Savannah, Ga Minch, Morrell & Co, 115 Broad way, New York, N Y W H Mooney, Indianapolis Abattoir, Indianapolis, Ind 462 Frank E Moore, 102 South Birch St, Santa Anna, Calif J)O Total 464 E P Moreton, 80815th St NW , Washington, D O. 464 Mrs E B Morgan, 605 Clay Ave, Scranton, Pa 464 T A Morgan, care of Sperry Cor poration, 30 Rockefeller Plaza, New York City 467 Earl S Morrow, 201 E 5th S t , Santa Ana, Calif 469 Dr Seeley G Mudd, 1208 Pacific Mutual Building, Los Angeles, Calif 470 Bonny H Muirhead, 1133 Cumberland R d , Portland, Ore? 472 H R Mm dock, P O 1165, Canton, N C 474 P J Murray, Scranton, Pa Do _- — 474 A L Myers, Stephen Girard Building, Philadelphia, Pa 477 National Air Transportation, Inc, 221N LaSalle S t , Chicago, 111 Do Bought Babcoek, Rushton & Co 300 500 Post & Flagg. Trust Co , Albany, N Y 482 Neilson & Graves, 629 Martins Bank Building, Water St, Liverpool, England Do Do Do 1,100 Thompson & McKinnon 2,000 2,000 E F Hutton&Co 1,700 200 600 100 Do. Do. Fenner & Beane 300 100 Do. Eastman, Dillon & Co.— 1,000 Foster, Marvin & Co 1,000 E F Hutton & Co Do Do Do Total Do. 500 Do. DoDo. DoDo Short. Long 700 E A Pierce & Co Spencer Trask & Co J H Brooks & Co do Montgomery Scott Co 1,000 500 100 100 100 1,000 800 2,100 G M P Murphy & Co do Da 4,000 1,000 Foster, Marvin <fc Co 9,800 - Do. Do. 11,900 1,500 Spencer Trask Shields & Co- _ do do . .do Do. 200 Do, 100 900 200 Do. Do Do 1,400 100 Short Long. 100 200 Henry Hentz & Co.. do_do „ Do. 100 Do. 800 400 8? 1,300 Total 484 Edwin H Neumeyer, care of Westheimer & Co, Washington, D C Do . Do. Do. DoDo. Do. . . do Total Do 500 Mallory, Pynchon & Eise maun Jackson & Curtis 483 H Nelson, Field Hotel, South C D Barney & Co Minneapolis, Minn 483 Capt Arthur Nesbitt, Invest- Harnman & Co ment Building, "W ashmgton, DC Do do 483 H H Neuberger, 60 Beaver St., New York, N Y Do Long or short 500 Long. 600 Tobey & Kirk Total 477 National Commercial Bank & Sold . _do do _ .do do Do. 300 Westheimer & Co- 200 300 , - — 800 500 500 1,000 Do Do Do Do 7790 STOCK EXCHANGE PEACTICES Curhss- Wnght Corporation—Continued COMMON—Continued 489 Broker Account Page Bror A Nordstrom, care of Curtiss Wright Corporation, Engineers Department, Paterson, N J Do Bought Goodbody & Co do 490 E D Norton, 309 South La Salle S t , Chicago, HI 494 Mrs K M O'Brien, Southgate Apartment, Bronxville, N Y 495 Frank O'Donnell, 919 Dexter Horton Building, San Francisco, Cain* 496 Jas Okamura, 666 West Ferry S t , Buffalo, N Y . 500 Robert R. Osborne, care of Ourtiss Aero Co, Kenmore and Vulcan Aves, Buffalo, N Y 501 A E Otis, 492 Staten A v e , Oakland, Calif 501 Otis & Co, 202 First National Bank Building, Denver, Colo 502 Overlook, Stevens & Co, box 1181, Bisbee, Ariz 508 The State Bank of Pansh, Pansh, N.Y 512 Joyce B Pass, care of Saml. W Pass, Hotel Sherry-Netherlands, 5th Ave and 59th S t , New York City D Pate, 1120 East 8th 512 Clinton S t , Los Angeles, Calif Fatenotre, care of Fenner & 512 R Beane, Pans, France. Margaret Patton, 3908 North 512 F Charles S t , Baltimore, Md Do . . . . . . . ... 512 Stewart Patton, 3908 North Charles S t , Baltimore, Md 513 F L Patterson,30East76thSt, New York City 514 Geo M Paulson, 100 West 55th S t , New York City Do 515 P C Pearson, special, Norton, Conn Do . . 521 Mrs E R Peregraini, 2220 Lake Shore Drive, Oakland, Calif Do - . - —. 524 J H Peters, Inc. 217 East 86th S t , New York City Do „ -_ 531 NmaPiper, 529 2d A v e , South Minneapolis, Minn Do 538 Jos Cy Potts, 240312th St N E , Washington, D.C 540 John T Pratt, Jr, 49 Broad S t , New York City 540 John T Pratt, Glen Cove, Long Island Do 100 Long 100 Do Harris, Burrows. & Hicks 1,000 J R Wilhston & Co 600 E A Pierce & Co - 600 W. A Gardner & Co 500 Sutro Bros <fe C o . . . — Russell, Miller & Co 1,400 Boettcher, Newton & Co 1,000 E F. Hutton & Co 1,200 900 C E Welles & Co 500 E. F Hutton & Co 500 Fenner & Beane 800 -. - . . . H . T Carey & Co .. 1,000 do do— 500 500 Bacon, Stevenson & Co 500 Goodbody & Co 1,000 do Clark, Childs & Keech... 800 . do Wm Cavalier & Co 200 do Cohen, Simonson 600 do Piper, J & Hopwood do Harnman<& Co . . . 2,000 ... Post & Magg. .do- 800 500 600 11,000 ..do . 1,500 2,000 100 - 100 - 900 Do Do Do Do. Do. Do. Do. Do Do Do. Do Do. Do Do. Do. Do Do Do Do. Do Do Do Do Do. Do Do Do Do Do. Do. 1,000 500* 800 ... — Total Do Do 1,300 Mendel Presberger, 666 West End Cohen, Wachsman & W A v e , New York City Do do Do . . ..do do Do . . . . . . . . .do . Do 1,500 Libaire & Co Bennett Smith & Co . . . . — .do..... George G Prentis Do Total 500 500 Total 541 Long or short 200 Total 541 Sold ~ . Do 500 1,600 400 2,500 300 200 500 Do Do Do Do 7791 STOCK EXCHANGE PEACTICES Curttss- Wright Corporation—Continued COMMON—Continued Page Account Dr J M E Prebost, 3440 Hutcmnson S t , Montreal, Canada 548 A Rabmowitz, 1240 Walton A v e , New York City 550 Mrs Grace K Ramsey, 206 Armory S t , New Haven, Conn 552 Alcedas B Rausselle, 1700 Ocean B l v d , Balboa, Calif 553 Benoist S Redd, 528 West 123d S t , New York City. 554 R P and J Garrett Reed, 702 Orange S t , Wilmington, Del. 555 R J Reese, 165 Broadway, New York 556 Reigel Bros , 13011st A v e , Spokane, Wash. 543 560 Reynolds & C o , 1727 Grant Building, Pittsburgh, Pa Do . Do Do Bought Broker L F Rothschild & Co 1,000 Ira Haupt & Co 1,000 1,000 J. S. Bache & Co 900 Do Fenner & Beane , . . . . . — _ Frazier Jelke & Co Hemphill, Noyes & Co 200 1,200 E. A. Pierce & Co . . 575 578 579 584 587 587 588 590 590 590 592 592 592 Do. Do. 200 Short. E. A. Pierce & Co 100 G M P. Murphy & Co 200 Long. Do. . ... . 300 Total 574 100* 100 100 Riggs National Bank, Washington, D C Do 573 165" 1,200 564 573 500 1,000 Laird, Bissell & Meeds McClure, Jones & Co Lamson Bros. <fc Co 572 Do. Do. Do. Do. Do. Do. Do. 500 Total 569 1,000 1,400 E F Hutton & Co H. T. Carey & Co Mrs Verna Rice, Creighton, Nebr Chester Roberts, Compton, Ky _. J B Robertson, 179 Compo R d , Westport, Conn W B Robertson, 27 West 57th S t , New York City Isaac Roffeld, 4018 Marlborough Rd , Washington, D C Do Hugh L Rodger & Bro , 506 Joliet National Bank Building, Joliet, 111 Do H P. Roger number 66, 730 Park A v e , New York City Joseph Roith, 1000 East Capitol S t , Washington, D C. A J Rooney, 915 Western Ave , N S Pittsburgh, Pa. Do A B Rosenfeld & Sons, Continental Bank Building, 10 Kiukiang R d , Shanghai, China. Samuel R Rosoft, 295 Madison A v e , New York City. Guy E. Rugel, 1301 1st A v e , Spokane, Wash Miss M C Ryan, 1833 New Hampshire Ave N W , Washington, D C Ruth C Ryder, 1624 Jonquil S t , Washington, D C. C. C Sacco, box 132, Deal, N J H D Salzer, 120 Broadway, New York City. Thos Sampsell, Quantico, Va J E Samuels, care of G M P Murphy & Co Jno Sanderson, 30 Rockefeller Plaza, New York City Sanford & Kelly, 20 Market S t , New Bedford, Mass D A Sargent, 1104 Federal Realty Building, Oakland, Calif Long or short Long. 1,000 Orvis Bros & Co.— 562 567 568 Sold W L Lyons & Co. Carreau & Co McClure, Jones & Co Hemphill, Noyes & Co 10G 500 Short. Long. 1,800 Do. Do. Do. Do. 100 Goodbody & Co Lamson Br-os & C o _ . . . . . . . - . _ 100 700 800 1,500 do H L Horton & C o . . . Harriman & Co . . . ... J H. Holmes & Co 100 500 500 1,500 do Henry Hentz & Co 2,000 E A. Pierce & Co Harriman & Co . 1,000 — Baker, Weeks & Harden Clark, Williams & Co L F Rothschild & Co 500 Do. Do Do. 300 Do. 1,000 1,500 Do. Do Do. Do. Do. Do. Do. W B Hibbs & Co I M. Simon & C o . . 100 Pearl & Co 100 Tucker, Anthony & Co 800 William Cavalier & Co Do. Do. Do. Do. Do. Do. 1,100 1,500 300 500 500 7792 STOCK EXCHANGE PBACTICES Curtiss- Wright Corporation—Continued COMMON—Continued Page Account Broker 604 Hans W Schroeder, 1620 West Lombard S t , Davenport, Iowa Do Do Bought Lamson Bros & Co do do Total 605 W J Shurmon, 1108 F St N W , Washmgton, D C 605 T Schuttler, 6925 Grand A v e , Maspeth, N Y 605 Cynthia Schwartz, 730 5th Ave , New York City 605 E B Schwartz, 730 5th A v e , New York City 606 Nancy Schwartz, 730 5th A v e , New York City 606 Herbert F Schwarz, 1111 Park Ave , New York City 608 H C Scott, Washington, Pa 611 Security Trust Co , 215 West 6th S t , Los Angeles, Calif Do Do Do Do Do Do - 615 615 615 615 617 619 619 619 621 621 623 624 628 628 628 629 629 300 100 Libaire & Co.. 500 Do 500 Do Do 1,000 1,000 do 3,000 3,000 Do do 1,000 1,000 Do Ward, Graver & Co 500 Do Kay, Richards & Co 1,000 Do E F Hutton&Co 100 Schwabacher & Co Wm Cavalier & Co Harris, Upham & Co E A Pierce & Co Russell, Miller & Co..' Dean Witter & Co __ — 100 Do 100 100 100 100 200 Do Do Do Do Do Do 600 Clark Williams & Co 500 500 Do Shearson, Hammill & Co. 500 500 Do 1,000 1,000 +. Wm A Semonvich, 861 Lathrop A v e , Detroit, Mich W Seyburn, 2084 First National Bank Building, Detroit, Mich Thomas & Shakleford, Independent Life Building, Nashville, Tenn Thomas G Shafer, 843 Longndge R d , Oakland, Calif Do Shaffer Gram C o , 111 W Jackson B l v d , Chicago, HI G B T Sharpe, 7711 Euclid A v e , Cleveland, Ohio Frank A Shea, 67 Exchange Place, New York City S L Shea, 1337 Mam S t , Springfield, Mass Thomas G Shearman, solicitor's office, Department of Agriculture, Washmgton, D C Jesse R Sherwood, 1334 Monroe St NW , Washmgton, D C Wm D Shew, 36 Pearl S t , Hartford, Conn P K Shropshire, Georgetown, Ky D B Shutmger, 3410 S Dakota Ave N E , Washington, D C B B Smger, 340 Guy Park Ave , Amsterdam, N Y P Smn, 3115 Gough S t , San Francisco, Calif 64th and 65th St Corporation, 25 Broad S t , New York City Earl and Clara Sixx (jomt ac count), 51 Redmond Place, Totawa, N J Lester Skeen, 1824 H St N W , Washington, D O Do 100 Long 200 Sehtam Corporation, 122 East 42dSt Do Total 613 Short 100 100 Total 613 Long or short 200 Laidlaw & Co H Content & Co Sold H Hentz & Co — 500 Hemphill, Noyes & Co. Fenner & Beane 600 Wm Cavalier & Co__ 500 E A Pierce & Co Munds, Wmslow & Potter ... Hornblower & Weeks McClave & Co. Schwabacher & Co Do Do Do 500 Do 2,000 Do 1,000 Do 100 Do 1,000 Do 1,000 W E Hutton & Co Hayden, Stone & Co Do 500 Westheimer & Co J S Bache&Co Do 500 1,800 W B Hibbs & Co Harnman & Co Do 500 500 Hayden, Stone & Co Adams, Merrill & Co 500 700 Do 1,000 Do 500 Do 100 Do 500 Do 1,000 Short Goodbody & C o . 500 Long Westheimer & Co 200 Do 7793 STOCK EXCHANGE PRACTICES Curtzss- Wright Corporation—Continued COMMON—Continued Page 633 634 634 634 636 640 641 642 643 645 647 647 654 655 657 658 659 660 660 661 662 662 665 665 Broker Account R L Skofield, 580 Park A v e , New York City M S Slee, 3501 Newark S t , N W , Washington, D C Mrs A L Slocovich, 920 S St N W , Washington, D C Chockley C Smith, 502 E 30th S t , Davenport, Iowa Do E W Smith, 1870 Wyoming Ave N W , Washington, D C Mrs F H L Smith care of H G Smith, 48 Wall S t , New York City. Harry W Smith, 128 Pomtview A v e , Dayton, Ohio J A B Smith, 30 Rockefeller Plaza, New York City Lawrence Smith, Wilhamsport, Pa V C Smith, Grundy, Va Mervin Sondman, 516 5th A v e , New York City EarlS Sparks, Vennilhon,S Dak Do Harold Spear, 120 Broadway, New York City Sperry Corporation, 30 Rockefel ler Plaza, New York City, attention John Sanderson W R Staats C o , 640 South Spring S t , Los Angeles, Calif 1,000 100 Hamman & Co 100 Do Lamson Bros & Co. 500 Short _do. J S Bache & Co 100 200 Long Do Taylor, Bates & Co. 1,000 Long or short Winthrop, Mitchell & Co.. Long Do 3,100 1,500 200 Do 500 Do Kean, Taylor & Go. 3,700 Do J H Brooks & C o . . 500 Do Westheimer Livingston & Co H G Einstein & Co— Lamson Bros C o . doCowen & Co 100 100 ~5,~666 E A Pierce & C o E F Hutton & Co. Do Short Do 100 Long 5,000 Do 900 36,000 Do 100 Do 1,000 1,000 Do Do 100 Short 500 Long Do 100 600 500 1,000 500 200 500 2,100 Hempmll, Noyes & Co.. do Do Do Do Do 600 Do Do 500 1,000 Do Do 500 Do 500 Do 100 Do 8,700 2,800 Do Do 500 Do 500 Do 200 Do 700 Total.. 666 B M Sylvan, 154 Nassau S t , New York, N Y Do Sold J R Wilhston & C o — — . Sutro& Co John M Stahl, 203 Bank of Holly- E F Hutton & Cowood Building, Hollywood, Calif Maurice Stanton, Consolidated Harris, Upham & Co. Oil Co , Indianapolis, Ind State Bank of Parrish, Parrish, Bryan, Pemngton & Colket.. NY Stewart, Deuchar & Co, Russ Russell, Miller & Co ta. Building, San Francisco, Calif Do — E A Pierce & Co—. Carl K Stoeger, 304 East 81st St, McDonnell & Co New York City Paine, Webber & Co L Stopel, Alexandria, Wis A Strategos, 1025 Childress, St Waldheim, Platt & Co Louis, Mo Do ..doH G Stockier, 2457 Berdan Ave, Collm, Norton & Co. Toledo, Ohio Do C A Strom, Box 221, Balboa H Clews & Co Heights, Canal Zone H C Strong, 15 Broad St, New Hempmll, Noyes & CoYork, N Y Strapp & Jones, 52 Broadway, Stafford & Co New York City Oscar M Styrou, J r , 817 14th Mackubin, Legg & Co.. St NW , Washington, D C Suffolk Co , Ltd , care of R Schur- Speyer & Co men & Co , 74 Dominion Square Building, Montreal, Canada Swan, Culbertson & Fritz, Asia Hayden, Stone & Co. Life Bunding, Hong Kong, China Richard H Swartwout, 40 Wall E A Pierce & Co St, New York, N Y Stanley Sweet, 50 Union Square, New York, N Y Do Bought John Muir & Co. do 100 Do 100 Short 7794 STOCK EXCHANGE PRACTICES Curtiss- Wnght Corporation—Continued COMMON—Continued Account Page 667 John Taghng, 8615101st S t , Richmond Hill, N Y* Do 669 Alfred Tasman, 32 Colin Place, Brooklyn, N Y. 670 Roy 0 Taylor, Rockmgham Hotel, Portsmouth, N H. 674 O.E Thompson Sons, Court S t , New Haven, Conn 677 A C Tidd, Avonmore, Pa 677 Tiffany Gram C o , 225 Grain Exchange Building, Omaha, Nebr Do . . 680 Frank Torpey, 805 Live Stock Exchange Building, Omaha, Nebr. 682 Col Grant T Trent, Roosevelt Hotel, Wasjhington, D O 682 Arthur F. Tnpp, 91 Wall S t , New York City 683 G 0 Tuck, 910 West Main S t , Louisville, Ky. 687 Uhlman & Benjamin, 1480 Board of Trade Building, Chicago, 111. Do.. — — Bo Do Total, x (E J. Wademan, State Hospital, Norwalk, Calif [ Do - J Walkins, 416 Southern Building, Washington, D C 706 H R Ward, 436 Security Building, Minneapolis, Mum W Warner, 1825 Bristol 707 /Robt I St,Phila,Pa 708 Miss Kathryn Warriner, Danville, Ky 708 (Washington Light & Traction Co, Washington, D O [ Do.. 100 200 Long 100 100 Short 500 Long ... E A Pierce & Co Prentice & Slepack . . . . .. Moore, Leonard & Lynch Lamson Bros & Co do . do 100 100 500 Do. 500 Do. Do Short. 100 Long Short 500 E A Pierce & Co 100 Long. Lamborn Hutchins & Co 600 W L Lyons & Co . . . 100 Short. Hirsch, Lilienthal & Co 200 Newman Bros & Worms Paine, Webber & Co John Melady & Co 100 100 Do 300 Long. 500 300 Do. Do. Do. 400 1,100 Moore, Leonard & Lynch H Wentz & Co 300 8,500 200 10,000 Do. Do. E A Pierce & Co 1,800 Tate&Hays . . . . Fenner & B e a n e . . . . . . . . . . . . . . Tomson & Mc£Hinnon_. J. F. Clark & Co Francis I Dupont & Co Do. Do. Do. 700 Do. Do. 700 Do 500 500 Do. 500 1,000 500 600 Do. J>0. 600 Do Do. 1,100 H. Hentz & C o . . . . . . . . . . . J. K Wallace & C o . . . 200 1,000 500 1,300 Munds, Winslow & Potter E F Hutton & Co 100 ..do 700 Piper, Jafiray & Hopwood Newburger Loeb & Co 500 do 711 Watt & Watt, Toronto, Canada- John Melady & Co 713 John H Webster, 3d, 9415 Stenton Smith G & R_A v e , Philadelphia, Pa 714 Mrs B L Webbe, 1928W102St, Lamson Bros & Co Chicago, HI 500 Do 100 Short. W. L Lyons & C o , Louisville, Ky Mackubin, Legg.... 500 Do Do. 100 Clark, Childs & Keech- TotaL Long or short do Jenks, Gwynne & Co. Total 702 H Sold Hirsch, Lilienthal & Co . . . 688 Union Trust C o , Pittsburgh, Pa.. 689 Milton F Untermeyer, 60 Beaver S t , New York City. 689 Ure, Pett & Morris, 25 East 2d St, S , Salt Lake City, Utah. 690 Mrs. M. H Urion 691 Lt R F. O Vance, Maxwell Field, Montgomery* Ala* 692 H. VanCott, 119 West 11th St., New York City. 695 Vercoe & C o , Huntington Bank Building, Columbus, Ohio 695 Arthur F Vigneux, care Montreal Distillers, Riverside, Ontario, Canada 696 J. O Viles, care H W Barlow, New Milford, Conn 696 IraH Virgin & C o , Troy, Ala 697 Robt. E. foil, Jr, 1547 East 26th St., New York City. 699 Bought Broker 200 Long* 100 Do 300 1,100 100 1,400 Do Do 1,000 Do 7795 STOCK EXCHANGE PEACTIOES Curtiss- Wnght Corporation—Continued COMMON—Continued Page Account r 'ells & Stanton, Cotton Exchange Building, New Orleans, 717 - La Do Do.- Bought Broker E A Pierce & CoPost & Flagg E A Pierce & Co. 200 400 W B Hibbs CoFenner & Beane - 200 1,000 100 1,000 E A Pierce & Co Gray & Wilmerding. 1,000 800 100 Stein Bros & Boyce. 500 20O Fenner & Beane.. Lamson Bros & Co Do. Do. Do Do 100 Short W B Hibbs & C o Carleton & Mott Dean Witter & Co.. .... 100 Long. Do. Do Do Do Short 200 100 Long 100 Short. .—.do Carreau & Co.. Sehsberg & Co 400 600 Long 500 100 -do. 100 Do .do. 500 Do 100 Short O. D Barney & Co.. H a m m a n & Co .—_dow Long 100 *. 100 100 500 Stein Bros & Boyce. Fenner & Beane Tens Robert L. Young, Burwell Build- Livingston & Co ing, Knoxville, Term Bo do., 753 F N Zeiler & Co O D Barney & C o . 500 750 Do. Do. 600 730 Louis A Wolfe, 55 Penn A v e , M t Vernon, N Y. 740 J D Wonder, Harries Building, Greene & Brock.. . . Dayton, Ohio. 741 A O Wood, J r , & C o , Philadel- Jos Walker & Sons., phia, P a , account Philip Kremer, 2431 Seventy-sixth A v e , Oak Lane, Philadelphia, 741 A O Wood, J r , & C o , Philadelphia, P a , account Frank Kimshafer, 3402 North Front S t , Philadelphia, Pa 741 A C Wood, J r , & Co , Philadelphia, P a , account Girard Trust C o , Broad and Chestnut Sts ^Philadelphia, Pa 745 Dick Woodward, Southmore Hotel, Chicago, HI. 745 Mrs Ella G Woody, care of W. Gravely, 3552 Eleventh St., N W , Washington, D O Do 747 K T . Wnght, Washington, D C . 748 William F . Yarbough, Sewanee, Long or short Long. 100 Total725 John Whitman, in care of W B Hibbs C o , Washington, D O 726 Whitney National Bank, care of Fenner & Beane, New Orleans, La 728 Louise Wilkerson, Apt 405, The Sherman, Washington, D O 730 Chester A Williams, 419 Edgewood Place, Rutherford, N J 733 Charlotte B Wilson, 622 North Alta Drive, Beverly Hills, Calif 734 J Charles Windle, 402 West Union S t , Westchester, Pa 735 John Wilson, 10 Mitchell Place, New York, N Y 735 Merg R Wilson, care of Federal Trade Commission, Washington, D C 735 W S Wilson, care of Stein Bros & Boyce, 120 Bioadway N Y 737 O Withers, care of Sperry Gyroscope C o , 40 Flatbush Ave extension, Brooklyn, N Y. 738 Van P Wittenmeyer, box 35, Grand Island, Nebr Do 739 Mrs G* Wolf, box 543, Lynbrook, Sold 500 1,000 1,000 6° Do Do. Do. Do Do 7796 STOCK EXCHANGE PRACTICES Supplemental list Curtiss-Wnght Corporation COMMON Page 32 85 210 338 396 577 613 653 696 709 709 Account Long or short Broker Bought Mrs Nellie M Barry, 3 Mattie A J Wright & Co S t , Auburn, N Y. _ . „ do Do 400 100 Long 600 Do Total Irene Bushfleld, 2365 Stanley Hills Drive, Los Angeles. Calif Mrs Eleanor Flagg, 23 Commonwealth A v e , Boston, Mass Geo C Johnson, Special, Markesan, Wis E A 0 Liquidating Corpora* tion, 120 Wall S t , New York City Do . L C Rosenblatt, 1400 Broadway, New York City J Seligman, 30 Pine S t , New York, N Y (at Auerbach, Pollack & Richardson) E C Stewart, car of Globe Construction C o , Wichita, Kans A Villandy, 23 East Seventythird S t , New York City Washington Loan & Trust C o , Ninth & F Sts, Washington, DC Washington Loan & Trust Co, Seventeenth & C Sts, Washington, D O Do •...•.•„„.... Sold E F Hutton&Co 1,000 2,500 Hutchms & Parkinson 1,300 Long J E Bennett & Co 2,200 Do 300 Do 300 2,000 Do Do Thomson & McKmnon John Melady & Co H Hentz & Co Auerbach, Pollack & Richardson 12,200 12,300 Harris, Upham & Co. 500 Anderson & Block Do Do Do O D Barney Auchincloss, Parker & Redpath 100 1,000 Do 100 Do do. 100 Do CLASS A 1 Adams Express Co , 20 Pine S t , New York City 1 K S Adams, 247 Girard Ave Hartford, Conn Hayden, Stone <& Co 300 4,000 Long Adams, Merrill & Co 800 800 Do Adler, Coleman & Co (specialists), 15 Broad S t , New York City Do Adler, Coleman & Co 30,600 31,000 Do Short 1 Total do . 1 J Ahrens, 27 W 86th S t , apartment 9 A, New York City 2 C B Alker, 44 Wall S t , New New York City 8 Kenneth Appenzellar, care of E A Pierce & C o , 40 Wall S t , New York City Bernard Aronson, 30 Broad S t , 4 York City Frank Bailey (personal), 17 East e 42d S t , room 914, New York City Blair Corporation, T Bancamerica 44 Wall S t , New York City 8 Barclays Bank, Monte Carlo, Monaco 9 B L M Bates, No 1 Murray Hill Hotel, New York City Do 10 Louis Bederson Do Arthur Lipper & Co J. R Timmins & Co E A Pierce & Co Ward, Graver & Co E A Pierce & Co 1,100 1,100 Long. 200 100 Do. 100 100 Do 1,100 1,100 Do 500 500 Do 1,400 White, Weld & Co 2,000 Walker Bros 2,000 1,000 Clark, Childs & Keech Abbott, Hoppin & Co . do — 2,000 100 1,600 Total ~ 8,900 39,900 Butler, Hernck & Marshall 10 H H Bell, 518 Center S t , Taft, Sutro & Co Calif ., . . do Do 11 Vincent Bendix, 105 W Adams 8 t , Chicago. HI - - 8,900 39,500 Watson & Whit© 2,700 Do Do Do Do Do 100 Short 300 Long 100 100 2,800 400 400 Do Do 7797 STOCK EXCHANGE PEACTICES Supplemental list CurUss-Wnght Corporation—Continued CLASS A—Continued Page Account Broker Joseph L Berk, 1781 Riverside E A Pierce & Co. Dnve, New York City C A Bill, 71 Broadway, room Baar, Cohen & Co.. 271, New York City J Insley Blair, Tuxedo Park, N Y Auerbach, Pollakv& Richardson Frank P Blatt,1205 F St N E , Harnman& Co Washington, D C J Horace Block, 50 Broadway, Anderson, Block & Co New York City Blue Ridge Corporation, 1 Ex- Clark, Childs & Keech change Place, Jersey City, N J L C Bodman, Riverside Dnve, Cyrus J Lawrence & Sons Red Bank, N J 15 John Borrup, care of Pratt Whit- HincksBros & Co ney, Hartford, Conn 17 Bntish Type Investors, Inc, 15 Exchange Place, Jersey City, NJ Do _ Bought 1,200 1,900 100 Fahnestock & Co. Hayden, Stone & C o - 19 22 28 30 32 36 37 C Dona, 1765 West Federal, Youngstown, Ohio Do Total. Long or sljort 1,200 Long 500 Do 3,000 Do 100 Do 1,900 Do 1,000 Do. Do. 1,500 100 Do 700 Do. 300 Do. 1,000 Total.. G J Brown, 55 E 86th S t , New York City Waldo M Brown, 84 State S t , Boston, Mass Ernst A Butt, Sr, 8 Martense Court, Brooklyn, N Y Carlisle, Mellick & Co (Odd-Lot House) (firm account), 50 Broadway, New York City Do llye Caro, 57 W 58th S t , New Lil; York City Do J T Castles, 65 Leslie S t , Newark, N J M E Chandler, 305 Wakewa, South Bend, Ind Do A W Collins, 15 Broad S t , New York City Mrs Hester C B Conway, 30 Aberdeen Rd , Elizabeth, N J J E Coole, care of Automatic Electric, 1027 W Van Buren S t , Chicago, HI Josephine Coster, care of Cassatt & Co , New York City S W Cragm, 14 Button Place South, New York City Mrs Martha O Crisp, care of V D Crisp, Fahnstock & Co , 1 Wall S t , New York City N W Audidert, 63 E 82d S t , New York City Do W G Curran, 40 Wall S t , New York City Martin Curry, 110 Melville Ave, Dorchester, Mass J E Davis, 52 Broadway, New York City Willard T Davis, 646 Stewart Building, Lincoln, Nebr DeCoppet & Doremus (firm account) (odd-lot firm), 42 Broadway, New York City Dillon, Read & C o , 28 Nassau S t , New York City Do Sold E Lowitz & Co 600 600 Do* Gray & Wilmednng 400 900 Do. 100 Short H F McConnell & Co. Carlisle, Mellick & Co_. do A Lipper <fc Co.. -do. Cassatt & Co 3,700 1,600 1,000 1,000 1,500 Thomson & McKinnon.. 200 E A Pierce <fe Co Hemphill, Noyes & C o . . 1,000 Cassatt & Co Do Do Do. 1,100 1,000 Do Do 500 Do 500 500 Do. 900 900 Do. Johnson & Wood Babcock Rushton & Co.. Long J P Morgan & Co. 1,000 Fahnstock & Co 1,000 Gude, Wmmill & C o . . 1,000 1,000 Do. .doF P Ristine & Co 700 1,100 2,200 1,100 Do. Do E A Pierce & Co Do. Do. 1,000 1,500 100 Billings Alcott & Co.... 500 500 Lamson Bros & Co 100 DeCoppet & Doremus. 2,000 Winthrop Mitchell & Co 5,000 Shields & Co Butler Wick & Co ....do 200 Do Do. Short 2,600 Long. 100 Do. 200 Do. 100 Short. ~300 7798 STOCk EXCHANGE PRACTICES Supplemental hst Curhss-Wnght Corporahon—Continued CLASS A—Continued Broker Account Page Bought Sold Long or short George S Drake, 6115 Lindell Blvd, St Louis, Mo Do 38 M G Dudley, Greenville, S C E P W Realty C o , I n c , 41 attorney, M A H Waterman, 158 Remsen S t , Brooklyn, N Y 42 Julius C Esty, Hotel New Weston, 34 East 50th S t , New Harris Upham & Co 500 1,000 Long O H Walker & Co Hubbard Bros & Co E A Pierce & Co 200 500 500 500 500 Do Do. Do 500 500 Do 43 A. E Fagan, 40 Wall S t , New York City Peter Fagan, care of Senate Press Room, Lansing, Mich 44 J B Ferber, New York Athletic Club, West 59th St New York City Harvey S Firestone, care of Fire45 stone Tire & Rubber C o , Ak- Fagan & Goetz 500 500 Short 43 E A Pierce & Co 100 Long Arthur Lipper & Co — 800 Do 500 500 Do 1,000 1,000 Do Filor, Bullard & Smyth 200 700 Do W E Hutton & Co . . 1,000 Do Lamson Bros & Co 100 Short Beer & Co — 100 100 Long. E W Clucas&Co 100 100 Do 3,500 Do 500 Do 37 45 Russell A Firestone, care of Firestone Tire & Rubber Co , Ak46 John K Fitch, 138 Pearl S t , New York City 47 Arthur H Flower, 1927 Grand A v e , Dayton, Ohio Ben Fogelson, 1730 S 25th S t , Lincoln, Nebr 48 James Fox, 49 Broad S t , New York City. James Fox, care of New York Stock Exchange, 12 Broad S t , New York City 49 Freeday Foundation, 1 Wall S t , New York City 49 French American Baking Corporation, 65 Broadway, New York City 49 Isadore Freund, 1868 Columbia R d , N W , Washington, D O 50 Otto S Fuerst, 50 Broadway, TVJOTXT Y W b - E A Pierce & Co do.: Wagner Stott & Co Rhoades, Williams & Co Harriman & Co Anderson, Block & Co 2,500 Adams, Merrill & Co Goodbody & Co. 1,000 Total M Ham, 2603 Hollywood Court, Mount Penn, Reading, 60 Isaac S Hall, 89 Broad S t , Boston, Do. 100 Do. Do 500 100 Do. E A Pierce & Co 200 100 Do. Parnsh & C o . Chandler, Hovey & Co Geo F Hewitt, Jr, 61 Broadway, Jas H Oliphant&Co New York City Longstreet Hinton, 405 East 54th J P Morgan S t , New York City 100 Short. do . 62 No 23 Account, care of O Ham- Harriman & Co man, 111 Broadway, New York City. 62 Maj S M Harrington, 4431 W B Hibbs & Co Greenwich Parkway N W , Washington, D O 62 Merrill Haskell, R F D Box 10, Hornblower & Weeks Yarmouth, Maine 62 Edward M O'Herrm, 235 Chero- Livingston & Co kee Road, Charlotte. N C 65 Edmund Q B Hennques, 3615 Domimck & Domimck Forest Park D r , Cincinnati, 65 Do. Auch, Parker & Redpath , Pa 66 200 2,500 Pif-tr 50 T Kent Fulton, Salisbury, Conn53 Mrs Elizabeth J Gilkenson, 2230 California St N W , Washington, D C 54 Mrs Marion E Glover, 4200 Massachusetts A v e , Washington, D C Mrs. Elizabeth G Gordon, Rose« mond Apts, 42d St and Chester A v e , Philadelphia, Pa Do 59 A ..do — — 200 200 500 500 Long 500 500 Do 200 100 Do 100 100 Do 200 500 500 Do Do Do 700 Do Do. 1,100 1,000 1,200 7799 STOCK EXCHANGE PRACTICES Supplemental hst Curttss-Wrtght C&rporatton—Contmued CLASS A—Continued Page Account R V Hiscoe, 52 Wall S t , New York City. John and Priscilla Holmes, 3041 Revisadero, San Francisco, Calif 67 J F Holmes, 122 East 42d S t , New York City / Do 68 Hoit, Rose & Troster, 74 Trinity Place, New York City Bought Broker 66 Baker, Weeks & Harden 67 J Barth & Co..,. 68 Lmdsey Hopkins and associates, 11 Marietta St, Atlanta, Ga Do-. Do 1,300 do. ,., Laird, Bissell & Meeds ,... Courts & Co 69 69 69 69 69 70 70 72 73 74 75 76 76 76 76 79 80 80 400 *. ,..., C M Keys & Co , 39 Broadway. do Do . . Carleton & Mott Total Mrs F E Keys,35East76thSt, New York City. 82 Isador Kipness, 5907 Avenue N, Brooklyn, N Y 82 Hayward S Kirby, 1 Wall S t , New York City 82 Victor W Kilesrath, care of Bendix Aviation Corporation, 401 Bendix Drive, South Bend, Ind 83 S B Koch & Co (firm trading account), 29 Broadway, New York City 84 Mrs Elizabeth C Kurth,34Park Circle, White Plains, N Y 84 Hon J Banks Kurtz, House Office Building, Washington, DO 85 Robert P Lamont, 2506 Graybar Building, New York City 1,000 1,400 L. Hopkins and associates, 11 Livingston & Co Marietta St, Atlanta, Ga Jacob Horowitz, 245 Echo Place, Baar, Cohen & Co ... Apt 207, New York City. B 0 Hostetter Hardy & Co ,-,.— Jas O Hostettler, Beverly Hills, E F Hutton & Co Calif A M Houghton, Minsky Build- Clark, Childs & Keeching, Washington Dorothy Hovey, 298 Hammont Chandler, Hovey & Co S t , Chestnut Hill, Mass Kathenne S Hoyt, 44 East 71st Hayden, Stone & Co St, New York City R F Hoyt, 25 Broad S t , New do York City Incorporated Investors, 60 State do. S t , Boston, Mass Jacquelin & DeCoppet (firm ac- Jacquelin & DeCoppet count), 47 Broad S t , New York City James M. Johnston, Washington, Spencer Trask & Co DO Mrs M M Johnson (trustee ac- Tailer & Robinson count), care of W E Ditmars, 230 Park A v e , New York City. B Judson, care of Henry Judson, Arthur Lipper & Co 50 Broad S t , New York City Charles E Judson, 19 Rector S t , Thomson & McKinnon New York City Henry Judson, 50 Broad S t , Arthur Lipper & Co New York City do Charles S Kepper, Les Lilac Cassatt & C o . . . . . . . . . . . . . . . . . Ave, Bonapark Pare DeLa, Malmauson, Rue 11, France Anderson C M Keys, 39 Broad- Callaway, Fish & Co.. way, New York City 80 1,000 Callaway, Fish & Co Long. JX>. 500 Do. Do. 400 Short. 1,000 Shaft. 1,400 1,400 1,000 600 600 1,000 1,000 1,000 100 5,000 11,500 5,000 2,300 Long or short Do. 4,500 Total 68 1,500 500 „ Libaire & Co OrvisBros & Co do Sold Long. Da Da Do. Do. Do. Da Da Da 2,000 Da Da 100 1,000 7,300 5,300 1,000 1,900 500 Da Da Do. Do. Do. 500 500 Do. 500 1,900 300 800 Do. Do. 2,400 1,100 300 600 3,700 3,700 1,000 500 L F. Rothschild & Co Do. Do. Da Do. Carleton & Mott 500 Hayden, Stone & Co.. 100 S B Koch & Co.. 700 700 Da Fenner & Beane 500 500 Do. Da 100 W B Hibbs & Co Cassatt & Co 500 1,000 Da 7800 STOCK EXCHANGE PRACTICES Supplemental hst Curtiss-Wright Corporation—Continued CLASS A—Continued 86 88 89 89 90 91 91 91 92 92 Sidney Lamer, 14 Sutton Place, South, New York City Ralph S Leonard, care of Firestone Tire & Rubber C o , Akron, Ohio Do Al J Levy, 60 Broad S t , New York City Do -. Julius Levy, care of Sudan Prod, 1181 Broadway, New York City Herman L Lipsitz, Ahoskie, N C. Grover Loenmg, Mill Neck, Long Island, N Y Grover Loenmg, post-office box 141, Palm Beach, Fla R R Loenmg, 14 Wall S t , New York City Esther E Lope, 20 East 11th St., New York City Lord & Widh, 63 Wall S t , New York City Do Do — . Total 92 93 93 95 96 Bought Broker Account Page 800 Long E A Pierce & Co 100 Do do Schatzkm & Co ._ . Fenner & Beane J P Morgan & Co Carreau & Co 100 500 ... J R Wilhston & Co Fellows, Davis Co. Total 100 Do Do 6,000 200 Do Short Long Do 7,000 Hirsch, Lilienthal & Co .. 1,100 500 1,000 Do 1,000 Do 100 Do Rose, Cammann & Co 200 Do Joseph Walker & Sons Ingalls & Snyder 100 400 Do Do 700 E Lowitz & Co 500 Colgate, Hoyt & Co Slaughter, Anderson & Fox 600 Do 500 Do 500 Do H G Einstem 100 Short Cassett & Co 300 Long 600 100 Short Short Do 97 Jean M Marvin, care of Foster Foster Marvin & Co Marvin & Co, 2 Wall S t , New York City Do _ do_98 Mortimer Marcus, 44 Wall S t , Herrick, Berg & Co New York City, N Y. E W Clark & Co 98 T C Marshall, Yorklyn, Del 99 Dr Louis May, 445 Knicker- E A Pierce & Co bocker, Brooklyn, New York 99 H C Mayer, 1 Wall S t , New Bear Stearns & Co York City 99 Mrs Viola H Mayer, 122 East Livingston & Co 42d S t , New York City Do do 100 Miss Irene W McCarthy, 425 LamsonBros & Co West 23d S t , apartment 10, New York City. 100 E A McCullough, Racquet and Gude Wmnill & Co Tennis Club, 370 Park A v e , New York City Peter P McDermott & C o , Peter P McDermott & Co 100 "Firm Trading", 39 Broadway New York City 101 Hubert McDonnell, m trust for McDonnell & C o . Donald McDonnell, Hubert McDonnell, Jr, David McDonnell, Kenneth McDonnell, 120 Broadway, New York City 101 William L McGrath, care of Eclipse Machine C o , 960 West Church S t , Elmira, N Y Do Long or short J P Morgan & Co - Elick Lowitz, 29 Broadway, New York City Ralph Lyon, 3249 Pacific Ave, San Francisco, Calif Ralph Lyon, 317 Montgomery St, San Francisco, Calif Charles Maher, 3510 36th A v e , Long Island City, Long Island Rev E Mandeville, Christ Church Rectory, Middletown, Sold Watson & White Hemphill Noyes & Co 3,200 1,500 900 700 3,200 Do. Long. 1,000 Do Do 900 Do 400 Short 500 300 Long Short 600 700 Long 1,000 1,000 Do 2,500 2,500 Do 1,000 Do. 300 Do 1,300 7801 STOCK EXCHANGE PEACTICES Supplemental list Curtiss-Wnght Corporation—Continued CLASS A—Continued Page Account Bought Broker 103 Elizabeth Meehan, care of M J Meehan, 30 Broad S t , New York City, N Y 103 M J Meehan, 30 Broad S t , New York City 105 Vilhelm Meyer, care of Anderson Meyer, Ltd, 4 Yuenmingyhen Rd, Shanghai, Chma 106 Bernard Miller, 50 Broadway, Ira Haupt & Co 5,000 M J Meehan 1,000 107 Foster, Marvin & Co Frank A. Miller, care of Pame & Wfthhftr <fc O n 2fi TVrn&rl Hayden Stone & Co 1,800 Anderson Block Co 500 Sold Long or short 5,000 Long 1,000 Do 2,000 Do. 1,800 Short 500 Long St New York City 108 Montecito Farms Corporation, 1 Wall S t , New York City 113 National Aviation Corporation, 52 Broadway, New York City 114 H H Neuberger, 60 Beaver S t , NAW Ynrlr Oitv 114 L S Newhaus, 20 West 77th S t , New York City 117 E W Orvis, care of Orvis Bros , 60 Broadway, New York City 117 F E Ostwalt, 25 Broad S t , New York City 118 Mrs Alma J Parham, 1801 K St NW , Washmgton, D C 118 Graham Parsons & C o , 1422 Walnut S t , Philadelphia, Pa 121 N W Peters, 37 Wall S t , New York City 121 Petka Investors Corporation, care of Mutner, Waxman & Co , 76 Beaver S t , New York Waener Scott & Co G M P Murphy & Co 3,500 Do 10,400 Do Henry Hentz & Co 700 1,900 Do Arthur Lipper & Co 500 500 Do 500 Do Ladenburg, Thalman & C o . . . 900 900 Do E A Pierce & Co 100 100 Do 100 Do. Orvis Bros C D Barney & Co Libaire & Co do 4,000 Do 1,200 Do Do. 122 Jno W Pole, Westchester Apartment No 203A, Washmgton, G M -P Murphy & Co 100 123 R E Potter, 1425 Shephard S t , NW , Washmgton, D C 125 M J Qumn, Jr, 71 Broadway, New York City 126 Rector Holding Corporation, 1 Exchange Place, Jersey City, W B Hibbs & Co 100 100 Do E O Benedict & Co 500 500 Do. Clark, Childs & Keech 3,900 Do. 127 Laird, Bissel & Meeds 1,500 Do. Do. Do 127 127 127 128 129 130 133 135 135 136 R P and J Garrett Reed, 702 Orange S t , Wilmington, Del Capt Lewis R P Reese, Wright Field, Dayton, Ohio Comdr LeRoy Remburg, U S Coast Guard Headquarters, Washmgton, D C John Reis, Jr, 47 Union S t , Montclair, N J W J Rich, 444 Madison A v e , New York City Do.. Riggs National Bank, 15th and Pennsylvania Ave NW , Wash ington, D C J M Robinson, Jr , 171217th St NW , Washmgton, D C Emerson E Rossmoore, 551 5th Ave New York City Mrs E M Saffell,733 5thSt N , Washmgton, D C Self. ....Do W R Sayles, Third Naval District, Washmgton and Christopher S t , New York City Do Seventh Street Savings & Commercial Bank, Washington, W E Hutton & Co 100 TTarnman & Oo 100 Hemphill, Noyes & Co 500 500 Do Paige, Smith & Remick 200 200 Do do J S Bache & Co 100 Harnman & Co Seligsberg & Co . . . _ . .. W B Hibbs & Co Edward Van V Sands do Pouch & Co. . . . . . do * W B Hibbs & Co 137 J Seligman, account of A P R,30 Auerbach, Pollack & Richardson Pme S t , New York City 500 100 100 6,900 1,400 Short. Long 100 DOk 1,000 200 Do Do 500 Do 100 Do Do. Do 6,900 Do 7802 STOCK EXCHANGE PRACTICES Supplemental list Curtiss-Wright Corporation—Continued CLASS A—Continued Account Page 137 Seneca Securities Corporation, 120 South LaSalle S t , Chicago, HI 137 B J Scanlon, 130 West 57th S t , New York City 140 E F & G Shaskan, no 1, 39 Broadway, New York City Do - - - 140 F C Shaughnessey & Co, 111 Sutter S t , San Francisco, Cain* Do - — ... 140 Edwin Shaw, 1037 Second National Bank Building, Akron, Ohio 141 Eugene A Sichel, 120 Broadway, New York City Do.. 142 Mrs Jessie E Smsabaugh, care of M M.Ferguson,30Broad,New York City 142 Mrs Margaret S Slee, no 3 account, 3501 Newark S t , N W, Washington, D O 143 Earl T Smith, 39 Broadway, New York City Do 144 Mrs Mildred Stafford, 11 Niagara Street, Buffalo, N Y Broker Bought Sold 700 Long. James L Bennett & Co Do Do 800 Do. Do. 100 Short. 900 Long 1,000 Munds, Winslow & Potter L J Marquis & Co 800 do Rhoades Williams & Co 100 do Jackson & Curtis _« 1,000 Reynolds Fish & Co 1,500 500 do Ward Graver & Co Paige, Smith & Remick 151 152 152 152 153 155 156 157 158 158 Total ,. F B Sullivan, 827 East 9th S t , New York City. Do , wGeo T Tarbell, 2020 Klmgle Road NW , Washington, D C A J T Taylor, care of British Pacific Securities, Ltd, Royal Bank Building, Vancouver, BC Helen S Terry, River Road, Maumee, Ohio. J E, Thamert, 817 Markea Ave, Salt Lake City, Utah John & Wm Tnnkner, 3708 Twenty-fourth S t , Long Island City, N Y John Tucker, care of Spalding, Tucker & Co, 1 Wall S t , New York City, United States Savings Bank, Washington, D C Guy Vaughn, care of Wright Aero Corporation, Paterson, N J Helen K Vaughn, 71 Beverly R d , Ridgewood, N J Do Short Long 100 Do 1,000 100 Short 200 Total 150 The Sperry Corporation, attention John Sanderson, 30 Rockefeller Plaza, New York City Do. — . 3,300 1,700 .do Goodbody & Co Do Do Do Do 100 Winthrop Mitchell & Co 144 Meyer Stark, 4990 Whittier Blvd , E F Hutton&Co Los Angeles, Calif . . . . do Do 145 Stevenson, Gregory & C o , 56 Pearl S t , Hartford, Conn 146 Dons Stephen, Washington, D C . 147 H Stonehill Trading account, 39 Broadway, New York City 147 E C. Stowell, Cosmos Club, Washington, D C 148 A J Strod, 208 Jefferson Apartments, Forward Ave, Pittsburgh, Pa Long or short do Paine, Webber & Co Ira Hauptmann Co 600 Do Do Do Do Do 10,600 Do 4,000 2,600 100 3,900 3,900 W B Hibbs & Co 100 Moms Brown & Co. r 500 E A Pierce & Co » 400 do 11,000 Pask & Walbndge Bell <fc Beckwith Carleton & Mott Cassatt & Co do 500 Do 600 Do 200 Short .. 1,000 1,000 Long 500 500 Do 700 Do Do Do Mackubin, Legg & Co Hayden, Stone & Co Do Do Do 100 Whitehouse & Co B A . Pierce & Co - 500 400 do Harriman & Co 500 500 300 7803 STOCK EXCHANGE PEACTICES Supplemental hst Curtiss-Wnght Corporation—Continued GLASS A—Continued Account Page 159 Broker S B Vernon, box 822, Beading, Pa Total 161 Mrs K H Watson, care L Watson, 75 Federal S t , Boston, 162 Ruth Welty, 1900 F Street N W , Washington, D C. 163 M 0 White, Woodmere, Long Island 164 William H White, Jr, Washington, D C 164 E R Whitehead C o , 30 Broad S t , New York City Do 164 Manolo Wiechers, room 1702, 1 Wall S t , New York City 165 MaryH J Williams, 1421 Chestnut S t , Philadelphia, Pa Eastman, Dillon & Co Parnsh & Co Hayden, Stone & Co Bought 1,000 500 E R Whitehead Co do Harnman & Oo_ 300 Do 100 Do Do Do Do Do. Do 500 500 Davenport & Co 300 1,000 Robt Glendmmng & Co 500 165 James C Wilhson & C o , 39 Schatzkin & Co Broadway, New York City Do . Granberry & Co Paige, Smith & Remick Do Jackson & Curtis Do Do Cassatt & Co Do Hemphill, Noyes & Co Total 166 H G Wischmann, 98 Grand Dunscombe & Co ._ A v e , Brooklyn, N Y 166 Fred R Wolfe, 50 Broadway, J F Trounstme & Co New York City 142 William Silverman, 107 West Hirsch, Lilienthal & Co Eighty sixth S t , New York City 500 Long or short Long Do 500 500 W B Hibbs & Co W. H Goadby & Co. Sold 300 500 Do 500 1,400 500 600 600 2,500 Do. Do Short Long Do Do 2,500 500 4,200 1,500 Do 700 700 Do 100 100 Short National Aviation Corporation Account Page 1 Hamilton Adler, 608 Fifth A v e , New York City Do Broker 100 1,000 100 1,100 Hayden, Stone & Co - 200 500 Do 200 1,400 Banks, Huntley & C o , 634 South Spring S t , Los Angeles, Calif. E F Hutton&Co 2,300 2 Donald Bayne, 76 Beaver S t , New York City. Do Halsted & Harrison 100 Total 2 4 175541—34—PT17 Do 100 Short 300 Long* do P N L & N B Bellinger (joint) G M -P Murphy & Co Bureau Aeronautics, Navy Department, Washington, D C. George J Bernhardt, 42 Broad- Jackson & Curtis way, New York City Case, Pomeroy & Co, Inc, 120 G M -P Murphy Co Broadway, New York City Craftsman Investors, Inc, 3400 Goodbodv & Co Aramingo A v e , Philadelphia, Pa Do Do 2 2 Long or short 900 Jackson & Curtis Total Sold 100 Long Cowen & Co Louis Kaiser & Co Total Aviation Securities Corporation of New England, 25 Broad S t , New York City Do Bought 100 400 100 800 4,000 200 Do Do Do Do 7804 STOCK EXCHANGE PEACTICES National Aviation Corporation—Continued Page Account First of Boston Corporation of Massachusetts, 67 Milk S t , Boston, Mass Byron Foy, Chrysler Building, Lexington Ave and Forty second Street, New York City Jos Garvey, care of American Telephone & Telegraph, 219 South State S t , Syracuse, N Y Do Gilhgan & Goldberg, 42 Broadway, New York City Do Do Do Do Total J L Goodbody (private account), 115 Broadway, New York City Donald W Goodrich, 27 Grove S t , Pittsfield, Mass Donald G Goodrich Frank M Gould Graham Parsons & C o , 1422 Walnut S t , Philadelphia, Pa Heller & Levmson, 44 Wall S t , New York City Do Do Robert Hixon, Lake Forest, HI James J Igoe, special, 69 Metropolitan A v e , Brooklyn, N Y Imperial Investors, Inc, 3400 Arammgo Ave, Philadelphia, Pa W P Jenks, 65 Broadway, New York City Albert Lee, 43 Lexington A v e , New York City Norman C Lee, 10 Sheridan Square, New York City Mrs Estelle S Lewis, 31 West 10th S t , New York City A. P Loening, 90 Broad S t , New York City Grover Loening, Mall Neck, Long Island, N Y Mrs MarkaT Loening, Box 141, Palm Beach, Fla Wm H Lough, Trade Ways, Inc 285 Madison A v e , New York City 16 Helen F McDonnell, care of G M P Murphy, 52 Broadway, New York City Horace McK Hatch, 142 East Seventy-first S t , New York City Mellon National Bank, Pittsburgh, Pa Arthur N Peck, Lockwood, Peck & Co , 52 Broadway, New York City M J Quinn, Jr , 71 Broadway, New York City Dr G W Smeltz, University Club, Pittsburgh, Pa F B Thome, 120 Broadway, New York City Travers & Clark, 11 Wall S t , New York City Do 27 Uplands Corporation, care of Eric Lageman, 106 Wall S t , New York City Broker Bought Sold Long or short Hayden, Stone & Co . 100 Long Goodbody & Co 400 Bryan, Pennington & Colket. 100 ....do 200 Strauss Phillips & Co Munds, Winslow & PotterHalle & Steiglitz Schatzkin & Co 200 300 300 Goodbody & Co G M -P Murphy & Co. .do.. Fellowes Davis & Co.- 200 1,000 200 200 100 ""Boo" Smith, Graham & Rockwell- 100 ""17666" 100 Prentice & Slepack Baar, Cohen & Co. Fox, O'Hara & Co Harris, Burrows & Hicks.. Wood, Low & Co Goodbody & C o . . Do. 100 E F Hutton & Co. 100 100 500 400 200 Jenks, Gwynne & Co. 400 Fellowes Davis & Co.. 1,000 .....do 300 Wood, Low & Co 100 500 G M - P Murphy 200 400 J P Morgan & Co 300 1,000 Speyer & Co 500 Butter & Co 300 Do 100 Do. Do Do Do Do. Do. Do. Do. Do Do Do Do Do Do Do Do Do Do Do Short Long Do Do. Do. Do. G M - P Murphy.. 1,000 Watson & White... 800 Post & Flagg 800 Do. Lockwood, Peck & Co. 500 Do, 500 Do. Do Do Do E C Benedict & Co.. 500 Post & Flagg 500 F B Thome & C o . . . J R Williston & Co— .....do ._ Goodbody & Co_ 600 800 700 500 Do. Do. Do Long 7805 STOCK EXCHANGE PEACTICES North American Aviation, Inc Page 10 15 35 36 Broker Account K S Adams, 247 Grand Ave, Hartford, Conn Do. —Adams, Merrill & Co, 36 Pearl St, Hartford, Conn Hamilton, Adler, 608 5th Ave, New York City Do Amencan Secunty & Trust Co , Washington, D C J F Andre, 430 West Cambndge Ave , College Park, Ga Do Elizabeth L Audenned, care of A Robt Bast, Real Estate Building, Philadelphia, Pa Do Manuel Baker, 71 Homer Ave, Buffalo, N Y Bancamerica Blair Corp , 44 Wall St, New York City Do Do Total Bank of Amenca, 485 California St, San Francisco, Calif Do Total F R Bay, 434 E 52d S t , New York, N Y M Beck, 105 Hudson St, New York, N Y Mitchel Beck, special, 105 Hudson St, New York, N Y E F Beeh, care of Clinic, Fort Dodge, Iowa Carrie M K Beir, 43 White St, New York City Mrs J L J S Belknap Hartford Belknap Co, 50 State St, Hartford, Conn Mrs M A Bennett, 5943 Westford Station, Kansas City, Mo Miss M Berry, nurses' quarters, Fort Sam Houston, Tex Kenneth H Bithng, Ambassador Blvd , St Louis, Mo Francis J Bowman, 2219 Omngton Ave , Evanston, HI Herman Brand, 55 W 42d St, New York City Clara Breese, 1522 Dixmpnt Ave, Cincinnati, Ohio Rose Brennen, 29 Broadway, New York City 29 Broadway Trading account 29 Broadway, New York City Do Bronx County Trust Co , Bronx, NY Mrs Annie E Browne, 113 Elm St, Wollaston, Mass E R Browne, Tuckahoe Apartments, Richmond, Va R O Buck, care of C A Buck, Bethlehem Steel Co, Bethlehem, Pa Carlisle, Melhek & Co, odd-lot house, firm account, 50 Broadway, New York, N Y Central Securities, L t d , 1808 Sterling Tower Building, Bay St, Toronto, Ont Chase National Bank, 11 Broad St, New York, N Y Do Chemical Bank & Trust Co, 185 Broadway, New York City Adams, Merrill & Co. _do_ Hornblower & Weeks. Cowen & Co -do_ MacKuben, Legg & Co. Bought 500 700 Do Do Do 100 "loo" Long or short Long 400 Fenner & Beane .doBaker, Weeks & Harden~ do J S Bache & Co— Field, Glore & CoBenjamin & Ferguson.. Edw B Smith & Co>. Sold 1,900 Do Do. 500 Do 100 Short. 500 Long 500 Do 200 Short 3,500 Long 1,700 1,300 Do Do 6,500 200 Do 100 Do 300 1,000 Do H Clews & Co 500 Do J S Bache & Co 600 A O Slaughter, Anderson & Fox Dean, Witter & Co Munds, Winslow & Potter Lamson Bros & Co Hyman & Co Carter & Co Francis R Cooley & Co... Lamson Bros & Co.. 1,000 1,000 100 200 Long Hayden, Stone & Co.. do. Moore & Schley do Sydney Lewison & Co 500 Do 700 Do 1,000 Do 500 Do Do Do Short Do 800 Do 100 Do 100 Do 500 500 400 800 Winthrop, Mitchell & Co.. Salomon Bros &Hutzler_. Rhoades, Williams & Co.. Carlisle, Melhek & Co. do A J Wright & Co Do Do Short 100 .do Livingston & Co Pask & Walbridge Long 1,000 Fenner & Beane E A Pierce & Co Josephthal & Co W T Gradison & Co.. C B Richard & Co. Prentice & Slepack— S B Koch & Co. . . . Do Short 100 1,000 Do Do 1,000 2,700 900 1,000 100 1,700 Do 300 1,700 500 Do Do Do Do Do 7806 STOCK EXCHANGE PRACTICES North American Aviation, Inc.—Continued Page Account 40 Ben Cohen Securities, Columbus, Ohio 40 Joseph Cohen, Duluth, Minn Broker 47 Marvel Curry, care of Bernard Prentice & Slepack Curry, 3300 Broadway, New Weingarten & Co . . York City Total 48 J. R Dalgara, Louisiana Build- E A Pierce & Co ing, New Orleans, La 49 BenW Davis, care of Winthrop, Winthrop, Mitchell & Co Mitchell & C o , 141 West Jackdo son Blvd, Chicago, 111 51 C S Dewey, Jr, 1507 North State Mitchell, Hutchins & Co Parkway, Chicago, HI do 54 D J Murphy, Crocker Bank Howell, Brayton & Douglass... Building, San Francisco, Calif J R Dolgarn, 810 La Building, Beer & Co New Orleans 55 Mrs Frances P Duke, 5924 Oak- W J Wollman & Co wood S t , Kansas City, Mo 55 H B Du Pont, Du Pont Build- Laird, Bissell & Meeds ing, Wilmington, Del. do ._ 55 Mananna du P Silliman, care of Laird & Co Laird & Co , Wilmington, Del 59 Empire Enterprises, Inc, 551 Fagan & Goetz 5th A v e , New York, N Y 61 Eliot Farley, 120 Broadway, New Hutchins & Parkinson York City _ do 61 Eliot Farley, (Account 3) Joseph Faroll, special ''A" ac- Faroll Bros count 50 Broadway, New York City 64 Joseph Finn, 130 Prospect S t , George & Famngton East Orange, N J ,65 First National Bank of Anniston, Post & Flagg Ala 65 First National Bank of Jersey Spencer Trask & Co . . . City, Jersey City, N J 69 George C Fraser, 49 Wall Street, J W Sehgman&Co New York City 72 Frost, Whited Investment C o , fE A Pierce & Co Texarkana, Ark . do .TVTernll . <fc Co 72 I Kent Fulton, Salisbury, Conn.. IAdanis, A Pierce & Co 75 Richard Gill, Moore Building, (E J S Bache & Co San Antonio, Tex [_ do 79 Florence B Gould, Cold Spring Fellowes Davis & Co.,. Harbor, New York 80 Greenwood Raggio & C o , Buss Russell, Miller & Co Building, San Francisco, Calif 84 Mrs C S Haft, 18 East Forty- Reynolds, Fish & Co Eighth S t , New York, N Y Do — E, A Pierce & Co.-— 86 87 94 96 97 98 Sold 200 200 1,100 800 4,000 500 Do. Do Do 500 800 Do 800 Do Do 4,000 500 Do Do Do 500 Do 1,000 Do 700 Do Do 1,600 100 1,500 100 100 3,100 200 3,100 900 700 500 500 1,000 100 1,000 500 500 1,100 800 500 1,100 900 200 Appenzellar, Allenjfc Hill 700 100 100 do W. B Hibbs & Co 100 100 100 Do Do 1,300 J B HOliard & Son Do Do Do Do Do Do Do Do Do Do Do Do 2,000 do Do Do Do 100 White, Weld & Co Hams, Upham & Co Do. Do 400 500 1,500 Lamson Bros & Co Do Short Long 300 200 Halle & Stieghtz Jenks, Gwynne & Co Long or short 200 Short Hemphill, Noyes & Co Pame, Webber & Co do. 41 F K Conn, 1016Wallaces Build- Thomson, McKinnon & Co ing, Tampa, Fla Munds, Wmslow & Potter.. . 45 S M Cranes Total Stanley J Halle, 25 Broad S t , New York, N Y Edw S Harkness, 654 Madison A v e , New York,N Y Jno F Harris, 11 Wall S t , New York, N Y Jno F Harris, 4 El Bravo Way, Palm Beach, Fla G Gould Hirsch, 1608 Walnut S t , Philadelphia, Pa J H Hooker, receiver, City National Bank, Paducah, Ky. O V Hough, 2205 Cross Drive, Memphis, Term Do .. . E L Huffman, 1415 H St NW , Washington, D.C Harvard Hull, care of Sperry Gyroscope Co , 40 Flatbush Ave Extension, Brooklyn, N Y Bought 100 Do Do. Do. Do Do. Do Short Long Do Do 7807 STOCK EXCHANGE PBACTICES North American Aviation, Inc —Continued Page 101 104 105 106 107 109 111 113 113 114 119 122 122 122 Account Lucius W Hull, 503 Stewart Building, Washington, D C Mrs F E Hummerlbough, Franklin, Pa Irving Trust C o , 100 East Forty second S t , New York City. Mrs M M Johnson trustee account, care of W E. Ditmars, 230 Park A v e , New York City. A J Jonap; rural route no. 6, box 170, Cincinnati, Ohio F Jones, 201 South Harvey S t , Oklahoma City, Okla Leila E Jones, Hyde Lane, Southport, Conn Henry Jova, Eoseton, N Y W E Joyce, Alban Towers, Washington, D O Bo Dr Peter Keller, 479 74th S t , Brooklyn, N Y Mrs I Keys, 480 Park A v e , New York City Mrs I G Kitchen, 933 University A v e , Rochester, N Y Albert C Kluge, 141 West 36th S t , New York City. Do Theo C Knight, Kelly Electric Machine, 285 Hinman A v e , Buffalo, N Y A L Lane Lehman Bros, 1 William S t , New York City Estate of Harold M Lehman, care of AllenS Lehman, 1 William S t , New York City Leib, Keyston & C o , 50 Post S t , San Francisco, Calif Do . . . . .. . Do Bought Broker Long or short Mackubin, Legg & Co 100 Long Buttler, Wick & Co. 500 Do Chas D. Barney & Co. 300 Do Tailer & Robinson.... 500 Do 500 W D Gradison & Co Fenner & Beane 500 Kidder, Peabody & C o . Beverley Bogert & Co McClure, Jones & Co .. Geo D B Bonbnght & Co 500 Do 500 100 Do Do 500 500 1,000 J R Williston & Co— 600 Goodbody & Co do Tate & Hays . . MacQuoid & Coady Do 500 MacQuoid & Coady Do. 2,000 100 100 ,4o Whitehouse & Co 500 Do Short Long Do Do Bo Do 100 Short 200 Long — _ . T#ehinan Bros 200 Do E A Pierce & Co 100 100 Do Strassburger & Co Rhodes, Williams & Co 100 100 300 Do Do 200 500 Total 126 Phillips H Lord, 711 5th Ave, J R Wilhston&Co New York, N Y 127 John M Lumnns, 50 Broadway, Anderson, Block & Co ._ New York, N Y 128 Ralph Lyon, 317 Montgomery St, A O Slaughter, Anderson & San Francisco, Calif Fox 129 MacBnen & Kilpatrick, 14 King Thomson & McKinnon St, West, Toronto, Ontario 129 Elsie I MacDonald, 85 Park St, Hutchins & Parkinson Newton, Mass Do do 131 Marquis Cl A/C E F Hutton&Co.. 131 L J Marquis & Co , 39 Broadway, L J Marquis & Co New York City 132 A Massabm, 127 Madison Ave, Sartonus & Smith ._ New York City 133 William H McBee, 61 Murray Field, Glore & Co St, New York City 135 R P McDonald, care of Fred Feimer & Beane ,,...-.. Jones Motor Co, Oklahoma City, Okla 138 E McVehill, Washington, Pa Kay, Richards & Co 139 H T Merrill, care of Byrd Airport, Richmond. Va 140 Robert B Mernman, Eliot Hutchms & Parkinson House, Harvard University, Cambridge, Mass 143 F M Mohr, 615 Nance Building, Dean Witter & C o . . . Seattle, Wash do * Do 144 Montelair Trust Co, Montclair, Drysdale & Co NJ 144 J D Mooney, 1775 Broadway, Livingston & Co New York City Sold Do 1,000 800 800 Do 1,500 2,000 Do Do. 1,300 Do 500 500 2,000 Do Do. Do 600 Do 500 Do 1,000 Bo. 2,100 500 800 Do Do 1,100 1,100 Do 3,000 150 Short 100 Long 300 T>o 500 600 Do 7808 STOCK EXCHANGE PRACTICES North American Aviation, Inc —Continued Page Broker Account H Mooney, Indianapolis Abattoir Co , Indianapolis, Ind George M Morgan, 605 Clay A r e , Scranton, Pa 146 Capt Francis P Mulcahy, 2540 Massachusetts Ave N W , Washington, D C 147 S J Mustain, Chrysler Building, New York, N Y 149 National City Bank of New York, Pans, France Thomson & McKinnon Eastman, Dillon & Co J S Bache & Co 149 New Jersey Title Guaranty & Goodbody & Co 144 W 145 Trust Co, 83 Montgomery St, Jersey City, N J Do Do Bought 800 Sydcroan Bros White, Weld & Co loo" do do Total 150 Dr J R Newman, 209 South Main St, Fort Scott, Kans Do.. . 150 151 153 20 154 155 156 157 158 158 160 161 162 164 172 173 173 175 Total. Newell Murdoch Railey & Co, 232 Montgomery St, San Francisco, Calif Do Do Do Do Do.... Total North Corporation, care of O B Mertz, 250 West 57th St, New York, N Y Sarah L Perot Oakley, care of Maynard, Oakley & Lawrence, 24 Broad St, New York City A. Olson, 9107 Beverly Av« , Chicago, 111 H H Oltman, 52 Broadway, New York City Do . _ . G T Overholt No 2, 1070 Park Ave New York City Lillian M Paine, 204 Park P I , Brooklyn, N Y Long or short 800 Long 1,000 Do 100 Do 100 500 Do. Do 300 Do 300 300 Do Do 900 Harris, Upham & Co do 100 Do 500 Do 600 A O Slaughter, Anderson & Fox do E F Hutton&Co do do :::::::: ____do 100 Do 200 100 200 100 100 Do Do Do Do Do Gray & Wilmerdmg. 800 600 Do Maynard, Oakley & Lawrence 500 Do 400 Do Do Do Short Do Do Do Do Do Do Shearson, Hammill & Co Chisholm & Chapman. . . do.... Clark, Childs <fc Keech do B W B Hibbs & CoBuilding, Washington, D C Adam Patterson Co , 2560 Jackson E A Pierce & Co Ave, Ogden, Utah Geo M Paulson, 100 West 55th Goodbody & Co S t , New York City Piedmont Financial Corporation, F A Wilhard&Co care of Vick Chemical Co, Chanin Building, New York A J Pollard, trading account, L F Rothschild & Co 120 Broadway, New York City do Do P Posener, 270 Park Ave, New Munds, Winslow & Potter York City Do do B H Purdy, 207 Victor Building, Harnman & Co Washington, D C . do Do I Roffeld, 4018 Marlboro P I , Hemphill, Noyes & Co Washington, D C do. Do Louis M Rosenfeld, Court Baker, Watts & Co Square Building, Baltimore, Md Dr H Danforth Ross, Sanford, Hornblower & Weeks Maine do Do D B Rushmore, 14 Wall S t , Evans, Stillman & Co New York City 1,200 500 500 100 1,000 Do W Parker, 422 Woodward Sold 100 100 600 500 1,000 Do 1,200 200 200 100 1,200 600 300 100 600 Do Do Do Do Do Do Do Do Do 100 l,70C 1,000 Do Do 7809 STOCK EXCHANGE PEACTICES North American Aviation, Inc —Continued Page 176 176 176 177 177 183 184 184 186 187 190 196 196 196 196 197 197 197 197 199 26 201 202 Account Mrs Belle W Salmony, 39 Broadway, room 10C2, New York City R K Salomon, 5260 Center A v e , Pittsburgh, Pa The Sampeck Corporation, 485 Madison Ave , New York City W O Sargent, 7139 Summit S t , Kansas City, Mo Do Mrs Anna H Saxton, Arkport, Broker L J Marquis & Co Moore, Leonard & Lynch Burnham Herman Lamson Bros & Co -doButler, Hernck & Marshall.. NY E F & G Shaskan, no 1, 39 L J Marquis & Co Broadway, New York City Mrs G N Shethar Wellington & Co Fred W Shedler, no 2, Indiana- Harris, Upham & Co. polis, Ind Shuman & Co , 25 Broad St, New Shuman & Co York City Do — _do. Do .do Simons, Blauner & Co, 25 BroadPrentice & Slepack. way, New York City Do._ .do. Sixty-fourth & Sixty-fifth Street Hayden, Stone & Co.. Corp , 25 Broad St, New York City T D Smith, 18 Chestnut Park Thomson & McKinnon.. Rd, Toronto, Canada Donald Snyder, 821 Elder St, G M-P Murphy & Co. Washington, D C Overlook Stevens & Co , box 1181, E F Hutton&Co Bisbee, Ariz Do .doF A Stevenson, special account, Redmond & Co_ 30 Church St, New York City Do do Stix & Co, 509 Olive St, St Chas D Barney & Co.. Louis, Mo Do ..doS E Stout, box 47, Blooming- Lamson Bros & Co ton, Ind H C Strong, 15 Broad St, New Hemphill, Noyes & Co~ York City Strother, Brogen & Co, Calver Tucker, Anthony & Co. and Redwood Sts , Baltimore, Md Allen F Sullivan, care of Fif- Hornblower & Weeks. teenth U S Infantry, Tientsin, China F B Sullivan, 827 East 9th St, Pask & WalbndgeNew York City Do, _do~ Chas W Taussig, 111 Wall St, Burnham, Herman & Co.. New York City W R K Taylor & Co , N C P W R K Taylor & Co account Do do. Frederick W Thompson, 1321 Fenner & Beane Tyler St, Hollywood, Fla Do Leopold Spingarn & Co.. B J Toohn, 11 Wall St, New Florentmo & Co York City Do . do. Josephthal & Co. Do Florentmo & Co. Do Josephthal & Co. Do Florentmo& Co. Do Total 204 B A Twiss, 27 King St West, Thomson & McKinnon. Toronto, Canada do _ 205 Ure, Pett"&"MoiTis,""SairLake" E A Pierce & Co.. City, Utah do 206 Field V^"MeterrWmchester,"Ky! W L Lyons & Co—. 210 W W Walker, 7303 Lunt Ave, Lamson Bros & Co . Chicago, 111 Bought Sold 4,0C0 Long or short Short Do 100 500 Long Short 100 100 Long Do 500 Do 1,000 1,000 100 Do Short Long 13,500 2,400 Do Short Long 800 1,000 Do Short 15,800 © Long 1,200 100 100 100 1,000 200 Do Do 500 Do Do 100 Short Long 1,000 Do Short 600 Long Do 1,400 800 Do 600 Do "2,~66O Do 6,000 500 Do Do 1,000 Do 400 5,700 Do 14,400 Do 1,800 700 Short Long 15,600 Do 700 Do 1,200 Short 16,900 1,800 1,000 100 17,500 800 Long Do Do 400 Do 100 Short Do 7810 STOCK EXCHANGE PRACTICES North American Aviation, Inc —Continued 210 V C Walston, care of Sehwabacher & Co, 485 California S t , San Francisco, Calif Do 210 Walston & C o , 485 California S t , San Francisco, Calif 212 Washington Loan & Trust Co, Washington Branch, Washington, D C 213 C S Weil, care of New York Stock Exchange, 11 Wall St 214 Edwin Weisel & Co, 70 Pine S t , New York, N Y Do 216 G H Wilder, Gude, Winmill & C o , 1 Wall S t , New York City Do 218 John P Williams, Jr, Bryson Apartments, 2701 Wilshire Blvd, Los Angeles, Calif 219 Geo Williamson, 24 Wateredge A v e , Baldwin, L I 220 M Claspy Wilver, 914 K St N E , Washington, D C 222 Fred R Wolfe, 50 Broadway, New York, N Y Do 224 B F Young, 62 Belvidere PI, Yonkers, N Y 226 O F Zeltner, 61 Broadway, New York, N Y Sold Long or short Broker Bought Schwabacher & Co 1,400 Long E A Pierce & Co Russell, Miller & Co G M P Murphy & Co 600 1,000 Do Do Account Page 300 Do Florentmo & Co 600 600 Do Ira Haupt & Co 5,300 5,500 Do do Gude, Winmill & Co do E A Pierce & Co 100 400 , 100 Short 500 Long . Engel & Co 1,000 Harnman & Co J F Trounstme & Co 100 Short 300 Long 8,300 . . . . do Hornblower & Weeks 500 Do 100 Do. 7,600 Do 900 Short. 500 Long Prentice & Slepack 2,000 2,000 Do 200 500 Long SUPPLEMENTAL LIST 16 Michael Berlin, 701 Court Street, Gruntal & Co.. Brooklyn, N Y United Aircraft & Transport Account Page 3 Mrs V L Abbott, care of Paul Abbott. 149 Broadway, New York City 4 Abraham Jonas & Co, 65 London Wall, London, E C '2, England Do 4 Acme Investment C o , care of Wolf & Co, 780 Dearborn S t , Chicago, HI Do Watson & White 5 Sneckner & Heath E C Adams, 20 Broad S t , New York City Do Do Do DO . Do 11.1.; I.I . i Do Total 500 .. . . .. Long. Do 1,000 do do do do .do do do do do . . . .do. do do- Short Do 200 500 Short. do- Adams, Merrill & Co Long or short Long 1,500 do Abbott Hoppin & Co 100 500 400 1,000 K S Adams, 247 Girard A v e , Hartford, Conn Do. Do Do . . . Do Do. Do Sold 200 G M P Murphy Total 5 Bought Broker Do Do Do 1,000 100 Do. 100 100 100 100 Do 500 100 100 100 100 100 500 Do Do Do Do Do. Do. Do. Do. 7811 STOCK EXCHANGE PEACTICES United Aircraft & Transport—Continued Page 6 Hamilton Adler. . Do 7 Melvm Adler, care of Leopold Adler, Savannah, Ga Do Do Do Bought Broker Account 9,400 4,600 Cowen & Co L Kaiser & Co H Hentz & Co do do Bears, Sterns & Co.. 100 Jno F Clark & Co 800 100 Total Mrs Sophie Adler, Savannah, Ga Do Do M H Alexander, Murray Hill Hotel, New York City Do Do 300 100 100 1,100 - 11 All Continental Corporation, 10 West 47th S t , New York City, care of Herbert Lichtstein. Do Loeb, Alsberg & Berliner Do. Do. 1,000 Do, 1,000 100 Do. Do. Do. 1,100 Do. Do. Do 100 200 . Munds, Winslow & Potter. Do. Short 100 300 400 500 Long Hirsch, Lihenthal & Co 500 Do. 500 Do. 1,000 Total 100 Carter & Co 1,200 Do. B F Hutton&Co 1,500 Do. Westheimer & Co 1,000 Do. Kidder, Peabody & C o - 3,200 Do. 100 Short J. H Holmes & Co do do— Total 15 Stephen Ames No 1, 39 Broad- B F. Hutton & Co way, New York City 15 Ames Bros, 39 Broadway, New do York City 15 Ames Bros, no 1,39 Broadway, do ,New York City 15 do . do Do . do 17 Ray & Betty Anderson, 1372 Kettner Boulevard, San Diego, Calif Long 100 Appenzellar, Allen & Hill Total Rev V Amerus, 44 Doere S t , North Side, Pittsburgh, Pa. Do Do Do 2,500 11 M L Allen, 40 Wall S t , New York City 14 Long Do 900 2,000 10 Frances Allen, 1 Shendan Square, Clark, Ohilds & Keech New York City Do do 11 J. A AlmiraU, 53 Park Place, New York City. 13 Ames, No 1 account, care of Ames Bros, 39 Broadway, New York City 13 American General Corporation, 1516 Baltimore Trust Building, Baltimore, Md 14 The Amerond C o , L t d , Montreal, Canada 200 900 Total. do dot 600 800 200 . do H Content & Co Total Do 11,500 Long. 3,900 Do 100 Short 300 Walker Bros 0 . B Alker, care of Shields & C o , Shields & Co 44 Wall S t , New York City Do — - . do Do Hemphill Noyes & Co Do . do. Do J R Timnnns & Co - 10 F S Allen, 55 Broadway, New York City Long or short 600 Do 100 Short 700 .do do Total 9 Sold 300 Long., 100 Short. 400 100 1,000 Long 100 1,600 1,000 400 Long. Do Do. 200 Short. 7812 STOCK EXCHANGE United Aircraft & Page PRACTICES Transport—Continued 18 W M Andrews, care of Fenner & Beane, 60 East 42d S t , New York City 18 Joseph Ankus, 49 West 71st S t , New York City Do 19 Henry Ansbacher & Co , 20 Copthall A v e , London, E C 2, England 19 Henry Ansbacher, London, England 20 Mrs D C Appenzellar (special) 55 Broadway, New York City 21 P Arcaro, 206 Joyce A v e , Newport, Ky Do 23 C H Atkinson, 1230 Mullen A v e , Los Angeles, Calif Bo 23 Lynn & Bernice Atkinson, 813 Edwards Wildey Building, Los Angeles, Calif Fenner <$r Beane 23 Wm C Atwell, care of Shields & Co , 105 West Adams S t , Chi cago, 111 Do Do Total 23 24 24 24 26 28 30 Bought Broker Account 1,000 . do Arthur Lipper & Co 3,100 — Hill & Co do E A Pierce & Co 100 .do Russell Miller & Co 100 Shields & C o . . . 100 100 ===== 200 do W R K Taylor & Co do .__ S W Baldwin, treasurer, Na- Carter & Co tional City Bank, National City Co of New York, 44 Wall S t , 55 Wall S t , New York, N Y Do Cassett & Co Dominick & Dominick Do H a m s , Upham & Co Do Hemphill, Noyes & Co Do Hornblower & Weeks Do Kean, Taylor & Co Do Kidder, Peabody & Co Do G M P Murphy & Co Do 200 300 100 100 Do. 100 Do. Do. 1,000 Long Do, Do. 200 200~ 600 D<L Do Do. Do Do Do Do Do 700 Do Do 100 Short 5,600 Long 9,700 10,100 2,500 2,400 800 3,700 8,000 10,900 Do Do Do Do Do Do Do Do 63,600 Livingston & Co do do Total 33 W S Barbour, 122 East 42d S t , Winthrop, Mitchell & Co New York City Do . . . do 33 Harold O Barker, Hotel Pierre, George & Farrington 5th Ave and 61st S t , New York City Do do Short. 1,000 800 Total 32 A A Bangel, Newkirk Building, Portsmouth, Va Do Do 200 400 1,000 B H & F W Pelzer Redmond & Co do Cowan & Co Do Do. 100 Short 100 Long. do do Pearl & Co do Auchmcloss, Parker & Redpath _ do White Weld & Co Do 1,000 1,400 Appenzellar Allen & Hill - - - W C Atwater,Jr__ Do Hugh D Auchincloss, 719 15th St N W , Washington, D C Do Mrs Martha S Averett, care of Elliot Averett, Dixiedale Farm, Chatham, N J Do Aviation Capital, I n c , care of R D Tucker, 48 Wall S t , New York City Do Julian Bach, care of Savoy Hotel, London, England Do B H Baker, Luzerne, N Y Do Long or short 600 Long Fagan & Goetz Livingston & Co Sold 100 300 300 Short 200 Long Do 300 200 Do Do Do' 200 200 200 Do 8713 STOCK EXCHANGE PRACTICES tJnited Aircraft & Transport—Continued Account Page 34 Helen M Barker, Hotel Pierre, 5th Ave and 61st S t , New York City Do 34 Lillian Barmash, 3505 Rochambeau A v e , New York City Do 35 J Barth & Co , firm account, 482 California S t , San Francisco, Calif Do 36 Bessie M Batchelder, 2224 Forest S t , Denver, Colo Do 37 B L M Bates, Murray Hill Hotel Do Broker Bought George & Farnngton 100 . . . do Loeb, Alsberg & Co 100 do J Barth & Co 4,700 . . . do E A Pierce & Co 500 38 45 45 46 47 48 Do T>o Do Do Do 2,000 Walker Bros & Co F R Bay, 434 E 52d S t , New York, N Y Do Munds, Winslow & Potter 400 do Do 1,400 Do 100 Do 200 Short do 300 A M Kidder & Co Long 100 100 Short 1,000 Long do McDonnell & Co 1,100 _ . do 500 200 700 Do 500 Do 500 Do Do Do 1,000 100 Short Becker, T H , 32 North Terrace, Maplewood, N J Do Gude, Wmmill & Co Bedell, Miss M , 610 Park Ave, New York City Do Do Redmond & Co 100 . . do do 100 Long Do Behn, Cal S , 67 Broad S t , New York City Beirne, Beatrice, 31 Montgomery Place, Brooklyn, N Y Do Benjamin & Ferguson Tradmg, 61 Broadway, New York City Do Benkhart, Mrs Eleanor, 1218 Northwestern Ave , Los Angeles, Calif Do Mrs Edna N Bennett, care of Goodbody & Co , 60 East 42d S t , New York City Do Theo Berdell, 1 Wall S t , New York, N Y G W Beringer, Hotel Carlyle, 35 East 76th S t , New York, N Y Do 100 100 100 H G Einstein & Co . . . . do Russell, Miller & Co Arthur Lipper & Co do... Do Do 500 Do Do 600 1,300 Do Short 100 do Fahnstock & Co Do 600 500 - Do Short Long 100 600 do Benjamin & Ferguson Do 200 2,000 Munds, Wmslow & Potter . . . . do Goodbody & Co Do 100 do Total 43 5,100 1,000 Total 43 100 Short Long Walker Bros & Co 41 Beaver, H C , Essex Club, New- Kidder, Peabody & Co ark, N J do Do Hendrickson & Co Do Do 42 Do Do 1,000 Total 42 100 Clark Childs & Keech B L M Bates, no 2, Murray Hill Hotel Do 38 Bay New Foundland Special, Ltd Bay C o , Bridgeport, Conn Do 40 Beadleston, C P , 120 Broadway, New York City Do - Long or short Long 500 . . . do Total 37 Sold Long 500 500 Do 7814 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Account Page Bought Broker 50 Mrs Dorothy L Bernhard, care of Wertheim & Co R J Bernhard, Wertheim & Co, New York, N Y . do Do— — do -. Do 100 100 Bierman,Mrs Libby. 1328 Broad- Fahnestock & Co way, New York City do L F Rothschild & Oo Do do . . . . . . . . . . Do - Total Bigoney, Thomas, 125 South 22d Hornblower & Weeks S t , Philadelphia, Pa do Do——— . — Mackay & Co Do DO : : - — - . . . do — — ——— Total . . . - 55 Bira, Ed ,1460 Broadway, New York City Do 55 Birnbaum, Englander, 30 Broad St • New York City. Do - - ..... ...... 55 Bitsako, E , 448 East 149th S t , New York City. Do — 56 Bjorkman, Ehz Mrs, 50 Broadway, New York City. Do . —58 F. E Bliss, 120 Broadway, New York City 60 Dudleys Blosson,2939Glengary R d , Shake Heights, Cleveland, Ohio 60 A Pam Blumenthal, 1 Wall St., New York City 60 Blue Ridge Corporation, 1 Exchange Place, Jersey City, N J 61 William E Boemg, post office box 556, Georgetown station, Seattle, Wash 60 Boenning & C o , Philadelphia, Pa Do Total Do 600 500 400 500 Do Do 1,100 Do Do 600 Do Do Do Do 500 100 100 Short 600 Long 800 Do 100 Do 100 100 Short Do 100 Do 200 200 Long 100 900 1,000 200 700 Do Do Do 900 100 Short do. Josephthal & Co Long Do 100 900 do Ira Haupt & Co 900 100 do Smith, Graham & Rockwell., 100 400 do Lansburgh Bros. 500 Bear, Stearns & Co 900 500 Cohen Sunondson & Co do. C D, Barney & Co 300 ooo 800 Total 53 600 200 o — 50 A L Bernheim, 27 West 86th Cowen & Co S t , New York, N Y Do _ do 50 Dr B M Bernheim (Special Bnrnham, Herman & Co account), 1814 Eutew Place, Baltimore, Md Do . . . do 51 N. C Bernstein, 1 Wall S t , New Baer, Stearns & Co ... York, N Y do Do . . — . Joost, Patrick & Co 51 W, Bernstein do Do 51 Jessie Berne, 340 West 57th S t , H G Einstein & Co New York, N Y ..do Do ... 53 Biechler, E G , care of Fngidaire Dominick & Dominick——-Corporation, Dayton, Ohio do Do.. . 53 200 600 Sehgsburg & Co— Weingarten & Co Sehgsburg & Co Do Do ft ftftft Weingarten & Co— Long or short Long 100 100 Total . . . . . 50 Sidney Bernhard, 107East Burnside A v e , Bronx, N Y Do . . . . . . _ Do Do Sold , 1,000 700 Spencer Trask & Co Do Do Short Long. 1,100 Do. Do 500 1,000 Do. Do. 600 Do. 1,000 Do 1,000 Do Berdell Bros 100 100 Short Fahnestock & Co 100 100 200 200 E A Pierce & Co 7815 STOCK EXCHANGE PRACTICES United Aircraft <fe Transport—Continued Broker Account Page Bought 60 Boettcher, Newton & C o , error account of, 52 Wall S t , New York City 63 Bond & Share C o , Crocker National Bank Building, San Francisco, Calif 65 J V Bouvier, 3d, 52 Broadway, New York City Do 66 Gertrude C Bradfield, 1855 Mendan Ave , Miami Beach, Fla Do 67 H T Bradner, 6210 Carnegie A v e , Cleveland, Ohio Boettcher-Newton & Co 60 M E Brannan, 1009 Southwest 2d S t , Miami Beach, Fla Do Thomson & McKinnon 500 Wm Cavalier & Co J V Bouvier, 3d 500 do Jackson & Curtis do - - 200 Do. J Do. Do. 200 Short. 100 Long 400 600 500 500 Do. 1,200 400 800 Do Do 2,000 Do. 2,100 Piper, Jaffray & Hopwood do Total Sydeman Bros 100 100 Short. 100 100 Long. 200 200 500 . ... . 1,000 1,000 700 do Clark, Childs & Keech do Winthrop, Mitchell & Co do Baer & Co 1,300 500 500 do Morgan, Howland & Co 100 Munds, Wmslow & Potter... 300 Do Do. Do. Do Do Do. Do. Do Do Do 500 Do Do 500 Do 100 Short 500 do.. Helen F Cahill, 2 Montague Ter- Adler, Coleman & Co—_ race, Brooklyn, N Y do Do do Do 600 500 500 do - Bryan, Penmgton & Colfeet— Fagan & Goetz... 300 500 do Foster & Adams.. Do 200 200 Total. 500 500 500 71 Sidney Brode, in care of Baar, Baar, Cohen & Co Cohen, 120 Broadway, New York City 74 Mrs Dorothy Brown, 62 Kensing- Abbott, Hoppin & Co ton A v e , Jersey City, N J 74 Douglass Brown, in care of Ab- . . . do bott, Hoppin & Co , 120 Broadway, New York City 76 Nada Brown ... do Total Do. Do. Do. Do 300 70 Bristol & Willett, 115 Broadway, Josephthal & Co New York City Do . . . . ... Gordon & Whitney Do............. ...... do Thomson & McKinnon.. Do 86 3,300 100 Total 77 Isaac Brack, Jacobs Building, Montreal, Canada Do 77 Albert Brumley, in care of Foster & Adams, 120 Broadway, New York, N Y Do 77 Mrs G S Bryan, 48 Wall S t , New York N Y 80 Bullova, Arde, 580 Fifth A v e , New York City Do 81 Burke, A N , in care of Thomas, Torrey & Griffith, 11 Broadway, New York City Do 81 Burke Gram C o , Sioux Falls, S Dak Do 83 H M Butler, 1103 Vanal Bank Building, New Orleans, La Do - - -84 A W Busby, 176 Kilburn R d , Garden City, L I 85 Eugene Byrnes, 1819 Broadway, New York City Do _. Do. Do 3,300 do... Thomson & McKmnon Long or short 500 Long 1,000 70 A B Brimo, 56 Worth S t , New J S Bache & Co. York City 76 Paul Brown, syndicate, 335 Band Tower, Minneapolis, Minn. Do — Sold Long Do Short 100 Do 100 100 Long 200 7816 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Continued Page Broker Account Robert L Cahill, 15 Broad S t , Adler, Coleman & Co New York City Do do 86 Joel G Cahn, room 724,120 Broad- F B Cahn & Co way, New York City do . 88 Joe E Cam, 3029 East Washing- Harris, Upham & Co__ ton S t , Indianapolis, Ind Do do _ do 88 Dr W C Caldwell, Old National Bank Building, Evansville, Ind Do do 90 J R Carter, 108 Hememan Build W E Huttom ing, Connersville, Ind Do do__ 91 Capella, I n c , Montreal, Canada- Newborg & Co 91 Claude A Carlot, 12 East 11th Wmthrop, Mitchell & Co S t , Kansas City, Mo Do — do Do - 86 91 93 95 96 98 98 98 100 103 103 103 103 104 105 105 107 108 109 109 A Carnco, Jr , 320 East 42d S t , E W Clucas&Co New York City Do. ....do The Cary Corporation, Cary» HI— Lehman Bros A Caprara, 142 5th A v e , New Redmond & Co_ York City Do do Herbert L Carlebach, 60 Broad Fox, O'Hara & Co S t , New York City Do-do Citizens National Bank, Waynes- Stem, Bros & Boyce boro, Pa _ do Do . ._ do Do do Do City Co , Inc, of New York, S W Baldwin, treasurer, 44 Wall S t , New Xork City Do Do Total E J Coulon & Co , firm trading account Do Stuart Chevalier, 48 Wall S t , New York City Do Chntonhurst Corporation, Detroit, Mich SibylY Clark,544East86thSt, New York City Do Jno O Coan, Winston-Salem, NC Do-G Cooksey, Northern Produce Building, Kansas City, Mo Amelia Cohen, 145 West 86th S t , New York City Do Fred A Cole, 1035 5th A v e , New York City Mrs A T Cohu, Hotel SavoyPlaza, New York City Morgan Collins, Jr , 123 South La SalleSt Chicago, 111 Do_— Z K Comyoumdjian, Villa Favorite, 8 Boulevard de France, Monte Carlo, Monaco F G Congdon, 74 Lincoln S t , Portland, Maine Do_— The Constance Co care of F Wilckes, 135 William S t , New York City Bought 500 1,200 Do Do 1,300 Do Do 500 Do Do 600 Do Do 500 Do Do Do 600 200 Do 100 Short 200 200 300 600 1,000 100 19,400 200 100 Baker, Weeks & Harden do 100 E J Coulon & Co 700 . . do C B Richard & Codo Paine, Webber & Co 500 Clark, Dodge & Co 500 . . . do Jno F Clark & Co 700 100 Weingarten & Co 700 . . do Cohu Brothers Do Short 300 Do Long Do 3,500 Do 100 Do Do 3,600 Do Do 2,500 Do Do Do 200 Do Do Do Do Do 200 Wrenn Bros & Co Do 700 500 600 . do H Hentz&Co_- Do Do Do 21,400 200 650 600 do Long Short Long 500 600 do Harris, Upham & Co_- doBaker, Weeks & Harden Long 600 1 000 200 Long or short 500 300 Robert Wmthrop & Co Field Glore & Co Sold Do Short Do Do 700 200 Do Do 500 Long 100 Do Short 7817 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Continued Page Account Broker Phillip Connors, 242 East 19th S t , Smith, Graham & Rockwell. New York City 110 John Contaras, Rialto Theater, Pearl & Co Stamford, Conn Do ..do.. Do ..do- Bought Total Geo P Cooper, Wilkes-Barre, PaDo 113 Irvmg Corpeul, 114 West 86th S t , New York City 1)0-.. 117 Walter S Crandell, 26 Broad S t , New York City Do. Do Do__. Total 120 C F Crowder, 120015th St N W , 120014th St N W , Washington, 112 120 121 121 121 124 124 124 126 127 128 DC Do Joseph H Crate, 4000 Cathedral Ave NW , Washington, D C Do F R Cummins, 435 Ridgway Ave, Cincinnati, Ohio Margaret Cummings, 8 Beacon St, Boston, Mass Roger Cupps, 419 Wood St, Pittsburgh, Pa Apgan Daniels & Co , 120 South La Salle St, Chicago, HI Do Madeline Daning, care of Arthur Lipper & Co, 50 Broad St, New York City M J Daning, 2d, care of Arthur Lipper & Co , 50 Broad St Mrs A D'Annunzio, Hotel Sagamore, Rochester, N Y Do Samuel Davis, 595 Madison Ave, New York City Do Herbert L Davis, care of Davis Investment Co , Edison Building, Los Angeles, Cain* Do 128 J E Davis, 52 Broadway, New York City Do Do H Content & Co. J H Brooks & Co. ....do Fagan & Goetz .—do George & Farnngton.. ....do Ward, Graver & Co.. do Winthrop, Mitchell & Co do J S Bache & Co. . .—do Hill & CoClark, Dodge & Co. J H Holmes & Co~ Shields & Co .doArthur Lipper & Co. . doButler, Herrick & Marshall. . ..doHornblower & Weeks. .....do E F Hutton & Co. _doBillings, Olcott & Co.... ..do... ..do- 129 129 129 130 Long 200 200 400 400 Do Short Long 400 Short 500 Long 2,600 2,500 2,600 200 1,000 '2,"I5o' 1,400 3,500 400 100 "loo" Do Do 2,500 Do 100 Short Long 1,000 Do Do 1,000 Do Do Do 2,600 200 Do Do Do 100 Do 100 Short 500 Long 500 500 Do 100 Short 100 ^500 1,000 Long Do 1,500 1,000 Do 200 600 loo" Do 500 Do Do 700 Do Do Do 200 Do 200 Do 100 Short 200 Total.. 129 Joseph J Davis, Edison Building, E F Hutton & Co. Los Angeles, Calif Do Robert L Demuth, 730 Park Ave , New York City Franklin Day, 325 East 57th St, New York City Do A F Deahl, 501 Building Loan Tower, South Bend, Ind Dean Witter Co, 486 California St, San Francisco, Calif Do 800 -doTheo Prince & Co.. Scholle Bros.. ....do Long or short 200 Short 110 Total 110 H Content, 111 Broadway, New York City Do 110 Arthur J Conlon, care of F L Putnam & C o , 159 Devonshire S t , Boston, Mass 112 C K Cook, New York City Do Sold 100 ....do Faroll Brothers. Townsend, Graff & Co... do_. Fenner& Beane Dean Witter & Co. —.do Long 900 1,400 Do Do Do 200 700 1,000 Do Do Do 1,000 Do 7818 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Account 130 131 Charles F Dean, 161 Cliff Rd , Wellesley, Mass. Do . . — O L Dennis, 1266 St Clair S t , St Paul 131 J De Roche," Great"K^7s"iIIIi; Do 132 A DeCqppet, Account 290, care of DeCoppet & Doremus, 42 Broadway, New York City A H De Goade, care of General 133 Electric C o , 570 Lexington A v e , New York City. Do Mrs Frances M De Kozlowska, 133 402 West Moreland Ave Chestnut Hill, Philadelphia, 133 A K DeMuth, 565 5th A v e , Room 1216, New York City 136 G W de Roth, 149 Newark A v e , Bloomfield,NJ Do 137 Jules Desurmont, care Jules Desurmont, Woisted Mills, Woonsocket, R I Do 137 Jules Desurmont, care Fenner & Beane, Pans, France 137 G F and F D Deutsch (joint account), 171 West 79th S t , New York City Do • 138 Joseph Dewherst, 250 Madison A v e , Bridgeport, Conn Do • 138 F V Depont (account no 702), care L W Chamberlain, 50 Broadway, New York City 138 Joseph A Dunn, 229 Midland A v e , Montclair, N J 140 JohnM Dimick, care Goodbody & C o , 60 West 42d S t , New York City. Do Do 140 W G & A F Distler, care Geo A Fuller & Co , Washington, D.C Do 140 Mrs J J Ditmars, care W E Ditmars, 230 Park A v e , New York City Do 142 Irene Dorsey, 135 South LaSalle S t , Chicago, HI 142 Doyle Feeney & C o , Russ Building, San Francisco, Calif Do 142 145 145 146 Total Bayard Dommick, 115 Broadway, New York City Wm B F Drew, 47 East 64th St, New York City. Do Mrs Anne H Dnggs, 147 Prospect St, Waterbury, Conn B H Bnstow Draper, Hopedale, Broker Rhoades, Williams & Co... .do.. Piper, Jaflray & Hopwood- Sold 500 ~100 Long or short Long 600 Do Short 100 Do 100 Do Long Do 500 .do-. H Clews & Co.. do Clark, Childs & Keech... 100 J S Bache & Co.— 100 Do do E A Pierce & Co. 400 100 Short 600 Long Clark, Childs & Keech.. 1,000 Billings, Olcott & Co do Henry Hentz & C o — ..—do Fenner & Beane— Silberberg & Co ..do.. T L Watson & Co 500 Do 100 Short 100 500 Long Do 1,500 1,100 Do Do 1,500 Do 1,400 100 -do.. G M -P Murphy & Co~ Jos G Mayer & Co. Do Short 100 Do. 100 Do 100 Do Goodbody & Co 200 Long .—do —do Stem Bros & Boyce. 100 Do 200 Short Long do Tailor & Robinson.. 500 —do Sutro Bros & Co., Schwabacher & Co.. 100 Do Do 500 500 600 Do Do. 1,800 1,300 Do 100 Do. 1,400 500 Do E A Pierce & Co... Dommick & Dommick Morgan Howland & Co.. 1,800 500 200 —do Chas W Scranton & Co—. Hayden, Stone & Co.. 147 E J Duffy, Jr, care of Kean Kean Taylor & Co Taylor & Co, 20 Exchange Place, New York City Do ..do—. UT Harry S Dulen, Connecticut Aucmncloss, Parker & RedAve andLSt NW,Washingpath ton, D C 148 Chas B Dulcan, careofHecht & Laidlow & Co Co , 7th and F Sts N W , Washington, D C Bought Short 200 700 Do. Long 500 Do 1,000 Do 1,000 Do Do. 100 Do. STOCK EXCHANGE 7819 PEACTICES United Aircraft & Transport—Continued Bought Broker Account Page John V Dunne & Co , 19 Rector John V Dunne <fe Co.. S t , New York City Do, do . 148 Mrs C L Durant, care of W C J R Timmms & Co Durant, 250 West 57th S t , New York City 154 Eagles Nest Corporation, 921 Ber- Frazier Jelke & Co gen A v e , Jersey City, N J 155 Edison Securities Corporation, 60 McDonnell & Co Broa4way, New York City 1,300 148 A W Ehrhardt, 111 South La Salle S t , Chicago, HI Alfred L Baker & Co. 156 W m J Enrich, 20 Exchange P I , New York City Do Do Do Wm E Lauer&Co 157 157 159 159 159 160 160 161 164 164 165 Total Mrs Stella S Einstein, 15 Central Park West, New York City Do Lester Eiseman, 120 La Salle S t , Chicago, 111 Do William T Eldredge Do T K Ellis, care of M r Joseph Edgert, on account E F Hutton & Co Jean Ellis, 61 Broadway, New York City W m A Ellis, Brown Palace Hotel, Denver, Colo Do B B Elmer, 49 Wall S t , New York City Do Do Victor Emanuel, no 1, care of Emanuel & Co , 32 Broadway, New York City Do Do Mrs M Eric, 40 Wall S t , New York City Erlanger's, L t d , 4 Moorgate, London, England, E C 2 Do M m e C Espil, 1600 New Hampshire Ave N W , Washington, DC William C Esty, 100 E 42d St, New York City Homer Eucher, 1406 Zinglewood, Fresno, Calif 166 Chas Evermgham, Clearwater Beach, Fla Do.-. Do 167 Nugent Fallon, The DuPont Circle, Washmgton, D C Joseph Faroll, 50 Broadway, New York City Do A L Fanss care of J A Phillips & Co, 1513 Second National Bank, Houston, Tex T B Fay, Atlanta, Ga i Do-_ 175541—34—PT 17- do— do ....do. . 400 do J E Bennett & Co do _ W R K Taylor & Co do do. _ Emanuel & Co - 5,600 500 6,100 ,-. 5,200 600 Long 600 Do Bo* 600 650 Do. Do* Do. Do 650 Do 500 400 Do Do 100 Short Long Do 100 200 500 Do Short Long 500 500 200 Do. Do. 600 300 - • Bo Short. 4,700 Long 500 Short 200 Do 500 Do 100 100 Do Do 500 Do 700 Do Do 1,000 800 Do 200 Short 200 Long do Jno F Clark & Co do 500 800 Pask & Walbndge—_ Faroll Bros - -Gray & Wilmerdmg _ _ 100 600 . . . . do do Do 700 do Fellowes Davis Co Dean Witter & Co Thomson & McKmnon Long 500 700 . . . do Eric & Drovers Post & Flagg do Clark, Childs & Keech. 43,000 200 . Silberberg & Co do . Field, Glore <fc Co do Burr, Gannett & Co do E F Hutton&Co Short 100 Total 156 Long 900 200 dodo PPPP Rhoades, Williams & Co. ....do. Watson & White do G M-P Murphy & Co Long or short d P 155 Arthur D Edmunds, 172 State S t , Boston, Mass Do Do Do Do Sold 3,100 Do 100 Do Short 600 Long Do 3,100 600 7820 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Continued Account Page Broker 163 Douglas Fairbanks, J r , 6253 Hollywood Blvd, Hollywood, Calif G H Fairhurst, 433 Beverly Glen Blvd, Los Angeles, Calif A E Fagan, 40 Wall St, New York City. Do169 Hilda Feldman, 408 Dixie Terminal Building, Cincinnati, Ohio 170 Catherme D Fenton, 1133 Park Ave , New York City Do Do. - Bought 1,000 Russell, Miller & Co Butler, Herrick & Marshall... 1,500 Fagan & Goetz 1,000 . . „.„ Laird & Co Total F Total. _ . 172 172 174 174 174 179 180 _. 400 400 300 Long 300 300 Do 100 Short 400 900 Long Short C D Barney & Co Laird, Bissell & Meeds C J Lawrence & SonsF S Moseley & Co White, Weld & Co do Pask & Waldridge 200 300 200 100 600 Long Do Do Do 2,000 Field, Glore & Co.. Ira Haup & Co 7,800 Thomson & McKinnon Callaway, Fish & Co 700 1,100 H G Einstein & Co 100 do Sutro Bros & Co__ do 900 200 200 1,100 700 -. 800 Hornblower & Weeks 300 do do- 300 1,000 Do. 7,800 Do 700 Long. 500 400 Do Short 100 Long Do Do 1,000 Do Do Short 200 Long 1,100 Do Do 700 Do Do 2,900 500 Do Do 500 Do 3,000 E W Clark & Co do Gruntal & Co Do Do 100 Short Carl M Loeb & Co do. Frazier Jelke & Co 100 200 ||| Do 100 Long 600 TotaL 182 Jacob Fox, 71 West 23d S t , New Newman Bros & Worms Yoik City do Do 182 Victor S Fox, 142 East 49th S t , M W Loewi&Co New York City do_ Do 183 Anthony H G Fokker, Alpine, Jas H Oliphant & Co Do Frazier Corporation, 921 Bergen Ave , Jersey City, N J 184 William M Francis C o , 213 Greenmll A v e , Wilmington, Del 184 Clarence Frenzel, 4876 Buckingham R d , Detroit, Mich Do 185 Elmer Friedauer, 86 Lexington A v e , Pasaaic, N J Do Do Do Do. H G Einstein & Co 181 John A Foster, Boston, Mass . . . Paine, Webber & Co_ do.. Do Do . . . do 183 Do 300 100 Field, Glore & Co _ Marshall Field, 38 WaU S t , New York City Wm Fisher, care Ira Haup & C o , 39 Broadway, New York City H M Fitch,2748HennepmAve, Minneapolis, Mmn S Fish, 15 Broad S t , New York City Dr N A Fisher, Union Trust Building, Pittsburgh, Pa Joseph J Farber, 75 Maiden Lane, New York City Do. A J Forschner, Cicero, HI Do - Long. 300 Short .do do William Fenton, 1133 park A v e , Laird & Co New York City Do . do Do do . G Trading Corporation, 38 Wall S t , New York City 172 Fiduciary Trust C o , 1 Wall S t , New York City Do Do Do Do Do Do . _ Do 172 Long or short Do, 1,000 500 do W. D Gradison & Co.- Total 170 Sold Do 500 Do Do 200 Do 300 Short 7821 STOCK EXCHANGE PEACTICES United Aircraft & Transport—Continued Broker Bought 185 Albert Fried & Co, 120 Broad- Albert Fried & Co 1,800 188 do J F Trounstine & Co 500 Sartonus & Smith 500 Page 188 189 190 Account way, New York City Leo Fnede (special), 50 Broadway, New York City William H Frohchstein, 61 Broadway, New York City Do Leo Fnede-Harry Anderson, 50 Broadway, New York City Do William Fuerst, 32 Broadway, New York City Do — 1,000 . 6,000 do 200 200 400 TotaL 192 D P Gaillard, 83717th St, NW Washington, D C Do Total 194 Chrysanthie Gargihs, 285 Columbus Ave, Boston, Mass Do Do Do. Total 194 A W Garnaus, 60 Buckingham Rd , Brooklyn, N Y Do Do TotaL G M - P Murphy & Co - 2,800 J S Bache & Co 199 200 201 203 204 205 205 206 Do 200 Baker Weeks & Harden 900 900 700 500 500 200 400 L F Rothschild 100 200 100 400 400 500 Hill & Co 100 100 Abbott, Hoppm & Co 300 Do. Do. Short. Long. Do. Do. DoDo* Short. Long Do. Short Long 100 Short 1,000 Long . . do Reasongood & TFT$ws 500 Do. Do Do 500 1,500 Do. Do 900 Chas E Quincey & Co do Do Short. 500 600 do Halle & Stieglitz do Do. Do. Do 300 300 200 Dommick & Dommick Faroll Bros Do Longr 900 . do ..._do ....do Emanuel & Co Bo. Do Do Do Do 100 Short 100 Do 100 Long do Hornblower & Weeks ....do . . do Foster, Marvin & Co Do Do 1,600 200 PI, New York City General Security Co , 202 Mame E A Pierce & Co St, Seattle, Wash 197 Geneva Trading Corporation, Tohmson & McKmnon 522 Fifth Ave , New York City 198 Helen P Garat, 650 Buss Build- Deane Witter & Co ing, San Francisco, Calif do Do Harry Getzov, 396 Broadway, New York City Do Total Frank Gianeola, 816th St, Newport, Ky Sumner Gerard, Rockefeller Plaza, Rockefeller Centei, New York City Do F L Gilbert, 19 Rector St, New York City M A Gilmartin, 24 Broad St, New York City Do Bernard F Gimbel, care of Gimbel Bros, 6th Ave and Broadway, New York City Do _ ,.._ Gleich & Co , 32 Broadway, New York City D Gleich, 32 Broadway, New York City Jessamine R Goddard, 48 East 73d St, New York City Do 600 1,400 200 197 199 200 2,800 do — 196 Mrs Jane S Gates, 16 Henderson 1,000 6,000 191 Murray Furman, 42 Broadway, Mabon & Co New York City Do . . . do Newman Bros & Worms Do Long or short Long 2,000 500 do J F Trounstine & Co — do . Emanuel & Co Sold — 1,000 1,700 1,000 100 Do. Do 100 Short 7822 STOCK EXCHANGE PEACTICES United Aircraft & Transport—Continued Page 206 206 206 206 206 206 206 208 209 209 209 Account Godmck & Son, 670 West End A v e , New York City Do C S Godmck, 670 West End A v e , New York City Do C S Godmck, Specialist, 670 West End A v e , New York City Do C S Godmck (P T acceunt E L A , Specialist), 670 West End A v e , New York City Do C S Godmck (P T account E Biker), 670 West End A v e , New York City Do C S Godmck (P T account L P G S No 24), 670 West End A v e , New York City Do Goldie Goetz, 933 Seward S t , Los Angeles, Calif Irving Goldberg, 31 East 31st S t , Brooklyn, N Y B J Goldsmith, 383 Park A v e , New York City Do Total Jos M Goldsmith, 63 Wall S t , New York City Lester Goldsmith, 192 Front S t , Worcester, Mass Do Total. 209 Broker , Sydeman Bros . 800 do Sydeman Bros 200 do do 200 do do 100 do . ..do 1,200 . do F Davis & Co 1,200 Mervm Ash & Co do Silberberg & Co 1,200 2,600 J S Bache&Co 200 do Herman J Gottlieb, 504 Grand S t , New York City Do Mervm Ash & Co do Halle & Stieghtz Total Clara Graves, care of M D Graves, 249 Holmes E d , Pittsfield, Mass 215 Merle D Graves, 249 Holmes R d , Pittsfield, Mass 215 Donald Gray, Detroit, Mich 215 Mrs L a u r a H Gray 6818thAve, New York City 217 Hilder Greenberg, 25 Broadway, room 2212, New York Do 218 Townsend Gnffis, Bowlmg Field, Washington, D C 220 H Gruner, 39 Broadway, New York City Do Do Do 20Q Do, Do 200 Short Long 100 Do Do 1,200 1,000 Do Do Short 400 Long 200 Short 600 2,900 Long 100 Do 100 Short 200 200 Long, Short 900 1,300 100 Do 500 500 Long 100 Short 200 100 Long 200 do Helen Grant, Fanbault, M i n n - Thomson & McKinnon do Do 215 900 900 - Total 214 Do Do 1,100 Sartonus & Smith Wertheim & Co Long 200 - H G Emstem & Co Long or short 200 100 H G Emstem & Co .. Sold 300 . do M L Loewi&Co - — Goldsmith Holding Corporation, care of William Kaufman, 580 5th A v e , New York City Do Total 210 Herbert Golsner, 817 6th A v e , New York City 212 A S Gordon, 37 East 21st S t , New York City 212 Mrs L H Gordon, 910 East 8th S t , Brooklyn, N Y 213 Bought Short 200 300 300 100 Long 100 Short Teflt Bros 300 1,000 200 Hayden Stone & Co 4,000 1,500 Do 500 100 Do Short Long Sutro Bros _ _ . _ _ Paige Smith & Remyck Prentice & Slepack do Baylis & Co 500 100 Taylor & Richardson 800 800 Long Do Do Do _do Do 800 7823 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Page 220 220 221 Account Broker Seymour Guggenheimer, 30 Pme S t , New York City Do __ Do Auerbaeh Pollack & Richarsson do _ do - Total E A Guggenheim, 120 Broad way, New York City H L Horton&Co Griffis group account no 3, 15 Hemphill Noyes & Co Broad S t , New York CitsDo do Do do Total _ . P J Gngsby, 120 La Salle S t , Chicago, HI 222 M P Guggenheim, 120 Broadway, New York City 222 C D Grant, box 31, Boston, Mass Do 223 S R Guggenheim, 120 Broadway, New York Citv 223 Marron T Guggenheim, 120 Broadway Do 221 223 K Lee Guinness. 10 Cardagan Square, Loiidon,* England Do Do Do Total 257 W S Hallanan, 1641 Konowah National Bank Building, Charleston, W Va Do 258 Jura Hall, 1 Montgomery S t , San Francisco, Calif 258 Hallgarten & C o , Arbitrage account 262 J J & C S Harold, 176 Duane S t , New York City 262 M G Harrigan, 507 Guaranty Building, Detroit, Mich 264 Summer Hartshorn, 21 West 10th S t , Kansas City, Mo 264 E A Harvey, agent, 80 Federal S t , Boston, Mass 265 John M Haverty, care of Fnck Building, Pittsburgh, Pa Do Do 266 Total G C Hawley, 2319 Lormg Place, New York City Do_>- 8 B Chapin & Co Hutchison & Parkinson H Hentz & Co do Feimer & Beane, ™ . . . . . Wmthrop, Mitchell & Co Harris Upham & Co Wmthrop, Mitchell & Co 100 500 500 400 500 3,200 600 Do Do Do Do. 800 Do 400 Do 200 Do Do Do 600 700 Do. 100 500 Do Do 200 Short 700 100 Do 200 Do 500 Long E B Smith & Co Emanuel & Co.._ _ _ Hemphill, Noyes & Co Moore, Leonard & Lynch 500 Greer, Crane & Webb 200 do- Do 800 Hams, Upham & Co 360 Do 300 100 Do Do 700 200 — Gruntal & Co 400 Do Short 1,200 1.000 =========== Long 1,700 500 Long 1,600 F L Salomon & Co 267 Do Total 1,700 Do Short. Do 1,500 200 Hallgarten & Co Watlmg, Lerchen & Hayes.. . 50,600 1,700 do Anderson, Block & Co 269 Hellman, Wade & Co , 517 Calif oraia S t , San Francisco, Calif, and 517 Montgomery S t , San Francisco, Calif Do 49,300 1,000 Long or short Long 50,300 300 do J G Mayer & Co H Content & Co Sold 49,300 H Content & Co 266 John L Hay, J r , 50 Broadway, New York City Do . . Do Total Nelson B Hazeltme, 136 Liberty S t , New York City Do T>o Total Bought Do Short 200 Do 200 Do 100 100 Long 200 do. do Do 1,200 do 1,200 E A Pierce & Co 100 A O Slaughter, Anderson & Fox Herzfeld & Stern 100 200 1,000 200 1,200 Do Short Long Do. 500 500 Do 7824 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Continued Page Bought Broker Account 270 Hemphill, Ndyes & C o , 15 Broad Goodbody & Co S t , New York City A N McGeoch,Jr Do . . . . do Do 100 500 200 274 Herzfeld & Stern, 30 Broad S t , New York Citv Heseltine, Powell & Co , London, England 275 Geo F Hewitt, J r , 61 Broadway, New York City 275 Sidney Heyman, 60 Broadway, New York City Do 275 H F Hickie, at Morris Joseph & C o , 25 Beaver S t , New York City 276 Higham Bros , CThrogmorton S t , London, England Do 277 Hill & C o , 2020 Carew Tower, Cincinnati, Ohio 274 Do Do 277 277 279 279 279 280 281 281 Total T W Hinde, 208 South La Salle S t , Chicago, 111 Do H S Hindenang, 101 Tremont S t , Boston, Mass Hirsch, Lillienthal & Co , mistake account Do Thorpe Hiscock, care of United Aircraft & Transport Corporation, 221 La Salle S t , Chicago, 111 R V Hiscoe, 52 Wall S t , New York City Do Philip C Hodill, 2237 Oliver Bldg, Pittsburgh, Pa H S Hoflar, 1927 West Georgian S t , Vancouver, British Columbia Do Emma Hoffman, 60 East 42d S t , New York City DoDo Boody McLellan & Co do W E Hutton Burnham, Herman— G V Hollins, care of C D Halsey & C o , 90 Broad S t , New York City Do Do 100 800 100 500 500 Do 500 Do do Do do M W Loewi & Co 1,400 1,500 1,400 Do Do Burnham Herman 2,000 2,000 Do Chisholm & Chapman.. 1,000 Sartorius & Smith Herzfeld & Stern Do 700 600 1,300 1,500 Do 100 Short 500 Long Morgan Davis & Co.-— Do Jas H Oliphant 500 Gruntal & Co 500 Do. 5,000 500 Short 5,000 Long do Morris Joseph & Co Livmgston & Co 300 do E A Pierce & Co 600 do do Wmthrop, Mitchell & Co . 500 do Clark, Childs & Keech Hirsch, Lillenthal & Co Baker, Weeks & Harden Do Short 300 Do Short Long 600 200 Do Do Do ioT _ - 200 200 800 Do Do Do 1,200 Thompson & McKmnon. Long 500 100 1,200 do do 100 200 5,600 500 Jenks, Gwynne & Co C D Halsey & C o . . Do Do 5,600 do J S Bache & Co do Orvis Bros & C o . - Do. 800 600 do Fenner & B e a n e . . Total 284 Do Do 500 800 _ Long or short Long 100 Total 270 W F Henne, 179 Marcy A v e , Brooklyn, New York Do 271 Mrs Kmkead Henton, 91* 18th St N W , Washington, D C 272 Mrs Florence Herman, 44 Wall S t , New York City 272 Leslie Herman, account of No 130, 44 Wall S t , New York City 272 272 Moe Herman, 11 Broadway, New York City 272 Mrs Sophia Herman, 44 Wall S t , New York City 274 Olhe Herttua, 62 East 124th S t , New York City 274 Herzig Securities Corporation, 15 Exchange Place, Jersey City, Sold Do. Do Do Do 400 Short 100 100 Long 7825 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Continued Page Broker Account Bought Sold Long or short 284 W E Holhngshead, c a r e of Geo Allison, 298 Washington S t , New York City Do _. Do 285 J F Holmes 122 East 42d S t , New York City Do., 285 J Holme, 4524 Greystone A v e , New York City Do Do 287 Geo A Hormel, box 606, Beverly Hills, Calif 287 P J Homer, 30 Lister A v e , Newark, N J 287 Hornstein & Horastein, 225 Broadway, New York City 288 B O Hostetter, 726 Miami Savings Building, Dayton, Ohio Do 291 L C Huck, Grosse Point, M i c h Do 291 M V Huck, Grosse Point, MichDo 291 The Huffman Co , Mutual Home Building, Dayton, Ohio Do 292 St Clan* Hultsman, Exchange Bank Building, Little Bock, Ark Do - 294 W E Hutton C o , Dayton, Ohio 296 Ico Corporation, 145 West 86th S t , New York City Shields & Co 500 . . do do Libraire & Co 500 . . do Thompson & McKinnon 400 Do Do. . . . do do Harris, Burrows & Hicks l,C00 300 Do 100 Short Long 296 Harper H Ink, 2142 Hickory S t , San Diego, Calif Do E F Hutton & Co 2, £00 Hardy & Co 1.C00 Weingarten & Co 2,500 Long. Do 300 100 Do Do 200 Short Long 200 Short 500 Long 300 200 Do Do 200 800 500 Do, Do 1,500 950 Do 200 200 Do do W F Hutton & Co 100 Short do 200 Total 296 Inland Trading C o , Home Bank Building, Toledo, Ohio Do 100 Short Carl M Loeb & Co . . . do Fenner & Beane 400 Do 100 Short. Long. 500 Post & Flass do Pame, Webber & Co do - - - _. do do Domimck & Dommick Long 300 Hemphill, Noyes & Co 300 Long Whitehouse & Co 300 Do 600 Total 700 700 29b J M Ingersoll, 550 Summit Ave , St Paul, Minn C D Barney & Co 297 International Continental Corporation, 460 Montgomery S t , San Francisco, Calif Do Do Do Do . E B Smith & Co 1,000 Harris, Upham & Co L F Rothschild & Co G M P Murphy & Co Russell, Miller & Co 5,000 1,000 1,600 300 1,200 300 1,000 Do. Do Do Do Do Do 8,600 2,800 297 International Corporation, 460 Montgomery S t , San Francisco, Calif 297 Willard S Irle, 60 Broadway, New York City G M -P Murphy & Co 1,600 100 Do Gruntal & Co 2,100 2,100 Do 300 Benjamin Jacobson & C o , 120 Broadway, New York City Do - D M Minton & Co 190,300 174,000 Do 5,500 Short Total do 190,300 Total 300 Isadore Jaffe, 3721 Woodland A v e , Cleveland, Ohio Do Do Total Hornblower & Weeks .. do do E A Pierce & Co 179,500 300 Long. 100 100 Short. 200 Long Do 500 200 7826 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Account Page Broker Bought Sold Long or short L W James, 48 Wall S t , New York City 102 LenaH James no 2 account, care ofGeo H Hemenway, 230 Park Ave , New York City 301 Mrs B Janesch, Milwaukee, Wis_ Do 302 Jarise Realty Corporation, 345 Broadway, New York City Herrick Berg Co 500 Long Redmond & Co _ 500 Do Paine Webber & Co do J S Bache & Co 200 302 Louis Jaskow (account call) 562 Fifth Ave, New York City Do Do Weingarten & Co 100 Short 100 Long 200 Do 200 200 600 500 Do Do 400 Do 300 Do 301 Total 302 Jayar Securities Corporation Do 303 304 304 W P Jenks, 65 Broadway, New York City 304 Coleman Jennings, 2221 Massachusetts Ave N W , Washington, D C G C Jennings & Co , 111 Broadway, New York City Do Do Total 304 L K Jennings, Fairfield, Conn.. 305 W H Jewett, P O box 665, Eugene, Oreg 306 A R Johnson, Jr, 516 Investment Building, Washington, DC Do 308 Mrs M M Johnson, trustee account, care of W E Ditmars, 230 Park Ave , New York City 309 Mrs Violet Johnson, 228 Clinton Ave, Oak Park, HI Do 310 Maurice Joseph, 44 Wall S t , New York City Do 311 Felix P Jones, care of United Air Lines, Metropolitan Airport, Newark, N J Do 311 Abbott Hoppm & Co Munds Wmslow & Potter S A Jelte, 230 Grand A v e , OakWm Cavalier & Co land, Calif Do Russell, Miller & Co Total L A Jenkins, 205 Church S t , J S Bache & Co New Haven, Conn Do Goodbody & Co Do Do 304 do do R C Jones & Co , Inc , Shoreham Building, Washington, DC Do Do - Do 1,100 1,100 100 Total 700 Do 100 do do 200 Jenks, Gwynne& Co Do 200 Do 100 Short 300 1,000 Long 500 Hayden Stone & Co Do George C Jennings 1,700 Do do . . . do „ do 1,100 Short Long Short 1,800 1,300 3,100 Adams, Merrill & Co Russell, Miller & Co G M -P Murphy & Co do Tailer & Robinson 1,300 2,800 500 Long Do 300 Do 1,000 . do Hornblower & Weeks 700 do Do Do Do 1,100 Do Do 100 Do 800 200 — 1,000 Shields & Co 100 G M - P Murphy&Co Shields & Co G M - P Murphy&Co 300 400 Do Do 1,100 100 C D Barney & Co do G M - P Murphy&Co do — 300 700 Jackson & Curtis — do . Burnham Herman & Co. - TotaL 312 Jonas, Abraham & Co, 65 London Wall, London, Eng Do Do Do Do 100 Short 500 Long Do 800 1,600 Do Do Do 2,400 Do 400 400 800 Do Do Do 7827 STOCK EXCHANGE PRACTICES Untied Aircraft & Transport—Continued Broker Bought 312 A Jonas & Co , Winford Court, Tferogmorton A v e , London, Eng , E C 2 Do Frazier Jelke& Co 300 312 I M Jonas, room 801,30 Fine S t , New York City Do Do Sydeman Bros. _ Page Account do- 700 do do 314 L Kaiser & Co Do Total 318 Rose Katrowitz 318 Mrs Ruby Kann, care of Mr Kami's office 319 S A Karman 106 Mam S t , Mmeola, L I Do 320 George Kaufman, 14 East 94th S t , New York City 320 Mrs Henrietta Kaufman, 144 West 86th S t , New York City 321 Tilton Keelor, Inc, 40 Worth S t , New York City 324 R C Kern, 123 South Broad S t , Philadelphia, Pa 327 Jomt No 2 Kinloch Co , 2 Austin Friars, E O 2, London England 327 K R Kingsbury, Standard Oil Building, San Francisco, Cain* Do 328 Gilbert L King, 110 Waldemere A v e , Bridgeport, Conn Do 328 Lawrence King, 111 Sutter S t , San Francisco, Calif 329 Isaac W Kibel, 503 West 6th S t , Los Angeles, Cain* 332 Mrs Laurenti Knecht, 72 East Market S t , Bethlehem, Pa Do 333 Wm J Knott, 1863 North Kmgsley Drive, Los Angeles, Calif Do .- Long. 1,300 . do , 4,700 1,300 Do. 3,800 Do. 900 Short 4,700 Kuhn, Loeb & Co Russell Miller & Co 600 do L Kaiser & Co . . do Shields & Co 8,000 8,000 Sulzbacher, Granger & Co J S Baehe&Co 1,000 4,700 100 Long Do 500 Do. 8,000 2,000 Do Do Do. 10,000 200 Short 400 Long Dunscombe & Co 200 do Gruntal & Co 800 200 800 100 100 Halle & Stieghtz Jackson Bros & Boesel _ __ Montgomery, Scott & C o . . , 1,100 Short Do 200 Short Munds, Winslow & Potter— Strassburger & Co Prentice & Slepack __do._ Dean, Witter & C o . . Short Long Long 1.300 Fahnstock & Co - Long 600 600 - 1,500 Do Do 600 1,000 Do Do 1,200 Do E B Smith & Co 100 Short do E F Hutton & Co 200 E F, Hutton & Co Do Long 200 Total Spencer B Koch & Co , 29 Broad- Spencer B Koch & Co way, New York City (tradmg account) do Do 333 Victor A C Koch, care of Fisher Hornblower & Weeks Body Corporation, General Motors Building, Detroit, Mich doDo 334 W C and Ella Koch, 812 Oxford E F Hutton & Co S t , Berkeley, Calif do Do 100 Do 100 100 Short _ do 333 Do 1,300 FarollBros Total 316 Do Do* 1,000 300 Short Henry Judson, 50 Broad S t , New Arthur Lipper & Co York City Do do._ 315 EogerW Kahn 316 Alva M Kiams, trust, 714 West 10th S t , Los Angeles, Calif Do — —— Long or short Long 1,300 TotaL 313 J Bernard Joseph, 116 East 68th S t , New York City Do Sold Long 800 300 _ 200 800 Do 100 Do Do 200 Short 7828 STOCK EXCHANGE PEACTICES United Aircraft & Transport—Continued 334 Joe J Koemg, 105 East Hill S t , Gallup, N Mex Do 338 Victor Krause, Rockford, M i c h Do 340 Kuhn, Loeb & Co , 52-54 William S t , New York City 340 G P Kunmel, 60514th St NW , Washington, D C 343 A H Lamborn, Jr, 20 Elston Rd , Montclair, N J 344 A Landsman, 424 East 80th S t , New York City Do 345 Walter H Langshaw, P O box 815, New Bedford, Mass 346 N G Larmier & Co , First National Bank Building, Wenatchee, Wash Waldeman S Lassow, 960 Madison Ave (put exercised) Do Bought Broker Account Page 100 E F Hutton & Co do E A Pierce & Co do . Kuhn, Loeb & Co 500 Lamborn, Hutehings & Co.— do . Tucker, Anthony & Co 500 E A. Pierce & Co .. do Total C E Lay, box 899, Sandusky, Hornblower & Weeks Ohio 348 Warren Leatherman, 11 Broad- Orvis Bros way, New York City 349 Albert Lee, 43d St and Lexington Fellowes Davis & Co Ave , New York City F B Lee, special, 274 Madison John Melady & Co... A v e , New York City 350 Lehman Corporation, 1 William Lehman Bros St Do MacOuoid & Coady . . 354 354 356 356 356a 358 358 359 361 361 362 363 363 C W Lippitt, 50 Broadway, New York City Do . Do Total M A Lipscher, 42 Broadway, room no 1939, New York City Do. . Hugh L Litchfield, care of Georgia Marble Co , Tate, Ga Lloyds, New York, 70 Pme S t , New York City Richard B Locke Do Frederick A Lowe, Jr , 39 Hamilton A v e , East Orange, N J. Do CarlM Loeb & C o , 48 Wall S t , New York City Mrs Ehz R Lochnert, 2463 Bexley Park R d , Columbus, Ohio. Do 200 Do. 100 100 Short 300 1,000 300 1,600 Long. 500 500 Do. 500 2,000 Do. 500 600 Do, 200 do Harris, Upham & C o . - 1,400 300 __ d o . Smith, Graham & Rockwell.. 1,000 Do Do 4,400 Do Do 100 Short Long 1,500 Do Do 500 Do 200 Do. 200 1,400 400 Do. 100 Short. 500 Long do do. 1 Do Do 400 100 Short. 500 Long 155 . . . do Newman Bros & Worms 1,600 Do 100 Short. - ...-. 700 1,500 100 600 Long 1,300 50 Do Do Do. 50 Short. 2,500 Long . . . do Carl Raiss & Co . . . do Do. 1,000 . do Lebaire & Co Fenner & Beane Do 100 Short 500 Long. 200 4,800 Burr Gannett & Co do Kean Taylor & Co. Do Do. do Schatzkm & Co - — Tobey & Kirk Do. 400 200 2,200 do — Fenner & Beano 1,800 1,000 White, Weld & Co j S Bache & Co Short Long Do Do 10,000 Irene E Leonard, Hartford, Conn. Paine, Webber & Co Do... do Total S E Levy & Co , 10 Kuykiang Road, Shanghai, China Do Al J Levy, 60 Broad S t , New York City Do H A Lebaire, 37 Wall S t , New York City Do H Liberman & Sam Stone, 25 Broad S t , New York City Do .._ E W Light, box 151, Charlestown, W Va Do ., 500 2,000 100 Dunscombe & Co_ 347 351 2,200 Long or short Long 100 100 W B Hibbs & Co H Zuckerman & Co Sold 100 Do 100 Short 7829 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Continued Page Broker Account 364 M Loewi C o , account M E Tefft & Co Herman, 24 Broad S t , New York City 364 M W Loewi, 30 Broad S t , New M W Loewi & Co. York City ..do 364 A B Trading, care of M W Loewi, 30 Broad S t , New York City 365 H F Louchheim, No 4, care of Arthur Lipper & Co. Arthur Lipper Co, 50 Broad S t , New York City Eoyale Longman, 70 Park A v e , Henderson & Co New York City 372 F McCahiU, McKnight Build- Babcock, Rushton & Co. ing, Minneapolis, Minn D DQ .do... 373 George McCormack, 1 Under Sulzbacher, Granger & Co wood Place, Jersey City, N J Do ....do 374 Hubert McDonnell, Jr (in trust McDonnell & Co. for Hubert McDonnell, Jr, David McDonnell, Kenneth McDonnell, Donal McDonnell), care of McDonnell & Co , 120 Broadway, New York City . doDo 374 McDougall & Cowans, P O box Post & Flagg 1959, Montreal, Canada ....do.. Do , Richards & Co. 375 R u t h F McGraw, 444 House Office Budding, Washington, D C 375 D E Mclnms & C o , box 811, Post & Flagg Baton Rouge, La 376 R M McKeon, 71 Broadway, Drysdale & Co New York City do. Do 376 H F McLean, Ltd, Keefer Thomson & McKinnon Building, Montreal, Canada do Do _—do Do 376 Joseph W McLean, care of Abra- Fenner & Beane. sive Co , Tacony & Fraley Sts , Philadelphia, Pa do Do do Do. McMannus, 20 Broad S t , F P Ristme & Co... 378 J H M New York, N Y 378 Susan H McMannus, 45 Saga- Harriman & Co more Rd , Bronxville, N Y 379 A D McRae, McRae Ave , Van- J &W Sehgman&Co.... couver, British Columbia 379 Geo J Mead, West Hartford, Pame, Webber & Co Conn Harry R Mack, 76 Beaver S t , W E Lauer & Co New York City Mark J Mackay, Brookline, G M P Murphy & Co.. Mass Laidlaw & Co Do Do Livingston & Co Do G* M° P" Murphy &"CO." Do Laidlaw & Co Do Bought 500 383 Do Dr H A Mager,St Mark Hotel, Oakland, Calif 384 Mrs Margaret Maguire, 357 Midwood S t , Brooklyn, N Y Do Do 384 Vadin H Makarofl, 480 Lexington Ave , New York City 385 J S P Makiver, 1510 Chestnut S t , Philadelphia, Pa. Do Do Do i Sold in error covered Feb 6 600 Do 500 Do 700 700 Do 100 Short. 100 Do. Long 800 Do Do 500 •"17665" 1,000 1,000 T>o. Do 600 Do 200 Short 100 Do 1,800 Long. 1,700 Do Do 200 1,400 Do 100 Short Long 2,600 400 100 100 Short 100 Long 4,800 Do 500 Do. MOO Short 9,200 400 100 100 1,600 100 400 100 Long Do Do Do Do Do Do 600 1,000 Do Short. 100 100 Do 500 Long 300 Do 200 Short 100 Long 500 Do ..do. .do Watson & White—. J W Sparks & Co.. .do. _do., ..do- Do. 100 .do. E F Hutton & Co. Watson & White.— Long 500 Sutro & Co Babcock, Rushton & Co. Long or short 1,100 600 James A. Mackenzie, Hobart Building, San Francisco, Calif A Magee, 9 South Racme A v e , Chicago, HI. Sold 200 Short. 100 1,200 1,500 Long. Short Long. 7830 STOCK EXCHANGE PEACTICES United Aircraft & Transport—Continued Page Bought Broker Account 386 Charles B Mandelbaum, care of Prentice & Slepack Milton Blaumer, 1441 Broadway, N Y Do do do 386 Manhattan Account Corporation, care of J Fox, 71 West 2M QL, New-York City . do do Do Do do 389 Maple Corporation, 1218 Tremont Clark, Childs & Keech Trust Building, Trenton, N J 390 Mortimer Marcus, 40 Wall S t , Herrick, Berg & Co New York, N Y 390 Marhow & Co , I n c , 102 Maiden Lane, New York, N Y Do Total 392 Hunter Marston, 44 Wall S t , New York, N Y 392 James R Martin & C o , 647 South Spring S t , Los Angeles, Calif Do . . 392 George Martin, Louisville, Ky Do - . . 393 Mrs E R Marx, 861 Summit Ave, River Edge, N J Do 394 A G Massabky, care of Thomson & McKmnon, Miami, Fla 395 Capt Jos Matthews, 1440 Cohasset A v e , Lakewood, Ohio 395 Edw E Mattox, Robinson, 111-. Do 397 Mechanics Banks, Cahf Do Richmond, Total M J Meehan, 30 Broad S t , New York City Do 398 M E Megargee, Denmson Mfg Co , 220 Fifth A v e , New York City Do Do 400 A M Meltzer, 5240 Sheridan A v e , Chicago, 111 Do 400 S Stanwood Menken, 44 Wall S t , New York City 398 403 405 406 406 410 411 200 100 700 2,000 Long or short 200 Short 200 Do Do 100 Long Short Long Do 2,400 Do Hirsch, Lihenthal & Co 500 500 Do Prentice & Slepack 700 700 Do 1,200 1,200 100 Redmond & Co 100 E F Hutton&Co do W L Lyons & Co do Wrenn Bros & Co . . . 100 100 100 300 400 200 500 Hornblower & Weeks 200 100 James E Bennett & Co. do - 100 do Thomson & McKmnon w- 800 Schwabacher & Co E A Pierce & Co 600 2,000 M J Meehan & Co 2,000 100 do Thomson & McKmnon Dyer, Hudson & Co__ do _ J E Bennett & Co 100 . = 300 300 -.. 100 800 . do Burnham, Herman & Co Do Do. Short Long Short. Long Short Long Do Do Short Long Do Do Do Do 100 Do Short Long. 100 Short 300 Long. 600 400 Do , 100 100 Do Total '. Mrs CatherF Merritt, 50 Broad- Smith, Graham & Rockwell— way, New York City do Do F J Messick, 711 Penn Ave Beer & Co N E , Atlanta, Ga . . . . do Do D S Middleton, 55 Corfton Rd , L F Rothschild & Co London, W 5, England Lt Leonard Milka, U S Coast Stem Bros & Boyce__ Guard, Washington, D C A P Miller, Esplanade Apart- Frank B Cahn & Co ments, Eutaw Place, Baltimore, M d do Do C E Mitchell, loan, 20 Exchange J P Morgan & Co Place, New York, N Y Mitchum, Tully & Co , 405 Mont- Kidder, Peabody & Co gomery S t , San Francisco, 1C0 200 500 100 200 100 300 401 Searl Mernck, 634 South Spnng S t , Los Angeles, Calif Do 403 100 Sold Do Russell Miller & Co Sutro & Co do 1,500 1,100 Do Short Long Do Do. 100 Do. 100 1,400 4,500 Do Bo. Do 500 500 Do 7831 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Page 413 414 414 414 418 420 420 421 422 423 423 424 424 Monahan & Conn, care of Josephthai & Co , 120 Broadway, New York Do R C Montgomery, 111 Broadway, New York, N Y Do William P Montgomery, Jr , 19 Congress S t , Boston, Mass W P Montgomery, Jr , 84 State S t , Boston, Mass Do M J Morgenroth, care of A Polsky Co , Akron, Ohio Do T O Morton, Taylor, N B , Campbellsville, Ky Do Harold W Moseley, 2310 Washington Ave , Washington, D C H T Murley, Jr , 311 North 1st S t , Nashville, Tenn L W Mulford, Florida National Bank Building, St Petersburgh, Fla Do JohnH Mulliken, 120 Broadway, New York City Do Adelaide Mundt, 315 West 106th S t , New York City Do H T Murley, Sr , 311 North 1st S t , Nashville, Tenn Total Myers & Co, 19 Throgmorton Ave , London, E C England Do Do Do 425 Spencer Murphy, Glen Oaks Golf Club, Great Neck, L I - do H Content & Co 600 do Kidder, Peabody <fe Co 900 Elmer H Bright & Co do Clark, Childs <fc Keech . . . . do Granberry do G M P Murphy & Co. 430 430 100 500 do Newman Bros & Worms 400 . . . . do Frazier, Jelke & Co Hallgarten& Co G M P Murphy & Co Hallgarten & Co G M P Murphy &Co.__ D M Mmton & Co do do — 600 Do Do Do Do. Do 200 Do Do 800 Do Do 1,000 Do Do 100 Short Long 1,300 Do Do 500 Do Do 600 500 Do Do 100 Po 100 Short 100 Long 100 Short 200 300 200 300 500 300 600 1,200 500 Long 300 300 500 Do Do Do 100 Do 200 Short 300 Long 600 Po Do 300 Do Do 7,600 2,800 Do Do Do 100 Do 900 Shoit - Westheuner & Co 600 400 do Parker, McElroy & Co 300 do 1,600 600 H Hentz & Co Long OP short Long 2,000 do Noel, Berman & Langley Total _ Geo Nahas, 404 South Porter St, Lamson Bros & Co Michigan City, Ind Do do 427 J W Namnack, care Struthers & Struthers & Dean Dean, 40 Wall St, New York City Do ,. . . do— 428 National Aviation Corporation, G M P Murphy & Co 52 Broadway, New York City . _ do Do _ 428 National City Bank, 55 Wall St, do New York City Total Edwin H Neumeyer, care Westheimer & Co, Washington, DC Do A R Newcombe, Manor Lake, Manor Ave, Kingston, N Y Do 1,300 Frazier Jelke & Co. Thomson & McKmnon Jas P Murphy, 719 Tower Build- G M -P Murphy & Co ing, Washington, D C Do do H H Neuberger, 60 Beaver S t , New York City Do Do Sold 1,000 1,000 427 430 Bought 1,400 Sidney G Murray, care of L F L F Rothschild & CoRothschild & Co, 1410 Peel S t , Montreal, Canada Do Do do Do, . . . . do 424 425 Broker Account 1,000 Long 200 Do Do 500 Do 7:832 STOCK EXCECANGE PRACTICES United Aircraft & Transport—Continued Account Page Bought Sold Long or short C B . Richards & Co 100 Short do . . . . do . do 200 Long 100 Short 300 Long Total 434 Herbert Noble, 50 Common- Jackson & Curtis wealth A v e , Boston, Mass 435 Frederick Norman, Willard Hotel, Fenner & Beane Washington, D C do Do -.— 300 400 500 Do 100 Do 435 800 431 Nathan Newman, care C B Richards & C o , 66 Delancey S t , New York City Do Do Do Broker Morris Grain Co , L t d , 197 Bay Street, Toronto, Canada Do Do Do .. — Do L F Rothschild & Co . do . do Rhoades, Williams & Co E A Pierce & Co Total 435 Westheimer & Co 441 Winthrop, Mitchell & Co Lelite Omohundro, 5601 High Drive Do Do Do 600 100 Short 100 Long 100 Do 800 Marcus'Notes, careof Westheimer & Co, Washington, D C Do 436 Nucary Corporation, Cary, Illinois 437 J V O'Brien, 71 Bay View A v e , Oyster Bay, Long Island Do .__ do Lehman Bros Do 100 900 Do. 200 - Dunscombe & Co do 200 2,000 Do Do 200 Short Long 200 500 400 Do 200 Short . do Total 500 600 442 L S Oppenheuner, 61 Broadway, New York, N Y 444 V C Osborne, 839 St Marks A v e , Brooklyn, New York 446 Overlook Stevens Co, box 1181, Bisbee, Ariz Sartonus & Smith 600" Sprmgs & Co 100 1,700 Do E F Hutton & Co 800 800 Do 447 Sutro & Co 100 Pacific Co of California, 623 South Hope S t , Los Angeles, Calif Do Do Do Do Do E A Pierce & Co do do Dean Witter & Co do 1,100 100 Total 447 Pacific National Bank, Seattle, Wash Do Do 1,300 Dean Witter & Co do Russell Miller & Co E 1,000 Do Do Do 800 J S Bache&Co E A Pierce & Co 100 Do Short Long 1,000 1,000 Do. Do. 700 - Arthur Lipper & Co 1,500 Newburger, Loeb & Co Arthur Lipper & Co C Palms, Eastway Farms, E A Pierce & Co Pontiac, Mich 454 A E Pausser, 1505 Locust S t , J W Sparks & Co Philadelphia, Pa Do do - 454 R W Payne, Washington Na- Winthrop, Mitchell & Co tional Metropolitan Bank Build ing, Washington Do 800 Do 100 Short. Long Do 100 200 600 Total 449 Do 200 Total Paige, Smith & Remick, 9 Broadway, New York City 447 Wm N Paine, 24 State S t , New York City 448 Jacob Paley, 1622 Chestnut S t , Philadelphia, Pa Do . - . Do 447 500 Long 2,000 500 500 700 700 100 Do Do Do Do 7833 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Page Account Bought Broker 464 R W Payne, National Metro- Winthrop, Mitchell & Co politan Bank Building, Washington, D C 455 Arthur N Peck, 52 Broadway, Lockwood. Peck & Co New York, N Y 467 T L Perkins, 128 Haddon Place, Lamborn, Hutchings & C o . . . . Upper Montclair, N J Do... .do Do do „ W A Peterson, 262 Holms S t , Belleville, N J Pett & Morris, Salt Lake City, Utah Harry Pettibone, 1200 Marine Tr Building, Buffalo, N Y 461 Phila Investment Corporation, 1600 Arch S t , Philadelphia, Pa 462 Eugene R Pike, 6 North Michigan A v e , Chicago, HI 459 Do J R Williston & Co Do 1,300 Short Long. 1,300 ===== 100 Do. 100 Do Schoelkopf & Co 100 Do 1,000 Do Post & Flagg *_ Winthrop, Mitchell & Co do Piper, Jaffray & Hopwood 600 600 500 300 900 200 750 Fredenck B Rentschler, P O Box 1025, West Hartford, Conn Baker, Weeks & Harden 475 O B Reimer, No 5, 64 Pine S t , New York City Do Do Lapham, Holden & Reimer... do do Shearson, Hammill & Co Harris, Upham <fe Co Do Do 500 500 Do Do. Do Do 600 Do Do 900 Do Do 600 750 Do Do Do 750 Do 100 Short 100 100 300 1,000 300 100 700 100 Long Do Short Long 500 Do Do 1,000 Do Do 2,200 Do Short 300 Do Long 700 Do Do 200 400 Short 300 Long 200 Short 500 20,300 Long 400 Short 11,800 11,800 Total Do 600 750 600 Total 475 Do E A Pierce & Co 463 Piper Holding C o , 529 Second A v e , South Minneapolis, Minn do Do do Louise Q Piper... . . . do Do 465 R Pohtziner, box 407, New Benj Hill & Co Brunswick, N J do Do A J Pollard Tradmg Account, L P. Rothschild 120 Broadway, N Y. do Do 466 Emil Poise, 41714th S t , Oakland, Wm Cavalier & Co Calif . do— Do J R Pontius, 770 Hill Road, P S Smithers & Co Winnetka, 111 do 466 R E Pontius, 770 Hill R d , Winnetka, HI do Do 467 L Popon, 799 Park A v e , New C B Richards & Co York City. Do . . do do Do do Do 469 S W Preger, 263 West 73d S t , Newburger, Loeb & Co New York City . do Do - - - B S Prentice, special, 115 Broad- Domimck & Domimck.. way, New York City Do 470 Mendel Presberger, 666 West Cohen, Wachsman & Wassail End A v e , New York City do Do 472 P Pryibil, 25 East 69th S t , New Gude, Wumnll & Co York City . do Do 473 J Quinlan, 115 Broadway, New Hendnckson & Co York, N Y Do — - ...do . 474 P H Quinn, 28 East 31st S t , Pouch & Co New York, N Y do Do . do Do do Do 476 Paul Raibourn, Southport, Conn 476 E K Ramsey, 524 West Hill, Oklahoma City, Okla 500 1,200 100 Long or short Long 100 1,300 Total Sold 800 11,400 Long Do 11,800 800 Do 100 Short 7834 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Continued Bought Broker Account 478 Thomas H Ray, 68 Devonshire S t , Boston, Mass 478 Robert Raymond, 1 Wall S t , New York City Do 478 William W Rayster, 401 Lindbergh Apartments, 200 Massachusetts Ave N W , Washington, D C 480 Horace E Reider, National Biscuit C o , 2201 East Market S t , York, Pa Do Do Do Laidlaw & Co 1,100 Stokes, Hoyt & Co 1,500 do Fenner & B e a n e . . 200 Cassatt & C o 100 do.__ Hardy & Co do 100 Total 200 481 S L Reinhardt, 208 South La- Abbott, Hoppin & Co Salle S t , Chicago, HI do Do - Parrish & Co 489 490 491 491 492 493 495 496 496 496 Total J E Robertson, Augusta, K y — J A Roche, Wnght Field, Dayton, Ohio J A Roche, Wright Field, Springfield, Ohio E H Rodney, 14 Wall S t , New York City Do W H Roseman, 1 Wall S t , New York City Do C T Rossettos, 172 East 61st S t , New York City Bennett & Herman Reines, 3 Oak Lane, Douglaston, Long Island Curt & Flo Rosenthal Do Dr Max Rosenthal, 36 West 89th S t , New York City Do Do Total Do Do Do Do 100 800 900 300 Do 600 Short Long 100 100 Stern, Kempner & Co do do do Cohen Wachsman & Wassail - 500 500 100 Watson & White Abbott Hoppin <fc Co. _ _do — -_ T Mrs K L Robinson, 827 Lin coin A v e , Evanston, 111 Do ._ W D Gradison & Co Total Dana Roberts, Mercantile J E Bennett & Co Building, Oklahoma City, Okla Do do . _.do Do 488 O F Roberts, 1 Wall S t , New Luke Banks Weeks York City 488 Harry A Roberts, Savoy Plaza Whitehouse & Co Hotel, 58th S t , 5th A v e , New York City 488 Do Do 1,500 800 _>_ 800 500 100 Babcock Rushton & Co do W E Hutton Greene & Brock Long Do 500 Do Do Short Do Do 600 Long Do 400 400 100 600 500 Do Short Do Long Do Do Do Do Short Long Do Do 100 do Fuller, Rodney & Co Do Short Long Short 100 Do. 100 Do 500 500 i § Rittmaster Trading Acct Do. —^ Long Do '900 Total 481 Calvin B Rentschler, Medical Arts Building, Reading, Pa 482 Peter Rentschler, care of Hamilton Foundry & Machme, Hamilton, Ohio 483 S Rheinstein Do Do Do 484 W E Richmond & C o , 66 Falls Building, Memphis Tenn 485 Jack A Rich, 1482 Broadway, New York City 487 Long or short Sold § ill Page 1,300 do Bear Stearns & Co 500 do . Paige, Smith & Remick__ __ 300 Nallory, Pynchon & Eisemann 1,300 500 700 100 Jas H Ohphant & Co do 400 D H Sllberberg & Co 200 600 . . do do Do Short 100 100 200 200 • 7835 STOCK EXCHANGE PRACTICES Umted Aircraft & Transport—Continued Page 497 498 498 498 499 499 499 500 500 500 500 501 504 504 504 504 505 506 507 508 508 Account E J Roth & Co , 29 Broadway, New York City Do. Max Roth, 1365 East 46th S t , Brooklyn, N Y Do N M Rothschild & Sons, New Court S t , Swithens Lane, London, England Rotterdamsche Bankuereeniging, Amsterdam, Holland W W Royster, 401 Lmdbergh Apartments, 200 Massachu setts Ave N W , Washington, DC Jacob A Rubel, 1464 East 46th St, Brooklyn, N Y Do B R Rubm, 146 Central Park, West, New York City Do Harry Rubm, 194414th St N W , Washington, D C Do Richard W Ruble, Naval Air Station, Anacostia, D C Do C W Ruckel, Valparaiso, Ind , Valparaiso, Fla Do M Ruderman, 1441 Broadway, New York City Do B R Ruggles, care pf Greer Crane & Webb, 37 Wall St, New York City Do * H C Russell, 1416 West 4th St, Waterloo, Iowa Do S & S Tradmg Co, care of Fenner & Beane, 50 Broadway, New York City, attorney E M Pomerantz Philip Sabatim, 229 West 97th S t , New York City Do Jos Sadmi, 1357 Noble St M Y and M E Saint, 1847 Kalorama Rd N W , Washington, DC A Saltzman, 159 East 96th S t , Brooklyn Do Sanford & Kelley, 20 Market S t , New Bedford, Mass Savarona Ship Corporation, 49 Wall S t , New York City L R Scafe, care of Fisher Body C o , Cleveland, Ohio Do Do Total do H G Einstein & Co 100 do Hallgarten & Co 1,000 Herzfeld & Stern 1,100 100 Short Do 200 Long Do Do 200 Fenner & Beane H G Emstein & Co 1,250 Harnman & Co 100 do Westheimer & Co 600 do Fenner & Beane 100 do Baar Cohen & Co 100 Greer Crane & Webb 18,100 do Lamson Bros & Co 100 do Fenner & Beane. *.- Prentice & Slepack do Russell Brewster & Co Clark, Childs& C o - 600 100 1,100 Long. Do Do Do 100 Do. Do. 600 Do. Do. 100 Short Long 100 Short Long 18,100 Do Do 100 600 Short Long Short. 100 100 100 100 Long Short Long 100 Short Long 500 Do. 100~ = 100 Do 155 100 Do 2 100 do - Tucker, Anthony & Co 1,400 Clark, Williams & Co 1,000 Murfey, Blossom & Co Do Short. 100 - Long of short Long 300 Fenner & Beane.- do Wemgarten & Co Sold 100 100 Short 100 Long 300 E Schafer, J r , 1 Wall S t , New Mervin Ash & Co York City ..do Do Total 300 400 30C 100 Short 50G Mervin Ash & Co 500 200 Smith, Graham & Rockwell.. 500 200 100 Short 30C 500 Long J S Bache&Co 100 Do E Schafer, no 2,1 Wall S t , New York City Do Total 511 Harold E Schneegas, 4554 North Winchester Ave , Chicago, 111 511 Mrs Lena Schoefer, care of C F Schoefer, 551 Bay S t , Stapleton, N Y Do 508 2 Bought Broker Opti on 175541—34—PT 17 6 do Dyer, Hudson & Co . . .do ..do 100 Do Long Short 7836 STOCK EXCHANGE PBACTICES United Aircraft & Transport—Coutinued Page Broker Account 512 Scholle Bros. Trad, New York City 513 Murry Schotland, 333 7th A v e , New York City 513 Phyllis Schotland, 233 7th A v e , New York City 514 Fred Schnner, 39 Walton S t , Atlanta, Ga Do Bought 518 516 517 518 518 520 521 523 523 524 524 Fred Schulte, room no 2311, 60 East 42d S t , New York City Do Walter Schutler, 141 West Jackson Blvd, Chicago, HI Schwabacher & C o , D o y l e Feeney C o , Russ Building, San Francisco, Calif Henry H Schwartz, no 3134 Lakewood A v e , Seattle, Wash Do Ralph J Schwarz, 358 5th A v e , New York City F C Schwedtman, 52 Wall S t , New York City Do J R Sears, 414 H St NE , Washington, D C J Sehgman, account A P & R , 30 Pine S t , New York City W H Schafer, room 312, 928 F St N W , Washington, D C Do B E Shahmoon, Dorchester Hotel, London, England Do E F & G Shaskan, account no 1, 39 Broadway, New York City Do E F Shaskan, 39 Broadway, New York City Do ..... . . .... Fred H Shaw, 101 Geneva A v e , Glenside, Pa Do Do Scholle Bros 500 500 Long 800 700 Do 800 700 Do 600 Do do Livingston <fc Co do 700 700 Fenner & Beane _- Schwabacher & Co. 100 500 100 400 Baker, Weeks & Harden 100 do G M - P Murphy & Co Auerbach, Pollak & Richardson W B Hibbs & Co 100 1,300 do Hirsch, Lihenthal & Co 1,900 do L J Marquis & Co 1,200 . . . do E F & G. Shaskan-. 400 do Pamsh & Co—. do do 100 200 . do M C Bouvier&Co do 100 527 528 528 200 Winthrop, Mitchell & Co Wellington & Co do Wertheuner & Co I 700 Do. Do. 100 Do Do. 1,100 Do Do 1,000 Do Do 300 Do Do 200 Long 700 Do. Do 400 Do Do Do 500 Do 500 Do Do Do Do 300 200 Do Do i 000 200 Short L^ng 200 _ ._ Long 100 1,200 500 do. F F Hutton&Co do Clark, Childs Keech Do 100 Short 100 Long. 200 Short E A Pierce & Co Total 526 Long Do. 100 Do 100 Short 100 .... do 500 100 525 Sherbura Co, 300 Shubert Building, St Paul, Minn Do Mrs G N Shetbar Do Jessie R Sherwood, 1334 Monroe St N W , Washington, D C Do Dr and Mrs M H Rhuter, Wakefield Building, Oakland, Calif Do C Sickles, care of Mrs D S Sides, Hotel Delmonico, New York City Do 100 700 L Long Do 100 Short. . do.. . Silberberg (D H ) & Co Total 525 500 1,700 Russell, Miller & Co . .. Do 600 100 Short. „ do Winthrop, Mitchell & Co 524 Frank A Shea, 67 Exchange P I , McClave & Co New York, N Y Do do 525 Clarence Shean, North Wood- Bearle & Co bury, Conn do Do . ... .. . H P Shedd, 222 North Bank Drive, Chicago, HI Do Do Do Long or short Josephthal & Co Total 515 Sold 1,000 7837 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Broker Account Page Bought Geo M Sidenburg, Jr, 25 Broad Halle & Stieghtz S t , New York City Do do. 529 Mrs Henrietta M Siepp, 100 A O Slaughter, And & Fox.. West Monroe S t , Chicago, HI do Do Do , do 529 Leo G Siesfeld & Co, 25 Beaver Tefft & Co S t , New York City 529 D H Silberberg & Co, 63 Wall D H Silberberg & Co S t . New York City do 531 Charles Simons, 245 East 76th Benjamin Hill & Co S t , New York City Do do 532 W T Smek, 120 South La Salle A O Slaughter, And & Fox S t , Chicago, HI 533 64th and 65th Sts Corporation, Hayden Stone & Co 25 Broad S t , New York City 534 Herbert Slade, 11 Duchess S t , E W Clucas&Co Freeport, Long Island 535 B H Smart, Board of Trade E A. Pierce & Co Building, Boom 2900, Chicago, 528 536 Mrs Kate Smiley, 424 E 52dSt, New York City Do- 536 Earl E T Smith, 39 Broadway, New York City Do Fenner & Beane Sold Long 800 300 Long or short 700 Do Do 300 Do 100 Short 600 Long. Do 1,300 500 1,600 500 100 3,400 500 500 200 500 Do Short Do Long Do. Do. 200 do Do Do 200 Short 2,900 Paige, Smith & Bemick do 500 Long. 2,300 Total 2,900 2,800 Short George B Smith, 807 Winters Building, Dayton, Ohio W E Hutton & Co 1,300 1,400 Long 539 A L Smithers, 50 Broadway, New York City Do.- F S Smithers & Co 1,500 1,500 Do. J W Sparks & Co 1,900 1,900 3,400 3,400 537 Total 540 Charles V Snedeker, Babylon, Long Island, N Y Do 400 G M P Murphy & Co Total 541 400 B H Soby, Inc, 125 Pearl S t , Hartford, Conn Do 542 Fred Sondheim, care of Prentice & Slepack, 2328 Broadway, New York City. Do 543 Philip Spalding, Shearson & Hammell & Co, 14 Wall S t , New York City 543 Harold Spear, 120 Broadway, New York City 544 Charles Spellman, 1114-15 Lowes State Building, Los Angeles, Calif Do- — 544 C H Spike, post-office box 154, Boston, Mass Do _546 A Spreckles, 2 Pme S t , San Francisco, Calif 546 Eli B Sprmgs 546 A Spruyh, post-office box 786, Babylon, Long Island Francis B Cooey & Co 547 Stafford & Co Strays & Jones, 52 Broadway, New York City Do L Stalzer, 778 Onderdonk A v e , Brooklyn, N Y. 1,000 Do. Do. 500 900 500 Do Do 1,200 1,200 Do. 200 do Estabrook & Co Cowen & Co E F Hutton & Co- ..-_ do Clark, Childs & Keech do A O Slaughter, Anderson & Fox Bond, McEnany & Co Clark, Childs & Keech Do. 100 lob 600 100 Short 200 Long 100 Short 1,400 Long 900 300 900 500 6,900 4,600 Do 3,000 Short 6,900 John Muir & Co Long 1,000 -do— . Prentice & Slepack Total 547 200 Long 200 Short do 600 Do. Do 7,600 600 Long 7838 STOCK EXCHANGE PEACTICES Untied Aircraft & Transport—Continued Account Page 548 Broker Standard Financial Corporation, 136 West Mam S t , New Britain, Conn Do . - Willard & Co . Bought _ F B Cahn & Co 100 Short 500 548 Alfred T Stanley, 650 West 30th S t , New York City Do — _ _ Do G M P Murphy & Co Fahnestock & Co D Steckler, care of Clark, Childs & Keech, Savoy Plaza Hotel, New York City 550 Stifel-Nicolaus, Boatmen's Budding, St Louis, Mo Minneapolis, Total 553 500 Reinholdt & Gardner 600 do Paine, Webber & Co Do Do Winthrop Mitchell & Co 500 500 Harnman & Co 300 Kean, Taylor & Co do _ . 553 B Albert Stern, 14 Wall S t , New Stern, Kempner & Co York City Dr A Richard Stern, 911 Park do Ave , New York City 300 100 100 100 100 Short 200 200 200 100 Long 100 100 Short Long - . 700 do . 400 - Long 300 500 Boody, McClellan & Co Do Short 300 200 Total Sterling Secretarys Corporation, Spencer Trask & Co 1 Exchange Place, Jersey City, Do Do 200 100 do do 553 G R Sternfleld, 319 Broadway, New York City Do Do 700 700 Total 555 Do 600 .. Do 600 600 553 Al Stephens, box 357, Bloomfleld Sutro Bros & Co Hills, Mich 553 .._. do Do E A Pierce & Co Do 554 Do Do 600 - Mrs D Stengel, Pme Terrace, West Short Hills, N J Do 500 500 do New York City 551 Mrs Helen Bteegmuller, 229 West 105tlj S t , Apt 51, New York City Do Do Long 500 Total 550 Addison Stillwell, 522 5th Ave, 100 200 300 Clark, Childs & Keech Total 549 H Geo Stillman, Minn Do Long or short 400 Long _ Total 550 Sold Do 200 Do 1,000 Do 100 Do 300 Short 400 400 555 Walter E Stevens, care of Stevens C o r p o r a t i o n , Sioux Falls SDak Boettcher, Newton & Co. _ _ 900 1,000 555 F A Stevenson (special account), 30 Church S t , New York City Do Redmond & Co 200 100 Do 100 Short Total _. do 200 Total 556 536 556 F A Stevenson, special account, 44 Wall S t , New York City Stewart Furnace Co , 1854 Union Trust Building, Cleveland, Ohio John C Stonemetz, State S t , Boston, Mass Do „ do Clark, Dodge & Co Hornblower & Weeks do- Long 200 100 Do Long 1,500 200 Do 100 Short 7839 STOCK EXCHANGE PKAOTICES United Aircraft & Transport—Continued Page 557 R L Stott, 19 Rector S t , New York City "558 'Donald S Strajj&n, 44 Piae S t , New York City 559 Broker Account Straussburger & C o , San Franereco, Cahf Do Total Strother Brogdan & Co , Calvert and Redmond Sts , Baltimore, Md 560 J M Studebaker, 3d, box 509, Clearwater, Fla 561 L t Comdr W m A and Mrs Elizabeth V Sullivan, superintending construction, U S Navy, Bethlehem Ship Corporation, Qumcy, Mass 562 Sun Investing C o , 120 Broadway, New York City Do 560 Bought Wagner, Stott <& Co 500 Hallgayten & Co Sold 500 Long Do Straussburger & Co 100 E A Pierce & Co 600 Do Do Tucker, Anthony & Co 700 500 Do Thomson & McKinnon 900 1,200 Do Fenner & B e a n e . . 100 100 Do O D Barney & Co 500 2,100 200 Do Do Do 2,200 200 Short 2,300 2,400 500 L F Rothschild & Co Sutro & Co Do 562 Swan, Culbertson & Fritz, postoffice box 457, Shanghai, China Hayden, Stone & Co 563 R Swinnerton, 300 Park A v e , New York City Do Do Frazier Jelke <fc Co 600 200 Hubbard Bros & Co Fenner & Beane 200 600 200 500 1,300 1,500 900 Sutro & Co Total 571 572 -572 572 573 573 574 574 576 2 G u y E Tillman, Centralia 111 Do Do Total Charles Tobak, 7 Carroll S t , Newport, R I Do Harry Tobra, care of J S Bache, 10 Post Office Building, Boston, Mass Do . . . A J Todd, Washmgton, D O—_ Do Norman K Toerge, 15 Broad S t , New York City Do C D Tomas, 115 Broadway, New York City J H Townsend, P O box 664, Englewood, N J 3 Lucille G Townsend, P O box 664, Englewood, N J Do Do Trebor Securities Corporation, Surf Club, care of R Hungerford, Miami Beach, Fla Do short ,,500 562 Total 564 Tadousac Syndicate, L t d , care of Raymond Philippe, 11 Bis Blvd ,Haussman, Paris, France Do 565 Chads Tay, General Delivery, Miami, Fla 569 F W Thompson, 1321 Tyler S t , Hollywood, Fla Do Long or 1,300 H Hentz & Co Leopold Spingarn & Co 1,000 do 400 J S Bache & Co.._ do do G M P Murphy & Co ... do J S Bache & Co. .. ..do Stem Bros & Boyce do Toerge & Schiffer _ ._ do Shearson HammiU & Co 400 100 400 100 ,. 500 1,000 Do Do Do Do Do Do 1,300 Do Do 300 100 Short 400 do 1,200 . . . . do. do Beer & Co 2,000 Long 100 Short Long '00 100 500 16,100 Baker, Weeks & Harden do Do Do 1,500 500 do Murphy, Blossom & Co . 900 Long 1,500 100 2,000 Do Do Do Do Do Do Do Do Short Long Do Do This individual has no interest in this account which is carried m his name for Frederick B Reutschler 7840 STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued Account Page Broker Bought 579 Lester Udell, 55 West 23d St, New Schatzkin & Co York City Do 680 581 582 582 582 583 584 584 584 584 585 586 586 - — — Total M F Untermeyer, 60 Beaver S t , New York City F A Vanderhp, 52 Wall S t , New York City Edward Van V Sands > Do James A Vaughan, 810 Baker Building, Minneapolis, Minn Do IsmeneG M B H Vaduz.. Gordon & Vera Varney, 1811 Whitley A v e , Hollywood, Calif Do G & A Velliot, 15 Peking Rd , Shanghai, China Do J H Venon, no 2,1045th A v e , New York City Do Vercoe & Co , Huntmgton Bank Building, Columbus, Ohio Do John Vertrees, 400 Madison Ave , New York City Fred Vogel, 515 Madison A v e , New York City Do H A Von Oesen, 137 Varick S t , New York City Bo Sam Vorenberg, care of Gilchnst & Co , Boston, Mass Do . Cohen, Simonson <fe Co H Hente &, Co . . do Kuhn, Loeb & Co. Harnman & Co Do 592 593 593 594 594 595 595 596 500 500 700 500 100 900 500 Do Do. Do 1,400 Do Do Jno F Clark & Co Smith, Graham & Rockwell... Rhoades, Williams & Co Schwabacher & Co Russell, Miller & Co 200^ Short. Long 700 Do Do Do 900 100 Short. —... do Watson & White. Long. Do Do 1,000 1,700 900 do Kerr & Armstrong Do Short. 500 do Thomson & McKmnon Tobey & Kirk Do 500 700 Total & G Ward, House Office Mackubin, Legg & Co Building, Washington, D O ..do Do J L Warner, care of Warner Russell, Miller & Co Bros , First National Studios, Burbank, Calif do Do Edward V Wamner, 2 Orange Hayden, Stone & Co S t , Springfield, Mass . do Do . . Watt & Watt, 6 Jordan S t , To- Goodbody & C o . ronto, Canada Samuel H Watts, 52 Broadway, F Davis & Co.. New York City Washington Loan & Trust C o , MacKubin, Legg & Co Washington, D C B J Wasserbly, 1211 Chestnut Newburger Loeb & Co S t , Philadelphia, Pa ____do Do — M F Webster, 60 Wall S t , New Salomon Bros & Hutzler York, N Y T 400 do. Libaire & Co Total 591 Walston & C o , 485 California S t , San Francisco, Calif Do 200 200 do ~ 590 Wallace & Co, 57 William S t , Foster, Marvin & Co New York, N Y G M P Murphy & Co Do ...... 590 A W Wallace, 6268 Grand Blvd , Sutro Bros & Co . . Detroit, Mich Adams, Merrill & Co 590 Grace S Wallace, Washington, Conn . do Do 591 Wall Street Security Corporation, Chicago, HI Do . 300 Long. . . . . do H Hentz & Co do Gruntal & Co Long or short 300 Baker, Weeks & Harden do _...do_ Piper, Jaffray & Hopwood Sold Long. 500 1,300 700 1,600 300 500 300 800 1,000 200 900 1,000 1,000 100 1,100 1,000 1,400 3,000 100 500 2,000 200 3,000 200 500 800 1,200 500 700 700 2,000 100 400 500 700 500 Do Do. Do Do Do Do Do Do Do. Do Do Do Do Do Do. Do. Do. Do. Do Do Do Do Do Do Do Do Do 7841 STOCK EXCHANGE PKACTICES United Aircraft & Transport—Contiuued Page Account 597 Webster, Marsh & C o , Rookery Building, Chicago, HI Do 597 597 Total Harold H Weeker, 4 Wall S t , New York City Weicker & Co (error account), 1 Wall S t , New York, N Y 600 Wells Fargo Bank, Montgomery S t , San Francisco, Calif Do Broker Bought Sold Long or short 700 Long. Lamson Bros & Co 700 Pame Webber & Co 200 200 900 900 500 Do. 400 500 Do. Stern, Kempner & Co Weicker & Co Rhoades, Williams & Co McDonnell & Co Total Do 200 1,000 Do 1,200 600 Wertheim & Co , 120 Broadway New York City 601 Anna Weiss, 6228 DeLongpre A v e , Los Angeles, Calif Wertheim & Co 1,700 1,100 Do Russell, Miller & Co 1,000 900 Do 602 Arline Weingarten, 271 Central Park West, New York, N Y Do Seligsberg & Co 200 100 Do. Total 200 603 Ella G Westphal, 134 North La Clark, Childs & Keech. Salle S t , Chicago, HI 604 W A Whitaker, Hotel Marseilles Dominick & Dominick.... 103d St & Broadway, New York City Do E F Hutton & Co 606 W A & A M White, 40 Wall Maynard, Oakley & Lawrence. S t , New York City . . do Do 607 Abner H Wiberg, Hooker, Ful- A J Wright & Co ton Building, Bradford, Pa do Do 608 Joe Wigington, 9 North 6th S t , Branch, Cabell & Co Richmond, Va . . . do Do 609 J M Wilke, 14520 St Mary's A v e , Detroit, Mich Do Do 100 Short _ do E A. Pierce & Co 100 500 1,100 600 609 610 611 612 613 613 613 613 613 614 500 Long 600 Do. 300 Do. Do 1,000 Do Do. 1,100 Do. Do 700 Do. Do. 300 300 Short. 600 Long do do 900 Total John E Willard, 17 Central Wharf, Portland, Maine Do _ Mrs C N Willetts, Roselyn Heights, Long Island, N Y Do F Churchill Williams, Villanova, Pa Do Do J H A Williams, Hillside A v e , Westfield, N J Do Do M Wimk, 145 West 45th S t , New York City Do — R C Wmmill, care of Gude, Winmill & Co Do Winmill Children, care of Gude, Winmill & Co Do Wisconsin Investment C o , 206 East Mason S t , Milwaukee, Wis Leta D Wisner, 120 Broadway, New York City Do Willcox, Jr, A , account, 41 Broad S t , New York City Do 200 Hornblower & Weeks Do. 600 600 Do. Bo do G M P. Murphy & Co . 300 . . do Goodbody & Co 300 300 Short. Long. 1,500 Do 200 100 Short. Long _„ do do Blythe, Bonner & Kiinbly do do Prentice & Slepack do Gude, Wmmill & Co do do 200 200 100 500 do Smith, Graham & Rockwell.. do Short. Long Short 200 Do Do 100 Do. Do Do. 500 800 Long. do E A Pierce & Co G M P Murphy & Co 1,400 100 100 Do 100 Short. Long 100 Short. 7842 f STOCK EXCHANGE PRACTICES United Aircraft & Transport—Continued} 614 George Wilh, 425 West 14th St, New York City 615 Mrs B Wilson, 444 Madison Ave y-NeiWr Y«*k*City 615 *E V Wateon, 616 12th St NW , Washington, D C Do_ 615 Dr J D Wilson, Scranton, Pa_. Do Do 617 Geo Winsor, 115 Broadway, New York City Do Do Total 620 Fred R Wolfe, 50 Broadway, New York City Do . Do 620 T J Wolfenden, 341 8th St north, St Petersburg, Fla Do Do — _ — 621 Craig Wood, Hollywood Golf Club, Deal, N J Do622 Sherman Woodward, 27 Otter Rock Drive, Greenwich, Conn 622 Mrs I B Worbs, 13415 Shaker Blvd, Cleveland, Ohio Do 623 Marion W Wormser, 31 Huntington A v e , Scarsdale, N Y Do . 623 H M Wreeszm, 25 Broadway, New York City 625 W F Wright, 5200 Reno R d NW , Washington, D C J H Wynn, no 2,1510 Chestnut S t , Philadelphia, Pa Do J M Wynn, 1510 Chestnut S t , Philadelphia, Pa J M Wynn, no 2,1510 Chestnut S t , Philadelphia, Pa Do J P Wynn,—1510 ChestnutSt Philadelphia, Pa Marion S Wynn, 1510 Chestnut S t , Philadelphia, Pa Do 626 Mrs Isabell Yalmy, care of Berdell Bros , 1 Wall S t , New York City Clare Yarwood, Enquirer Building, Cincinnati, Ohio F P Yates, Jr , Dallas Athletic Club, Dallas, Tex Do Total 627 Milton S Yokemon, 11 Broadway, New York City 628 T Sloan Young, 14 Wall S t , New York City W K Young, Citizens National Bank, Los Angeles, Calif 630 L W Zeller, 106 West 4th S t , Bickwell, Ind 631 William B Zimmer, post office box no 125, Wall St Station Do Long or short 100 Short . . . . do __ J H Brooks & Co do do Long; 100 Laidlaw <fe Co 200 _ 200 Do Do 100 Do 100 Short Long 100 Gude, Winmill & Co 700 100 do Bryan, Penmngton & Colket. 100 4,000 J F Trounstme & Co_ do do w Thomson & McKinnon 800 Dyer, Hudson & Co Do Short Long Do 300 100 Do Short Long 600 1,000 Do Do 600 do White, Weld & Co Do Do 400 3,500 400 do do D M Minton & Co Do 600 600 Do Do 900 2,300 Do Do W B Hibbs & Co 200 Do J W Sparks & Co 1,000 do L F Rothschild & Co 900 do Bayhs & Co do do 2,100 500 - 500 .do do - 200 do Fahnestock & Co Hill & Co. E A Pierce & Co .do H G Einstein & Co Stern Kempner &Co 500 500 do Do Do T>o Do 1,500 do- Do Do Do 500 Do 100 Short _ 100 Do ============== ioo" 200 Long 100 Short 100 300 100 Do 2,500 2,500 Long Pask & Walbndge 300 Short Thomson & McKinnon 500 500 Long E Lowitz & Co 300 300 Do E F Hutton&Co 600 500 Do 900 800 1,200 900 W J Zucker, 5000 East End Ave , C Sincere & Co Chicago, 111 Sold 500 Long Carter & Co Prentice & Slepack Total 632 Bought Broker Account Page Do 7843 STOCK EXCHANGE PEACTICES United Aircraft & Transport—Continued S U P P L E M E N T A R Y LIST Page 164 Account Broker Eagles Nest Corporation, 921 Bergen A v e , Jersey City, N J 166 William J Erich, 20 Exchange Place, New York City Do Do ___ Fraziei, Jelke & Co William E Lauer & Co do . do Total 183 Bought 6,600 600 6,100 Frazier Corporation, 921 Bergen Ave , Jersey City, N J 297 International Continental Corporation, 460 Montgomery S t , San Francisco, Calif Do Do Do Do Long or short Sold 2,600 Long 4,500 Do 600 Short 5,000 1,000 Frazier, Jelke & Co Long E B Smith & Co 1,000 Harris, Upham & Co L F Rothschild & Co G M P Murphy & Co Russell, Miller & Co 6,000 1,000 1,600 300 2,000 300 1,000 8,600 3,600 70 70 Long 160 60 Do 100 100 Do 240 Do 10 Short Total Do. Do Do Do Do Wright Aeronautical Corporation L Richard Bamberger, care of Curtis & C o , 25 Broadway, New York City B L M Bates, Murray Hill Hotel, New York City Benita Co , I n c , 911 Park Ave, New York City Peter Berkey, 589 East Illinois S t , Chicago, 111 E L Bestor, 36 Pearl S t , Hartford, Conn Frederick Bischopp, 5137 Washington Blvd, Indianapolis Ind H M ByUesby & Co , 231 South LaSalle S t , Chicago, HI Annette Cohn, 913 West Broad way, Woodmere, Long Island W J Danneman, 57 Warren S t , New York City J M Deal, Washington, Pa J S Dunham, 505 Lincoln Building, Miami Beach, Fla Mrs Jessie Ball DuPont, 1514 Barnett Bank Building, Jack sonville, Fla 10 12 12 12 C D Dyer, Jr , 1984 Union Trust Bunding, Cleveland, Ohio Alexander Fund, Land Title Building, Philadelphia, Pa Ida P Gordon, 5008 Elmer A v e , Baltimore, Md Do C A Hinds, 545 North Arlington Ave , East Orange, N J H R Humphreys, Sea View Gold Club, Absecon, N J L A Hyman & Co , 42 Broad way, New York City L Judson, no 1, care of Arthur Lipper & C o , 50 Broad S t , New York City Do Mrs Dora T Langley, no 2, 3216 Hamilton S t , Baltimore, Md Mrs Israel M Lasher, special account, Alfred W Lasher, 1372 Broadway, New York City Otto V Lath, post-office box 1565, Cincinnati, Ohio Fahnestock & Co. Clark, Childs & Keeeh—H L Horton&Co Wmthrop, Mitchell <fe Co.. Adams, Merrill & Co Do 120 Abbott, Hoppm & Co 100 Long Norns & Kenly Do Newman Bros & Worms.. Short Anderson, Block & Co Kay, Richards... Thomson & McKinnon. Harnman & Co 100 40 Long Short 100 Long Hornblower & Weeks. 100 100 Do Elkins Morris & Co— 40 260 Do 70 Do 20 10 10 Do Do 110 110 Do Westheim & Co do Clark, Dodge & C o . . H L Horton & Co. J Bache&Co Arthur Lipper & Co.. do Harnman & Co.. 100 Do 100 Do 110 Do Do J S Bache&Co . 100 Do Dominick & Dommick. 100 Do 7844 STOCK EXCHANGE PEACTICES Wright Aeronautical Corporation—Continued Page 12 12 13 14 15 18 18 18 18 19 Account Broker Lowell & Son, 30 Broad S t , New WrennBros &Co A O Slaughter, Anderson & Fox Miller & Dodge E A Pierce & Co Gruntal & Co Weingarten & Co L J Marquis & Co Thomson & McKmnon York City Ralph Lyon, 317 Montgomery St, San Francisco, Calif Miller & Dodge, 30 Broad St, New York City Norns Grain Co , Ltd , 200 Bay St, Toronto, Ontario, Canada John Oldmixon, 2403 7th Ave, Altoona, Fa Harold Sager, 90 Pinehurst Ave, Bronx, N Y E F and G Shaskan, No 1, 39 Broadway, New York City Isaac J Sherman, 2 Broadway, New York City Moses Slossberg, 3706 Forest Park Ave, Baltimore, Md L J Smith, 1201 Provident Bank, Cincinnati, Ohio Do 19 W T Smith, 7340 South Shore Drive, Chicago, HI 21 Guy W Vaughan, care of Wright Aeronautical Corporation, Paterson, N J 9 Dr William J Hale, Cosmos Club, Washington, D C Do - - Bought 100 Long. 50 50 Do 1,450 1,500 Do 100 - — Do 50 50 Do 30 30 Short. 140 70 Long 100 Short 10 10 Long 100 Do. do Russell, Brewster & Co Do Hayden, Stone & Co Clark, Childs & Keech Short 100 Long Westheuner & Co do Long or short Sold 30 105 Do Do _ . do. 30 The CHAIRMAN. That being all of the data to be presented at this time, the committee will now go into executive session. (Thereupon, at 10 55 am., Wednesday, Apr. 18, 1934, the open session was adjourned and the committee proceeded to consider the national stock exchange bill in executive session.) STOCK-EXCHANGE PEACTICES TUESDAY, MAY 1, 1934 UNITED STATES SENATE, SUBCOMMITTEE OF THE COMMITTEE ON BANKING AND CURRENCY, Washington, B.C. The subcommittee met at 10:30 a.m., following adjournment on Wednesday, April 18, 1934, in room 301 of the Senate Office Building, Senator Duncan U. Fletcher, presiding. Present: Senators Fletcher (chairman), Barkley, Costigan, Townsend, and Couzens. Present also: Ferdinand Pecora, counsel to the committee; David Saperstein, associate counsel to the committee; Frank J. Meehan, chief statistician to the committee; Eoland L. Redmond, counsel to the New York Stock Exchange; William A. Lockwood, counsel to the New York Curb Exchange. The CHAIRMAN. The subcommittee will come to order, please. This is a meeting of the subcommittee on stock exchange practices, and we have met to receive a report from the counsel to the committee, Mr. Pecora. STATEMENT OF HOW. FEEDINAND PECORA, COUNSEL TO THE COMMITTEE Mr. PECORA. Mr. Chairman, for the completion of the record I now offer certain papers. At a prior hearing of the committee I introduced in evidence the returns made by the New York Stock Exchange as a separate entity to a questionnaire that was addressed in behalf of this committee to that exchange. The documents composing the return to that questionnaire were heretofore offered in evidence, as will appear at page 7288 of the printed proceedings of this committee. I now want to offer in evidence the original questionnaire itself addressed to the New York Stock Exchange in behalf of the committee. Senator COSTIGAN. Mr. Pecora, I do not find any date upon this questionnaire you have just offered in evidence being a copy of an original sent out by you. Do you know the date of it? Mr. PECORA. That was sent out last October. The CHAIRMAN. The questionnaire addressed on behalf of this committee to the New York Stock Exchange in October 1933 will be received in evidence and appropriately marked by the committee reporter. (The questionnaire addressed to the New York Stock Exchange as a separate entity, in October of 1933, was received in evidence and marked " Committee Exhibit No. 1, May 1,1934 ", and is as follows:) 7845 7846 STOCK EXCHANGE PBACTICES COMMITTEE EXHIBIT NO 1—MAY 1, 1934 QUESTIONNAIRE TO THE NEW TOKK STOCK EXCHANGE: A Give the following data for a current date 1 Number of members of the New York Stock Exchange 2a Estimate the number of members considered as acting primarily as traders for their own account 2b Estimate the number of members considered as acting primarilyas floor brokers 2c Estimate the number of members present on the floor 2d The number of members who do not maintain regulai repiesentation on the floor of the Exchange, giving the names and addresses 2e. Number of registered firms carrying margin accounts for customers and number of membership® held by such firms 2g Names of all member houses engaged exclusively in handling odd lot transactions. C Obtain from all odd lot houses the number of shares bought and the number of shares sold by them during the period April 1, 1933, to July 31, 1933, inclusive K 1 Give the names of all members who acted as specialists on October 1, 1929, and July 1, 1933 Give the names of the securities assigned to each K. 2 Furnish copies of all provisions in the constitution and by-laws of the , New York Stock Exchange relating to specialists in effect on December 31, 1929, and copies of all amendments subsequent thereto up to* August 31, 1933 K 3 Give names of all specialists who have been subjected to formal warning, -trial, or disciplinary action of any nature or character whatsoever by any committee or governing body of the Exchange foi the period from January 1, 1928, to September 1, 1933 In each case state the date, the nature of the alleged violation and the disposition thereof L Give the following data for each of the years from 19219 to 1933, inclusive L 1 Number of persons employed by Committee on Publicity of the New York Stock Exchange L 3 Number of persons employed by the Department of the Economist of the New York Stock Exchange L 4 Total yearly expenditures by the New York Stock Exchange ioi all of the above enumerated purposes Li 5 Total number of Presidents' addresses or statements, yearbooks, annual reports of the President, and similar publications circulated or distributed by the Exchange oi any of its subsidiaries. L 6 The titles and dates of all such publications L 7 The number of copies of the two books—" The Work of the Stock Exchange " and " Short Selling", written by the Economist of the New York Stock Exchange, which were purchased by the Exchange or any of its subsidiaries and weie distributed gratis and the general nature of such distribution L 9 Furnish copies of all the articles, speeches, pamphlets, brochures or writings of Richard Whitney, President of the New York Stock Exchange, published since 1928 M Give the following data for each of the years from 1928 to September 1, 1933M 1 Names of bond issues listed on the New York Stock Exchange which have been in default m the payment of principal and interest during such period M 2 List of members or member houses of the New York Stock Exchange who weie suspended for insolvency M 3 List of members suspended oi expelled by the New Yoik Stock, Exchange, giving the dates ot such suspension or expulsion, the reasons therefor, and where such members weie in partnership, the names of such firms N Give the following information for each of the years from 1928 to 1933,, inclusive N 1 All committees of the New York Stock Exchange and the names of the members of each committee STOCK EXCHANGE PBACTICES 7847 Mr. PECORA. NOW, Mr. Chairman, there was addressed to a number of stock exchanges situated throughout the country other than the New York Stock Exchange, a form of questionnaire in behalf of this committee. I want to put in evidence at this time a copy of that form of questionnaire addressed to such other stock exchanges. Senator COSTTGAN (presiding). The form of questionnaire will be received in evidence and made a part of the record, and it will be appropriately marked by the committee reporter. (A carbon copy of the form of exchange questionnaire addressed to a number of stock exchanges throughout the country other than the New York Stock Exchange, was received in evidence ax\d, marked u Committee Exhibit No. 2, May 1, 1934 ", and is as follows:) CJOMMITTEE EXHIBIT NO 2—MAY 1, 1934 MISCELLANEOUS EXCHANGE QUESTIONNAIRE A Give the fallowing data for a cuirent date or period, specifying the date or period • 1 State the number of members of your Exchange 2 t(a») .State the number of registered firms of your Exchange (excluding those which are also members of the New York Stock JBxchange) which carry margin accounts for customers and state the number of memberships held by such firms (b«) State the number of individual members of your Exchange (excluding those who are members of the New York Stock Exchange) who carry margin accounts for customers '(e) Give the names of all members of your Exchange engaged in handling odd lot transactions (d) State the average number of members who are present daily on the floor of your Exchange JB. 1 Give the names ot all members who acted as Specialists on your Exchange on July 1, 1933, together with the names of the active stocks in which they were Specialists respectively For the purpose of this question the term " active stocks " shall be deemed to include those of which not less than 50,000 shares weie traded in during the period from July 1, 1932, to July 1, 1933 2 Furnish copies of all provisions relating to Specialists in the Constitution and By-Laws of your Exchange in effect on Januaiy 1, 1928, and copies of all amendments thereto up to September 1, 1933 3 Give the names of all Specialists who have been subjected to formal warning, trial or disciplinary action of any nature or character whatsoever by any Committee or governing body of the Exchange for the period from January 1, 1928 to September 1, 1933 In each case, state the date, the nature of the alleged violation and the disposition thereof. C Give the following data for each of the years from 1929 to 1932, inclusive, and for the period from January 1, 1933 to September 1, 1933 • 1 State the number of persons employed by your Exchange or any authorized Committee thereof in publicity and/or public relations activities 2 Give the total yearly expenditures by your Exchange in connection with publicity and/or public relations activities 3 State the total number of pamphlets, brochures, printed addresses, articles or writings circulated or distributed by the Exchange or any of its subsidiaries 4. Give the titles and dates of all such publications D Give the following data for each of the years from 1928 to 1932, inclusive, and for the period January 1,1933 to September 1,1933, inclusive 1 Furnish the names of all bond issues traded in on your Exchange which have been in default in principal or interest during said period 2 Furnish the tnames of all members or member firms who were suspended by your Exchange for insolvency. 7848 STOCK EXCHANGE PKACTICES 3. Furnish the names of all members or member firms who were suspended or expelled by your Exchange, giving the dates of such suspensions or expulsions and the reasons therefor Where an individual member was suspended or expelled, state also the name of his firm and the names of each partner theieof, and wheie a member firm was suspended or expelled, state the name of each partner thereof. E Give the following information for each of the years from 1928 to 1932, inclusive, and for the period January 1, 1933 to September 1, 1933, inclusive All Committees of your Exchange and the names of the members of each Committee. F. Give the following information for the years 1928, 1929 and 1932 The total number of shares of stock traded in on your Exchange G Give the following information as of July 31, 1933: 1 Furnish the names ot all common stock issues and preferred stock issues listed on your Exchange and state the total number of shares outstanding in each of said issues 2 Furnish the names of all bond issues listed on your Exchange and state the total amount of bonds outstanding m each of said issues. 3 State the total market value of the listed common stocks, listed preferred stocks, and listed bonds as of said date 4. Describe the listing requirements of your Exchange for stocks and bonds, attaching to your answer a copy of each type of application for listing 5 If your Exchange has an Unlisted Department, describe the requirements for admission to such Department, attaching to your answer a copy of each type of application for trading in such Department. H Furnish a copy of the Directory of your Exchange for the years 1928 to 1933, inclusive NOTE—All answers should be sent to United States Senate Subcommittee on Banking and Currency, 285 Madison Avenue, New York City Mr. PECORA. Mr. Chairman, I now desire to make a part of the evidence the original returns made by stock exchanges throughout the country other than the New York Stock Exchange in answer to the questionnaire just placed in evidence. The number of exchanges which made returns to that questionnaire is 34. The CHAIRMAN. The answers made by stock exchanges throughout the country, other than the New York Stock Exchange, will be received in evidence, but need not be printed. (The 34 answers made by stock exchanges throughout the country (other than the New York Stock Exchange) were received in evidence and marked " Committee Exhibit No. 3, May 1, 1934 ", and will be filed with the records of the committee.) Mr. PECORA. Mr. Chairman, I wish to state that a recapitulation of the answers made by those 34 other stock exchanges to the questionnaire which has been made a part of the record has been prepared by members of the investigating staff of the committee, which recapitulation I now desire to offer in evidence. The CHAIRMAN. The recapitulation will be received in evidence and made a part of the record, to be appropriately marked by the committee reporter. (A paper entitled " Recapitulation—Answers to Miscellaneous Exchange Questionnaire and to New York Stock Exchange Questionnaire ", was received in evidence and marked " Committee Exhibit No. 4, May 1,1934 ", and is as follows:) 7849 STOCK EXCHANGE PEACTICES COMMITTEE EXHIBIT NO 4—MAY 1, 1934 RECAPITULATION ANSWEBS TO MISCELLANEOUS EXCHANGE QUESTIONNAIRE AND TO NEW YORK STOCK EXCHANGE QUESTIONNAIRE [The order in which the summaries appear below corresponds with the order of questions in the Miscellaneous Exchange Questionnaire but does not correspond with the order of questions in the New York Stock Exchange Questionnaire] Number of Security Exchanges Responding to Questionnaire 84 A—1 Number of Members (a) N Y Stock Exchange(b) Other Exchanges l Regular Members Associate Members _ _ 1,375 4,594 435 Total. A-2-(a)-(b) Number of Members Carrying Margin Accounts (a) N Y Stock Exchange Firms (b) Other Exchanges 2 Firms Individual members 6, 404 _ 447 550 63 Total Number of memberships held by all firms carrying Margin Accounts Exchanges where individual members do not carry Margin Accounts Exchanges where no members carry Margin Accounts A-2-(c) Members Handling Odd Lot Transactions (a) N Y Stock Exchange (b) Other Exchanges 1, 060 1, 337 22 9 Total Exchanges where any member can deal in odd lots A-2-(d) Average Daily Attendance on Exchanges (a) N Y Stock Exchange (b) All other exchanges combined 2, 626 17 Total B-l Number of Specialists 3 (a) N Y Stock Exchange (b) Other Exchanges B-2 6 2, 620 1,000 1,858 _ 2, 858 372 377 Total— Exchanges with no Registered Specialists 749 20 Exchanges with By-Laws Relating to Specialists Exchanges without By-Laws Relating to Specialists 13 21 B-3 Number of Occasions when Specialists Received Warning, Trial or Disciplinary Action. 1928 J 1929 (&) New York Stock Exchange (b) Other Exchanges _— _. Number of Exchanges where no Specialists received warning, trial or disciplinary action _. 1 1931 1932 1933 12 8 30 31 31 30 30 Figures for other exchanges includes members of more than one exchange 2 Figure for other exchanges includes members on more than one exchange, but excludes members who are8 also members of the N Y Stock E x p a n s e Compiled from answers filed by members 7850 STOCK EXCHANGE PBACTICES 0 - 1 . Number of Persons Employed in Public Relations Work 1929 (a) New York Stock Exchange * (b) Other Exchanges Number of Exchanges Employing no Persons m Public Relations Work 1930 1931 1932 1933 24 19 30 23 24 23 24 20 26 22 23 22 21 20 21 i Includes employees of Committee on Publicity and Dept of Economist C-2 Yearly Expenditures in Connection with Public Relations Activities. 1929 W N Y Stock Exchange! ID) Other Exchanges Total 1930 1932 1931 $174,846 11 $243,964 91 $284,863 94 $206,439.25 160,608 43 222,551 07 132,391 78 85,344 66 1933 $92,970 51 72,334 50 $335,454 54 $466,515 98 $417,255 72 $291,783 91 $165,305 01 i Includes expenditures by Committee on Publicity and Dept of Economist. C-3. Number of Pamphlets, etc , Distributed, 1929-1933 (a) N Y. Stock Exchange * (b) Other Exchanges D-l . Total... .Number of Listed Bond Issues in Default, 1928-1933* (a) N Y Stock Exchange (b) Other Exchanges _ 3, 830, 150 1, 507, 204 5, 337, 354 324 661 Total D-2. Number of Members and Member Firms Suspended for Insolvency, 1928-1933 (a) New York Stock Exchange (20 members, 18 member firms) (b) Other Exchanges (152 members, 121 member firms) D-3. Number of Members and Member Firms Suspended or Expelled, 1928-1933 (a) New York Stock Exchange (24 Members, 11 Member Firms)__. (b) Other Exchanges (160 Members, 59 Member Firms) 985 38 273 35 219 254 F. Number of Shares Traded on Exchanges 1928 fa) New York Stock Exchange (b) Other Exchanges Total 1929 920,550,032 604,468,185 1,124,608,910 724,845,104 425,234,294 136,494,739 1,525,018,217 1,849,454,014 561,729,033 G-l. Number of Common and Preferred Stocks Listed on Exchanges (a) N Y Stock Exchange (1/1/33) (b) Other Exchanges (7/1/33) Total G-2 Number of Bond Issues Listed on Exchanges (a) N Y Stock Exchange (1/1/33) (b) Other Exchanges (7/1/33) Total 1932 1,237 4,851 6,088 1,549 2,249 3,798 i Includes approximately 7,650 copie's of " T h e Work of the Stock Exchange" and 1,500 copies of "Short Selling" by the economist of the N Y Stock Ex STOCK EXCHANGE PRACTICES 7851 G-3 Market Value of Securities Stocks (a) N Y Stock Exchange (12/1/32).. i Other Exchanges (7/1/33). Total Bonds $22,259,137,174 62,289,668,303 $38,095,183,063 14,622,997,711 $84,648,805,477 $52,718,180,774 I G-5. Exchanges Maintaining Unlisted Departments Exchanges not Maintaining Unlisted* Ilepartments_ The CHAIRMAN. YOU may go on, Mr. Pecora. Mr. PECORA. For the convenience of the committee 17 17 there has also been prepared by the investigating staff a summary of the answers to this so-called " miscellaneous stock-exchange questionnaire " addressed to the 34 other stock exchanges. This summary gives a recapitulation of the answers to the questions in the questionnaire, question bji question. I offer that summary in evidence, Mr. Chairman. The CHAIRMAN. The summary will be received in evidence and appropriately marked by the committee reporter. (The papers entitled " Summary of Answers to Miscellaneous Stock Exchange Questionnaire and to New York Stock Exchange Questionnaire were received in evidence and marked "Committee Exhibit No. 5, May 1, 1934", and are as follows:) 175541—34—PI 17 7 COMMITTEE EXHIBIT NO 5—MAY 1, 1934 Summary of answers to miscellaneous exchange questionnaire and to New York Stock Exchange questionnaire A-l Number of members Regular Associate Baltimore Stock Exchange _._ Boston Stock Exchange Boston Curb Exchange Buffalo Stock Exchange Cincinnati Stock Exchange Cleveland Stock Exchange Colorado Sprmgs Stock Exchange Chicago Board of Trade Chicago Curb Exchange Chicago Stock Exchange Denver Stock Exchange Detroit Stock Exchange -._ Hartford Stock Exchange Los Angeles Curb Exchange Los Angeles Stock Exchange..Milwaukee Gram & Stock Mmneapolis-St Paul Stock Exchange New York Produce Exchange. New York Curb Exchange New York Mining Exchange New York Real Estate Securities New Orleans Stock Exchange Philadelphia Stock Exchange Pittsburgh Stock Exchange Richmond Stock Exchange San Francisco Curb Exchange San Francisco Mmmg Exchange San Francisco Stock Exchange Salt Lake Stock Exchange Seattle Stock Exchange. Si Louis Stock Exchange. _ Standard Stock Exchange Washington Stock Exchange Total miscellaneous New York Stock Exchange Total 77 139 23 28 50 41 13 1,649 196 391 14 67 20 78 67 251 20 78 550 34 140 51 206 115 12 77 38 71 43 54 44 17 40 4,594 1,375 5,969 Number of members carrying margin accounts Number Memberships of firms A-2 11 None 1 6 2 None 183 27 26 None 12 3 44 35 None 426 435 435 None None 7 40 9 None 29 18 26 13 None 4 None None 550 447 997 A-2a 16 11 None 1 7 3 None 244 31 46 None 12 3 49 42 None 67 None None 11 None 34 18 29 16 None 4 None None 722 615 1,337 Individuals A-2b 1 None None None None None None 29 None 4 None None None 4 3 None None 1 2 None None 3 None 2 None 8 None 6 None None None None None None 63 to B-2 A-2c B-3 ExNumber of occasions when specialists changes received warning trial or disciplinary Members Average Number with byaction handling odd daily at- of spe- laws relot transac- tendance cialists lating to tions special- 1928 1929 1930 1931 1932 9-1-33 ists A-2d 77 (all) 23 (all) 28 (all) None 46 (all) 13 (all) 1,549 (all) 196 (all) 26 14 (all) 3 20 (all) 1 2 o 1 25 236 34 (aU) 51 (all) None 9 12 (all) None None 7 43 all) 2,620 2,626 15 60 15 11 15 12 5 750 20 125 8 23 20 15 26 100 6 40 344 12 3 20 40 30 12 11 22 40 22 None 13 15 8 1,858 1,000 2,858 B-l None None None None None None None 4 None 36 5 6 None 2 5 None 2 29 236 None None None 33 7 None 3 None 9 None None None None None None None None None None None None Yes Yes Yes None Yes None Yes Yes None None Yes Yes None None None Yes None None Yes None Yes Yes None None None None None None None None None None None None None None None None None None None None None None 4 None None None None None None 3 None 6 None None None None None 377 372 Yes 14 27 749 None None None None None None None None None None None None None None None None None None None None None None None None None 2 None 1 None None None None None 23 None None None None None None None None None One None None None None None None None None 2 None None None None None None 7 None 1 None None None None None 26 None None None None None None None None None None None None None None None None None None None None None None None None None 4 None 8 None None None None None None None None None None None None None None None None None None None None None None None 2 None None None None None None 6 None 2 None None None None None 29 25 None None None None None None None None None None None None None None None None None None 4 None None None None None None 1 None 3 None None None None None 8 12 20 o W Q O 3 3 Summary of answers to miscellaneousexchange questionnaire and to New York Stock Exchange questionnaire—Continued C-2 C-l Number of Persons Employed in Public Relations Work 1929 Baltimore Boston Stock Boston Curb Buffalo Stock Cincinnati Cleveland*.Colorado Springs Stock Ex Chicago Board of Trade Chicago Curb 1930 1931 1932 9-1-33 None None None None None None None None None None 3 None None None None $7,000 00 2 2 2 2 None None 1,809 89 $1,378 17 None None None None None None None None None None None" None None None None None None None None None None None None None None 12,272 25 $92 00 3 3 2 3 3 None None None None None None None None None None Outside Outside Outside Outside Outside 43,378 41 38,000 00 48,000 00 $52,500 00 $45,750 00 1 3,918 82 5,603 57 1,300 00 1,300 00 1,300 00 1 1 Outside Outside Denver Stock Exchange— ._ - None None None None None Detroit Stock Exchange Outside Outside Outside Outside Outisde None Hartford Stock Exchange None None None None 1 1 1 1 1 Los Angeles Curb __ . 1 1 2 2 2 Los Angeles Stock Milwaukee Grain & Stock _ _, None None None None None None None None None Mmneaphs-St Paul Stock E x . . None 2 3 3 4 5 New York Produce 3 3 2 2 2 New York Curb New York Mining. _ _ None None None None None 3 1 2 2 2 New York Real Estate None None New Orleans None None None 1 1 None None Philadelphia None 1 1 Pittsburgh.— None None None Ricnmond Stock None None None None None 1 1 San Francisco Carb _ None None None None None Sin Francisco Mining None None None 3 San Francisco Stock _ __ _ _ 3 5 5 5 Non8 None None Salt Lake Stock None None None Seattle Stock None None None None St Louis Stock None None None None None None Standard Stock __ None None None None None Washington Stock None None None None Total Miscellaneous New y 6 r k Stock Exchange nTotal C-3 Total Yearly Expenditures in Connection with Public No of Relations Activities Pamphlets Distributed, 19299-1-33 1932 1930 1931 1929 1933 600 00 600 00 400 00 940 84 None None 1,000 00 1,150 00 1,100 00 4,475 00 4,395 83 3,525 00 None None None None None None 31,040 00 63,853 11 33,437 57 18,197 10 17,181 01 18,909 81 None None None 10,596 20 25,120 36 6,097 76 None None None 250 00 None None None 2,938 44 8,436 56 None None None 6,825 58 5,304 65 2,548 69 None None None 35,181 77 29,803 82 13,546 00 None None Noie 757 94 1,915 11 1,620 02 None None None None None 450 00 None None None 600 00 600 00 600 00 355 96 550 00 2,300 00 None None 4,190 18 8,086 30 None 5,226 49 None 150 00 None None 3,279 92 None 6,780 04 None 25 77 None None None 125 00 None 1,387 00 None None 5,886 83 8,497 07 None 434 58 None None None None 2,255 26 None 6,089 46 None 9 30 None None None D-l D-2 Suspended for inNo of Bond Is- solvency, 1928-1933 sues in Default, 1928-1933 Members Firms None 10,000 None None None 38,000 None 742,950 2 18 None 1 1 None 7,800 None None 50,250 57,500 None 358,420 None 1 1 None 4 None 242,250 1 3 1 1 None 33 73 None 2 None 8 None None 27 94 None None None None 3 3 6 24 111 None 117 20 13 82 2 3 None 10 None 6 12 None 12 None 7 1 None 2 1 None 39 None 5 1 19 2 6 5 None None 2 38 None 1 2 10 None None 2 1 2 None None 4 1 None None 1 None None 1 1 None 37 3 •4 1 7 2 6 5 None None 2 31 None None 2 8 None None 2 1 2 None None 4 1 None 19 24 23 30 23 24 20 24 22 160,608 43 222,551 07 132,391 78 85,344 66 26 174,846 11 243,964 91 284,863 94 205,439 25 72,334 50 1,507,204 92,970 51 3,830,150 661 324 152 20 121 18 43 53 47 44 48 335,454 54 466,515 98 417,255 72 291,783 91 165,305 01 5,337,354 985 172 139 Summary of answers to miscellaneous exchange questionnaire and to New York Stock Exchange questionnaire—Continued D-3 No of Members Suspended or Expelled Baltimore Boston Stock_ Boston Curb Buffalo Cincinnati Cleveland Colorado Sprmgs Chicago B o f T Chicago Curb Chicago Stock ___ Denver. Detroit Hartford Los Angeles Curb Los Angeles Stock Milwaukee Qt & Stock. Minn-St Paul New York Produce New York Curb New York Mining N Y Beal Estate. New Orleans Philadelphia Pittsburgh Richmond San Fran Curb San Fran Mining San Fran Stock Salt Lake Stock Seattle Stock St Louis Standard Washington Total, Miscellaneous. New York Stock Ex No of Committees and Names of Members Membeis Firms 1928 1929 1930 1931 1932 1 None 3 1 1 None None 42 8 12 10 5 None 8 10 None None 1 12 1 None None None 1 3 None None 3 3 1 9 1 None 10 8 None None 1 4 12 1 Out 1 7 1 28 12 15 Out 5 1 6 13 24 None 4 15 None 2 7 11 7 2 9 3 9 7 4 12 1 3 1 7 1 27 10 20 Out 6 1 7 16 24 3 6 18 None 6 8 11 7 2 10 3 11 7 8 11 5 4 260 13 273 4 12 1 3 1 7 1 26 10 16 8 8 1 12 15 25 3 9 20 None 14 9 11 9 2 11 3 12 7 10 11 5 4 290 13 4 12 6 4 1 8 1 27 10 16 8 11 1 11 16 25 3 10 20 None 14 9 11 9 2 11 3 12 7 11 11 5 4 303 13 316 4 12 8 5 1 8 1 23 10 16 7 9 1 11 16 27 4 9 19 None 14 9 11 9 2 11 5 12 7 11 11 5 4 0 None 1 3 2 1 2 None None None 160 184 1 11 2 1 0 None 1 1 None 1 None None None 11 70 226 13 13 315 9-1-33 Number of Shares Traded in on Exchange 1928 919,365 19,069,761 26,631,579 Out 1,584,336 2,117,549 592,205 1929 1932 350,350 1,312,270 25,075,468 10,299,561 938,978 5,475,058 4,832,540 610,078 1,643,130 321,867 407,463 2,007,110 666,534 52,519 1,155,643 890,775 596,920 6,643,201 840,200 38,941,587 82,216,000 15,642,000 Not open Not open 3,057,258 10,227,019 11,434,665 2,775,956 No record No record No record 18,466,611 3,106,501 37,775,806 49,403,086 3,068,749 15,406,993 Not open 143,305 Not open Not open 323,662 715,561 4,570,124 130,851 18,209,846 230,043,682 337,356,310 56,199,664 None None None Not open No sales 3,310 52,212 336,620 344,536 17,850,639 6,592,342 35,520,785 2,013,205*$ 5,328,923 1,551,958 29,577 23,073 14,014 1,401,017 29,464,827 12,983,565 10,455,994 72,246,056 48,864,531 19,188,822 7,058,715 31,530,016 3,468,282 30,455,056 30,747,622 15,393 481,718 180,399 165,042 1,318,896 1,077,984 18,574,101 1,844,147 20,177,931 99,831 9,035 88,748 308 604,468,185 724,845,104 136,494,739 13 1,124,608,910 425,234,294 321 1,525,018,217 1,849,454,014 561,729,033 CO H O O W o W i Q 5i O i I GO Baltimore Boston Stock Boston Curb Buffalo Cincinnati Cleveland Colorado Springs Chicago B ofT _ Chicago Curb _._ Chicago Stock Denver.. — Detroit Hartford Los Angeles Curb Los Angeles Stock Milwaukee Gr & Stock.... Minn -St Paul New York Produce New York Curb New York Mining N Y Real Estate New Orleans Philadelphia Pittsburgh Richmond San Fran Curb San Fran Mining San Fran Stock. Salt Lake Stock Seattle Stock St Louis Standard.. WashingtonTotal, Miscellaneous. New York Stock Ex G-l (7/1/33) G-2 (7/1/33) G-3 No of Stocks Listed Preferred & Common No of All Bond Total Market Value as at July 31,1933 126 280 46 38 191 168 19 47 114 393 6 104 38 143 105 57 29 877 1,098 5 None 16 155 93 49 145 103 128 98 20 106 39 15 Common 234 312 11 29 45 12 1 1 24 171 None None 26 None 27 49 4 154 634 None 2 122 180 39 20 37 None 58 None 24 16 None 17 Pieferred Bonds $320,816,100 00 $565,493,000 00 $119,415,000 00 8,712,092,026 00 613,506,693 00 2,598,662,252 00 16,460,001 00 14,260, 619 92 43,205 24 704,418,253 25 ( C o m & Pfd) 98,923,212 00 590,000,000 00 29,000,000 00 126,000,000 00 446,324,810 60 218,812,506 00 2,174,361,250 00 5,571,149 94 4,046,800 00 1,017,600 00 1,100,332,453 00 1,041,744 00 131,799,357 00 831,273,203 00 153,198,070 00 22, 712,333 00 3,944,088,474 00 336,033,575 00 278,078,933 00 4,085,606 05 2,116,896,153 00 604,943,576 00 15,257,445 00 8,809,699,156 00 None 13,314,790 00 2,170,251,000 00 596,071,292 00 469,078,000 00 113,574,529 00 55,654,832 00 168,687,678 00 83,986,205 00 41,154,894 00 9,509,780 00 418,167,922 00 6,714,346 00 Not available 10,981,391,796 00 1,872,591,170 00 4,596,225,765 00 8,061,065 47 22,486,504 00 3,592,493,000 00 759,053,622 00 Not available 5,985,659,463 00 Not available 2,144,774,064 00 Not available 29,368,886 00 222,517,790 00 77,805,710 12 2,294,091,968 00 339,000 00 152,590,366 00 191,961,024 00 Not available 184,958,198 00 Not available 342,587,558 00 Not available 5,679,795 00 53,852,213 00 2,875,000 00 150,733,105 00 1,851,535,644 00 61,883,625 00 Not available 455,945,763 00 Not available 841,529,353 00 Not available 16,228,815 00 94,269,141 00 19,387,000 00 44,959,745 75 4,851 (1/1/33) 1,237 2,249 57,353,162,045 35 4,936,506,258 24 (/1/33) 1,549 22,259,137,174 00 (Com & Pfd) 14,622,997,711 05 38,095,183,063 00 6,088 3,798 79,612,299,219 35 4,936,506,258 24 52,718,180,774 05 O O Pi M O W i Q Summary of answers to miscellaneous exchange questionnaire and to New York Stock Exchange questionnaire—Continued G-4 G-5 Listing Maintain Require- Unlisted Departments ment Furnished Baltimore Stock Boston Stock Boston Curb Buffalo Stock— Cincinnati Stock Exchange Cleveland Stock Exchange Colorado Springs Chicago Board of Trade Chicago Curb Chicago Stock _ Denver Stock Exchange Detroit Stock Exchange Hartford Stoke Exchange Los Angeles Curb Los Angeles Stock . Milwaukee Gram & Stock Exchange.. Mmneapohs-St Paul... N Y Produce Exchange. Yes . YesYes. Yes Yes. Yes. . None Yes .. Yes. Yes. Yes. Yes. Yes Yes Yes. Yes. Yes None Yes Yes None None None None Yes None None. Yes None None Yes . . . None All Unlisted Yes . . . . Yes . .. G-4 G-5 Maintain Listing Require- Unlisted ments DepartFurnished ment Copy of Directory Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes N Y Curb Exchange N Y Mimng Exchange N Y Real Estate Securities _ New Orleans Stock Exchange Philadelphia Stock Exchange Pittsburgh Stock Exchange Richmond Stock Exchange San Francisco Curb Exchange San Francisco Mining Exchange San Francisco Stock Exchange Salt Lake Stock Exchange Seattle Stock Exchange St Louis Stock Exchange.. Standard Stock Exchange Washington New York Stock Exchange Yes... None.. YesYes. YesYes. Yes Yes. Yes. YesYes. Yes. Yes. Yes. Yes. _-. Yes. Yes. 32. 2 .. Yes . . . Yes— Yes_ — Yes.... Yes.— Yes — None None None. None None.. None Yes-_. Yes — None.. oo §5 Copy of Directory Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes 34 STOCK EXCHANGE PRACTICES 7857 Mr. REDMOND. Simply in order to make the record clear, let me ask: I understand that where a firm held membership in various stock exchanges, for instance, on the New York Curb, the Chicago Stock Exchange, and the San Francisco Stock Exchange, the answers of that member firm in regard to its profits and losses would be included in the answer made as to the New York Stock Exchange membership, irrespective of whether the profits were realized on transactions on the New York Stock Exchange or on the other exchanges. Mr. PECORA. That is correct. Mr. REDMOND. And therefore the earnings statements shown for the separate exchanges in your tabulation, for instance, take the New York Curb Exchange tabulation, and a profit and loss statement m that case represents only those members who are not members of the New York Stock Exchange. Mr. PECORA. That is right. The CHAIRMAN. YOU may proceed, Mr. Pecora. Mr. PECORA. Mr. Chairman, referring to the recapitulation offered in evidence and which has been marked " committee exhibit no. 4, May 1, 1934 ", being a recapitulation of the answers made by the 34 other stock exchanges to the questionnaire sent to them by this committee, I wish to call special attention to the following items: The total number of members of the New York Stock Exchange is shown as 1,375. The total number of regular members of the 34 other exchanges is 4,594. The total number of so-called "associate members" of the 34 other exchanges is 435, which makes a total membership of the New York Stock Exchange and 34 other exchanges of 6,404. There is another item of this recapitulation to which I desire to call the attention of the committee: It is the one indicating that during the year 1929 the New York Stock Exchange expended a total of $174,846.11 in connection with so-called " public-relations " activities, including expenditures by the committee on publicity and the department of economics. All of the other 34 exchanges expended during that year for similar activities a total of $160,608.43, or a total of $335,454.54 expended by the New York Stock Exchange and the 34 other exchanges. The total of such expenditures for the year 1930 was, m behalf of the New York Stock Exchange, $243,964.91, and for the 34 other exchanges $222,551.07, or a total of $466,515.98. For the year 1931 the total of such expenditures was $417,255.72, the total for the New York Stock Exchange being $284,863.94, and the total for the 34 other exchanges being $132,391.78. The total of such expenditures for the year 1932 was $291,783.91, being divided as follows: Expended by the New York Stock Exchange, $206,439.25, and by the 34 other exchanges, $85,344.66. The total expenditures for that purpose for the year 1933 was $165,305.01, being divided as follows: By the New York Stock Exchange, $92,970.51, and by the 34 other exchanges, $72,334.50. I also want to call attention to this item from said recapitulation: The total number of pamphlets distributed during the years 1929 to 7858 STOCK EXCHANGE PEACTICES 1933, both inclusive, by the New York Stock Exchange was 3,830,150, and by the 34 other exchanges it was 1,507,204, making a total or 5,337,354 pamphlets distributed. I also wish to call attention to the item showing that the total number of shares traded in on these 35 exchanges, which includes the 34 already mentioned, and the New York Stock Exchange, during the the calendar year 1932 was 561,729,033 shares, divided as follows: On New York Stock Exchange, 920,550,032 shares, and on the 34 other stock exchanges 604,468,185 shares. The total number of shares traded in on said exchanges for the year 1929 was 1,849,454,014 shares, divided as follows: On the New York Stock Exchange, 1,124,608,910 shares; and on the 34 other exchanges, 724,845,104 shares. The total number of shares traded in on these 35 exchanges during the calendar year 1932 was 561,729,033 shares, divided as follows: On the New York Stock Exchange, 425,234,294 shares, and on the 34 other exchanges 136,494,739 shares. Mr. REDMOND. I think, Mr. Pecora, if I might make a suggestion, that is too small a figure for a full year. I think there must be some mistake about those figures. Mr. PECORA. The questionnaire itself to which the answer called for these figures mentions the calendar years 1928, 1929, and 1932. Mr. REDMOND. And do you mean that for 1932 that figure is supposed to represent the total number of shares traded in? Mi*. PECORA. Yes. Mr. REDMOND. Might we leave that subject to verification? Mr. PECORA. Yes. As you probably will recall, 1932 was rather a poor year in that respect. Mr. REDMOND. I know. But it hardly seems possible that the number of shares traded in was down around 425 million. Mr. PECORA. YOU may submit any data you may have on that, and if it conflicts with what we have here we will correct the exhibit before printing. Senator COSTIGAN. Then it will be understood that the exhibit has been submitted for the record, but if on a check-up a correction is required, such correction will be made. Mr. PECORA. Yes. But I will say that it is correct according to the figures that we have. The CHAIRMAN. YOU may proceed, Mr. Pecora. Mr. PECORA. Mr. Chairman, I now wish to offer in evidence in printed form a questionnaire addressed in behalf of this committee to member firms of the New York Stock Exchange. The CHAIRMAN. That may go in, but it is my opinion that it has already been made a part of the record. Mr. PECORA. NO, Mr. Chairman, this questionnaire has not been made a part of our record. The CHAIRMAN. All right. It will be received in evidence and made a part of the record under an appropriate number. (The paper headed " Questionnaire, Member Firms of the New York Stock Exchange ", was received in evidence and marked " Committee exhibit no. 6, May 1,1934," and is as follows:) STOCK EXCHANGE PRACTICES 7859 COMMITTEE EXHIBIT NO 6—MAY 1, 1934 EXHIBIT B QUESTIONNAIRE MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE 1. Furnish the information xequejjfd, below as of July 31', 192&; July 31, 1929; December &l,,1929u December*^ 1930; December 31, 1931, December 31, 1932; and September 30, 1933 : " (a) Did any member partner of your firm on or about the above dates act primarily as a floor trader in stocks? If so, furnish the name or names of such member partner or member partners and set forth upon which of said dates each ac*ed in such capacity. (&) Did any member partner ot your firm on or about the above dates act primarily as a floor broker in stocks ? If so, furnish the name or names of such member partner or member partners and set forth upon which of said dates each acted in such capacity (e) If the answers to (a) and (6) are in the negative, furnish the name or names of your member partners who were active on the floor of the exchange on or about the above dates, and in what capacity (d) Furnish list of all member partners not included in (a), (ft), or (c), describing the duties of each on or about the above dates. 2. If any of the member partners of your firm were specialists in listed stocks on the floor of the New York Stock Exchange on July 1, 1933, furnish as to each, a list oi: such stocks 3. Submit the following information for the whole year 1929 and for the period from January 1, 1983 to September 1, 1933 • (a) Approximate total number of customers (persons, partnerships, and/or coiporations) who bought or sold any securities through your firm (&) Approximate total number of the above whose transactions were of a cash character. 4. (a) State total numbers of shares bought and total number of shares sold on the New York Stock Exchange for the account of your firm for the month of July 1933, excluding transactions in error accounts (6) Submit on behalf of each member and nonmember partner (whether active or inactive) a statement showing the approximate total number of shares bought and the approximate total number of shares sold on the New York Stock Exchange for their respective personal accounts for the month of July 1933 (odd lot houses need not answer question 5) 5. State the approximate total numbei of accounts on the film's books having debit balances as ot December 31, 1928; July 31, 1929, December 31, 1929, December 31, 1930, December 31, 1931, December 31, 1932, and June 30, 19133 6. (a) State whether your firm held any option or had a participation in any option, exceeding 10,000 shares of any single security during the years 19-9 to 1933, inclusive If answer is in the affirmative and firm held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options (ft) State whether any partner of your firm or any person acting on behalf of youi fiim or of any partner thereof, held any option or had a participation in any option, exceeding 10,000 shaies of any single security during the years 1929 to 1933, inclusive If answer is in the affirmative, furnish thi name or names of such person or persons, and if such person or persons held the onginal option or acted for the optionee, or optionees, furnish a photostatic copy of each such options. 7860 STOCK EXCHANGE PEACTICES 7 (a) State whether your firm participated in the profits and/or losses in any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive If the answer is in the affirmative and your firm was manager or acted lor the manager or managers for such accounts, turnish a photostatic copy of each of said syndicate, pool, and/or joint account agreements (6) State whethei any partner of your firm or any person acting for or on behalf of your firm or of any partner thereof, participated in the profits and/or losses in any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive If the answer is in the affiimative, furnish the names of all such partners or persons, and if such partners or persons were the managers or acted for the managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements (o) State whether any joint, syndicate, and/or pool accounts have been maintained on the fiim books during the years 1929 to 1933, inclusive, in which the firm oi any partner thereof had no proprietary interest If answer is in the affirmative and the firm was the manager or acted for the manager or managers for such accounts, furnish photostatic copies of each of such syndicate, pool, and/or joint account agreements NOTE—For the purposes of this questionnaire, a syndicate, pool, or joint account shall be deemed to be an account in which two or more parties participated for the purpose of trading actively in a single security listed on the New York Stock Exchange and in which account more than 10,000 shares were bought or sold 8 (a) Has firm, during the years 1929 to 1933, inclusive, underwritten or has it participated m the underwriting of any securities which were subsequently offered for public sale. Give separate answer as to each year (&) Has firm, during the years 1929 to 1933, inclusive, made any public offering of securities or has it participated with others in a public offering of securities Give separate answer as to each year 9 (a) Has firm acted as promoter, organizer, or manager under contract of any investment trust of the management type during the period 1929 to 1933, inclusive If the answer is in the affirmative, furnish name of such investment trust or trusts and describe the relationship existing between firm and such trust or trusts, giving in each case the period of such relationship (&) Has any partner of the firm or agent thereof acted as promoter, organizer, officer, director, or manager under contract of any investment trust of the management type during the period 1929 to 1933, inclusive? If the answer is in the affirmative, furnish name or names of such investment trust or trusts; the names of any partners of the firm or agents thereof, having any of the said relationships thereto; a description of the relationship of such partner or agents, and the period of such relationship 10 Furnish on behalf of the firm for each year from 1928 to 1932, inclusive, and for the period January 1, 1933 to September 1, 1933 inclusive, a detailed annual income statement of receipts and disbursements by classification. Such statement should clearly specify the net commissions and net interests 11. The following information is to be furnished only by firms engaging in the odd-lot business (a) State the total number of shares bought by your firm in odd lots during the periods from January 2, 1929 to December 31, 1929, inclusive, and from April 1,1933 to July 31,1933, inclusive (&) State the total number of shares sold by your firm in odd lots during the periods from January 2, 1929 to December 31, 1929, inclusive, and from April 1, 1933 to July 31, 1933, inclusive Mr. PECORA. Mr. Chairman, the returns that were made to the questionnaire which has just been offered and received in evidence, by the firms of brokers who had membership on the New York Stock Exchange, are all here in their original form. I want to STOCK EXCHANGE PEACTICES 7861 offer them in evidence in bulk. I will leave to the committee reporter to make suitable markings on them. The CHAIRMAN. Does that mean a detailed return m each case? Mr. PECORA. Yes. The CHAIRMAN. Can't you Mr. PECORA. I have a digest digest that information? of them, but in order that the record may be available for any future purpose I want the original return to the questionnaire placed in evidence. The CHAIRMAN. All right. Senator TOWNSEND. Are the original returns complete? Mr. PECORA. Yes. Senator TOWNSEND. I understood that they were not. Mr. PECORA. They were returns filed by various persons to whom a questionnaire was addressed. The CHAIRMAN. They will be received in evidence, but the question for consideration is whether or not it is necessary to print all the returns. Mr. PECORA. There are 631 of them, Mr. Chairman. Senator COSTIGAN. In what respect, Senator Townsend, did you understand that they were not complete ? Senator TOWNSEND. I did not know. I had simply heard from someone that they were not complete. Mr. PECORA. On, yes. The CHAIRMAN. They will be received in evidence and filed for the use of the committee. (The original returns received from 631 member firms of the New York Stock Exchange were received in evidence and marked " Committee Exhibit No. 7, May 1, 1934 ", and the same will be filed for the purposes of the committee.) Mr. PECORA. NOW, Mr. Chairman, I have caused the returns to this questionnaire made by the 631 member firms of the New York Stock Exchange, which have been offered in evidence, to be analyzed and the information shown thereon summarized. I have here a recapitulation of those answers or returns to that questionnaire, from the 631 member firms of the New York Stock Exchange. For the sake of convenience I want to offer in evidence this statement orrecapitulation. Senator TOWNSEND. By whom was this recapitulation made? Mr. PECORA. I t was made by the members of the investigating staff of the committee. Senator TOWNSEND. That is, your staff? Mr. PECORA. Yes, sir. The CHAIRMAN. The recapitulation will be received and made a part of the record, to be appropriately marked by the committee reporter. (A paper entitled " Recapitulation: Answers to Questionnaire Sent to Member Firms of the New York Stock Exchange ", was received in evidence and marked " Committee Exhibit No. 8, May 1, 1934 ", and is as follows:) 7862 STOCK EXCHANGE PBACTICES COMMITTEE EXHIBIT NO 8—MAY 1, 1934 RECAPITULATION Answers to questionnaire to member firms of the New York Stock Exchange Number of member firms responding, 631 1. As of September 30, 1933 (a) Number of memberfirmsin which member partners acted piimanly as Floor Traders 43 Number of member partners wfco aefced primarily as Moor Traders . _ 61 (b) Number of memberfirmsin which member partners acted primarily as Floor Brokers 341 Number of member partners who acted primarily as Floor Brokers. 467 (e) Number of member firms in which members were active as Bond Brokers 19 Number of member partners who were active as Bond Brokers 33 2 As of July 1, 1933 Number of member firms in which member partners were specialists. _ 129 Number of member partners who were specialists 230 3 (a) Number of customers (approximated by Jan 1-Sept 1, member firms) who purchased or sold securities 1929 1933 through member firms 1, 371, 920 1, 028, 491 Jan 1-Sept 1, (b) Number of customers (approximated by mem- 1929 1933 ber firms) whose transactions were of a cash character 811, 986 596, 376 Difference indicating approximate number of margin customers 559, 934 432, 115 Percentages of "cash" customers to total customers 59 2% 58% Percentage of "margin" customers to total customers 40 8% 42% 4 (a) Number of shares purchased and number of shares sold on the New York Stock Exchange for the account of member firms during the month of July, 1933 Number of shares purchased 16, 013, 032 Number of shares sold 16, 835, 620 Total purchased and sold 32, 848, 652 (b) Number of shares purchased and number of shares sold on the New York Stock Exchange for the personal account of member and non-member partners of member firms during the month of July, 1933 Purchases Member Partners Non-Member Partners Total Sales Total 8, 922, 779 1, 893, 917 17, 461, 393 3, 759, 955 10, 404, 652 10, 816, 696 21, 221, 348 8, 538, 614 1, 866, 038 5. Number of accounts (approximated by member firms) having debit balances on firms' books 12/31/28 7/31/29 12/31/29 12/31/30 12/31/31 12/31/32 6/30/33 292,631 340,019 319,789 258,385 227,366 203,450 269,915 6 (a) Number of memberfirmsholding options or participations in options exceeding 10,000 shares of a single security, during 78 the years 1929 to 1933 inclusive 7863 STOCK EXCHANGE PEACTICES (6) Number of member partners and non-member partners holding options or participations in options exceeding 10,000 shares of a single security during the years 1929 to 1933 inclusive Member partners Non-member partners 7 (a) (b) (c) 8. (a) 7 18- Total 103 Number of options held by member firms, member partners or non-member partners 286 Number of shares subject to above options 17, 380, 478 Number of member firms participating in profits and/or losses m syndicates, pools, or joint accounts during the years 1929 to 1933 inclusive 175 Number of firm partners participating m profits and/or losses m syndicates, pools, or joint accounts during the years 1929 to 1933 inclusive Member partners 36 Non-member partners 68 Number of syndicates pools, and/or joint accounts m which memberfirms,member partners, or non-member partners participated. 213 Number of firms on whose books syndicate, pool, or joint accounts were maintained in which firm or partners thereof had no proprietary interest, during the years 1929 to 1933 inclusive 62 Number of firms which underwrote or participated in the underwriting of securities subsequently offered for public sale 1929 1930 1931 1932 1933 137 127 107 82 82 (b) Number of firms which made public offerings or participated with others in public offerings of securities 1929 1930 1931 1932 1933 63 58 "68" 57 "43" 9. (a) Number of firms acting as promoters, organizers, or managers under contract of any investment trust of the management type during the years 1929 to 1933 inclusive 39 (b) Number of firm partners or agents acting as promoters, organizers, officers, directors or managers under contract of any investment trust of the management type during the years 1929 to 1933 inclusive 115 Number of investment trusts for which member firms, member partners, non-member partners, firm representati\ es and individual members acted as promoters, organizers, officers, directors or managers under contract 329 10 Income and Expenses of member firms for the \ears 1928 to 1932 inclusive and from January 1 to August 31, 1933. 11 INFORMATION FURNISHED ONLY BY FIRMS ENGAGING IN ODD-LOT BUSINESS (a) Number of shares purchased and number of shares sold by member firms engaging in odd-lot business during the periods from January 2, 1929, to December 31, 1929, inclusive, and from April 1, 1933, to July 31, 1933 Year 1929 Shares Purchased shares Sold _ _ 142,623,682 158,238,659 __.__ Total Volume. - r. . „_„ Total volume of trading on New York Stock Exchange Add ndd-lot volume not include*! Total round lot and odd-lot volume Apr 1-July 1, 1933 56,895,451 55,800,825 300,862,341 112,696,276 1,124,900,980 300,862,341 403,001,321 112,696,276 1,425,763 321 515,697,599 7864 STOCK EXCHANGE PEACTICES Mr. PECORA. Mr. Chairman, may I call the subcommittee's attention to certain data shown on committee exhibit no. 8, which is the lecapitulation of the answers made to the questionnaire addressed to the 631 member firms of the New York Stock Exchange. According to this recapitulation, which, in turn, is based upon answers made to that questionnaire by those 631 member firms, 43 of those member firms had partners on the floor of the New York Stock Exchange whose business primarily was that of floor traders. The total number of partners of member firms who acted primarily as floor traders was 61. The total number of member firms in which the member partners acted primarily as floor brokers was 341. The actual number of member partners who acted primarily as floor brokers is 467. The number of member firms in which members were active principally as bond brokers is 19. And the number of partners of those member firms who were active as bond brokers was 33. As of July 1, 1933, 129 of those member firms had members of the New York Stock Exchange that were specialists. As of that same date there were 230 member partners of those firms that were specialists. During the year 1929, according to this recapitulation, the total number of customers who bought and sold securities through these member firms was 1,371,920. And for the period between January 1 and September 1, 1933, the total number of customers of those member firms who purchased or sold securities through such member firms, was 1,028,491. At this point I wish to call the subcommittee's attention to the testimony or statement heretofore made before the committee by Mr. Whitney, president of the New York Stock Exchange, to the effect that the whole country was speculating, and this shows the actual number of customers of those member firms. Now, further, according to this recapitulation, the number of customers of those member firms during the year 1929 whose transactions in securities through those member firms were on a cash basis as distinguished from a margin basis, was 811,986. And the number of customers who transacted business in securities through those member firms during the year 1929 on a margin basis, was 559,934. For that year, 1929, the percentage of so-called " cash customers " to total customers was 59.2 percent. And the percentage of margin customers to total customers of those member firms during that year was 40.8 percent. It also appears from this recapitulation, committee exhibit no. 8, placed in evidence as of this date, that for the period between January 1 and September 1, 1933, customers of those member firms who transacted business through them on a cash basis as distinguished from a margin basis, numbered 596,376. Whereas the number of margin customers of said firms during that same period of time was 432,115. The percentage of cash customers of total customers was 58 percent during that period of time; and the percentage of margin customers to total customers was 42 percent. Now, according to this recapitulation, during the month of Julv 1933, concerning stock-market operations, of which considerable evidence has been presented before this committee this year, the total STOCK EXCHANGE PRACTICES 7865 number of shares purchased for the account of those 631 member firms was 16,013,132. The total number of shares sold on th$ New York Stock Exchange during the month of July 1933 for the account of those member firms was 16,835,620; making a total of purchases and sales during that month for the account of member firms of 32,848,652 shares. It also appears from this recapitulation that during the month of July 1933 the total number of shares purchased on the New York Stock Exchange for the personal account of partners of these member firms was 10,404,652; and that the total number of shares sold on the New York Stock Exchange during the month of July 1933 for the personal account of partners of those 631 member firms was 10,816,696, making a total of shares both purchased and sold for the personal account of partners of these member firms in the month of July 1933 of 21,221,348. This recapitulation further shows that the number of accounts having debit balances on the books of the 631 member firms were as follows on the respective dates which I will mention [reading]: December 31, 1928, 292,631 accounts July 31, 1929, 340,019 accounts December 31, 1929, 319,789 accounts December 31, 1930, 258,385 accounts December 31, 1931, 227,366 accounts December 31, 1932, 203,450 accounts June 30, 1933, 269,915 accounts And, Mr. Chairman, this recapitulation further shows Mr. REDMOND (interposing). Mr. Pecora, I was wondering whether the same firms reported for each period, or whether there was a different number of firms reporting for 1928, 1929, 1930, 1931, 1932, and 1933. Mr. PECORA. This recapitulation is based upon the 631 returns to our questionnaire addressed to member firms of the New York Stock Exchange; and the data which I am calling attention to shows, on the recapitulation marked " Committee Exhibit No. 8 ", and were culled from those returns to the questionnaire. Mr. REDMOND. Wouldn't it be possible to determine whether the whole 631, for example, were reported as of 1933, and then whether they were all in existence in 1929, or whether a lesser or greater number of firms were reporting then ? Mr. PECORA. I presume if there was any difference in number it was slight. You would be better informed on that from general knowledge than I would. Mr. EEDMOND. It might be very substantial. There have been a great many changes in firms m the j>ast 5 years. Mr. PECORA. What makes you think there was a large change in the number of member firms? What is your best information on that, as to what the change was? Mr. RFDMOND. Frankly, I could not even guess at this time. Mr. PECORA. Well, I have offered in evidence the original returns made to this questionnaire, and which will form a part of the record of this meeting. They will be available to anybody who wishes to make a check-up. Senator COSTIGAN. Does the tabulation indicate the number of firms engaged in business, and the number of responses to the questionnaire received by the committee? 7866 STOCK EXCHANGE PEACTICES Mr. PECORA. The number of responses received was 631. I think that number may fairly be said to approximate the number of member firms to whom they were addressed. I understand that all firms that received the questionnaire made a return. Senator COSTIGAN. All right. Mr. PECORA. NOW, Mr. Chairman, this recapitulation further shows that of those 631 member firms 78 of them held options or participated in options during the years 1929 to 1933, both inclusive, where the options covered 10,000 or more shares of a single security. The recapitulation further shows that during that same period of time there were seven member partners of those firms who held options or participated in options exceeding 10,000 shares of a single security; and that 18 nonmember partners of those member firms held options or participated in options exceeding 10,000 shares of a single security during that same period, which makes a total of 103 options covering 10,000 shares or more of a single security in which either member firms participated or partners m member firms participated during the period from 1929 to 1933, both inclusive. I might add that the actual number of options held by these member firms or% their partners was 286, and those 286 options covered 17,380,478 shares of different securities. Mr. REDMOND. Mr. Pecora, does that mean that options to that extent were exercised, or simply that the gross options, whether exercised or not, aggregated 17,380,478 shares ? Mr. PECORA. I think the data relates to options actually exercised. The questions in the questionnaire addressed to member firms with respect to options called for the following information, as shown on committee exhibit no. 6 of this date, and shown as question 6: (a) State whether your firm held any option cr had a participation m any option, exceeding 10,000 shaies of any single secunty during the years 1929 to 1933, inclusive If answer is in the affirmative and firm held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options (&) State whether any partner of your firm or any person acting on behalf cf your firm or of any partner thereof, held any option or had a participation in any option, exceeding 10,000 shaies of any single secunty, dur ng the years 1929 to 1933, inclusive If answer is in the affirmative, furnish the name or names of such person or persons, and if such person or persons held the original option or acted for the optionee or optionees, furnish a photostatic copy of each such option Now, as I have already indicated, the original returns to this questionnaire are here and have been introduced in evidence. Mr. REDMOND. In answer to the question I asked, this figure of 17,380,475 shares represented what? Mr. PECORA. That number represents the total number of shares of different securities covered by options held by member firms or by their partners, whether exercised or not, or whether traded m or not. Mr. REDMOND. AH right. Mr. PECORA. The recapitulation in question further shows that 175 of these 631 member firms participated in either profits or losses in syndicates, pools, or joint accounts during the years 1929 to 1933, both inclusive; and that in the same period of time 104 partners of STOCK EXCHANGE PBACTICES 7867 these member firms participated in profits or shared losses in syndi cates, pools, or joint accounts. The recapitulation further shows that the total number of syndicates, pools, or joint accents m which member firms or partners of such member firms participated in that same period of 1929 to 1933, both inclusive, was 213. I want to call the attention of the subcommittee to the fact that for the purpose of this questionnaire it was indicated to the firms to which the questionnaire was addressed, that a syndicate, pool, or joint account should be deemed to be an account in which two or more persons participated for the purpose of trading actively in a single security listed on the New York Stock Exchange and in which account more than 10,000 shares were bought or sold. The CHAIRMAN. I S there any means of identifying these syndicates ? Mr. PECORA. Yes, sir. But m order to do that we would have to have recourse to the original returns which have been offered in evidence here. The CHAIRMAN. All right. Mr. PECORA. In addition to those 213 certain syndicate, pool, or joint accounts, there appears from this recapitulation that during the years 1929 to 1933, inclusive, 62 of these member firms carried on their books a syndicate, pool, or joint account in which neither the firms nor any members thereof had any participation. There is other information shown on the recapitulation but I do not deem it necessary at this time to call to the special attention of the members of the subcommittee or to make any further comment thereon. The CHAIRMAN. That recapitulation is in evidence and may be read by anyone interested. Mr. JPECORA. Yes. Mr. Redmond, we have some data here which would furnish an answer to the question you previously asked me with regard to these member firms. It appears that in 1928 the number of member firms registered on the New York Stock Exchange at the end of the year was 611, and that of that number 437 answered the questionnaire. At the end of 1929 theer were 665 member firms registered, and 480 of them made returns to the questionnaire. At the end of 1930 there were 640 firms registered, and 495 made returns to the questionnaire. At the end of 1931, 621 firms were registered on the exchange, and 534 of them made returns to our questionnaire. At the end of the year 1932 there were 610 firms registered on the exchange, and 571 of them made answers to the questionnaire. For the 8 months ending August 31, 1933, there were 618 firms registered, of which 598 answered our questionnaire. I will say that that data is embodied in the recapitulation. Mr. REDMOND I am very glad that the figures are here. They show that for 1928 you have answers from only about 70 percent, whereas m 1933 you have answers from substantially over 95 percent of the membership. Mr. PEOORA. It may be that of the firms registered on the exchange at the end of 1928 there were only 437 in business at the time when the questionnaire was addressed to them. Mr. REDMOND. I think that is undoubtedly the answer. The CHAIRMAN. YOU may proceed, Mr. Pecora. 175541—34—PT 17 8 7868 STOCK EXCHANGE PRACTICES Mr. PECORA. I now want to offer in evidence a summary which has been prepared by the members of the investigating staff of the committee from the returns to the questionnaire addressed to member firms of the New York Stock Exchange, for the period commencing January 1, 1928, and ending August 21, 1933, which is a summary of the income and expenses of such member firms. The CHAIRMAN. I t will be received in evidence and given an appropriate exhibit number by the committee reporter. (The paper marked "New York Stock Exchange member firms. Summary of income and expenses for the period of 5 years and 8 months, January 1, 1928, to August 31, 1933 ", was received in evidence and marked " Committee Exhibit No. 9, May 1, 1934 ", and js as follows:) COMMITTEE I)XHIBIT NO 9—MAY i, 1&34 New York Stock Exchange member firms: Summary of tncome and expenses for the period of 5 years and 8 months, Jan 1, 1928, td Aug 31, 1988 [As reported by the respective member firms m answer to question no 10 of questionnaire of the United States Senate Subcommittee on Bankmg and Currency] Number offirmsregistered on the exchange, end of year Numbei offirmsincluded m this schedule Income and expenses of memberfirms,not mcludmg 6 " Odd lot" firms Pf»TTiTni8Sions, n e t Inteiest, net ' __ „ ._ _ Profits on trading Miscellaneous income - _ . . ... 611 437 665 480 649 495 $325,971,305 $432,233,616 $263,706,768 56,302,834 76,218,458 105,342,644 87,200,948 17,745,412 123,931,612 29,144,024 21,174,379 29,193,928 8 months to Aug 31,1933 1932 1931 1930 1929 1928 621 534 610 571 Total 618 598 $184,827,008 $135,100,492 $160,912,086 $1,502,751,275 17,009,622 320,040,673 24,253,255 40,913,860 28,563,213 237,957,256 13,333,231 17,326,336 3,822,833 92,469,467 3,764,368 5,369,935 Total income _. . Expenses, not including uncollectible accounts receivable 547,295,754 209,367,140 653,921,232 298,106,040 341,458,118 256,879,880 223,784,467 213,373,929 176,451,346 168,559,665 210,307,754 115,721,014 2,153,218,671 1,262,007,668 Net mcome, before deducting uncollectible accounts receivable Accounts receivable written on, net of recoveries (See note below) 337,928,614 5,106,806 355,815,192 34,701,995 84,578,238 22,799,832 10,410,538 17,333,842 7,891,681 16,613,742 94,586,740 6,282,023 891,211,003 102,838,240 Net mcome, not mcludmg " Odd l o t " firms.. . N i t income of " O d d lot" firms (6) 332,821,808 16,278,670 321,113,197 12,930,126 61,778,406 3,095,949 16,923,304 2,090,443 18,722,061 2,165,283 88,304,717 8,234,452 788,372,763 44,794,923 349,100,478 334,043,323 64,874,355 14,832,861 i 6,556,778 96,539,169 833,167,686 $5,369,526 (176) 262,720 $34,834,793 (280) 132,798 $23,964,055 (274) 1,164,223 $17,723,855 (274) 390,013 $16,895,963 (267) 282,221 $6,967,618 (198) 685,595 $105,755,810 5,106,806 34,701,995 22,799,832 17,333,842 16,613,742 6,282,023 102,838,240 Total net mcome NOTE Accounts receivable written off Number of firms included Less Recoveries «. Accounts receivable written ofl, net of recoveries 2,917,570 i Deficit CO 7870 STOCK EXCHANGE PRACTICES Mr. PECORA. This summary, marked " Committee Exhibit No. 9 *\ shows the total gross income of these member firms, exclusive of the^ so-called " odd-lot firms ", for the period from January 1, 1928, to* August 31,1933, was $2,153,218,671, made up of the following items: Net commissions, $1,502,751,275; net interest, $320,040,673; profits of trading to the account of said firms as distinguished from trading for the account of customers, $237,957,256; and miscellaneous, $92 469,467. I want to call the subcommittee's attention in connection with this summary, committee exhibit no 9, to the income and expense figures of member firms, exclusive of the six odd-lot firms already referred to. For the year 1928 it shows that these firms m the aggregate received commissions on transactions from their customers of $325,971,305, and made profits m trading for their own account during that year of $123,931,612, or a sum equivalent to about 40 percent of the commissions they earned in connection with transactions for customers. Mr. REDMOND. Might I ask whether that profit on trading is net profit on trading? Mr. PECORA. That is for that year. Mr. REDMOND. That is net profit for trading for allfirms? Mr. PECORA. Yes; I think so, for that year. Mr. REDMOND. That is so, is it, Mr. Meehan ? Mr. MEEHAN. Yes; that is right for that year. Mr. PECORA. NOW, the net income, after deducting expenses but before deducting uncollectible accounts receivable, of those member firms, for the period from January 1, 1928, to August 31, 1933, was $891,211,003; and the net income, after deducting uncollectible accounts receivable of those member firms for that period of time, was $788,372,763. Mr. REDMOND. Mr Pecora, might I ask one or two questions about that schedule? Mr. PECORA. Yes; certainly. Mr. REDMOND. I notice there is no detail of the expense. Was there any allowance made for interest paid on capital funds ? Mr. PECORA. Apparently not. Mr. REDMOND. What is shown here is net income of $788,372,763for the firms, or $833,167,686, including the odd-lot firms; and that is exclusive of any allowance of interest on the capital employed by these firms in their business. Mr. PECORA. Yes. Mr. REDMOND. In other words, this represents, as far as the operation of the business is concerned, the net income available for fixed charges or distribution as a profit. Mr. PECORA. Yes. Mr. MEEHAN. We found that relatively few firms included interest on capital funds in their answer to the questionnaire. So as to those that did report we deleted it and did not consider the item at all, all the way through. Mr. REDMOND. All right. Just so it is understood. Mr. PECORA. With regard to the six member firms that engaged in the " odd-lot business ", so-called, during the period from January 2, 1929, to December 31, 1932, inclusive, and from April 1, 1933, to July 31, 1933, the recapitulation marked in evidence as " Com STOCK EXCHANGE PEACTICES 7871 mittee Exhibit No. 8 " of this date, shows that the six firms engaged in the odd-lot business purchased during the year 1929, 142,623,682 shares and sold 158,238,659 shares for their own account. Mr. REDMOND. I beg pardon, but I think those are purchases and sales in odd lots to the public. Mr. PECORA. NO. They purchased 142,623,682 shares. Mr. REDMOND. I think that is the figure of what they actually purchased from the public and sold to the public in odd lots. Mr. PECORA. DO the odd-lot houses sell to the public? Mr. REDMOND. Yes. They are dealers in odd lots Mr. MEEHAN They settle with brokers Mr. REDMOND. But the brokers are acting for the public. Mr. FLYNN. For instance, an odd-lot dealer buys for his own account on the exchange and settles with the broker. Mr. PECORA. AS I understand, they act as dealers. Mr. REDMOND. But that is not trading. You said trading for their own account. Mr. FLYNN. YOU cannot tell how much was for their own trading account and how much was for the public. This is the amount of trading that they did m the odd-lot business. Mr. REDMOND. Oh, Mr. FLYNN. Well, no. the amount of the purchases and sales for the purpose of covering odd-lot accounts. Mr. REDMOND. NO. It is precisely what the public sold to the <odd-lot dealers and what they bought from the odd-lot dealers. Mr. PECORA. Isn't that trading for their own account? Mr. REDMOND. I think you might call it that. But the inference t that they are trading for their own account is quite false. Mr. PECORA. Oh, no; not when applied to odd-lot firms. Mr. REDMOND. Oh, yes. Mr. PECORA. I mean a trader engaged in the odd-lot business is 'different from brokers who are not ordinarily odd-lot dealers. Mr. REDMOND YOU do not consider a grocer as trading when he buys a barrel of flour and sells it out in towns. Mr. PECORA. These odd-lot firms, according to the information returned by them in response to our questionnaire, during the year 1929 purchased from the public 142,623,682 shares and sold to the public .as dealers 158,238,659 shares. Mr. REDMOND. That is correct. Mr. PECORA. That is a total volume of 300,862,341 shares, both on the buying and the selling side. Mr REDMOND. That is right. Mr. PECORA. And it shows that during the period from April 1, 1933, to July 1, 1933, a 3-month period last spring, the total number *of shares purchased by these 6 odd-lot firms was 56,895,451; and the total number of shares sold by them to the public was 55,800,825, making a total of 112,696,276 shares out of the total volume traded on the New York Stock Exchange during that 3-month period of 403,001,323 shares. Mr. REDMOND. Might I call attention to the fact that the total Tolume shown for the od-lot transactions in this tabulation includes 3both the purchase and sale sides? Mr* PECORA. I have stated that. 7872 STOCK EXCHANGE PRACTICES Mr. REDMOND. Whereas the total volume traded in on the New York Stock Exchange, which is apparently intended as a comparable figure, represents only one side of the transactions. Therefore, in order to make these figures comparable you should double the total volume shown for the New York Stock Exchange. In other words, the odd-lot houses bought and sold in odd lots aggregating 112,696,276 shares during a period when 806,002,646 shares were being traded m on the New York Stock Exchange if we are to take the* same comparable basis. In other words, the odd-lot business did not amount to 25 percent of the reported transactions, but to less than 12 percent. Mr. PECORA. That is quite right. I am glad, Mr. Redmond, that you have called attention to that. Then the total of 403,001,323 shares should be doubled in order to get the actual volume of buying and selling transactions on the New York Stock Exchange. Mr. REDMOND. That is correct. Mr. PECORA. I am glad you have called my attention to that. Senator COSTIGAN (presiding). The odd-lot transactions were approximately one eighth of the total transactions. Mr. REDMOND. Just about that m both periods. Mr. PECORA. That is right. Then |;he total volume of trading on the New York Stock Exchange for the year 1929, as shown on this recapitulation marked in evidence as committee exhibit no. 8, should be increased to double the amount of 1,124,900,980 shares. Mr. REDMOND. That is right. Mr. PECORA. We will have the necessary changes made. Now, with that statement of the record it will be understood. The CHAIRMAN. All right. Mr. PECORA. I desire to offer in evidence, Mr. Chairman, a printed form of questionnaire addressed in behalf of this committee in October of 1933 to the individual members of the New York Stock: Exchange. Senator COSTIGAN. The paper will be received and assigned an appropriate number by the committee reporter. (The printed copy of questionnaire addressed to individual members of the New York Stock Exchange was marked "Committee Exhibit No. 10, May 1, 1934 ", and is as follows:) EXHIBIT C COMMITTEE EXHIBIT NO 10—MAY 1, 1934 QUESTIONNAIRE INDIVIDUAL MEMBERS OF THE NEW YORK STOCK EXCHANGE 1. Furnish the information requested below as of July 31, 1928, July 31, 1929; December 31, 1929, December 31, 1930, December 31, 1931; December 31,. 1932, and September 30, 1933 (a) Were you engaged primarily as a flooi tradei in stocks on or about the above dates? (&) Were you engaged primarily as a floor broker in stocks on or about the above dates ? (o) If your answers to (a) and (&) are in the negative, state whetheryou were active on the floor of the Exchange on or about the above dates and, if so, in what capacity. 2. If you were a specialist on the floor of the Stock Exchange in any listed stocks on July 1,1933, furnish a list of such stocks STOCK EXCHANGE PRACTICES 7873 3. State the total number of shares bought and the total number of shares sold foi your own personal account on the New York Stock Exchange during the month of July 1933 4. State whether you held any option or had a participation in, any option, exceeding 10,000 shares of any single security during the years 1929 to 1933, inclusive If your answer is m the affirmative and you held the original option or acted for the optionee or optionees, furnish a photo* static copy of each such option 5 (a) State whether you participated in the profits and/or losses m any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive If your answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool, and/or joint account agreements. (&) State whether any syndicate, pool, and/or joint accounts have been maintained on your books during the years 1929 to 1933, inclusive, in which you had no proprietary interest If your answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements NOTE.—For the purposes of this questionnaire, a syndicate, pool, or joint account shall be deemed to be an account in which two or more parties participated, for the purpose of trading actively in a single security listed on the New York Stock Exchange, and in which account more than 10,000 shares were bought or sold 6 Have you acted as promoter, organizer, officer, director, or manager under contract, of any investment trust of the management type during the period 1929 to 1933, inclusive? If your answer to this question is in the affirmative, state the name of such investment trust or trusts, and describe your relationship, stating the period during which such relationship existed. 7. Submit a detailed annual income statement of receipts and disbursements by classification for each year from 1928 to 1932, inclusive, and for the period January 1, 1933, to September 1, 1933, inclusive Such statement should clearly specify the net commissions received Mr. PECORA. I also want to offer in evidence the original returns to this questionnaire made by the individual members of the New York Stock Exchange, whicn I have here, and which, as you will see, forms a bulky mass of documents. I ask that they be received in evidence and appropriately marked as such. Senator COSTIGAN. They will receive the same treatment as the other original returns to the questionnaire. (The returns made by the individual members of the New York Stock Exchange were received in evidence and marked " Committee Exhibit No. 11, May 1, 1934," and will be filed with the committee.) Mr. PECORA. I might explain that this questionnaire was addressed to the 446 individuals who were members of the New York Stock Exchange but who were not members of any member firms. I n other words, they were individuals engaged in the stock brokerage business for themselves and not with partners or as members of any firms. Senator COSTIGAN. That explanation being on the record will make the matter clearer, I am sure. Mr. PECORA. NOW, there has been prepared by the members of the investigating staff of the committee a recapitulation of the returns made by these 446 individual members of the New York Stock Exchange to said questionnaire, and this recapitulation I now offer in evidence. It is m two parts. One part is entitled "Recapitulation of Answers to Questionnaire to Individual Mem- 7874 STOCK EXCHANGE PRACTICES bers of the New York Stock Exchange ", and which I now offer in evidence and ask may be received as an exhibit. Senator COSTIGAN. The recapitulation will be received and appropriately marked by the committee reporter. (The paper referred to, entitled " Recapitulation of Answers to Questionnaire to Individual Members of the New York Stock Exchange " was received m evidence and marked " Committee Exhibit No. 12, May 1,1934," and is as follows:) COMMITTEE EXHIBIT NO 12—MAY 1, 1934 Recapitulation of answers to questionnaire to individual members of the New York Stock Exchange (Number of individual members responding, 446) as 1 Number of individual members who, on September 30, 1933, acted primarily Floor traders, 112 Floor brokers, 146 Specialists, 54 2. Number of individual members who acted as specialists in listed stocks on July 1, 1933, 97 3. Number of shares bought and number of shares sold by individual members for their personal accounts during the month of July 1933 Shares bought 5, 360, 262 Shares sold 5, 546, 348 10, 906, 610 Total volume for July 1933 on the New York Stock Exchange 120, 271, 243 4 Number of individual members holding or participating m options exceeding 10,000 shares of any single security during the years 1929 to 1933 inclusive: Number of members 3 Number of options 4 Number of shares subject to such options 62, 400 5 (a) Number of individual members participating in the profits and/or losses of syndicates, pools, or joint accounts during the years 1929 to 1933, inclusive, 20 Number of listed issues subject to such syndicates, pools, or joint accounts 1929, 2; 1930, 4, 1931, none, 1932, none, 1933, 10 (b) Number of individual members on whose books syndicates, pools, or joint accounts were maintained in which the individual members had no proprietary interests, none 6 Number of individual members who acted as promoters, organizers, officers, directors, or managers under contract of any investment trust of the management type, 6 Number of investment trusts for which individual members acted as promoters, organizers, officers, directors, or managers under contract, 6 7 Receipts and disbursements of individual members for the years 1928 to 1932 and for the period January 1, 1933, to August 31, 1933, inclusive Mr. PECORA. And the other part of that recapitulation is captioned " New York Stock Exchange members operating as individuals; summary of income and expenses for the period of 5 years and 8 months, January 1, 1928, to August 31, 1933, as reported by the individual members in answer to question no. 7 of questionnaire of the United States Subcommittee on Banking and Currency." I now offer that m evidence. Senator COSTIGAN (presiding). That will be received in evidence and appropriately marked by the committee reporter. 7875 STOCK EXCHANGE PRACTICES (The paper entitled " New York Stock Exchange members operating as individuals; summary of income and expenses for the period of five years and 8 months, January 1, 1928, to August 31, 1933 ", was received in evidence, and marked " Committee Exhibit No. 13, May 1, 1934", and is as follows:) COMMITTEE EXHIBIT NO 13—MAY 1, 1934 Summary of income and expenses for the perwd of 5 years and 8 months, Jan 1, 1928, to Auff 81, 1BS8 NEW YORK STOCK EXCHANGE MEMBERS OPERATING AS INDIVIDUALS 1928 1929 1930 1931 1932 Eight months to Aug 31, 1933 Total (As reported by the individual members in answer to question no 7 of questionnaire of the United States Senate Subcommittee on Banking and Currency) Individuals not with member firms, registered on Exchange _302 412 453 489 475 377 Individuals' reports included m this sched332 382 ule _ 407 202 267 298 Commissions, net $10,561,894 $14,899,224 $11,012,433 $8,100,713 $6,454,900 $7,869,038 $58,898,202 Profit or loss on trad mg 16,987,332 8,844,639 8,864,445 8 800,400 8,119,184 6,243,958 22,301,9CO Miscellaneous income1,820 671 5,855,528 2,021,743 984,561 600,859 240,267 11,523,629 Total income 29,369,897 29,599,391 3,265 341 5,488,863 3,258,393 3,061,895 2,899,171 1,864,807 19,838,270 Total expenses Net income or /o»s_. 9,679,731 5,784,874 3,936,575 14,353,263 92,723,731 1,783,143 3,476,761 1,495,221 1,396,947 1,124,423 751,990 10,028,485 1 482 198 2 012 1C2 1,763,172 1,664,948 1,774,748 1,112,617 9,809,785 Interest expense, net Other expenses 26,104,556 24,110,528 6,421,338 2,722,979 1,037,404 12,488,656 72,885,461 Mr. PECORA. NOW, Mr. Chairman, there are just a few items shown on this recapitulation that I think I might call to the attention of the members of the subcommittee. These items show that the total amount of net commissions received by the individual members m the period from January 1, 1928, to August 31, 1933, was $58,898,202, and that the profit on trading for their own account which those individual members received in the same period of time was $22,301,900, or more than one third of the net amount of commissions they received from customers. It also shows that during the year 192'8 those individual members received net commissions from customers of $10,561,894, and made profits from trading for their own account in that year of $16,987,332. And that for the 8 months from January 1 to August 31, 1933, the net commissions received by these individual members was $7,869,038, and that the amount of profits received by them on trading for their own account in the same period was $6,243,958. It also appears from this recapitulation, being committee exhibit no. 12 of this date, that 112 of these individual members were floor traders as of September 30,1933; that 146 of them were floor traders, and 54 of them were specialists. And that on July 1, 1933, 97 of them acted as specialists. 7876 STOCK EXCHANGE PRACTICES Mr. EEDMOND. Mr. Pecora, I notice in answer to question 3, where the number of shares bought and sold by these individuals is reported, again the total of these transactions as compared with the total volume on the New York Stock Exchange for the month of July figure, should be doubled. Mr. PECORA. That is, that the total number here shown as 120,000,000 shares? Mr. REDMOND. I t should be 240,000,000 shares if it is to be compared with the aggregate amount both purchased and sold by those individual members. Mr. PECORA. I think that is correct. Mr. REDMOND. SO that being instead of somewhat less than 10 percent it is around 4 percent of the actual volume. Mr. PECORA. I t is about 4% percent, I believe. That is right. Senator COSTIGAN (presiding). You may proceed, Mr. Pecora. Mr. PECORA. I wish to ofier in evidence, Mr. Chairman, a printed form of questionnaire addressed to the various member firms of the New York Curb Exchange m behalf of this committee. Senator COSTIGAN (presiding). I t will be received and given an appropriate exhibit number by the committee reporter. (The printed form of questionnaire to member firms of the New York Curb Exchange was received in evidence and marked " Committee Exhibit No. 14, May 1,1934 ", and is as follows:) EXHIBIT D COMMITTEE EXHIBIT NO 14—MAY 1, 1934 QUESTIONNAIRE MEMBER FIRMS OF THE NEW YOEK CURB EXCHANGE 1. Furnish the information requested as of July 31,1928, July 31, 1929, December 31, 1929; December 31, 1930, December 31, 1931, December 31, 1932; and September 30, 1933. (a) Did any member partner of your firm on or about the above dates act primarily as a floor trader in stocks on the ABOVE-NAMED EXCHANGE * If so, furnish the name or names of such member partner or member partners, and set forth upon which of said dates each acted in such capacity (&) Did any member partner of your firm on or about the above dates act primarily as a floor broker in stocks on said exchange ? If so, furnish the name of such member partner or member partners, and set forth upon which of said dates each acted m such capacity. (c) If the answers to subdivisions (a) and (&) are in the negative, state the names of your member partners who were active on the floor of said exchange on or about the above dates, and in what capacity (d) Furnish list of all member partners not included in subdivisions (a), (&), or (o), describing the duties of each on or about the above dates 2. If any of the member partneis of your firm were specialists in stocks on the ABOVE-NAMED EXCHANGE on July 1, 1933, furnish, as to each, a list of such stocks 3 Submit the following information for the whole year 1929 and for the period from January 1, 1933, to September 1, 1933. (a) The approximate total number of customers who bought or sold any securities through your firm, excluding customers who were members of the ABOVE-NAMED or any other security exchange. (&) The approximate total number of the above whose transactions were of a cash character STOCK EXCHANGE PBACTICES 4 •5 <6 1 7. 7877 (c) Has your firm, as a member of any other exchange, furnished the information contained in your answers to 3 (a) and 3(&) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (a) State total number of shares bought and total number o± shares sold on the ABOVE-NAMED EXCHANGE for firm account for the month of July 1933, excluding transactions in error accounts Specialists should exclude from this total all transactions made against odd lots. (6) Submit on behalf of each partner of your firm (whether active or inactive) a statement showing the approximate total number of shares bought and the approximate total number of shares sold on the ABOVE-NAMED EXCHANGE for his personal account for the month of July 1933 (a) State the appioximate total number of customers' accounts on the firm's books having debit balances as of December 31, 1928, July 31, 1929, December 31, 1929, December 31,1930, December 31, 1931, December 31, 1932, and June 30, 1933 <&) Has your firm, as a member of any other exchange, furnished the information contained in your answer to 5(a) to the Senate Committee on Banking and Currency in response to a questionnaire sent to your fiim as a member of such other exchange? The following information is required for the years 1929 to 1932, inclusive, and for the period from January 1, 1933 to October 31, 1933: (a) State whether your firm held any option or had a participation in any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether said option was exercised wholly, partially, or not at all) If answer is in the affirmative and your firm held the original option or acted for the optionee, or optionees, furnish a photostatic copy of each of such options it) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, held any option or had a participation in any option, exceeding 10,000 shares of any single secunty which was traded in on any exchange (whether such option was exercised wholly, partially, or not at all) If answer is in the affirmative, furnish the name or names of such person or persons, and if such person or persons held the original option or acted for the optionee, or optionees, furnish a photostatic copy of each such options (o) Has your firm, as a member of any other exchange, furnished the information contained in your answers to 6(a) and 6(&) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (d) Do not furnish copies of any of the options called for in 6(a) and 6(&) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee (a) State whether your firm participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1932, inclusive, and from January 1, 1933 to November 1, 1933 If the answer is in the affirmative and your firm was manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool, and/or joint account agreements If answer is in the affirmative and your firm was not the manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities! dealt in. 1 For the purposes of this question, a syndicate, pool, or 3omt account shall be deemed to be an account in which two or more parties participated for the purpose of trading actively in a single security and m which account more than 10,000 snares were bought or sold. 7878 STOCK EXCHANGE PRACTICES (&) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, participated in the profits and/or losses in any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive If answer is in the affirmative, furnish the names of all such partners or persons, and if such partners or persons were the managers or acted for the managers for such accounts, furnish a photostatic copy of each o± such syndicate, pool, and/or joint account agreements If answer is in the affirmative and any partner or person acting on behalf of your firm or of any partner thereof was not the manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (c) State whether any joint, syndicate, and/oi pool accounts have been maintained on the firm books during the yearsi 1929 to 1933, inclusive, m which the firm or any partner theieof had no proprietary interest It answer is in the afiiimative and the -firm or any partner theieot was the manager or acted for the manager or managers for such accounts, furnish a photostatic copy ot each of such syndicate,, pool, and/or joint account agreements If answei is in the affirmative and the firm or any partner thereof was not the manager an<$ did not act for the manager oi managers, then furnish name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (d) Has your firm, as a member of any other exchange, furnished the mfoimatom contained in your answeis to 7(a), 7(&), and 7(c) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (e) Do not furnish copies of any of the agreements called for in 7(a)> 7(6), and 7(c) if your firm, as a member of any other exchange, has heretofoie furnished such copies to the committee S. (a) Has firm, during the years 1929 to 1933, inclusive, underwritten or has it participated in the underwriting of any securities which were subsequently offered for public sale? Give separate answer as toeach year (&) Has firm, during the years 1929 to 1933, inclusive, made any public offering of securities or has it participated with others in a public offering oi securities? Give separate answer as to each year 9 (a) Has firm acted as promoter, organizer, or manager under contract, of any investment tiust ot the management type during the period 1929 to 1933, inclusive ? It the answer is m the affirmative, furnish name* of such investment trust or trusts and describe the relationships existing between nrm and such trust or trusts, giving in each case the period of such relationship (&) Has any partner of the firm or agent thereof acted as promoter, organizer, officer, director, or manager under contract, of any investment trust of the management type during the period 1929 to 1933; inclusive? If the answer is in the affiimative, furnish name or names oi such investment tiust or trusts, the names of any partners of the firm or agents thereof having any of the said relationships thereto; a description of the relationship of such partners or agents, and the period of such relationship of such partners or agents 10. (a) Furnish on behalf of the firm for each year from 1928 to 1932, inclusive, and for the period January 1, 1933, to August 31,1933, inclusive,, a detailed profit and loss statement which is to include all receipts and disbursements by classification Such statement must include and separately state net amount of commissions and interest received on the firm's brokerage transactions with its customers (&) Has your firm, as a member of any other exchange, furnished the information contained in vour answer to 10(a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (c) Do not furnish copies of any of the statements called for in 10(a) if your firm, as a member of any other exchange, has heretofore' furnished such copies to the committee STOCK EXCHANGE PRACTICES 7879 NOTE—State as a member of which exchange you are answering this questionnaire Answers should be given m the same numerical order as the corresponding questions and should be sent to United States Senate Subcommittee on Banking and Currency, 285 Madison Avenue, New York City Mr. PECORA. I also want to offer m evidence, in bulk, all original returns to this questionnaire made by member firms of the New York Curb Exchange, upon which the recapitulation marked " Committee Exhibit No. 15, May 1, 1934 " is based. Senator COSTTGAN. The same will be received and appropriately marked. (The original returns to the questionnaire made by member firms of the New York Curb Exchange, were received in evidence, and marked " Committee Exhibit No. 15, May 1,1934 " , and will be filed with the committee ) Mr. PECORA. I also desire to offer m evidence a recapitulation made by the members of the investigating staff of the committee of the answers to the questionnaire addressed to the member firms of the New York Curb Exchange. Senator COSTIGAN. The same will be received in evidence and the committee reporter will give it an appropriate exhibit number. (A paper entitled " Recapitulation of Answers to Questionnaire Submitted to Member Firms of the New York Curb Exchange " was marked " Committee Exhibit No. 16, May 1, 1934 " , and is as follows:) COMMITTEE EXHIBIT NO 16—MAY 1, 1934 Recapitulation of answers to questionnaire submitted to member firms of the New York Curb Exchange [NUMBER OF MEMBERS RESPONDING, 698] 1 As of September 30, 1933 (a) Number of member firms in which member partners acted primarily as FLOOR TRADERS Number of member partners who acted primarily as FLOOR TRADERS (b) Number of member firms m which member partners acted primarily as FLOOR BROKERS Number of member partners who acted primarily as FLOOR BROKERS (c) Number of member firms m which members were active as BOND BROKERS Numbei of member partners who were active as BOND BROKERS 2 As of July 1, 1933 Number of member firms m which member partners were specialists Number of member partners who were specialists •3 (a) Number of customers who purchased or firms (6) Number of customers whose transactions (approximated by member firms) sold securities through member 1929 44, 952 (approximated by member firms) were of a cash character 35, Oil 5 6 66 90 7 9 43 65 Sept3 l, i» 3 • 23, 050 17, 520 Difference indicating approximate number of margin customers 9,941 5,530 4 . (a) Number of shares purchased and number of shares sold on the New York Curb Exchange for the account of member firms during the months of July 1933 Number of shares purchased 2 110, 89*> .Number of shares sold 2,637,838 Total purchased anH sold 4, 648, 734 7880 STOCK EXCHANGE PBACTICES (b) Number of shares purchased and number of shares sold on the New York Curb Exchange for the personal account of member and nonmember partners of member firms during the month of July 1933: Purchases Member partners Nonmember partners - . . . . -- - Total - - - - - - Sales Total 286,302 256,206 285,245 256,035 571,547512,241? 542,508 541,280 1,083,788 NOTE —Total number of shaies traded in on New York Curb Exchange m July 1933,21,102,896 5 Number of accounts (approximated by member firms) having debit balances on firms' books 12/31/28 7/31/29 12/31/29 12/31/30 12/31/31 12/31/32 6/30/33 7,229 8,638 8,014 6,425 5,316 5,489 6,203 6 (a) Number of member firms holding options or participations in options exceeding 10,000 shares of a single security, during the years 1929 to 1933 inclusive 4 Number of shares subject to such options 66, 975 Number of listed issues which were subject to such options 76> (b) N u m b e r of m e m b e r p a r t n e r s a n d non-member p a r t n e r s holding options or participations i n options exceeding 10,000 shares of a single security during t h e years 1929 t o 1933 inclusive None 7. (a) Number of member firms participating in profits and/or losses in syndicates, pools or joint accounts during the years 1929 to 1933 inclusive 85 (b) Number of fi>m partners participating in profits and/or losses in syndicates, pools or joint accounts during the years 1929 to 1933 inclusive Member partners 12 Non-member partners None- Total 12 Number of syndicates, pools and/or joint accounts in which member firms, member partners or non-member partners participated 81 (c) Number of firms on whose books syndicate, pool or joint accounts were maintained in which firm or partners thereof had no proprietary interest, during the years 1929 to 1933 7" 8. (a) Number of firms which underwrote or participated in the underwriting of securities subsequently offered for public sale 1929 1930 1931 1932 1933 14 13 14 9 11 (b) Number of firms which made public offerings or participated with others in public offerings of securities 1929 1930 1931 1932 1933 14 13 14 9 11 9. (a) Number of firms acting as promoters, organizers, or managers under contract of any investment trust of the management type during the years 1929 to 1933, inclusive 2 (b) Number of firm partners or agents acting as promoters, organizers, officers, directors or managers under contract of any investment trust of the management type during the years 1929 to 1933, inclusive 8 Number of investment trusts for which member firms, member partners, non-member partners, firm representafo /es and individual members acted as promoters, organizers, officeis, directors or managers under contract 12 10. Income and expenses of member firms for the years 1928 to 1932 inclusive and from January 1 to August 31, 1933. 7881 STOCK EXCHANGE PRACTICES Mr. PECORA. I also wish to offer in evidence a summary of income and expenses for the period from January 1, 1928, to August 81, 1933, which has been made from all the answers to question no. 10 of the questionnaire addressed to the member firms of the New York Curb Exchange. Senator COSTIGAN. The same will be received in evidence and made a part of the hearing, being given an appropriate number. (The paper entitled " New x ork Curb Exchange—Summary of Income and Expenses for the Period of 5 Years and 8 Months from Jan. 1,1928, to Aug. 31,1933 ", was received in evidence and marked " Committee Exhibit No. 17, May 1, 1934 ", and is as follows:) COMMITTEE EXHIBIT NO. 1 7 — M A Y 1, 1934 Summary of income and expenses for the period of 5 years and 8 months, Jan 1, 1928, to Aug 31, 1933 NEW 1928 YORK CURB EXCHANGE 1929 1930 1931 1932 Eight months to Aug 31,1933 Total Member firms, as reported by them m their answers to question no 10 of ques tionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net $7,393,817 $13,121,023 $7,165,025 $4,247,643 $2,683,867 $2,700,098 $37,311,473 191,697 183,195 Interest, net 495,617 97,749 84,730 1,358,731 305,743 Profit or lass on trading... 8,915,472 14,200,621 2,772,021 1,333,097 1,710,410 1,987,923 30,919,544 584,896 535,383 169,512 117 276 3,413,382 Miscellaneous income 499,666 1,506,649 Total income Expenses 17,114,698 29,323,910 10,713,639 6,299,318 4,661,538 4,890,027 73,003,130 4,575,356 8,742,859 7,120,248 5,578,515 4,025,608 2,445,489 32,488,075 Net income... 12,539,342 20,581,051 3,593,391 720,803 635,930 2,444,538 40,515,055 Mr. REDMOND. AS to this data, Mr. Pecora, it is exclusive of those who also held membership in the New York Stock Exchange. Mr. PECORA. Yes, Mr. REDMOND. In the case of this recapitulation again, after reciting the number of shares purchased and sold by member firms or by member partners or nonmember partners, that is a statement of the total number of shares traded in on the New York Curb Exchange in July; and that figure, of course, should be doubled so fis to make it comparable with the aggregate shown as the shares purchased and sold by member firms or by members and nonmember partners. Mr. PECORA. What is the figure that you think it should be there? Mr. REDMOND. It should be 21,102,000 shares. Mr. PECORA. All right. Let it be so understood for the record. Senator COSTXGAN. YOU may proceed, Mr. Pecora. Mr. PECORA. Mr. Chairman, there was addressed a questionnaire to all members of the New York Curb Exchange who were not members of any firm. I now desire to offer in evidence a printed form of such questionnaire. 7882 STOCK EXCHANGE PRACTICES Senator COSTIGAN. I t will be received in evidence and given an appropriate number. (The printed form of questionnaire to individual members of the New York Curb Exchange was received in evidence and marked " Committee Exhibit No. 18, May 1, 1934", and is as follows:) EXHIBIT E COMMITTEE EXHIBIT NO 18—MAY 1, 1934 QUESTIONNAIRE! INDIVIDUAL MEMBER OF THE NEW YORK CURB EXCHANGE 1. Furnish the information requested as of July 31, 1928, July 31, 1929; December 31, 1929; December 31, 1930, December 31, 1931, December 31, 1932, and September 30, 1933: (a) Were you engaged primarily as a floor trader in stocks on the ABOVE-NAMED EXCHANGE on or about the above dates? (6) Were you engaged primarily as a floor broker in stocks on said exchange on or about the above dates ? (c) If your answers to subdivisions (a) and (fc) are in the negative, state whether you were active on the floor of said exchange OP or about the above dates and, if so, in what capacity 2. If you were a specialist on the floor of the ABOVE-NAMED EXCHANGE in any stocks on July 1,1933, furnish a list of such stocks 3. State the total number of shares bought and the total number of shares sold for your own personal account on the ABOVE-NAMED EXCHANGE during the month of July 1933 Specialists should exclude from this total all transactions made against odd lots 4. The following information is required for the years 1929 to 1932, inclusive, and for the period from January 1, 1933, to October 31, 1933 (a) State whether you held any option or had a participation m any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether said option was exercised wholly, partially, or not at all) If answer is in the affirmative and you held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options (&) Have you, as a member of any other exchange, furnished the information contained in your answer to 4 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent'to you as a member of such other exchange? (o) Do not furnish copies of any of the options called for in 4 (a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee X 5. (a) State whether you have participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1982, inclusive, and from January 1, 1933, to November 1, 1933 If the answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool, and/or joint account agreements If answer is in the affirmative and you were not the manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in. 1 For the purposes of this question, a syndicate, pool, or joint account sjiall be deemed to be an account in which two or more parties participated for the purpose of trading actively in a single security and in which account more than 10,000 shares were bought or sold STOCK EXCHANGE PRACTICES 7883 (6) State whether any syndicate, pool, and/or joint accounts have been maintained on your books during the years 1929 to 1933, inclusive, in which you had no proprietary interest, If answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements. If answer is in the affirmative and you were not the manager and did not act for the manager or managers, then furnish name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in. (c) Have you, as a member of any other exchange, furnished the information contained in your answers to 5 (a.) and 5 (&) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (&) Do not furnish copies of any of the agreements called for in 5 (a) and 5 (&) if you, as a member of any other exchange, have heretofore furnished such copies to the committee. 6. Have you acted as promoter, organizer, officer, director, or manager under contract, of any investment trust of the management type during the period 1929 to 1933, inclusive? If your answer to this question is in the affirmative, state the name of such investment trust or trusts, and describe your relationship, stating the period during which such relationship existed. 7. (a) Submit a detailed profit and loss statement, which is to include all receipts and disbursements by classification for each year from 1928 to 1932, inclusive, and for the period January 1, 1933, to August 31, 1983, inclusive. Such statement must include and separately state net amount of commissions and net trading profit and loss. (6) Have you, as a member of any other exchange, furnish the information contained in your answer to 7 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (c) Do not furnish copies of any of the statements called for in 7 (a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee NOTE—State aa a member of which exchange you are answering this questionnaire. Answers should be given in the same numerical order as the corresponding questions and should be sent to United States Senate Subcommittee on Banking and Currency, 285 Madison Avenue, New York City Mr. PEOORA. I also offer in evidence all of the original returns to the questionnaire addressed to the individual members of the New York Curb Exchange and who were not members of any firm. Senator COSTIGAN (presiding). The original returns will be appropriately marked by the committee reporter. (The original returns received from the members of the New York Curb Exchange were marked "Committee Exhibit No. 19, May 1, 1934", and will be filed with the committee.) Mr. PECORA. I also wish to offer in evidence a recapitulation prepared by the members of the investigating staff of this committee of the answers to the questionnaire addressed to the individual members of the New York Curb Exchange. Senator COSTTGAN. The recapitulation will be received and made %, part of the record, being appropriately marked. (A paper entitled " Eecapitulation of answers to questionnaire sent to individual members of the New York Curb Exchange" was received in evidence and marked " Committee Exhibit No. 20, May 1, 1934 ", and is as follows:) 175541—34—PT 17 9 7884 STOCK EXCHANGE PRACTICES COMMITTEE EXHIBIT NO 20—MAY 1, 1984 Recapitulation of answers to questionnaire to individual members of the New York Curb Exchange [Number of individual members responding, 239] 1 Number of individual members who, on September 30, 1933, acted primarily as (a) FLOOR TRADERS 14 (b) FLOOR BROKERS 139 (c) SPECIALISTS 197 BOND BROKERS 11 BOND SPECIALISTS 13 2 Number of individual members who acted as specialists in listed stocks on July 1, 1933 _ 201 3 Number of shares bought and number of shares sold by individual members for their personal accounts during the month of July 1933 Shares Bought _— 2, 920,049 Shares Sold.-2, 946, 181 TotaL. — 5, 866, 230 Total volume of trading July 1933 on the New York Curb Exchange 21, 102, 896 4 Number of individual members holding or participating m options exceeding 10,000 shares of any single security during the years 1929 to 1933, inclusive Number of Members 4 Number of Options 32 Number of Listed Issues sub] ect to such options 32 Number of shares subject to such options 1, 490, 068 5 (a) Number of individual members participating in the profits and/ or losses of syndicate, pool, or joint account, during the years 1929 to 1933, inclusive ... 39 Number of listed issues subject to syndicate, pool, or joint account agreements of which photostatic copies were furnished to the Committee 14 (b) Number of individual members on whose books syndicate, pool, or joint accounts were maintained in which the individual members had no proprietary interest 3 6 Number of individual members who acted as promoters, organizers, officers, directors or managers under contract of investment trusts of the management type.2 Number of investment trusts for which individual members acted as promoters, organizers, officers, directors or managers under contract 2 7 Receipts and disbursements of individual members for the years 1928 to 1932 and for the period January 1, 1933 to August 31, 1933, inclusive. Mr. PECORA. I also wish to offer in evidence a summary of income and expenses for the period from January 1, 1928, to August 31, 1933, which has been made from all the answers to question no. 7 of the questionnaire addressed to the individual members of the New York Curb Exchange. Senator COSTIGAN. The same will be received in evidence and made a part of the hearing, being given an appropriate number. (The paper entitled "New York Curb Exchange—Summary of Income and Expenses for the Period of 5 Years and 8 Months from Jan. 1,1928, to Aug. 31,1933 ", was received in evidence and marked u Committee Exhibit No. 21, May 1,1934 ", and is as follows:) 7885 STOCK EXCHANGE PRACTICES COMMITTEE EXHIBIT NO 21—MAY 1, 1934 Summary of income and expenses for the period of 5 years and 8 months, Jan. 1, 1928, to Aug 31, 1933 NEW YORK CURB EXCHANGE 1928 1929 1930 1931 1932 Eight months to Aug 31,1933 Total Members operating as individuals, as r e p o r t e d in answer to question no 7 $1,798,362 $3,509,590 $1,395,134 $862,261 $460,577 $692,191 $8,718,116 Commissions, net 61,208 3,003,121 26,609,387 Profit or loss on trading.. 11,067,668 12,326,513 461,813 188,410 398,882 759,568 477,671 160,795 184,771 Miscellaneous income 55,769 2,037,466 Total income 834,646 594,140 3,751,081 37,364,958 50,597 964,614 29,031 596,582 42,087 1,366,365 409,663 5,774,648 1,164,632 2,416,497 1,467,310 1,015,211 625,613 451,750 7,140,913 13,264,802 16,595,671 2,334,618 Interest expense, net Other expenses Total expenses Net income or loss 394,661 769,981 716,334 133,765 1,700,163 1,333,545 12,090,270 14,179,174 867,308 180,665 81,478 3,299,331 30,224,045 Mr. PECORA. I think, Mr. Redmond, you will agree with me that on this recapitulation of the answers to the questionnaire addressed to individual members of the New York Curb Exchange the figure " 21,102,896 ", indicating the total volume of trading in the month of July 1933 on the Curb Exchange, should be doubled in order to furnish the proper basis for comparison with the information also appearing on this recapitulation as a recapitulation of answers to question no. 3. Mr. REDMOND. I do. Well, then, in answer to question 3, which refers to galley 14r-YH, the number of shares bought and sold is there, and does that show any duplication between individual members and firms of members as shown in answers to question 4 of the firm questionnaire ? Mr. PECORA. I think not; no. There is no duplicatioji of any of those items. And, by the way, Mr. Redmond, we find that the 400-million-share figure is right according to the World Almanac. Mr. REDMOND. Well, I will say that I was surprised to learn that that figure was correct. Mr. PECORA. NOW, Mr. Chairman, there was addressed to members of securities exchanges, other than the New York Stock Exchange, a printed questionnaire in behalf of this committee. I desire to offer in evidence a printed copy of such questionnaire. Senator COSTIGAN. The same will be received and made a part of the record, being assigned an appropriate exhibit number. (The printed form of questionnaire prepared for use in mailing to members of securities exchanges other than the New York Stock Exchange and New York Curb Exchange was marked " Committee Exhibit No. 22, May 1,1934", and is as follows:) 7886 STOCK EXCHANGE PEACTICES OOMMITEB EXHIBIT NO. 22—MAY 1, 1934 QUESTIONNAIRE MEMBER OP THE 1. Furnish the information requested as of July 31, 1928; July 31, 1929; December 31, 1929; December 31, 1930, December 31, 1931; December 31, 1932; and September 30, 1933: (a) Did any member partner of your firm on or about the above dates act primarily as a floor trader in stocks on the ABOVE-NAMED EXCHANGE? If so, furnish the name or names of such member partner or member partners, and set forth upon which of said dates each acted in such capacity. (&) Did any member partner of your firm on or about the above dates act primarily as a floor broker in stocks on said exchange? If so, furnish the name of such member partner or member partners and set forth upon which of said dates each acted m such capacity (c) If the answers to subdivisions (a) and (&) are in the negative, state, the names of your member partners who were active on the floor of said exchange on or about the above dates, and in what capacity. (d) Furnish list of all member partners not included in subdivisions (a), (6), or (c), deseubmg the duties of each on or about the above dates 2. If any of the member partners of your firm were specialists in stocks on the ABOVE-NAMED EXCHANGE on July 1, 1933, furnish as to each, a list of such stocks. 3. Submit the following information for the whole year 1929 and for the period from January 1, 1933, to September 1, 1933: (a) The approximate total number of customers who bought or sold any securities through your firm, excluding customers who were members of the ABOVE-NAMED or any other security exchange. (&) The approximate total number of the above whose transactions were of a cash character (o) Has your firm, as a member of any other exchange, furnished the information contained in your answers to 3(a) and 3(&) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? 4. (#) State total number of shares bought and total number of shares sold on the ABOVE-NAMED EXCHANGE for firm account for the month of July 1933, excluding transactions m error accounts Specialists should exclude from this total all transactions made against odd lots (&) Submit on behalf of each partner of your firm (whether active or inactive) a statement showing the approximate total number of shares bought and the approximate total number of shares sold on the ABOVE-NAMED EXCHANGE for his personal account for the month of July 1933 5. (a) State the approximate total number of customers' accounts on the firm's books having debit balances as of December 31, 1928, July 31, 1929, December 31, 1929, December 31, 1930, December 31, 1931, December 31, 1932, and June 30, 1933 (6) Has your firm, as a member of any other exchange, furnished the intormation contained m your answer to 5(a) to the Senate Committee on Banking and Currency in response to a questionnaire sent to your firm as a member of such other exchange' 6. The following information is required for the years 1929 to 1932, inclusive, and for the period from January 1, 1933 to October 31, 1933 • (a) State whether your firm held any option or had a participation m any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether said option was exercised wholly, partially, or not at all) If answer is in the affirmative and your firm held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options. STOCK EXCHANGE PRACTICES 7887 (&) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, held any option or had a participation m any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether such option was exercised wholly, partially, or not at all) If answer is in the affirmative, furnish the name or names of such person or persons, and if such person or persons held the original option or acted for the optionee, or optionees, furnish a photostatic copy of each such options (c) Has your firm, as a member of any other exchange, furnished the information contained in your answers to 6(a) and 6(&) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (d) Do not furnish copies ot any of the options called for in 6(a.) and 6(&) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee. l 7. (a) State whether your firm participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1932, inclusive, and from January 1, 1933 to November 1, 1983. If the answer is in the affirmative and your firm was manager or acted for the manager or, managers for.sjieh accounts, furnish a photostatic copy of each of said syndicate, pool, and/or joint account agreements. If answer is in the affirmative and your firm was not the manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (&) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, participated in the profits and/or losses in any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive If answer is in the affirmative, furnish the names of all such partners or persons,A and if such partners or persons were the managers or acted foi the managers for such accounts, furnish a photostatic copy of each of s®eh syndicate, pool, and/or joint account agreements If answer is in the affirmative and any partner or person acting on behalf of your firm or of any partner thereof was not the manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or point accounts and the respective securities dealt in. (c) State whether any joint, syndicate, and/or pool accounts* have been maintained on the firm books during the years 1929 to 1983, inclusive, in which the firm or any partner thereof had no proprietary interest If answer is in the affirmative and the firm or any partner thereof was the manager or acted for the manager or managers £or such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements If answer is in the affirmative and the*fifm oi any partner thereof -was not the'maaagei* and did not act for the manager or managers, then furnish name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (d) Has your firm, as a member of any other exchange, furnished the information contained in youi answers to 7(a), 7(&), and 7(e) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (e) Do not furnish copies of any of the agreements called for m 7(a), 7(6), and 7(c) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee 8 (a) Has firm, during the years 1929 to 1933, inclusive, underwritten or has it participated m the undeiwriting of any securities which were subsequently ofteied for public sale? Give separate answer as to each year 1 For the pui poses of this question, a syndicate, pool, or joint account shall be deemed to be an account in which two or more parties participated for the puipose of trading actively in a single security -and in which account more than 10,000 shares were bought or sold 7888 STOCK EXCHANGE PBACTICES (&) Has firm, during the years 1929 to 1933, inclusive, made any public offering of securities or has it participated with others in a public offering of securities? Give separate answer as to each year 9. (a) Has firm acted as promoter, organizer, or manager under contract, of any investment tiust of the management type during the period 1929 to 1933, inclusive ? It the answer is m the affirmative, furnish name of such investment trust or trusts and describe the relationship existing between nrm and such trust or trusts, giving in each case the period of such relationship. (&) Has any partner of the firm or agent thereof acted as promoter, organizer, officer, director, or manager under contract, of any investment trust of the management ty*pe durmg the period 1929 to 1933, inclusive? If the answer is in the affirmative, furnish name or names of such investment trust or trusts; the names of any partners of the firm or agents thereof having any of the said relationships thereto, a description of the relationship of such partners or agents, and the period of such relationship of such partners or agents. 10. (a) Furnish on behalf of the firm for each year trom 1928 to 1932, inclusive, and for the period January 1, 1933 to August 31, 1933, inclusive, a detailed profit and loss statement which is to include all receipts and disbursements by classification Such statement must include and separately state net amount of commissions and interest received on the firm's brokerage transactions with its customers (&) Has your firm, as a member of any other exchange, furnished the information contained in your answer to 10(a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange ? (c) Do not furnish copies of any of the statements called for m 10(a) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee NOTE—State as a member of which exchange you are answering this questionnaire Answers should be given in the same numerical order as the corresponding questions and should be sent to United States Senate Subcommittee on Banking and Currency, 285 Madison Avenue, New York City Mr. PEOORA. This questionnaire was addressed to members of securities exchanges other than the New York Stock Exchange and the New York Curb Exchange; and I now desire to offer in evidence, in bulk, all the responses received from members of such other exchanges to the questionnaire last offered m evidence. Senator COSTTGAN. The same will be received as was done in case of the other original responses and appropriately marked. (The original returns received in response to the questionnaire sent to members of exchanges other than the New York Stock Exchange and the New York Curb Exchange, were received and marked " Committee Exhibit No. 23, May 1,1934 ", and will be filed with the committee.) Mr. PECORA. I also desire to offer in evidence a recapitulation which has been prepared by members of the investigating staff of this committee, of the answers to the questionnaire last offered in evidence, addressed to member firms of such other exchanges, exclusive of the New York Stock Exchange and the New York Curb Exchange. Senator COSTIGAN. The recapitulation will be received in evidence and appropriately marked. (The paper was received in evidence, being marked " Recapitulation of Answers to Questionnaire submitted to member firms of exchanges exclusive of New York Stock Exchange and New York Curb Exchange ", and the same was marked k< Committee Exhibit No. 24, May 1,1934 ", and is as follows:) STOCK EXCHANGE PBACTICES COMMITTEE EXHIBIT NO 24—MAY 1, 7889 1934 RECAPITULATION OF ANSWERS TO QUESTIONNAIRE! SUBMITTED TO MEMBER FIRMS OF EXCHANGES EXCLUSIVE OF NEW YORK STOCK EXCHANGE AND NEW YORK CURB EXCHANGE! (Number o± exchanges whose members responded, 27) 1 As of September 30, 1933: (a) Number of member firms in which member partners acted primarily as FLOOR TRADERS (b) Number of member firms in which member partners acted primarily as FLOOR BROKERS 2 As of July 1, 1933. Number of member firms in which member partners were specialists 3. (a) Number of customers (approximated by member firms) who purchased or sold securities through member firms. 1929 131,835 Jan. 1-Sept. 1, 1933 (b) Number of customers (approximated by member firms) whose transactions were of a cash character 1929 102,473 Jan 1-Sept 1, 1933 59 149 57 96,639 75,194 Difference indicating approximate number of margin customers 29,362 21,445 4. (a) Number of shares purchased and number of shares sold on exchanges for the account of member firms during the month of July, 1933 Number of shares purchased Number of shares sold 1,313,934 1,230,742 Total purchased and sold (b) Number of shares purchased and number of shares sold on exchanges for the account of member partners of member firms during the month of July, 1933: Number of shares purchased Number of shares sold Total purchased and sold 2, 544,676 452,194 426,331 • 878,525 Total number of shares traded in for July 1933 on all exchanges exclusive of NY Stock and NY Curb Exchanges 19,882,028 5. Number of accounts (approximated by member firms) having debit balances on firms' books* Dec 31, 1928 July 31, 1929 Dec 31, 1929 Dec 31, 1930 Dec 31, 1931 Dec 31, 1932 June 30,1933 6. (a) Number of member firms holding options or participations in options exceeding 10,000 shares of a single security, during the years 1929 to 1933 inclusive (b) Number of member partners holding options or participations in options exceeding 10,000 shares of a single security, during the years 1929 to 1933 inclusive Number of options held by member firms Number of shares subject to such options 17,641 20,436 20,027 15,173 12,862 11,709 14,580 11 None 20 3,137,251 7890 STOCK EXCHANGE PRACTICES 7. (a) Number of firms participating in profits and/or losses in syndicates, pools or joint accounts during the years 1929 to 1983 inclusive (b) Number of firm partners participating in profits and/or losses in syndicates, pools or joint accounts during the years 1929 to 1933 inclusive Number of syndicates, pools and/or joint accounts in which member firms and member partners participated (c) Number of firms on whose books syndicate, pool or joint accounts were maintained in which firm or partners thereof had no proprietary interest, during the years 1929 to 1933 inclusive 8. Number of firms which underwrote or participated in the underwriting of securities subsequently offered for public sale: 1929 1930 1931 1982 1933 9 (a) Number of firms acting as promoters, organizers, or managers under contract of any investment trust of the management type during the years 1929 to 193B inclusive(b) Number of firm partners or agents thereof acting as promoters, organizers, officers, directors or managers under contract of any investment trust of the management type, duung the years 1929 to 1983 inclusive Number of investment trusts for which member firms, member partners or agents acted as promoters, organizers, officers, directors or managers under contract 10 Income and Expenses ot firms for the years 1928 to 1932 inclusive and from January 1 to August 31, 1933 Mr. PECORA. There has also been prepared by members of 37 3 92 3 43 43 87 33 36 10 3 14 the investigating staff of the committee a summary of the answers to the questionnaire last offered m evidence, which are taken from the answers submitted by the member firms of such exchanges other than the New York Stock Exchange and the New York Curb Exchange. I desire to offer same in evidence. Senator COSTIGAN. The same will be received and appropriately marked. (Some papers entitled " Summary of Answers to Questionnaire Submitted to Member Firms of Exchanges, Exclusive of the New York Stock Exchange and the New York Curb Exchange ", were received in evidence and marked " Committee Exhibit No. 25, May 1, 1934", and are as follows:) COMMITTEE EXHIBIT NO 25—MAY 1, 1934 SUMMARY OF ANSWERS TO QUESTIONNAIRE SUBMITTED TO MEMBER FIRMS OF EXCHANGES EXCLUSIVE OF THE NEW YORK STOCK EXCHANGE AND THE NEW YORK CURB EXCHANGE QUESTION l 1 Furnish the information requested as of July 31, 1928; July 31, 1929; December 31, 1929, December 31, 1980; December 31, 1931; December 31, 1932; and September 30,1933: (a) Did any member partner of your firm on or about the above dates act primarily as a floor trader in stocks on the ABOVE-NAMED EXCHANGE? If so, furnish the name or names of such member partner or member partners, and set forth upon which of said dates each acted in such capacity. (b) Did any member partner of your firm on or about the above dates act primarily as a floor broker in stocks on said exchange? If so, furnish the name of such member partner or member partners and set forth upon which oi said dates each acted in such capacity. 7891 STOCK EXCHANGE PEACTICES (c) If the answers to subdivisions (a) and (b) are in the negative, state the names of your member partners who were active on the floor of said exchange on or about the above dates, and in what capacity. (d) Furnish list of all member partners not included in subdivisions (a), (b), or (c), describing the duties ot each on or about the above dates. As of Sept 30,1933 Exchange Baltimore Stock .. . - —— Boston Stock.. Boston Curb . _Buffalo Stock Cincinnati Stock. Cleveland Stock Chicago Curb . . . . Chicago Stock. »_ . .. Detroit Stock Hartford Stock. Los Angeles Curb Los Angeles Stock _„ ... . .__. _. . . Mmneapohs-St Paul Stock New York Produce New York Mining _ .. . New Orleans Stock . Philadelphia Stock Pittsburgh Stock, Biehmond Stock.. _ . . . . ... .. _ San Francisco Curb . San Francisco Mining . . . . . . San Francisco Stock .. . . Salt Lake Stock. Seattle Stock St. Louis Stock.. Standard Stock Exchange of Spokane, Washington. Washington Stock . Member firms of the New York Stock Exchange which were also members of the above exchanges Total . Floor broker Floor trader 2 3 2 2 18 4 1 3 2 2 2 2 3 2 2 3 1 1 2 1 2 g 7 2 24 10 1 8 6 21 2 4 2 3 1 4 1 2 3 1 5 4 1 4 23 59 149 QUESTION 2 If any of the member partners of your firm were specialists in stocks on the above-named exchange on July 1, 1933, furnish, as to each, a list of such stocks. Number a/ Number of Exchange: spewcdists Exchange—Continued specialists Pittsburgh Stock 1 Baltimore Stock Richmond Stock Boston Stock 5 San Francisco Curb 1 Boston Curb San Francisco Mining Buffalo Stock San Francisco Stock 5 Cincinnati Stock Salt Lake Stock Cleveland Stock Seattle Stock Chicago Curb St Louis Stock Chicago Stock 19 Standard Stock Exchange of Detroit Stock 1 1 Spokane, Washington Hartford Stock Washington Stock Los Angeles Curb 2 Member firms of the New York I*os Angeles Stock 3 Stock Exchange which were Mmneapolis-St Paul Stock also members of the above New York Produce 12 exchanges 6 New York Mining New Orleans Stock Philadelphia Stock 2 Total 57 7892 STOCK EXCHANGE PEAOTICES QUESTION 3 Submit the following information for the whole year 1929 and for the period from January 1, 1933, to September 1, 1933: (a) The appioximate total number of customers who bought or sold any securities through your firm, excluding customers who were members of the above-named exchange or any other security exchange. (b) The approximate total number of the above whose transactions were of a cash character (c) Has your fiim, as a member of any other exchange, furnished the information contained in your answers to 3 (a) and 3 (b) to the Senate Committee on Banking and Currency m response to a Senate questionnaire sent to your firm as a member of such other exchange? YEAR 1929 Exchange Baltimore Stock Boston Stock Boston Curb Buffalo Stock Cincinnati Stock Cleveland Stock Chicago Curb Chicago Stock Detroit Stock Hartford Stock Los Angeles Curb Los Angeles Stock Minneapohs-St Paul Stock New York Produce New York Mining New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Curb San Francisco Mining San Francisco Stock Salt Lake Stock Exchange Seattle Stock St Louis Stock. Standard Stock Exchange of Spokane, WashingtonWashington Stock Total Total Cus- Cash Cus- Margin Customers tomers tomers 3,615 5,366 50 10,293 10,545 4,953 5,358 6,194 1,461 3,417 18,191 4,500 1,395 531 15,930 707 3,009 4,178 50 9,925 8,578 4,658 3,328 3,134 1,276 1,993 11,919 4,500 1,277 13,484 2,973 465 148 606 1,188 1,967 295 2,030 3,060 185 1,185 6,272 118 142 2,446 395 242 53 1,900 1,083 2,856 941 1,301 17,819 1,700 1,060 2,469 608 1,301 7,867 200 23 387 131,835 102,473 29,362 2,323 4,083 50 4,326 7,510 3,161 4,121 6,622 6,201 2,034 3,566 12,133 1,886 2,178 3,444 50 3,332 5,693 3,092 145 JAN 1, 1933-SEPT 1, 1933 Baltimore Stock Boston Stock Boston Curb Buffalo Stock Cincinnati Stock Cleveland Stock Chicago Curb Chicago Stock Detroit Stock Hartford Stock Los Angeles Curb Los Angeles Stock Minneapohs-St Paul Stock New York Produce New York Mimng New Orleans Stock u .. Philadelphia Stock.. Pittsburgh Stock Richmond Stock San Francisco Curb__ San Francisco Mimng San Francisco Stock Salt Lake Stock Seattle Stock St Louis Stock, Standard Stock Exchange of Spokane, Washington. Washington Stock Total 2,014 12,397 2,628 1,003 1,079 12,712 2,063 440 1,132 3,919 5,870 2,009 8,642 1,874 699 515 1,872 10,362 2,103 902 8,125 480 833 1,962 412 1,132 75,194 994 1,817 69 1,485 2,703 331 25 1,197 3,491 12 149 350 142 2,035 525 101 390 4,587 100 29 101 28 21,445 NOTE —The total number of margin customers is obtained by deducting the total amount of cash customers from the total customers 7893 STOCK EXCHANGE PEACTICES QUESTION 4 (a) State total number of shares bought and total number of shares sold on the ABOVE-NAMED EXCHANGE for firm account for the month of July 1933, excluding transactions in error accounts Specialists should exclude from this total all transactions made against odd lots (b) Submit on behalf of each partner of your firm (whether active or inactive) a statement showing the approximate total number of shares bought and the approximate total number of shares sold on the ABOVE-NAMED EXCHANGE for his personal account for the month of July 1933. Shares bought (a) Member firms Baltimore Stock. Boston Stock Boston Curb Buffalo Stock Cincinnati Stock , Cleveland Stock Chicago Curb Chicago Stock Detroit Stock Hartford Stock Los Angeles Curb Los Angeles Stock Minneapohs-St Paul Stock « New York Produce New York Mimng New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Curb , San Francisco Mining San Francisco Stock Salt Lake Stock Seattle Stock St Louis Stock Standard Stock Exchange of Spokane, Washington Washington Stock w__ Member firms of the New York Stock Exchange which were also members of the above exchanges Total (b) Member partners Baltimore Stock Boston Stock Boston Curb Buffalo Stock • Cincinnati Stock Cleveland Stock Chicago Curb Chicago Stock. Detroit Stock Hartford Stock Los Angeles Curb — Los Angeles Stock Minneapohs-St Paul Stock New York Produce New York Mmmg '. New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Curb San Francisco Mmmg. San Francisco Stock Salt Lake Stock Seattle Stock _ St Louis Stock Standard Stock Exchange of Spokane, Washington.Washington Stock. _ • Total.. 145 19,958 4,377 2,244 25,985 195,265 72,495 42,105 64,837 119,515 58,200 300 13,427 39,767 237 26,968 Shares sold 145 1,542 6,187 26 885 158,158 61,511 40,532 54,437 100 121,870 62,100 300 158 34,130 175,454 15,700 176,233 29,700 766 58,950 51 90 60,850 103 368,665 321,939 1,313,934 1,230,742 955 156,565 805 136,949 17,475 100,238 3,250 13 680 19,305 84,950 4,110 2,228 904 1,800 130,420 16,000 2,161 1204 1,400 125,990 20,000 10,895 15,099 3,730 25 465 700 "5,"360" 5,245 290 1,050 4,200 452,194 426,331 7894 SIOCK EXCHANGE PBAOTICES Total Shares Traded m July 1988 Exchange: Baltimore Stock Boston Stock Boston Curb Buffalo Stock Cincinnati Stock Cleveland Stock Chicago Curb Chicago Stock Detroit Stock Hartford Stock Los Angeles Curb Los Angeles Stock Minneapohs-St Paul Stock New York Produce New York Mining New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Curb San Francisco Mining San Francisco Stock Salt Lake Stock Seattle Stock St. Louis Stock Standard Stock Exchange of Spokane, Washington Washington Stock Shares Bought and Sold for July 1983 Member Firms* Shares Bought Shares Sold 81,906 2,325,651 57,350 21,549 42,748 66,016 1,187,200 3,207,000 859,898 650, 701 455,103 51, 593 2,443,948 389,930 14,637 1,349,857 410,499 944 358,579 2,965,038 1,271,824 1,130,382 315 21,624 517,345 391 19, 882,028 1,313,934 1,230,742 Total 2, 544 676 Member Partners Shares Bought Shares Sold 452,194 426,331 Total 878,525 Individual Members* Shares Bought Shares Sold 743,083 746,987 Total 1,490,070 Total shares bought and total shares sold member firms, member partners, and individual members 4,913,271 Total shares traded in on all exchanges for the month of July 1933 exclusive of N Y Stock and N Y Curb Exchange 19,882,028 QUESTION 5 (a) State the approximate total number of customers' accounts on the firm's books having debit balances as of December 31, 1928; July 31, 1929; December 31, 1929, December 31, 1930, December 31, 1931, December 31, 1932, and June 30, 1933. (b) Has your firm, as a member of any other exchange, furnished the information contained in your answer to 5(a) to the Senate Committee on Banking and Currency in response to a questionnaire sent to your firm as a member of any other exchange? 7895 STOCK EXCHANGE PRACTICES Customers' debit balances Exchange Baltimore Stock Boston Stock Boston Curb Buffalo Stock Cincinnati Stock A Cleveland Stock Chicago Curb Chicago Stock.Detroit Stock . Hartford Stock. . Los Angeles Curb. Los Angeles Stock Minn -St Paul Stock New York Produce „ New Ynrk Mining. New Orleans Stock... Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Curb. San Francisco Mining San Francisco Stock ° _ Salt Lake Stock Seattle Stock St. LooisvStock. Standard Stock of Spokane, Wash Washington Stock. TotaL June 30, 1933 Dec 31, 1928 July 31, 1929 Dec 31, 1929 Dec 31, 1930 Dec 31, 1931 Dec 31, 1932 571 879 548 1,019 542 1,154 557 904 319 819 269 753 279 793 233 611 267 866 1,712 261 98 590 5,163 452 655 321 953 1,871 354 103 678 6,314 448 569 132 870 2,233 444 72 470 6,000 274 554 74 779 1,573 267 46 315 4,529 273 198 172 72 1,742 401 120 89 2,090 417 73 142 2,169 550 71 162 1,903 409 109 147 1,806 373 99 25 705 514 239 359 1,271 327 65 329 2,333 6 242 76 171 1,767 357 88 43 808 591 108 493 1,831 924 77 619 2,886 201 237 534 261 551 1,428 287 36 271 3,524 7 156 3,000 425 75 258 3,286 415 129 303 3,070 335 105 4J2S- 1,804 178 160 293' 1,375 161 131 16$ 1,319 130 108 135 1,496 119 87 123 71 35 60 33 49 76 34 77 42 107 26 77 25 112 17,641 20,436 20,027 15,173 12,862 11,709 14,580 3 200 145 1,965 489 89 302 QUESTION 6 The following information is required for the years 1929 to 1932, inclusive, and foi the period from January 1, 1983, to October 31,1933 (a) State whether your firm held any option or had a participation in any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whethei said option was exercised wholly, partially, or not at all) If answer is in the affirmative and your firm held the original option or acted foi the optionee or optionees, furnish a photostatic copy of each of such options (b) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, held any option or had a participation in any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether such option was exercised wholly, partially, or not at all) If answer is in the affirmative, furnish the name or names of such person or persons, and if such person or persons held the original option or acted for the optionee, or optionees, furnish a photostatic copy of each such options (c) Has your firm, as a member of any other exchange, furnished the information contained in your answers to 6 (a) and 6 (b) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to youi firm as a member of such other exchange ? (d) Do not furnish copies of any of the options called for in 6 (a) and 6 (b) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee Exchange Baltimore Stock. Boston Stock Boston Curb Buffalo Stock ___ Cincinnati stock... Cleveland Stock . Chicago Curb Chicago Stock Detroit Stock Number Number partof firms ofners 7896 STOCK EXCHANGE PBAOTICES Number Number partof firms ofners Exchange Hartford Stock Los Angeles Curb. Los Angeles Stock Minneapolis St Paul Stock New York Produce New York Mining , New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Curb _ San Francisco Mining San Francisco Stock Salt Lake Stock Seattle Stock St Louis Stock _ Standard Stock Exchange of Spokane, Washmgton... Washington Stock 11 Number of options held by member Number of shares subject to such options films 20 3,137,251 QUESTION 7 1 (a) State whether your firm participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1932, inclusive, and from January 1, 1933, to November 1, 1933 If the answer is in the affirmative and your him was manager or acted for the manager or managers tor such accounts, furnish a photostatic copy of each of said syndicate, pool and/or joint account agreements If answer is in the affirmative and your firm was not the .manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (b) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, participated in the profits and/or losses in any syndicate, pool, and/or joint account during the years 1929 to 1933 inclusive If answer is in the affirmative, furnish the names of all such partners or persons, and if such partners or persons were the managers or acted for the managers for such account's, furnish a photostatic copy of each of such syndicate, pool and/or joint account agreements If answer is in the affirmative and any partner or person acting on behalf of your firm or any partner thereof was not the manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt m (c) State whether any joint, syndicate, and/or pool accounts have been maintained on the firm books during the years 1929 to 1933, inclusive, in which the firm or any partner thereof had no proprietary interest If answer is m the affirmative and the firm or any partner thereof was the manager, or acted for the manager or managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements If answer is in the affirmative and the firm or any partner thereof was not the manager and did not act for the manager or managers, then furnish name and lastknown address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt m (d) Has your firm, as a member of any other exchange, furnished the information contained in your answers to 7(a), 7(b), and 7(c) to the Senate Committee on Banking & Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (e) Do not furnish copies of any of the agreements called for in 7(a), 7(b), 7(c) if your fiim, as a member of any other exchange, has heretofore furnished such copies to the committee. *For the purpose of this question, a syndicate, pool or joint account shall be deemed to be an account in which two or more parties participated for the puipose of trading actively m a single security and m which account more than 10,000 shares were bought or sold 7897 STOCK EXCHANGE PEACTICES Syndicates, pools, and joint accounts N o of Firms Exchange Baltimore Stock Boston Stock . . . Boston Curb Buffalo Stock Cincinnati Stock._ . Cleveland Stock Chicago Curb ... Chicago Stock _ Detroit Stock Hartford Stock Los Angeles Curb Los Angeles Stock Minn -St Paul Stock New York Produce New York Mining New Orleans Stock Philadelphia Stock Pittsburgh Stock .Richmond Stock San Francisco Curb . San Francisco Mining San Francisco Stock Salt Lake Stock - — ... . . . . . . . . . . . ...... . - ... .. . .. . . . . . ... . - 1 5 ..... . . . ... ... . . . . .... ... ..... - — No of Non-ProSynPartners fit dicates 1 3 _. 3 2 1 1 4 1 ....... I 1 2 1 1 4 2 3 ... . ... . . . . . .. — ... ............ ......... - - ....... . . . .. .. . ._ . Totals 4 1 Seattle S t o c k . S t Louis Stock . Standard Stock of Spokane, W a s h i n g t o n . . Washington Stock . . - - . . 1 . . ... 37 - 3 3 Number of syndicates, pools and/or joint accounts m which member firms and member partners participated—92 QUESTION 8 (a) Has firm, during the years 1929 to 1933, inclusive, underwritten or has it participated in the underwriting of any securities which were subsequently offered for public sale? Give separate answer as to each year. (b) Has firm, during the years 1929 to 1933, inclusive, made any public offering of securities or has it participated with others in a public offering of securities? Give separate answer as to each year. Underwritings Exchange Baltimore Stock B o s t o n Stock B o s t o n Curb Buffalo Stock . Cincinnati Stock Cleveland Stock. - ___._. . . . . . . . . . . . Chicago Stock D e t r o i t Stock Hartford Stock . .. - . . . .. . ...... . ._ . Salt Lake Stock Exchange. - Seattle Stock Exchange - . St Louis Stock Exchange . ....... .... Standard Stock of Spokane, Washington — Washington Stock Totals 1933 6 3 6 4 6 4 4 5 5 3 3 4 3 4 1 1 4 3 3 2 1 1 . L o s Angeles Stock Minneapolis-St Paul Stock New York Produce N e w York M i n i n g . New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock . . 1932 1931 1930 1929 1 1 2 2 4 X 1 4 1 1 2 1 2 1 2 1 2 9 1 2 9 1 1 2 9 1 2 6 1 1 1 2 5 1 1 2 3 2 2 2 2 2 2 2 3 1 2 3 2 2 43 43 37 33 36 7898 STOCK EXCHANGE PRACTICES QUESTION 9 (a) Has firm acted as promoter, organizer, or manager under contract, of any investment trust of the management type during the period 1929 to 1933, inclusive ? If the answer is in the affirmative, furm&h name of such investment trust or trusts and describe the relationship existing between firm and such trust or trusts, giving in each case the period of such relationship. (b) Has any partner of the film or agent thereof acted as promoter, organizer, director, or manager under contract, of any investment trust of the management type during the period 1929 to 1933, inclusive? If the answer is in the affiimative, furnish name or names of such investment trust or trusts; the names of any partners of the firm or agents thereof having any of the said relationships thereto, a description of the relationship of such partners or agents, and the period of such relationship of such partners or agents. Dnvestment trusts Exchange Number of Number of firms partners Baltimore Stock. Boston Stock Boston Curb Buffalo Stock Cincinnati Stock Cleveland Stock Chicago Curb Chicago Stock Detroit Stock Hartford Stock Los Angeles Curb Los Angeles Stock Mmneapolis-St Paul Stock New York Produce New York Mining New Orfeans Stock. Philadelphia Stock Pittsbuigh Stock Richmond Stock._San Francisco Curb San Francisco Mining San Francisco Stock Salt Lake Stock Seattle Stock St Louis Stock Standard Stock of Spokane, WashingtonWashington Stock. Totals. 10 Number of investment trusts for which member firms, member partners, or agents acted as promoters, organizeis, officers, directors, or managers under contract—14 Mr. PECORA. There has also been prepared by members of the investigating staff of this committee a consolidated statement of income and expenses reported by the member firms of the 27 stock exchanges enumerated on this consolidated statement, which are exclusive of the New York Stock Exchange and the New York Curb Exchange. This statement of income and expenses covers the period beginning January 1,1928, and ending August 31, 1933, and is made up from the answers returned to the questionnaire last offered in evidence. Senator COSTIGAN (presiding). The statement will be received and appropriately marked in evidence. (A typewritten statement entitled " Consolidated statement of income and expenses of members of the stock exchanges listed below (27), not including the New York Stock Exchange or the New York Curb Exchange, for the period of 5 years and 8 months, Jan. 1, 1928, to Aug. 31,1933 ", was received in evidence and marked " Committee Exhibit No. 26, May 1,1934 ", and is as follows:) 7899 STOCK EXCHANGE PEACTICES QUESTION 10 (a) Furnish on behalf of the firm for each year from 1928 to 1932, inclusive, and for the period January 1, 1933, to August 31, 1933, inclusive, a detailed profit and loss statement which is to include all receipts and disbursements by classification. Such statement must include and separately state net amount of commissions and interest received on the firm's brokerage transactions with its. customers. (b) Has your firm, as a member of any other exchange, furnished the information contained in your answer to 10 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange ? (c) Do not furnish copies of any of the statements called for in 10 (a) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee COMMITTEE EXHIBIT NO 26—MAY 1, 1934 Consolidated1 statement of income and expenses of member firms of 21 stock exchanges , not tncludmg the New York Stock Exchange or the New York Curb Exchange, for the period of 5 years amd 8 months {Jam 1, 1928, to Aup 31, 1933) 1929 1928 1930 1931 1932 Eight months to Aug 31,1933 Total Commissions, net Interest, net Profit on trading Miscellaneous income $8,629,205 $9,205,046 $6,228,885 $3,961,985 $2,886,778 $3,594,728 $34,506,627 879,701 583,967 278,139 219,489 4,054,568 912,816 1,180,456 10,217,544 9,609,798 3,033,338 1,379,515 1,704,011 4,474,632 30,418,838 685,166 575,491 6,390,760 1,174,305 1,214,883 1,603,576 1,137,339 Total income Expenses 20,933,870 21,210,183 11,745,500 7,062,806 5,554,094 8,864,340 75,370,795 8,487,285 12,646,589 12,645,665 10,624,574 8,013,771 5,688,881 58,106,765 Net income or loss- 12,446,585 8,563,594 900,165 8,661,768 2,459,677 3,175,459 17,264,028. 1 Baltimore Stock Exchange, Boston Curb Exchange, Boston Stock Exchange, Buffalo Stock Exchange, Chicago Curb Exchange Association, Chicago Stock Exchange, Cincinnati Stock Exchange, Cleveland Stock Exchange, Detroit Stock Exchange, Hartford Stock Exchange, Los Angeles Curb Exchange, Los Angeles Stock Exchange/MinneapolisSt Paul Stock Exchange, New Orleans Stock Exchange, New York Mining Exchange, New York Produce Exchange, Philadelphia Stock Exchange, Pittsburgh Stock Exchange, Richmond Stock Exchange, St Louis Stock Exchange, Salt Lake Stock Exchange, San Fiancisco Curb Exchange, San Francisco Stock Exchange, San Francisco Mining Exchange,. Seattle Stock Exchange, Standard Stock Exchange of Spokane, Washington ( D C ) Stock Exchange NOTE —Italics designate loss Mr. PECORA. With reference to the consolidated statement last offered in evidence, I want to offer in evidence the summaries which have been prepared by the investigating staff of the committee of the income and expenses of member firms of each of the 27 stock exchanges, other than the New York Stock Exchange and the New York Curb Exchange, to which was addressed the questionnaire last offered in evidence. Senator COSTIGAN. IS it desired that these returns be separately marked and incorporated in the record ? Mr PECORA. I think it might be well. There are some 27 of themy and they are arranged in alphabetical order m connection with the stock exchanges involved. Senator COSTIGAN. They will be appropriately marked and made a part of the record. 175541—34—PT 17 10 7900 STOCK EXCHANGE PEACTICES (The summaries of income and expenses for the 27 stock exchanges were received in evidence and marked " Committee Exhibits Nos. 27 through 53, May 1,1934", and are as follows:) Summary of income and* expenses for the period of 5 years and 8 months, Jan, 1, 1928, to Aug 81, 1983 COMMITTEE EXHIBIT NO. 27—MAY 1, 1934 BALTIMOKE STOCK EXCHANGE M E M B E R F I R M S 1928 (As reported b y the respective member firms in answer to question no 10 of questionnaire of the United States §ubppmmittee on Banking and<3urrency) Commissions, net Interest, net Profit or loss on trading Miscellaneous income Total income Expenses Net income or loss 1929 $115,857 $152,233 43,647 70,892 110,481 88,845 51,612 54,705 Eight months to Aug 31,1933 1930 1931 1932 Total $95,894 21,014 66,596 57,012 $64,982 11,171 $65,760 33,576 $47,372 7,862 28,967 18,552 $59,471 4,805 35,811 4,575 $535,809 143,667 287,865 220,032 321,597 226,809 239,485 232,420 118,325 210,228 156,021 179,446 34,095 113,097 104,662 103,432 662,143 1,065,432 94,788 7,065 91,908 885,467 79,002 1,230 403,289 NOTE —Italics designate loss COMMITTEE EXHIBIT NO 28—MAY 1, 1934 BOSTON STOCK EXCHANGE 1928 Member firms, as reported by them m answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net Profit or Loss on Tradmg Miscellaneous Income Total IncomeInterest Expense, net Other Expenses Total Expenses 1929 1930 1931 1932 $622,097 $971,996 $560,716 $432,092 $255,759 534,898 165,303 884,247 129,947 28,889 88,654 127,404 103,924 36,568 15,086 1,245,649 1,264,703 ===== 65,283 124,474 415,240 624,732 480,523 749,206 Eight months to Aug 31,1933 Total $200,821 $3,043,481 145,704 353,372 6,025 377,661 330,393 338,713 242,506 352,550 3,774,514 24,686 626,100 6,902 490,813 3,470 328,284 1,184 226,078 223,681 2,711,247 650,786 497,715 331,754 224,944 2,934,928 Net Income or Loss 765,126 515,497 820,398 159,002 89,248 127,606 839,586 Members operating as Individuals, as reported m answer to Question No 7 Commissions, net Profit or Loss on Tradmg Miscellaneous Income 228,539 287,783 23,565 338,333 76,830 71,865 142,607 183,864 35,153 84,136 115,522 16,373 61,425 42,325 11,385 50,271 239,604 8,557 905,311 194,006 166,898 539,887 333,868 6,094 15,018 115,135 298,432 1,266,215 24,986 73,381 97,568 61,557 30,436 55,046 16,618 40,530 14,910 39,441 11,591 33,474 196,109 303,429 98,367 159,125 85,482 57,148 54,351 45,065 499,538 441,520 174,743 91,676 72,161 60,784 253,367 766,677 Total Income Interest Expense, net Other Expenses Total Expenses Net income or loss NOTE —Italics designate loss. 7901 STOCK EXCHANGE PRACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan. 1, 1928, to Aug. 81, 1983—Continued COMMITTEE EXHIBIT NO. 2 9 — M A Y 1, 1934 BOSTON OUKB E X C H A N G E $1,364 401 $4,838 $664 1,096 39 8,254 $22,683 685 343 446 3,781 7,600 22,887 1,714 1,479 554 18,073 1,714 1,479 554 18,073 8,088 751 2,302 8,154 4 814 8,642 2,569 $,004 1,142 1,735 8,669 430 2,443 2,796 17,670 199 1,509 1,237 652 132 551 206 5,740 76 66,354 9,483 82,846 2,021 55,465 24,122 9,813 13,518 5,85$ 6,449 12,282 4,896 2,226 3,418 4,907 1,924 45,013 64,327 31,343 8,705 11,801 17,128 1,192 6,831 9,314 $8,832 179 9,693 407 $6,015 19, 111 6,059 573 963 4,122 6,593 §, ell 4,122 6,593 3,611 Net Income or Loss 14,989 584 Members operating as Individuals, as reported in answer to Question No 7 Commissions, net -Interest, net Profit or Loss on Trading— Miscellaneous Income 52,067 940 1,880 578 Total Income Interest Expense, net. Other Expenses Total Expenses Total Income Expenses - • Net Income or Loss Total 1932 1929 Member firms, as reported by them in answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commission, net Interest, net - Profit or Loss on Trading Miscellaneous Income Eight months to Aug 31,1933 1931 1928 1930 $980 407 N O T E —Italics designate loss. COMMITTEE EXHIBIT NO. 3 0 — M A Y 1, 1934 BUFFALO STOCK EXCHANGE MEMBER FIRMS (As reported by the respective member firms m answer to question no 10 of questionnaire of the United States Senate Subcommittee on Banking and Currency) Commissions, net Interest, net Profit or loss on trading Miscellaneous income Total income Expenses Net income or loss NOTE —Italics designate loss Eight months to Aug 31,1933 1931 1932 $7,581 $841,578 $35,645 84,688 25,065 10,566 717,887 709,209 1,115,465 64,662 297,880 23,275 $54,202 24,843 820,618 45,096 $16,507 13,364 461,819 42,347 $9,162 1,390 104,824 17,314 $288,688 80,64$ 866,972 490,574 347,660 386,600 756,865 512,003 196,477 254,683 889,601 107,511 132,690 52,552 189,578 1,504,736 88,940 1,268,868 451,160 497,11$ 80,138 1,644,814 1928 723,015 191,387' 631,628 1929 1930 Total 7902 STOCK EXCHANGE PRACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan. 1,1928, to Aug. 81, 1938—Continued COMMITTEE EXHIBIT NO 31—MAY 1, 1934 CINCINNATI STOCK EXCHANGE 1928 1929 1930 Member firms, as reported by them in answer to question no 10 of questionnaire of the United States Senate Subcommittee on Banking and Currency $116,629 $163,449 $115,034 Commission, net Profit or loss on trading 1,023,09* 1,073,638 207,993 Miscellaneous income 261,690 300,393 242,884 Total income 1932 Eight months to Aug 31,1933 Total $88,140 $42,703 23,645 167,036 139,770 - 69,266 $59,595 $574,450 261,604 2,756,914 36,168 1,060,171 565,911 251,555 279,005 357,367 4,381,535 1,100 446,773 31,295 436,392 31,684 486,847 36,037 428,839 64,219 309,917 45,958 210,293 183,419 2,292,187 447,873 464,876 374,136 229,377 2,602,480 21$, $21 > 96,1S1 127,990 1,879,055 1,400,317 1,527,380 Interest expense, net Other expenses 1931 467,687 518,531 962,444 1,059,693 47,380 21,480 16,747 9,323 18,405 11,339 13,801 10,555 6,600 13,814 5,414 67, U614,955 2,163 77,262 9,683 58,017 100,022 61,526 47,650 43,545 30,969 $7,127 65,416 19,521 6,131 5,475 14,983 5,716 12,303 5,087 10,110 3,942 7,366 2,808 50,893 23,028 Total expense... 11,606 20,699 17,390 14,052 10,174 73,921 Net income or loss 35,944 22,846 13,579 61,179 75,690 64,400 Total expenses — Net income Members operating as individuals, as reported m answer to question no 7 Commission, net Profit or loss on trading Miscellaneous income Total income Interest expense, net Other expenses Note —Italics designate loss COMMITTEE EXHIBIT NO 32—MAY 1, 1934 C L E V E L A N D STOCK E X C H A N G E M E M B E R F I R M S 1928 1929 1930 1931 (As reported by the respective Member Firms m answer to Question No 10 of Question naire of the United States Senate Subcommittee on Banking and Currency) Commissions, net__ $237,160 $306,860 $147,762 $130,332 Interest, net 20,967 27,400 28,748 1,706 Profit or Loss on Trading . . 123,762 743,012 263,192 91, $99 Miscellaneous Income 34,774 72,474 69,706 2,215 Total Income Expenses Net Income or Loss NOTE —Italics designate loss 364,823 1,105,613 67,841 474,628 296,992 630,985 1932 Eight months to Aug 31,1933 $90,241 3,091 21,454 76,855 $86,811 4,170 4,259 101,860 $999,156 86,082 1,021,372 357,883 Total 508,059 440,842 140,155 328,819 148,733 220,490 197,100 154,751 2,464,493 1,687,371 67,217 188,664 71,757 42,349 777,122 7903 STOCK EXCHANGE PEACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan, 1, 1928, to Aug 81, 1983—Continued COMMITTEE EXHIBIT NO 33—MAY 1, 1934 CHICAGO CURB EXCHANGE ASSOCIATION 1928 1929 1930 1931 1932 Eight months to Aug 31,1933 Total Member firms, as reported by them in answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net $507,367 $684,918 $437,745 $210,421 $221,918 $321,892 $2,284,261 Interest, net 22,667 717,506 6,178 409,611 728,977 36,108 Profit or Loss on Trading. _ 108,451 385 Miscellaneous Income 69,513 179,743 9,049 1,128 92,599 188,865 24,151 41,602 43,538 2,763 Total Income Expenses - 675,716 299,194 756,740 478,201 416,130 377,216 298,324 257,483 376,522 278,539 38,914 40,841 80,522 766,517 1,460,811 9,648 4,480 3,260 99 3,028 701 2,892 214 5,684 139 24,512 3,605 14,128 1,735 3,161 465 2,327 328 2,678 254 5,823 360 28,117 3,132 12,393 2,696 1,999 2,424 5,473 24,985 Net Income or Loss Members operating as Individuals, as reported m answer to Question No 7 Commissions, net Profit or Loss on Trading.— Total Income Expenses Net Income or Loss 13,487 6,896 2,503 244,804 1,067,243 3,468,957 275,326 310,726 1,998,146 NOTE —Italics designate loss COMMITTEE E X H I B I T N O . 3 4 — M A Y 1, 1934 CHICAGO STOCK E X C H A N G E 1928 1929 1930 1931 Member Firms, as reported b y them m answer to Question No 10 of Questionnaire of the Umted States Senate Subcommittee on Banking and Currency Commissions, net $1,086,898 $1,977,244 $1,279,938 $641,890 Interest, net _ 114,112 231,398 220,894 149,938 Profit on Trading. 588,683 898,650 132,149 55,336 Miscellaneous Income. 29,157 74,414 51,540 47,461 Total Income Expenses Net Income or Loss Members operating as individuals, as reported in answer to Question No 7 Commissions, net Profit or Loss on Trading Miscellaneous Income Total Income Interest Expense, net Other Expenses Total Expenses Net Income or Loss NOTE —Italics designate loss 1932 Eight months to Aug 31,1933 Total $367,423 $560,896 $6,904,289 872,853 62,887 93,624 98,531 265,863 2,039,112 10,880 18,718 210,410 1,818,750 3,154,753 1,707,395 398,195 951,500 992,745 898,704 848,523 548,698 720,293 898,364 9,026,664 452,099 4,363,355 1,420,555 2,203,253 714,650 50,181 171,595 446,265 4,663,309 339,536 676,741 24,892 709,930 76,505 159,838 500,857 415,177 24,529 320,393 445,158 23,997 146,184 115,878 23,065 142,610 2,159,510 188,475 84,482 12,150 268,471 1,041,169 946,273 110,209 100,763 53,376 343,235 2,393,499 1,961 63,750 41,729 187,793 8,350 166,613 6,224 104,021 5,374 66,246 65,711 229,522 174,963 110,245 71,620 35,889 687,950 975,458 716,751 64,754 211,008 18,244 307,346 1,705,649 2,943 32,946 66,581 621,369 7904 STOCK EXCHANGE PBACTICES Summary of tncome and expenses for the period of 5 years and 8 months^ Jan. 1, 1928, to Aug. 81, 1983—Continued COMMITTEE EXHIBIT NO. 35—MAY 1, 1934 DETEOIT STOCK EXCHANGE 1928 $85,609 71,099 29,941 5,227 $54,627 50,631 Total Income Expenses 191,876 128,707 61,480 102,023 63,169 40,543 so, no 30,586 307,848 330,850 13,110 630 12,206 600 tr, m 4,954 9,338 IS, 148 1,846 5,304 1,985 1,400 21,465 17,941 31 52,632 7,403 9,461 4,919 2,568 250 13,740 2,789 200 10,131 2,554 2,058 1,964 2,145 10,285 8,689 155 5,027 39,437 24 34,722 54,690 10,235 52,542" .... Net Income or Loss Members operating as Individuals, as reported in answer to Question No 7 Commissions, net Profit or Loss on Trading Miscellaneous Income.. $4,319 Total Income Interest Expense, net Other Expenses 47,8tf 3,568 1932 Total 1930 Member Firms, as reported by them m answer to Question No 10 of the Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net... ... Interest, net Profit or Loss on Trading Miscellaneous Income 1931 Eight months to Aug 31,1933 1929 $91,814 $110,745 $209,360 15,574 24,763 21,149 97,003 296,768 22,921 1,305 2,394 4,005 97,661 231,291 523,007 127,871 200,705 215,159 $552,155 183,216* 353,445 16,499 1,105,315 774,465 Total Expenses 2,818 2,989 4,612 12,430 5,182 34,746 62,777 Net Income or Loss 2,101 10,751 14J48 14,994 3,507 4,691 8,08T NOTE —Italics designate loss COMMITTEE EXHIBIT NO. 36—MAY 1, HABTFORD STOCK EXCHANGE Member firms, as reported by them m answer to question no 10 of questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net . Profit or loss on trading Miscellaneous income Total income Interest expense, net... Other expenses . Total expense. Net income Members operating as individuals, as reported in answer to question no 7 Commissions, net Loss on trading Total mcome Expenses Net loss NOTE.—Italics designate loss. 1928 1929 1930 $713 221,499 2,075 $1,689 148,918 9,500 224,287 15,996 57,266 1934 Eight months to, Aug 31,1933 Total 1931 1932 184,268 1,342 $8,967 22,793 216 $7,377 27,567 93,700 160,107 131,989 31,976 35,043 163,959 35,472 91,408 7,290 107,741 624 50,760 1,104 53,213 7,149 113,093 67,635 473,481 $88,949 380,209 14,225 73,262 126,880 115,031 51,384 54,317 120,242 541,116 151,025 33,227 247,020 19,408 19,274 43,717 57,788 4,287 28,123 3,222 645 21,036 i 654S 801 23,836 9,632 3,222 8,130 645 6,714 14,491 15,277 801 3,667 S3,468 4,908 6,069 786 30,024 84,668 4,W 33 1,636 45,056 1,603 49,700 7905 STOCK EXCHANGE PBACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan* 1, 1928, to Aug. 81, 1938—Continued COMMITTEE EXHIBIT NO 37—MAY 1, 1934 LOS ANGELES CUEB EXCHANGE 1928 1929 Member Firms, as reported by them m answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency. $601,496 $607,660 Commissions, net 71,062 60,473 Interest, net .Profit or Loss on Tradmg 1,186,311 1,178,977 341,836 68,426 Miscellaneous Income Total Income. Expenses _ - . _ Net Income or Loss 1930 1931 $313,338 110,481 964,517 109,925 $246,293 113,351 599,866 146,828 1932 Eight months to Aug 31,1933 Total $200,049 $167,910 $2,036,646 55,060 35,289 445,706 90,831 17,373 3,855,713 113,002 63,471 833,487 2,199,694 1,806,436 1,498,261 1,106,338 971,808 1,249,066' 1,392,436 1,257,202 277,780 981,511 284,043 615,176 7,171,552 6,467,189 1,227,886 708,781 881,188 704,363 Members operating as Individuals, as reported m answer to Question No 7 Commissions, n e t . . . . . . Profit on Tradmg 3,249 783 3,249 783 Total Income.. — . Expenses ......... 4,032 611 4,032 611 Net Income or Loss 3,421 3,421 666,380 105,825 160,864 NOTE —Italics designate loss COMMITTEE EXHIBIT N O 3 8 — M A Y 1, 1934 LOS ANGELES STOCK EXCHANGE 1928 1929 1931 1932 Eight months to Aug 31,1933 Total Member firms, as reported by them in answer to question no 10 of questionnaire of the United States Senate Subcommittee on Banking and Currency $1,042,681 $1,188,281 $655,592 $416,732 $481,989 $4,683,963 Commissions, net 29,993 45,890 594,494 11,831 86,307 185,619 234,854 Interest, net _ 890,652 2,219,309 1,290,263 102,368 687,574 1,038,024 6,128,190 Profit or loss on trading 2,244,414 175,544 351,890 479,320 516,396 451,475 Miscellaneous racome 2,294,496 3,994,334 2,754,578 1,286,187 1,485,774 1,835,69213,651,061 1,348,297 2,645,309 2,668,992 2,724,664 2,102,447 1,466,64812,946,357 Total income Expenses 946,195 1,349,025 Net income Members operating as individuals, as reported m answer to question no 7 Commissions, net Profit or loss on trading Miscellaneous income. Total income... Interest expense, net— Other expenses.. ----- Total expenses Net income or loss ... NOTE —Italics designate loss 616,678 369,044 704,704 12,316 10,162 13,156 509 284,831 16,901 406 4,180 23,827 258,025 28,335 18,307 196 7,812 747 151,962 18,373 95,686 1,488,477 88,778 43,482 2,804 94,100 48,088 2,157 37,756 1,818 3,638 41,719 87, 786 2,950 135,064 53,219 43,212 2,065 28,256 1,011 36,263 2,455 32,999 30,321 35,242 30,544 28,727 104,743 17,977 12,668 91,844 89,269 12,463 8,008 151,215 15,819 106,810 7906 STOCK EXCHANGE PBACTICES of income and expenses for the period of 5 years and 8 months, Jan. 1, 1928, to Aug 31, 1933—Continued COMMITTEE EXHIBIT NO 39—MAY 1, 1934 MINNEAPOLIS-ST PAUL STOCK EXCHANGE 1928 1929 Member firms, as reported by them in answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net Profit or Loss on Trading . Miscellaneous Income Total Income 1931 1932 $7,963 $4,085 595 172 4,852 $5,219 1,109 13 4,123 $5,547 42,365 133 48,045 $22,814 41,851 318 64,983 414 4,763 5,177 425 2,530 2,955 6S1 10,098 9,467 208 17,391 17,599 7,963 825 1,168 38,578 47,384 2,136 476 2,612 3,453 4,299 81 7,833 3,859 7,457 49 11,365 4,346 9,201 4 13,551 13,794 21,433 134 35,361 413 413 18 1,356 1,374 26 3,421 3,447 3,008 3,008 44 8,198 8,242 2,199 6,459 7,918 10,543 27,119 7,963 Interest Expense, net Other Expenses Total Expenses Net Income or Loss Members operatmg as Individuals, as reported m answer to Question No 7 Commissions, net— . Profit on Trading. Miscellaneous Income Total Income Interest.Expense, net Other Expenses Total Expenses Net Income or Loss —Italics designate loss Eight months to Aug 31,1933 1930 Total COMMITTEE EXHIBIT NO. 40—MAY 1, 1934 N E W YORK PRODUCE EXCHANGE 1928 Member firms, as reported by them m answer to Question No 10 of the Questionnaire of the Umted States Senate Subcommittee on Banking and Currency Commissions, net Profit on Trading Miscellaneous Income Total Income Interest Expense, net Other Expenses Total Expense Net Income Members Operatmg as Individuals, as reported in answer to Question No 7 Commissions, net Profit or Loss on Tradmg Miscellaneous Income Total Income Interest Expense, net Other Expenses Total Expenses Net Income or Loss „„. NOTE —Italics designate loss 1929 1930 1931 1932 Eight {months to Aug 31,1933 Total $597 $423,184 $173,605 72,021 338,082 101,433 8,702 1,052 1,816 74,434 757,564 276,090 $91,896 164,707 1,061 257,664 $88,696 $217,366 $995,344 787,065 54,831 55,991 1,873 358 2,458 145,400 273,715 1,784,867 2,609 28,072 25,463 9,553 403,970 413,523 5,728 243,035 248,763 3,384 162,207 165,591 748 108,367 109,115 1,421 95 729 97,150 18,225 1,041,380 1,059,605 48,971 344,041 27,327 92,073 36,285 176,565 725,262 688 1,672 12,763 15,123 93,414 78,329 7,038 178,781 34,273 58,258 7,445 16,540 46,115 81,870 2,417 16,662 23,374 2,722 1,030 27,126 60,739 20,238 46 81,023 258,603 12,833 30,739 302,175 205 1,464 1,669 2,342 46,986 49,328 1,781 50,591 52,372 603 35,753 36,356 896 22,441 23,337 423 18,778 19,201 6,250 176,013 182,263 13,454 129,453 68,912 19,694. 3,789 61,822 119,912 7907 STOCK EXCHANGE PEACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan lt 1928, to Aug. 81, 19S8—Continued COMMITTEE EXHIBIT NO 41—MAY 1, 1934 NEW YOKK MINING EXCHANGE 1928 1929 Member Firms, as reported by them m answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency C5oTnTTI1881Ott8, n 6t Profit on Trading 1930 - Net Income $198 265 $2,140 408 $1,430 2,930 $2,686 20,639 360 $6,454 24,242 360 463 165 2,548 680 4,360 2,586 23,685 20,288 31,056 23,719 298 1,868 1,774 3,397 7,337 2,714 462 2,714 462 3,176 882 2,294 3,176 882 Members operatmg as Individuals, as reported in answer to Question No 7 OoTnTni88ioms, net Profit on Trading- . _ -_ Total Income Expenses Total 1932 MiscAll&nftoilS TTICOTTIQ Total TricoTne Expenses Eight months to Aug 31,1933 1931 _- Net Income 2,294 NOTE —Italics designate loss COMMITTEE EXHIBIT NO 42—MAY 1, 1934 NEW ORLEANS STOCK EXCHANGE Member firms, as reported by them m answer to question no 10 of questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net Interest, net Profit or toss on trading Miscellaneous income Totil income.— Expenses . Net income Members operating as individuals, as reported m answer to question no 7 Commissions, net. Profit on trading Total income Expenses - - _ Net income 1932 Eight months to Aug 31,1933 $99,396 $108,358 5,702 12,129 5,093 17,671 16,969 16,513 $80,264 9,136 5,558 12,735 $67,514 9,065 58,911 3,777 $467,170 48,814 178,357 55,855 127,160 70,180 154,671 88,202 107,693 83,436 139,267 83,592 750,196 399,464 105,912 56,980 66,469 24,257 55,675 350,732 7,610 4,036 5,119 154,215 126,388 124,160 425 421,528 425 7,610 4,036 5,119 154,215 147,892 126,388 120,652 124,585 119,892 421,953 388,436 7,610 4,036 5,119 6,323 5,736 4,693 33,517 1928 1929 $21,037 5,350 37,487 748 $90,601 7,432 53,637 5,113 64,622 23,183 156,783 50,871 41,439 1930 1931 Total 7908 STOCK EXCHANGE PEACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan. 1, 1918, to Aug 81} 1988—Continued COMMITTED EXHIBIT NO 43—MAY 1, 1934 PHILADELPHIA STOCK EXCHANGE 1928 1929 1930 1931 1932 Member firms, as reported by them in answer to Question No 10 of the Questionnaire of the United States Senate Subcommittee on Banking and Currency $272,289 $428,628 $200,099 $153,345 $150,286 Commissions, net 24,053 Interest, net 54,389 82,393 37,707 38,885 2,393,676 1,229,959 1,739,553 1,250,718 980,134 Profit on Trading 14,171 57,285 42,155 18,539 Miscellaneous Income 56,827 Eight months to Aug 31,1933 Total $172,883 $1,377,530 18,917 256,344 794,509 8,388,549 13,878 202,855 2,777,181 1,798,265 2,019,514 1,442,287 1,187,844 1,000,187 10,225,278 1,760,928 2,040,211 1,868,475 1,502,980 1,244,759 754,981 9,172,334 Total Income Expenses Net Income or Loss Members Operatmg as Individuals, as reported in answer to Question No 7 Commissions, net Interest, net Profit or Loss on Trading Miscellaneous Income Total Income Expenses . Net Income or Loss 1,016,253 $41,940 151,039 60,698 56,915 245,206 1,052,944 203,256 4,519 297,957 44,935 345,913 U4S1 179,682 81,113 151,472 7,907 102,668 28,549 85,157 15,786 166,106 19,450 96,770 7,112 7,940 12,876 111,678 6,544 72,051 8,631 994,246 40,437 273,076 195,554 550,667 42,974 605,277 93,317 85,360 68,575 45,713 36,138 108,818 48,080 198,904 33,922 1,503,313 323,006 507,693 511,960 16,785 81,851 60,738 164,982 1,180,307 Eight months to Aug 31,1933 Total NOTE —Italics designate loss COMMITTEE EXHIBIT NO. 44—MAY 1, 1934 PITTSBUKGH STOCK EXCHANGE 1928 1929 1930 Member Firms, as reported by them in answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net $185,936 $397,310 $236,268 55,927 Interest, net 65,946 32,749 485,918 146,895 25,650 Profit or Loss on Trading 11,021 6,445 11,010 Miscellaneous Income Total Income Expenses Net Income or Loss. Members operating as Individuals, as reported in answer to Question No 7 Commissions, net Profit on Trading Miscellaneous Income. Total Income Expenses Net Income or Loss NOTE —Italics designate loss. 1931 $140,652 21,333 250,878 4,786 1932 $71,582 $103,174 $1,134,922 188,682 4,545 8,182 431,686 46,668 28,633 1,200 35,098 636 744,245 335,222 611,153 287,385 254,477 249,588 84,107 251,522 109,033 123,389 155,587 89,137 1,790 388 1,336,243 409,023 323,768 4,889 885,629 14,856 66,450 454,145 232 6,089 1,545 2,500 1,126 4,107 150 691 490 5,020 13,271 24,668 16 17,355 45,802 264 6,321 4,045 5,383 4,207 5,510 166 37,955 460 63,421 626 6,321 4,045 5,383 4,207 5,344 37,495 62,795 7909 STOCK EXCHANGE PEACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan 1, 1928, to Aug 81, 1988—Continued COMMITTEE EXHIBIT NO 45—MAY 1, 1934 KIOHMOND STOCK EXCHANGE M E M B E R FIRMS (As reported by them in answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency) Commissions, net __ Profit or Loss on Trading.._ Miscellaneous Income Total Income-. Interest Expense, net Other Expenses Total Expenses Net Income or Loss 1928 1929 1930 1931 1932 Eight months to Aug 31,1933 $38,189 205,889 36,262 $45,785 28,818 63,659 $85,736 81,811 30,642 $31,174 20,160 17,617 $33,009 21,998 7,432 $39,421 59,298 2,763 $273,314 252,716 158,375 280,340 86,126 85,067 68,951 62,439 101,482 684,405 32,705 36,636 70,021 57,364 1,531 97,0% 10,4$$ 61,497 993 61,507 70,294 401,511 69,341 127,385 95,565 21,472 87,411 65,939 51,075 62,500 471,805 210,999 41,259 10,498 3,012 11,364 38,982 212,600 Total N O T E —Italics designate loss COMMITTEE EXHIBIT NO 46—MAY 1, 1934 SAN FRANCISCO CURB E X C H A N G E 1928 1929 1930 1931 Member Firms, as reported by them m answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net Interest, net Total Income Expenses _. . . _ . Net Income or Loss .__ NOTE —Italics designate loss Total $4,242 245 4,487 4,092 4,487 4,092 395 395 $74,020 8,057 54,202 4,162 56,481 2,563 10,812 10,227 $55,741 1,632,193 30,487 1,630 188,404 56,245 47,084 7,775 Net Income $646,992 $644,276 $154,683 4,188 7,778 6,271 386,534 294,177 267,492 7,738 9,424 7,758 Eight months to Aug 31,1933 $4,242 245 Total Income Expenses Members operatmg as Individuals, as reported in answer to Question No 7 Commissions, net Interest, net Profit or Loss on Trading Miscellaneous Income 1932 1,045,472 111,850 365,794 124,865 97,298 106,152 32,037 73,869 58,959 52,108 121,391 32,448 1,526,360 501,292 933,622 240,929 208,445 41,882 6,851 88,943 1,025,068 7910 STOCK EXCHANGE PRACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan ly 1928 to August 81> 1938—Continued COMMITTEE EXHIBIT NO 47—MAY 1, 1934 SAN FRANCISCO MINING EXCHANGE MEMBER FIRMS —NONE— COMMITTEE EXHIBIT NO. 48—MAY 1, 1934 SAN FRANCISCO STOCK EXCHANGE 1928 1929 1930 1931 1932 Eight months to Aug 31,1933 Total Member Firms, as reported by them in answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net $3,712,846 $2,029,056 $1,284,212 $660,560 $544,279 $646,253 $8,877,206 Interest, net 443,704 511,412 230,654 149,593 47,140 1,441,247 58,744 Profit on Trading.. 1,306,143 555,714 88,111 107,424 207,881 307,955 2,572,228 35,226 Miscellaneous Income 90,148 15,006 28,017 25,317 21,812 145,074 Total Income Expenses - . Net Income or Loss Members operating as Individuals, as reported m answer to Question No 7 Commissions, net__ Interest, net - _ _ Profit or Loss on Trading..— Miscellaneous Income Total Income Expenses Net income _, 5,651,841 3, 111, 188 1,630,994 939,389 1,747,247 1,838,743 1,947,913 1,358,256 665,830 1,026,665 12,925,907 787,174 532,232 8,211,565 3,804,594 1,272,445 316,919 418,867 121,344 38,376 3,485 316 601 37,099 2,315 1,749 1,171 26,051 626 82,669 9,511 33,494 2,964 8,802 2,886 9,998 96 5,886 4,305 26,012 25% 6,428 543 171,030* 7,791 88,61$ 19,017 42,778 11,416 42,334 14,147 2,267 21,426 48,146 54,564 8,822 15,016 19,875 18,594 164,222 135,163- 31,362 28,187 19,169 6,418 6,194 1,281 29,05$ 494,433 4,714,342- NOTE —Italics designate loss COMMITTEE EXHIBIT NO 49—MAY 1, 1934 SALT LAKE STOCK EXCHANGE 1928 1929 Member Firms, as reported by them in answer to Question No 10 of the Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net $16,833 $112,079 Profit or Loss on Trading12,112 16,833 99,967 Total Income 12,104 88,792 Expenses 4,729 Net Income or Loss 11,175 Members operating as Individuals, as reported m answer to Question No 7 96,212 43,651 Commissions, net 21,564 10,678 Interest, net 16,209 Profit and Loss on Trading- 38,436 59,103 42,408 Miscellaneous Income 135,173 193,088 Total Income 43,243 33,171 Expenses — Net Income or Loss 102,002 149,845 NOTE —Italics designate loss 1930 1931 1932 Eight months to Aug 31,1933 $29,042 105 29,147 39,529 10,882 $16,547 690 15,857 21,221 5,864 $13,987 1,421 12,666 16,001 3,486 $10,125 591 10,716 10,489 227 $198,613 18,527 185,086 188,136 8,060 39,367 15,389 12,596 10,598 77,950 38,655 39,295 9,833 5,873 6,316 1,304 23,326 22,455 871 8,058 2,550 2,999 10,308 17,917 22,877 4,960 15,636 3,049 2,636 2,429 23,750 11,670 12,080 212,757 59,103 73,194 126,150 471,204 172,071 299,133 Total 7911 STOCK EXCHANGE PRACTICES Summary of income and expenses for the period of 5 years and 8 months Jan 1, 1928, to Aug. 81, 1938—Continued COMMITTEE EXHIBIT NO 50—MAY 1, 1934 SEATTLE STOCK EXCHANGE Eight months to Aug 31,1933 1932 Total 1928 1929 1930 1931 $328 66,085 $3,084 32,185 $3,907 21,244 162 $4,506 4,502 289 $34,295 2,125 2 $21,262 16,221 $67,382 142,362 453 66,413 35,269 25,313 9,297 36,422 37,483 210,197 15,636 19,069 12,199 32,191 4,133 3$, 862 2,502 33,896 2,440 45,363 356 37,421 37,266 202,702 Total Expenses 35,605 44,390 37,995 36,398 47,803 37,777 239, Q68 N e t Income or Loss 30,808 9,121 12,682 27,101 11,881 294 29,771 1,776 2,275 1,834 151 1,057 1,200 8,142 151 1,776 2,275 1,985 1,057 1,200 8,293 120 1,343 87 2,142 383 1,300 155 921 14 313 759 6,019 1,463 2,229 1,683 1,076 327 6,778 313 46 302 19 873 1,515 M e m b e r Firms, as reported b y them in answer t o Question N o 10 of Questionnaire of the U m t e d States Senate S u b committee on Banking a n d Currency Commissions, net . Profit on Trading Miscellaneous Income Total Income— Interest Expense, net Other Expenses Members Operatmg as Individuals, as reported in answer to Question N o 7 Commissions, net Miscellaneous Income Total Income Interest Expense, net Other Expenses Total expenses N e t Income or Loss NOTE —Italics designate loss COMMITTEE EXHIBIT NO 51—MAY 1, 1934 ST LOUIS STOCK E X C H A N G E Member firms, as reported b y them m answer to Question N o 10 of Questionnaire of t h e Umted States Senate Subcommittee on Banking a n d Currency Commissions, net Interest, net Profit on Trading Miscellaneous Income Total Income Expenses N e t Income or LossMembers Operatmg as Individuals, as reported in answer to Question N o 7 Commissions, net Miscellaneous Income Total Income Interest Expense, net Other Expenses Total Expenses Net Income or Loss __ N O T E —Italics designate loss Eight months to Aug 31,1933 Total 1928 1929 1930 1931 1932 $23,330 10,366 $40,089 23,254 35,293 3,064 101,700 33,952 67,748 $63,043 13,922 57,311 134,276 76 522 57 754 $45,327 5,228 28,160 876 79,591 68,892 10 699 $31,177 4,421 11,186 451 47,235 52,109 4,874 $38,152 2,306 57,541 383 98,382 5<T,325 41,057 $241,118 59,497 189,491 4,774 494,880 306,142 188 738 6,901 2,285 9 186 2,027 8,193 10 220 1,084 8,297 1,889 10 186 1,308 7,689 8 997 1,189 4,985 1,389 6 374 4,939 650 5,589 6^230 8 2191 1,845 4007 5 202 387 59,274 12,586 71,860 11,722 43,335 55 057 lb,bO3 33,696 17,342 16 354 19,375 2,794 22 169 2T26T S 453 10 719 11,450 14,777 3,579 18 356 2,937 8 7C3 , 11 700 6,656 7912 STOCK EXCHANGE PEACTICES Summary of income and expenses for the period of 5 years and 8 months, Jan, 1, 1928, to Aug. 81, 1938—Continued COMMITTEE EXHIBIT NO 52—MAY 1, 1934 STANDARD STOCK EXCHANGE OF SPOKANE Member firms as reported by them m answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net Interest, net . Profit on Tradmg Miscellaneous Income.. Total Income. Expenses — Net Income or Loss Members operating as Individuals, as, reported Sm, answer to Question No 7 Commissions, net Interest, net -- Profit or Loss on Tradmg— Miscellaneous Income Total Income— Expenses ..„.— Net Income or Loss 1932 Eight months to Aug 31,1933 1928 1929 1930 1931 Total $6,892 674 45,832 925 $1,193 446 80,335 2,047 $1,924 $2,165 164 4,620 909 $764 240 2,567 800 $2,078 840 1,163 2,714 382 $15,016 1,044 136,908 6,226 54,323 34,920 84,021 66,296 3,927 23,030 7,858 14,138 3,891 6,776 5,174 2,562 159,194 147,722 19,403 17,725 19,108 6,280 2,885 2,612 11,472 25,820 91 18,282 202 34,240 239 821 232 14,963 18 297 12,137 59 301 9,284 18 1,046 195 10,479 12 3,852 106,923. 259 20,271 44,395 9,568 33,890 10,513 14,648 10,032 12,379 6,165 8,451 6,256 14,319 5,603 128,082 48,137 34,827 23,377 4,616 6,214 2,195 8,716 79,945 NOTE —Italics designate loss COMMITTEE EXHIBIT NO 53—MAY 1, 1934 WASHINGTON, D C , STOCK EXCHANGE Member Firms, as reported by them m answer to Question No 10 of Questionnaire of the United States Senate Subcommittee on Banking and Currency Commissions, net Profit on Trading Miscellaneous Income Total Income Interest Expense, net Other Expenses Total Expenses Net Income Members operating as Indi viduals, as reported m answer to Question 7 Profit on Trading Expense Net Income NOTE —Italics designate loss 1928 1929 1930 1931 1932 Eight months to Aug 31,1933 $19,389 91,178 4,285 $36,597 53,356 5,820 $81,585 27,237 8,281 $61,512 3,615 9,606 $41,641 22,958 6,983 $47,294 28,596 1,476 $288,018: 226,940 36,451 114,852 95,773 117,103 74,733 71,582 77,366 551,409 4,764 44,730 2,226 41,112 3,169 57,345 7,195 55,159 65 49,902 712 34,450 18,001 282,698 49,494 65,358 43,338 52,435 60,514 56,589 62,354 12,379 49,837 21,745 35,162 42,204 300,699 250,710 6,222 2,679 7,564 1,852 13,786. 4,531 3,543 5,712 9,255 Total STOCK EXCHANGE PEAOTICES 7913 Mr. PECORA. There was also addressed to the individual members of the 27 stock exchanges, other than the New York Stock Exchange and the New York Curb Exchange, a form of questionnaire, a printed copy of which I now desire to offer in evidence. Senator COSTIGAN (presiding). The same will be received and appropriately marked. (A paper entitled " Questionnaire. Individual Member of the ", was received in evidence and marked " Committee Exhibit No. 54, May 1,1934 ", and is as follows:) EXHIBIT G COMMITTEE EXHIBIT NO 54—MAY 1, 1934 QUESTIONNAIRE INDIVIDUAL MEMBER OP THE 1. Furnish the information requested as of July 31, 1928; July 31, 1929; December 31, 1929; December 31, 1930; December 31, 1931; December 31, 1932; and September 31, 1933* (a) Were you engaged primarily as a floor trader in stocks on the ABOVE-NAMED EXCHANGE on or about the above dates? (&) Were you engaged primarily as a floor broker in stocks on said exchange on or about the above dates ? (o) If your answers to subdivisions (a) and (6) are in the negative, state whether you were active on the floor of said exchange on about the above dates and, if so, in what capacity 2. If you were a specialist on the floor of the ABOVE-NAMED EXCHANGE in any stocks on July 1, 1933, furnish a list of such stocks 3. State the total number of shares bought and the total number of shares sold for your own personal account on the ABOVE-NAMED EXCHANGE during the month of July 1933 Specialists should exclude from this total all transactions made against odd lots 4. The following information is required for the years 1929* to 1932, inclusive, and for the period from January 1, 1933, to October 31, 1933 (0) State whether you held any option or had a participation in any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether said option was exercised wholly, partially, or not at all) If answer is in the affirmative and you held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options (&) Have you, as a member of any other exchange, furnished the information contained in your answer to 4(a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange * (o) Do not furnish copies4 of any of the options called for in 4(a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee 1 5 (a) State whether you have participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1932, inclusive, and from January 1, 1933, to November 1, 1933 If the answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool, and/or joint account agreements If answer is in the affirmative and you were not the manager, then furnish the name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in 1 For the purposes of this question, a syndicate, pool, or iomt account shall be deemed to be an account m which two* or moie parties participated for the purpose of trading actively in a single security and in which account more than* 10,000 shares weie bought or sold 7914 STOCK EXCHANGE PEACTICES (6) State whether any syndicate, pool, and/or joint accounts have been maintained on your books during the years 1929 to 1933, inclusive, in which you had no proprietary interest. If answer 19 in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements. If answer is in the affirmative and you were not the manager and did not act for the manager or managers, then furnish name and last known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (c) Have you, as a member of any other exchange, furnished the information contained m your answers to 5(a) and 5(&) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange ? (d) Do not furnish copies of any of the agreements called for in 5(a.) and 5(&) if you, as a member of any other exchange, have heretofore furnished such copies to the committee 6 Have you acted as promoter, organizer, officer, director, or manager under contract, of any investment trust of tMe management type during the period 1929 to 1983, inclusive? If your answer to this question is in the affirmative, state the name of such investment trust or trusts, and describe your relationship, stating the period during which such relationship existed. 7. (a) Submit a detailed profit and loss statement, which is to include all receipts and disbursements by classification for each year from 1928 to 1982, inclusive, and for the period January 1, 1933 to August 31, 1983, inclusive Such statement must include and separately state net amount of commissions and net trading profit and loss (6) Have you, as a member of any other exchange, furnished the information contained in your answer to 7(a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (c) Do not furnish copies of any of the statements called for in 7(a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee Noam—State as a member of which exchange you aie answering this questionnaire. Answers should be given m the same numerical order as the corresponding questions and should be sent to United States Senate Subcommittee on Banking and Currency, 285 Madison Avenue, New York City Mr. PECORA. Mr. Chairman, there has been prepared and I want to put in evidence the original returns received by the committee in response to the questionnaire just offered in evidence, which returns were received from 515 individual members of such other stock exchanges. Senator COSTTGAN (presiding). The original returns will be received and dealt with as was done in the case of the other original returns. (The 515 original returns received from members of stock exchanges other than the New York Stock Exchange and the New York Curb Exchange were received in evidence, and marked " Committee Exhibit No. 55, May 1, 1934", and will be filed with the committee.) Mr. PECORA. There has been prepared by members of the investigating staff of the committee a recapitulation of answers to the questionnaire last offered in evidence, from the returns made by those 515 individual members. I desire to offer said recapitulation in evidence. Senator COSTIGAN (presiding). The recapitulation will be received and appropriately marked in evidence by the committee reporter. STOCK EXCHANGE PBACTICES 79i5 (The paper marked " Recapitulation of Answers to Questionnaire to Individual Members of Exchanges Exclusive of New York Stock Exchange and New York Curb Exchange ", was received in evidence and marked " Committee Exhibit No. 56, May 1, 1934 ", and is as follows:) COMMITTEE EXHIBIT NO 56—MAY 1, 1934 KECAPITULATION OF ANSWERS TO QUESTIONNAIRE TO INDIVIDUAL MEMBERS OF EXCHANGES EXCLUSIVE OF NEW YORK SIOCK AND NEW YORK CURB EXCHANGE (Number of Individual Members Responding, 515) 1. Number of individual members who on September 30, 1933, acted primarily as Floor tradei s, 81 Floor brokers 178 2 Number of individual membeis who acted as SPECIALISTS in listed stocks on July 1, 1933 73 3 Number oi shares bought and number of shares sold by individual members foi their peisonal accounts during the month of July, 1933 Shares Bought 743,083 Shares Sold 746,987 Total Bought & Sold 1,490,070 Total number of shares tiaded in for July, 1933, on all Exchanges exclusive of New Yoik Stock and New York Curb Exchanges 19 882,028 i Number of individual members holding oi participating m options exceeding 10,000 shaies of any single security during the years 1929 to 1933 inclusive Number of Members 3 Numbei of Options 3 Number of Shares subject to such options 50,000 5(a) Number of individual membeis participatm m the pronts and/oi losses of syndicates, pools oi joint accounts d iimg the A en is 1929 to 1933, inclusive 5 Number of listed issues subject to such syndicate, pool or joint accounts 19 1929 to 1933 19 (b) Number of individual members on whose books cynuicate, pool oi joint accounts were maintained in which individual membeis h^d no piopnetary interests None 6 Number of individual membeis who acted as piomoters, organize!s, ofhceis, directois or managers under contract of any investment trust of the management type 3 Number of investment trusts for which individual membeis acted as piomoters, organizers, officeis, dnectors oi managois under contact 3 7 Receipts and disbursements of individual membeis for tl^e vea^s 1028 lo 1932 and foi the period January 1, 1933 to August 31, 1933 mclu lve Mr. PECORA. Mr. Chairman, there has also been prepared by the members of the investigating staff of the committee a summary of the answers to the questionnaire last offered in evidence, as shown by the 515 returns made to such questionnaire. I desire to offer such summary in evidence. Senator COSTTGAN (presiding). It will be received and appropriately marked (Some papers entitled "Summary of anvwcis to questionnaire submitted to individual members of exchanges exclusive of the New York Stock Exchange and New York Curb Exchange " was 175541—34 —PT 17 11 7916 STOCK EXCHANGE PRACTICES marked " Committee Exhibit No. 57, May 1, 1934 ", and are as follows :) COMMITTEE EXHIBIT NO 57—MAY 1, 1934 SUMMARY OF ANSWEBS. TO QUESTIONNAIRE SUBMITTED TO INDIVIDUAL MEMBERS OF EXCHANGES EXCLUSIVE OF THE NEW YORK STOCK AND NEW YORK CURB EXCHANGES QUESTION l Furnish the information requested as of July 31, 1928; July 31, 1929; December 31, 1929, December 31, 1930, December 31, 1931, December 31, 1932; and September 30, 1933: (a) Were you engaged primarily as a floor trader in stocks on the ABOVE-NAMED EXCHANGE on or about the above dates? (b) Were you engaged primarily as a floor broker m stocks on said exchange on or about the above dates ? (c) If your answers to subdivisions (a) and (b) are in the negative, state whether you were active on the floor of said exchange on or about the above dates, and if so, in what capacity Summary as of September 30, 1988 Exchange Floor trader Baltimore Stock „ Boston Stock Boston Curb Buffalo Stock . Cincinnati Stock _ Cleveland Stock _ . _ _ Chicago Curb — — Chicago Stock Detroit Stock ._. Hartford Stock _ ._ Los Angeles Curb. Los Angeles Stock _ Minneapolis-St Paul Stock New York Produce — New York Mining.. ___ _ New Orleans Stock _ Philadelphia Stock Pittsburgh Stock Richmond Stock _ — San Francisco Curb San Francisco Mining San Francisco Stock — Salt Lake Stock _ Seattle Stock St Louis Stock _ Standard Stock Exchange of Spokane, WashingtonWashington Stock _ Total. Floor broker 1 25 7 3 64 9 1 1 8 6 7 1& 5 10 1 1 81 178 QUESTION 2 If you were a specialist on the floor of the ABOVE-NAMED EXCHANGE in any stocks on July 1, 1983, furnish a list of such stocks. Exchange * Specialists Baltimore Stock «. ««.-_ Boston Stock —— 17 Boston Curb Buffalo Stock . Cincinnati Stock ——— — Cleveland Stock Chicago Curb . .. Chicago Stock 26 Detroit Stock 2 Hartford Stock 7917 STOCK EXCHANGE PRACTICES QUESTION 2—continued Exchange—Continued. Los Angeles Curb Los Angeles Stock Minneapolis-St Paul Stock New York Produce New York Mining New Orleans Stock Phila4eiphia Stock Pittsburgh Stocky Rietaaond Stock San Francisco Curb Sam Francisco Mining San Francisco Stock Salt Lake Stock Seattle Stock St Louis Stock Suamdaid Stock Exchange of Spokane, Washington Washington Stock Specialists 8 1 11 , 6 3 2 2 , Total 73 QUESTION 3 State the total number of shares bought and the total number of shares sold tor your -own personal account on the ABOVE-NAMED EXCHANGE during the moiatla of July 1933. Specialists should exclude from this, total all transactions made against odd lots Shares bought Exchange Boston Stock™ _Boston Curb Buffalo Stocft Cincinnati Stock. Cleveland Stock _ Chicago CurbChicago Stock Detroit Stock Hartford Stock. _ Los Angeles Curb _ XfOS Angeles StockMmneapolis-St Paul Stock New York Produce «New York Mining _ __ Mew Orleans Stock Hiiladelphia Stock _ Pittsburgh Stock _ Richmond Stock San .Fiancrsco Curb Saa Francisco Mining San UTrancisco Stock Salt Lake Stock _ Seattle Stock _ St Louts Stock _ Standard Stock Exchange of Spokane, Washington Washington Stock. Total Shares sold Total shares bought and sold 100 186,385 100 188,532 200 374,917 7,825 210,695 6,040 7,890 210,05a 4,525 15,715 420,745 10,565 7,735 20,051 900 59,527 6,650 225 87,832 39,505 5,155 2G& 850 58,590 6,350 260 112,480 39,316 12,890 20,251 1,750 118,117 13,000 485 200,312 78,821 40,051 40,068 80,119 18,260 26,672 18,210 25,716 36,470 52,388 24,630 28,695 53,325 743,083 746,987 1,490,070 Total shares traded on exchange 81,906 2,325,651 57,350 21,549 42,748 66,016 1,187,200 3,207,000 CRQ QQQ 650,701 455,103 51,593 2,443,948 QQQ QQA 14,637 1,349,857 410,499 944 358,579 2,965,038 1,271,824 1,130,382 315 21,624 517,345 391 19,882,028 QUESTION 4 The following information is required for the years 1929 to 1932, inclusive, and for the period from January 1,1933, to October 81,1933: (a) State whether you held any option or had a participation in any option exceeding 10,000 shares of any single security which was traded in on any exchange (whether said option was exercised wholly, partially, or not at all). If answer is in the affirmative and you held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options. 7918 STOCK EXCHANGE PBACTICES (b) Have you, as a member of any other exchange, furnished the information contained in your answer to 4 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (c) Do not furnish copies of any of the options called for in 4 (a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee. Exchange: Number of optton$ Baltimore Stock Boston Stock Boston Curb Buffalo Stock Cincinnati Stock Cleveland Stock Chicago Curb Chicago Stock 3 Detroit Stock > Hartford Stock Los Angeles Curb Los Angeles Stock Mmneapolis-St Paul Stock New York Produce New Yoik Mining New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Cuib San Francisco Mining San Francisco Stock Salt Lake Stock Seattle Stock St Louis Stock Standard Stock Exchange of Spokane, Wash Washington Stock Total Number of options Number of shares subject to such options Securities subject to such options Meadows Manufacturing Co 3 3 50,000 QUESTION 5 * (a) State whether you have participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1982, inclusive, and from Januaiy 1, 1933 to November 1, 1933 If the answer is in the affirmative ard you weie the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool, and/or joint-account agreements If answer is in the affirmative and you were not the manager, then furnish the name and last-known address of the manager of each of said sydicate, pool, and/or joint accounts and the respective securities dealt in (b) State whether any syndicate, pool, and/or joint accounts have been maintained on your books during the years 1929 to 1933, inclusive, in which you had no propnetary interest If answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or "joint-account agreements If answer is in the affirmative and you were not the manager and did not act for the manager or managers, then furnish name and last-known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in *For the purposes of this question a syndicate, pool, or joint account shall toe deemed to be an account in which two oi more parties participated for the purpose of trading actively in a single security and in which account more than 10,000 shares were bought or sold STOCK EXCHANGE PRACTICES 7919 (c) Have you, as a member of any other exchange, furnished the information contained in your answers to 5 (a) and 5 (b) to Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (d) Do not furnish copies of any of the agreements called for in 5 (a) and 5 (b) if you, as a member of any other exchange, have heretofore furnished such copies to the committee. _ , Number of Exchange members Baltimore Stock Boston Stock Boston Curb Buffalo Stock , Cincinnati Stock Cleveland Stock Chicago Curb Chicago Stock 3 Detroit Stock Hartford Stock Los Angeles Curb 1 Los Angeles Stock Mmneapolis-St Paul Stock New York Produce New York Mining .. New Orleans Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Curb San Francisco Mining San Francisco Stock Salt Lake Stock 1 Seattle Stock St Louis Stock Standard Stock Exchange of Spokane, Wash Washington Stock Total 5 Number of listed issues subject to such pool, syndicate, or joint account agreements, 1929 to 1933: Tintic Corporation Big Jim Mining Corporation Middle West Securities Borg Warner Calerpiller Tractor Commercial Solvents Freeport Texas, General Amencan Tank. Graham Paige International Shoe. Lambert Prairie Pipe Line Prairie Oil & Gas Reynolds Tobacco B Sims Petroleum Sinclair Consolidated. Trans-America Corporation. Warren Pipe & Foundry. Great Northern Ore. 7920 STOCK EXCHANGE PBACTICES QUESTION 6 Have you acted as promoter, organizer, officer, director, or manager un^er contiact, of any investment trust of the management type during the period 1929 to 1933, inclusive? If your answer to this question is in the affirmative, state the name of such investment trust or trusts and describe your relationship, stating the penod during which such relationship existed ** Number of Exchange. investment trusts - - Baltimore Stock Boston Stock Boston Curb Buffalo Stock Cincinnati Stock Cleveland Stock Chicago Cuib Chicago Stock 3 Hartford Stock Los Angeles Curb Los Angele& Stock Minneapolis-St Paul Stock New Yoik Produce New York Mining New Orleans. Stock Philadelphia Stock Pittsburgh Stock Richmond Stock San Francisco Cuib San Francisco Mining San Francisco Stock Salt Lake Stock Seattle Stock St Louis Stock Standard Stock Exchange of Spokane, Wash Washington Stock Total 3 Mr. PECOEA. I also wish to offer in evidence a consolidated state- ment of income and expenses of the individual members of the 27 out-of-town exchanges to which questionnaires were sent, covering the period January 1,1928, to August 81, 1933. Senator COSTIGAN. The same will be received and appropriately marked. (A tabulation entitled " Consolidated statement of income and expenses of the members of 27 stock exchanges not including the New York Stock Exchange or the New York Curb Exchange " was marked "Committee Exhibit No. 58," and is as follows:) COMMITTEE EXHIBIT NO. 58—MAY 1, 1934 QUESTION 7 (a) Submit a detailed profit and loss statement, which is to include all receipts and disbursements by classification for each year from 1928 to 1932, inclusive, and for the period January 1, 1933, to August 31, 1933, inclusive Such statement must include and separately state net amount of commissions and net trading profit and loss. (b) Have you, as a member of any other exchange, furnished the information contained in your answers to 7 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (c) Do not furnish copies of any of the statements called for in 7 (a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee 7921 STOCK EXCHANGE PBACTICES CONSOLIDATED STATEMENT OF INCOME AND EXPENSES OIF INDIVIDUAL MEMBERS OF 22 STOCK EXCHANGES NOT INCLUDING THE NEW YORK STOCK EXCHANGE OB THE NEW YOEK CUBB EXCHANGE, FOB THE PERIOD OF 5 YEARS AND 8 MONTHE (JAN 1, 1928 TO AXJG 3 1 , 1 9 3 3 ) Baltimoie Stock Exchange 1 Boston Curb Exchange Boston Stock Exchange 1 Buffalo Stock Exchange Chicago Curb Exchange Association Chicago Stock Exchange Cincinnati Stock Exchange 1 Cleveland Stock Exchange Detroit Stock Exchange Hartfoid Stock Exchange Los Angeles Curb Exchange Los Angeles Stock Exchange Mmneapolis-St Paul Stock Exchange New Orleans Stock Exchange New York Mining Exchange New York Produce Exchange Philadelphia Stock Exchange Pittsburgh Stock Exchange1 Richmond Stock Exchange St. Louis Stock Exchange Salt Lake Stock Exchange San Francisco Curb Exchange San Francisco Stock Exchange 1 San Francisco Mining Exchange Seattle Stock Exchange Standard Stock Exchange of Spokane Washington ( D C ) Stock Exchange M E M B E R S O P E R A T I N G AS INDIVIDUALS, AS R E P O R T E D I N A N S W E R TO QUESTION NO 7 Eight months to Total 1932 1930 1931 1929 1928 Aug 31, 1933 %L, 725,006 $2,455,568 $1,147,394 $916,753 $573,338 $664,940 $7,482,999 Commissions, net 193,967 928,013 645,272 82, >S7 1,070,767 Profit or loss on trading 1,747,796 172,854 953,148 148,794 92,708 410,557 173,223 Miscellaneous income— 86 449 41,417 8,630,114 225,421 1,351,629 86,448 3,646,025 2,833 658 Total income 486,933 194,286 2,384 5,221 22,918 129,930 16,281 Interest expense, net 17,552 594,795 364,904 3,063,165 658,079 423,762 Other expenses 581,610 440,015 597,179 370,125 3,257,451 788,009 604,528 457,567 440 043 Total expenses 981,504 5,372,663 29,366 Net income or loss 3,205,982 2,045,649 , 879,107 610,781 Note—Italics designate loss Mr. PECORA Mr. Chairman, there was addressed in behalf of the committee a form of questionnaire to a member of the leading banks located m the various cities throughout the country. The committee has received returns to such questionnaire from 33 such banks. I now desire to put in evidence the form of questionnaire addressed to said banks. Senator COSTIGAN (presiding). The questionnaire will be received in evidence and appropriately marked. (Carbon copy of a paper entitled " Questionnaire'' was received in evidence and marked " Committee's Exhibit No. 59, May 1, 1934 ", and is as follows:) EXHIBIT H COMMITTEE EXHIBIT NO 59—MAY 1, 1934 BANK QUESTIONNAIRE I Give the following data for your bank as of the close of business on July 31st for each of the years from 1929 to 1983 inclusive A Total amount of Street loans 1 Total amount of such loans carried by your bank for your own account 2 Total amount of such loans carried for the account of others (a) Total amount of such loans carried for the account of other banks (b) Total amount of such loans carried for the account of corporations other than banks (c) Total amount of such loans carried for the account of co-partnerships or individuals B Total amount of Day loans made on July 31st in each of the above years 1 Individual members of these exchanges are not included in the consolidated statement 7922 STOCK EXCHANGE PRACTICES II Give the following information as of July 31st or any day of the month of July for each of the years from 1929 to 1983 inclusive 1 Total amount of all " Secured loans " exclusive of " Street loans " (a) Total amount of such loans which were Demand loans. (b) Total amount of such loans which were Time loans (c) Total amount of such loans which were secured by United States Government bonds (d) If possible give an estimate of the total amount of these loans which were secured by real estate mortgages, life insurance and similar items other than securities III Give the following mfoimation for your bank for each of the years from 1929 to 1933 inclusive A Number of loans made with or without security, pursuant to credit arrangement for financing syndicate or pool operations of any nature in stocks B Total amount of such loans NOT®—Include in the above all syndicate and pool transactions in which the bank participated whether the sums advanced weie carried m the " loan', " investment," or other accounts IV. Give the following data for your bank for each of the years from 1929 to 1933 and for the period from January 1st, 1933 to September 15th, 1933 inclusive A Total gross amount written off or specifically reserved against m each of the classifications set forth in " I-A" and " I I " B Total number of such loans thus affected C Set forth separately the total amount of subsequent recoveries on such write-offs V Give the following data for your bank for each of the years from 1929 to September 15th, 1933 inclusive A State whether your bank participated in any syndicate or pool accounts either in— 1 Originating Group 2 Banking Group 3 Distributing Group 4 Paiticipant for your own account If such participation m " 4 " was made wholly or m part for account of customers, give the details thereof If your answer to any of the above is in the affirmative, furnish photostatic copy of each of the syndicate or pool agreement or of the correspondence which formed the basis of the syndicate or pool agreement. VI Give the following data for your bank tor each of the years from 1929 to September 15th, 1933 inclusive A Name of each and every member or membei firm of the New Yoik Stock Exchange used for the sale oi puichase of any securities, whether for your own account or account of others VII Name of each and every member or membei firm of the New York Stock Exchange for whom loans were being carried by your bank either for your own account or for the account of others, as of the close of business on September 12th, 1929 and as of the close of business on July 15th 1933, and the amounts of each of the said loans VIII Name of each and every member or member firm of the New York Stock Exchange associated with you or participating with you in the retail distribution of any stocks by youi bank Mr. PECORA. I also want to put in evidence the original returns made by these 33 banks to the questionnaire just offered in evidence. Senator COSTXGAN. The separate returns received from the 33 banks will be received in evidence and disposed of in the usual way. (The 33 returns from banks in response to the questionnaire were marked " Committee Exhibit No. 60, May 1, 1934 '* and will be filed with the committee.) Mr. PECORA. There has been prepared a recapitulation of the answers included in the returns made by these 33 banks to the questionnaire last offered in evidence, which recapitulation I now also wish to offer in evidence. 7923 STOCK EXCHANGE PRACTICES Senator COSTIGAN. The recapitulation will be received in evidence and appropriately marked. (A paper entitled " Eecapitulation of answers to questionnaire submitted to 33 banks ", was received in evidence and marked " Committee Exhibit No. 61, May 1, 1934 ", and is as follows:) COMMITTEE EXHIBIT NO 61—MAY 1, 1934 Banks Who Responded to Questvonnai) e 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 Bankers Trust Bank of The Manhattan Co Central Hanover Bank & Trust Chemical Bank & Tiust First National Bank Guaianty Tiust living Trust National City Bank New York Trust Continental Illinois First Union Trust and Savings First National Tne Northern Trust First Wisconsin National Amencan Tiust Bank of Amenca National Tiust The San Francisco Bank Wells Faigo and Union Trust, Secunty First National First National Bank National Shawmut Bank Merchants National Bank Industrial Tiust Rhode Island Hospital Trust Philadelphia National Bank Girard Tiust Fidelity-Philadelphia Trust First National Bank Cleveland Trust Central United National Mellon National Union Trust First National Bank , „ New York New York New Yoik New York New York New Yoik New York New Yoik New York Chicago Chicago Chicago Chicago Milwaukee San Francisco San Francisco San Francisco San Francisco Los Angeles Boston Boston Boston Providence Piovidence Philadelphia Philadelphia Philadelphia Philadelphia Cleveland Cleveland Pittsburgh Pittsburgh Pittsburgh Recapitulation of answets to questionnaires submitted to 33 "banks {number of banks responding, 33) I Stieet Loans and Day Loans as at July 31st, for the years 1929 to 1933, inclusive July 31,1929 July 31,1930 July 31,1931 July 31,1932 July 31,1933 A Total Amount of Street Loans 1 For Responding Banks' Own Account $1,149,711,600 $1,709,517,770 $905,430,000 $202,190,150 $624,948,500 2 For Account of Others (a) Other banks _ 1,533,645,460 636,703,100 181,587,350 23,606,700 104,422,800 (b) Corporations 1,871,600 1,515,039,500 405,401,000 94,372,000 (c) Co-partnerships or Individuals 448,000 501,749,200 98,800,000 15,033,000 Total Street Loans B Total Amount of Day Loans. _ 4,700,145,650 2,850,421,870 1,196,422,350 265,958,000 178,241,100 136,832,900 228,116,350 729,371,300 15,692,550 52,347,000 7924 STOCK EXCHANGE PEACTICES II SECURED LOANS (exclusive of STREET LOANS) as at July 31st, for the years 1929 to 1983, exclusive: July 31,1929 July 31,1930 July 31,1931 July 31,1932 July 31,1933 1 Total amount of SECURED LOANS ( e x c l u s i v e of STREET LOANS) $776,037,450 $1,324,053,650$![,263,631,650 $1,226,827, . , ',250 $968,917,650 : (a) Demand Loans " 1,443,193,750 '1,594,204,850 J1,497,823,6501,428,559,5001,135,036,250 (b) Time Loans 2,767,247,400 2,857,836,500 2,724,650,900 2,397,477,1501,911,073,700 Add, Loans not specified as to Tune or Demand 282,171,950 Total Demand and Time Loans 365,030,900 423,214,850 317,128,050 357,125,650 3,049,419,350 3,222,867,400 3,147,865,750 2,714,605,200 2,268,199,350 (c) Secured by U S Govt Bonds _ (d) Secured by Real Estate, Mortgages, Life Ins , and similar items other than securities 50,095,100 43,609,450 782,477,400 790,681,550 923,348,650 878,046,650 905,846,300 Total secured under (c) and (d) 832,572,500 834,291,000 969,308,850 922,649,200 959,704,950 Difference indicating amount of loans secured by collateral, such as stocks and bonds not included under (c) and (d) 45,960,200 44,602,550 53,858,650 2,216,846,850 2,388,576,400 2,178,556,9001,791,956,0001,308,494,400 Total Secured Loans 3,049,419,350 3,222,867,400 3,147,865,750 2,714,605,200 2,268,199,350 III. Loans made with or without security, pursuant to credit arrangement for financing syndicate or pool operations of any nature for the years 1929 to 1933, inclusive* 1929 A. NtiTnbw of loans B. Amount of loans _- _ , .. . 1930 1931 1932 34 34 45 10 $76,459,550 $34,922,750 $24,166,300 $3,832,600 1933 2 $950,000 IV Write-offs and Recoveries on loans for the years 1929 to 19S2, inclusive, and for the period January 1 to September 15, 1933: 1929 Street Loans Write-offs Recoveries... Demand Loans Write-offs Recoveries. Time Loans Write-offs Recoveries Other Secured Loans Write-offs Recoveries . Total Write-offs Total Recoveries. . . ..... — .. . 1930 1931 1932 Jan. 1Sept 15, 1933 $176,855 3,150 $921,400 $2,532,300 5,750 1,250 $1,762,750 7,900 $751,950 44,900 2,751,050 217,150 6,197,400 33,277,000 557,250 732,750 55,429,100 3,419,528 47,612,950 2,177,150 1,513,305 343,250 2,285,400 126,350 12,282,100 22,204,950 398,650 660,700 11,320,750 1,170,800 2,724,850 428,400 5,059,860 580,150 4,887,450 180,509 9,854,150 223,200 10,479,150 30,100 7,166,060 14,464,060 991,950 1,440,500 52,978,850 1,142,159 89,250,950 4,311,328 70,164,800 3,422,950 7925 STOCK EXCHANGE PEACTICES V Number of syndicate or pool accounts, in which banks participated, for the penod 1929 to September 15, 1933, inclusive, as 1929 1 Originating Group 2 Banking Group 3 Distributing Group .•••«.... . . . . 4 Banks' Own Account . - . . . . . . . .. - 26 96 201 111 1930 12 69 200 71 Jan 1Sept 15, 1933 1932 1931 3 43 99 46 5 11 15 13 3 6 12 9 Number of listed securities which were the subject of such syndicate or pool account agreements, 118. VI Names of individual members and member firms of the New York Stock Exchange used by banks for the purchase or sale of any securities whether for own account or account of others See answeis to question VI VII Number of members of the New York Stock Exchange for whom loans were carried by banks, either for own account or for the account of others, as at the close of business September 12, 1929, and July 15, 1933 Number of members Number of loans-.Amount of loans... Sept 12,1929 July 15,1983 3, 424 4, 201 $4, 596, 734, 372 1, 252 1, 382 $627, 553, 524 VIII Number of members of the New York Stock Exchange participating with banks in the retail distribution of securities 1929 1930 1931 1932 1933 10 10 6 1 2 Mr. PECORA. There has also been prepared by the members of the investigating staff of the committee a summary of the answers made by the said 33 banks to the questionnaire last offered in evidence, which summary I now desire to offer in evidence. Senator COSTIGAN (presiding). The same will be received in evidence and appropriately marked. (Some papers headed " Summary of Answers to Questionnaire Submitted to 33 Banks " were received in evidence and marked " Committee Exhibit No. 62, May 1,1934 ", and are as follows:) COMMITTEE EXHIBIT NO 62—MAT 1, 1934 SUMMARY OF ANSWERS TO QUESTIONNAIRE SUBMITTED TO 33 BANKS QUESTION i Give the following data for your bank as of the close of business on July 31st for each of the years from 1929 to 1933, inclusive. A Total amount of street loans. 1 Total amount of such loans carried by your bank for your own account. 2 Total amount of such loans carried for the account of others. (a) Total amount of such loans carried for the account of other banks. (&) Total amount of such loans carried for the account of corporations other than banks (o) Total amount of such loans carried for the account of co-paitnerships or individuals B Total amount of day loans made on July 31 in each of the above years 7926 STOCK EXCHANGE PEACTICES A. Total amount of Street Loans 1. For responding banks' own account July 31, 1929 July 31, 1930 July 31, 1931 July 31, 1932 July 31, 1933 2. For account of others (a) Other banks July 31, 1929 July 31, 1930 July 31, 1931 July 31, 1932 July 31, 1933 (b) Corporations July 31, 1929 July 31, 1930 July 31, 1931 July 31, 1932 July 31, 1933 (c) Copartnerships or individuals July 31, 1929 July 31, 1930 July 31, 1931 July 31, 1932 July 31, 1933 B. Total amount of day loans July 31, 1929 July 31, 1930 July 31, 1931 July 31, 1932 July 31, 1933 $1,149,711,500 1, 709, 517, 770 905, 430, 000 202,190,150 624,948,500 $1,533,615,450 636,703,100 181,587,350 23 606, 700 104,422,800 $1, 515, 039, 500 4 3,401, 0^0 94,372,000 1, 811, 500 $501,749,200 98 500,000 13,083,003 148, 000 $265,938, 000 178, 241,100 130, 832,900 15,6 )2, 5*50 52, 347, 000 QTJEBTTON 2 Give the following information as of July 31 or any day of the month of July for each of the years from 1929 to 1933, inclusive 1 Total amount of all "secured loans" exclusive of "stieet loans" < » Total amount of such loans which were demand loans (b) Total amount of such loans which were time loans (c) Total amount of such loans which weie secured by United States Government bonds (d) If possible give an estimate of the total amount of these loans which were secured by leal estate mortgages, life insurance and similar items other than securities 1. Total amount of all " secured loans " exclusive of " street loans " . (a) Demand loans July 31, 1929 $1,324,053,650 July 31, 1930 1,263, 631, 650 July 31, 1931 1,226, 827,250 July 31, 1932 968,917,650 Julv 31, 1933 776,037,450 (b) Time loans: July 31, 1929 $1,443,193,750 July 31, 1980 1,594,204,850 July 31, 1931 1,497,823,650 July 31, 1932 1,428,559,500 July 31, 1933 1,135,036,250 Nona —Loans not specified as to tune and demand July 31, 1929 $282,171,950 July 31, 1930 365, 030,900 July 31, 1931 423,214,850 July 31, 1932 317,128,050 July 31, 1933 357,125,650 STOCK EXCHANGE PRACTICES 7927 1 Total amount of all "secured loans" exclusive of "street loans "—Continued (e) Loans secured by United States Government bonds July 81, 1929 $50,095,100 July 31, 1930 43,609,450 July 31, 1931 45,960,200 July 31, 1932 44,602,550 July 31, 1933 53,858,650 (d) Loans secured by real estate, mortgages, life insurance, and similar items other than securities July 31, 1929 $782,477,400 July 31, 1930 790,681,550 July 31, 1931 923,348,650 July 31, 1932 878,046,650 July 31, 1933 905,846,300 NOTE—By deducting the total amount of loans seemed under (c) and (#) tiom total time and demand loans, it is within the bounds of reasonable assumption to state that the remaining loans were secured by collateral such as stocks and bonds not included under (c) and (d) July 31, 1929 $2,216,846,850 July 31, 1930 2,388,576,400 July 31, 1931 2,178,556,900 July 31, 1932 1,791,956,000 July 31, 1983 1,308,494,400 QUESTION 3 Give the following information for your bank for each of the years from 1929 to 1933, inclusive A Number oi loans made with or without security, pursuant to credit arrangement for financing syndicate or pool operations of any natuie m stocks B Total amount of such loans NOTE—Include in the above all syndicate and pool transactions in which the bank participated whether the sums advanced were carried m the " loan ", " investment", or other accounts. Loans made with oi without security, pursuant to credit arrangement for financing synd e ite or pool operations of any nature for the years 1929 to 1933, inclusive Year 1929 1930 1931 1932 1933 Number of Amount of loans loans U $76,459,650 45 34,922,750 U 24,166,300 10 3,832,600 2 950,000 7928 STOCK EXCHANGE PRACTICES QUESTION 4 Give the following data for your bank for each of the years from 1929 to 1933 and for the period from January 1,1933, to September 15,1933, inclusive: A. Total gross amount written off or specifically reserved against m each of the classifications set forth in " 1-A" and " I I " B. Total number of such loans thus affected O Set forth separately the total amount of subsequent recoveries on such write-offs Write-offs and recoveries on loams for the pears 1929 to 1982, inclusive, and for the period January 1st to 15th, 1988 Write-offs Street loans 1929 1930 1931 1932.^ _ Jan 1-Sept 15,1933. Demand loans 1929 1930 1931 1932 _ Jan 1-Sept 15,1933Time loans 1929 1930 1931 1932. - Jan 1-Sept 15,1933_ Other secured loans 1929 1930 1931 1932 Jan 1-Sept 15,1933. [Recoveries $176,855 921,400 2,532,300 1,762,750 751,950 $3,150 1,250 5,750 7,900 44,900 2,751,050 6,197,400 33,277,000 55,429,100 47,612,950 217,150 732,750 557,250 3,419,528 2,177,150 1,513,305 2,285,400 12,282,100 22,204,950 11,320,750 343,250 126,350 398,650 660,700 1,170,800 2,724,850 5,059,860 4,887,450 9,854,150 10,479,150 428,400 580,150 180,509 223,200 30,100 Totals Write offs 1929 1930 1931 1932 Jan 1-Sept, 15,1933. Total Recoveries $7,166,060 14,464,060 52,978,850 89,250,950 70,164,800 $991,950 1,440,500 1,142,159 4,311,328 3,422,950 234,024,720 11,308,887 QUESTION 5 Give the following data for your hank for each of the years from 1929 to September 15, 1933, inclusive. A. State whether your bank participated in any syndicates or pool accounts either in 1. Originating group. 2 Banking group. 3 Banking group 4. Participant for your own account. If such participation in " 4 " was made wholly or in part for account of customers, give the details thereof. If your answei to any of the above is in the afl&rmative, furnish photostatic copy of each of the syndicate or pool agreements or of the correspondence which formed the basis of the syndicate or pool agreement STOCK EXCHANGE PRACTICES 7929 A Number of syndicate or pool accounts in which banks paiticipated for the period 1929 to September 15, 1933, inclusive 1 Originating group 1929 1930 1931 1932 Jan 1-Sept 15, 1933 26 12 3 5 3 2 Banking group 1929 96 1930 69 1931 11 1932 11 Jan 1-Sept 15, 1933 6 3. Distributing group 1929 201 1930 200 1931 99 1932 15 Jan 1-Sept 15, 1933 12 4 Banks' own account 1929 111 1930 71 1981 46 1932 9 Jan 1-Sept 15, 1933 9 Names and number of securities listed on any exchange which were the subject of syndicate oi pool account agreements This information compiled from photostatic copies of such agreements as furnished by responding banks in answei to Question 5 1929 1. 2 3 4 5. 6 7 8 9 10 11 12 13 14 15 16 17 18 19. 20. 21 22 23 24 25 26 27 28 29 30 31 32 33 Alleghany Corp 5%% Preferred, Series A. Alleghany Corp Common. American Cyanamid Go Common. Ameiican Equities Co. Common American Founders Corp. 6% Cum Preferred, Series D, Atlantic Securities Corp. Common. Atlantic Securities Corp. $3 Cum. Preferred. Aviation Corp Common Bethlehem Steel Corp. Blue Ridge Corp Common. Blue Ridge Corp 6% Conv. Preference. Chicago Corp $3 Conv. Preference. Chicago Corp Common. Chicago Corporation Units Chicago Pneumatic Tool Co. $350 Cum. Div. Cany. Pref. Commercial Credit Co. Common* Congress Cigar Co. Inc. Continental Can Co. Inc. Common. Coty Inc. Cream of Wheat Corp. Capital Stock. Electric Bond & Share Co. Common. Electric Bond & Share Co. Cum. $6 Preferred. Eastern Gas & Fuel Assoc. Preferred. Electric Investors $6 Preferred. Federal Water Service $6 Cum. Preferred. Firestone Tire & Rubber Co. 6% Cum. Preferred, Series "A." Foremost Fabrics Corp. Common Capital Stock. Fourth National Investors Corp. Common. General Cigar Co. Inc. Common. General Mills Common. General Printing Works Corp. $6 Cum. Preferred. General Printing Works Corp. Common. General Realty & Utilities Corp Preferred. 7930 34 35 36 37 38 39 40 41 42 43 44 45 46. 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 STOCK EXCHANGE PRACTICES Geneial Refractories Co Common Gimbel Brothers Inc Common Goldman Sachs Trading Corp Capital Stock Gorham Inc $3 Cum Preferred Insuranshares Corp Class A Common International Carriers Ltd Capital Stock International Hydro Blec Class A International Superpower Corp Capital Stock F & R Lazares & Co Preferred F & R Lazares & Co Common Lehman Corp Capital Stock Long Island Lighting Co 6% Cum Preferred McGraw Hill Pub Co, Inc Common McCroiy Stores Corp Class A Common R H Macy & Co, Inc Common Mangel Stores Corp Preferred Mangel Stores Corp Common Marine Midland Corp Capital Stock May Department Stores Co Common Minneapolis Molme Power Implement Co Conv $6 50 Cum Prefetied Minneapolis Molme Power Implement Co Common National Union Radio Corp Common New York Investors Inc Common Northwest Bancoiporation Common Oliver Farm Equip Prior Preferred A Parmelee Tians Co Common Pennroad Corp V T C Petroleum Corp of America Capital Stock Pittsburgh Screw & Bolt Capital Stock Prmce & Whitely Tiadmg Corp $3 Conv Preferied Series A. Prince & Whitely Trading Corp Common Prudential Investors Common Roosevelt Field Inc Capital Stock Shaip & Dohme $3 50 Cum Conv Preference Senes A Shell Union Corp 5%% Cum Conv Preferred Sbenandoah Corp Common Shenandoah Corp 6% Conv Prefeience Solvay American Invest Corp 5%% Cum Preferred Standard Gas & Electric $4 Cum Preferred The Starrett Coip Common A Stem & Co Common A Stem & Co Preferred Tobacco and Allied Stock Inc Tri-Continental Allied Co 6% Cum Preferred Tri-Continental Corp Common Utility & Industrial Corp Common Utility & Industrial Corp Preferred United Corporation Units* West Penn Power Co 6% Cum Preferied 1930 1 2 3 4 5 6 7 8 9 10 11 12 13 14 Alleghany Corp 5%% Cum Preferred Series A Aluminum Ltd 6% Cum Preferred American & Foreign Power Co Inc Cum $6 Preferred. Ameiiean Smelting & Refining 6% Cum 2nd Preferred. American Superpower Corp 1st $6 Pi eferred. Commonwealth & Southern Corp $6 Preferred. Eastern Gas § Fuel Assoc 6% Cum Preferred Electnc Bond & Share Co Cum $5 Preferred. Electnc Power & Light Corp Cum $6 Preferred General Italian Edison Electric Corp (Am Shares) General Motors Corp Preferred $5 Series General Steel Castings Corp $6 Cum Prefeired Conv Stk Marshall Field & Co Common National Power & Light Co Cum. $6 Preferred STOCK EXCHANGE PEACT1CES 15 16 17 18 19 20 21 22 23 24 25 26 27 28 7931 Philadelphia Co $6 Cum Preferred Philadelphia Elec Co $5 Div Preferred Philadelphia Electric Co Preferred Pittston Co Common Public Service Corp of N J $5 Cum Preferred Radio-Keith Orpheum Class A Remington Rand Common Republic Steel Corp 6% Cum Conv Preferred Ross a International Corp Capital Stock Safeway Stores, Inc 6% Cum Preferred Standard G & E Pr Pieferred $6 Cum T n Continental Corp Preferred United Gas Improvement Co $5 Preferred Warner Bros Pictures, Inc, Common 1931 1 2 3 4 5 6 7 Colgate-Palmolive Peet Co 6% Cum Preferred General Am-Trans" System 4%% Equip Trust Ctfs. Hudson Motor Car Co Public Service Corp of N J $5 Cum Preferred Public Sex vice Electnc & Gas Co $5 Cum Preferred United Gas Improvement Co $5 Div Preferied. F W Woolworth, Ltd, Common 1933 1 West Penn Power Co 6% Cum Preferred QUESTION 6 Give the following data for your bank for each of the years from 1929 to September 15, 1933, inclusive A Name of each and every member or member firm of the New York Stock Exchange used for the sale or purchase of any securities, whether for your own account or account of others See answers to question 6 submitted by responding banks QUESTION 7 Name of each and every member oi member firm of the New York Stock Exchange for whom loans were being cairied by your bank either for your own account oi for the account of others as of the close of business on September 12, 1929, and as of the close of business on July 15, 1933, and the amounts of each of the said loans September 12, 1929 Number of members 3,424 Number of loans 4,201 Amount of loans $4,596,734,372 July 15, 1933 Number of members 1,252 Number of loans 1,382 Amount of loans $627 553,524 QUESTION 8 Name of each and every member firm of the New York Stock Exchange associated with you or participating with you m the retail distribution of any stocks by your bank 1929 10 1930 10 1931 6 1932 1 1933 2 175541—34—PT 17 12 7932 STOCK EXCHANGE PRACTICES Mr. PECORA. I also desire to offer in evidence a form of questionnaire addressed to the different corporations, other than banks, calling for certain information, more particularly with respect to Street loans made in the call-money market of New York City during the year 1929. I desire to offer in evidence the form of such questionnaire. Senator COSTIGAN (presiding). The form of questionnaire will be received in evidence and appropriately marked. (The paper entitled " Questionnaire submitted to corporations " was received in evidence and marked " Committee Exhibit No. 63, May 1, 1934", and is as follows:) COMMITTEE EXHIBIT NO 63—MAY 1, 1934 EXHIBIT J QUESTIONNAIRE SUBMITTED TO CORPORATIONS A. Give the following information as of July 1, 1929 and July 1, 1983 • 1 The total number of shares of the Common Stock of your Corporation appearing on your lecords m the names of stock brokerage firms 2 The total number of brokers and brokerage firms appearing upon your records as the owners of Common Stock of your Corporation 3 The total number of shares appearing upon your records in each of the names of brokers or brokerage firms who are the first ten largest broker holders of record of shares of Common Stock Designation need not be made by name, but may be made by number, in order of numerical holdings B Give the following information for the year 1929 1 The total number of shares of the Common Stock of your Corporation transferred on you* books from one ownership to another 2 The total number of transfers of the Common Stock of your Corporation from one ownership to another Mr. PECORA. I also wish to offer in evidence the original returns made by said corporations to the questionnaire last offered in evidence. Senator COSTIGAN. The original returns will be received and treated in the usual way. (The original returns received from the corporations to whom questionnaire was sent in regard to Street loans made in the callmoney market of New York City, were received and marked " Committee Exhibit No. 64, May 1, 1934", and will be filed with the committee.) Mr. PECORA. I might say that there were 23 such corporations that made returns under the questionnaire just offered in evidence. A summary has been prepared by the members of the investigating staff of the committee from the answers to such questionnaire addressed to such corporations, which summary I now desire to offer in evidence. Senator COSTIGAN. The summary will be received and appropriately marked. (A paper marked " Summary of Answers to Questionnaire Submitted to Corporations " was marked " Committee Exhibit No. 65, Maj 1, 1934 ", and is as follows:) STOCK EXCHANGE PBACTICES 7933 COMMITTEE EXHIBIT NO 64—MAT 1, 1934 SUMMARY OF ANSWERS TO QUESTIONNAIRE SUBMITTED TO CORPORATIONS QUESTION A Give the following information as of July 1, 1929, and July 1, 1933 • 1 The total number of shares of the common stock of your corporation appearing on your records in the names of stock brokerage firms. 2. The total number of brokers and brokerage firms appearing upon your records as the owners of common stock of your corporation 3 The total number of shares appearing upon your records in each of the names of brokers or brokerage firms who are the first ten largest broker holders of record of shares of common stock. Designation need not be made by name, but may be by number, m order of numerical holdings QUESTION A-2 Number of shares of common stock in names of stock brokerage firms EaMbit I1 July 1, 1929.—Replies received from thirty corporations. EwhtbU II1 July i, 193S -^Replies received from twenty-three corporations NOTE—The total number of shares outstanding at December 31, 1929, and December 31,1933, was obtained by reference to Poor's Manual. QUESTION A - l Number of brokerage firms recorded as owners of common stock EwhtUt III1 July 1, 1929 —Replies received from thirty corporations ExhtUt IV1 July 1, 198S—Replies received from twenty-three corporations. QUESTION A-3 Number of shares of common stock held by ten largest brokerage firms ExMnt V1 July 1,1929 —Replies received from thirty corporations. ExluUt VI1 July 1,198S —Replies received from twenty-two corporations QUESTION B Give the following information for the year 1929: 1 The total number of shares of the common stock of your corpo.ation transferred on the books from one ownership to another. 2. The total number of transfers of the common stock of your co potation from one ownership to another. 1 Exhibit is printed below 7934 STOCK EXCHANGE PRACTICES QUESTION B - l Number o. shaies of ccmmon stock tiansferred for the year 1929 EdUUt Til1 Replies leceived from forty corporations QUESTION B-2 Numbei of transfers for the year 1929 Exhibit VIII1 Replies received from thirty-nine corporations NOIJL'—The total number of shares sold for the year 19291 was obtained byreference to the New York Tunes of January 2, 1930 The total number of shares outstanding at December 31, 1929, was obtained, by reference to Poor's Manual EXHIBIT I QUESTION A—1 Number of scares of common stock in names of stock brokerage firms at July 1, 1929 Allied Chemical & Dye Corp Alleghany Corp * American & Foreign Power Co, Inc* Amencan Can Company American Tel & Tel Co Anaconda Copper Mining Co Auburn Motor Car Co Baldwin Locomotive Works Bethlehem Steel Corp Briggs Manufacturing Co * Case, J I , Co Chrysler Corp Columbia Gas & Electric Consolidated Gas Co , N Y Consolidated Oil Corp Electric Bond & Share Co General Foods Corp General Motors Corp International Tel & Tel Corp International Nickel Co , Inc Johns-Manville Corp Kennecott Copper Corp Montgomery Ward & Co Pan American Peti oleum * Radio Corporation * Radio-Keith-Orpheum Corp * Standard Oil of New Jersey United Gas Improvement Co United Corporation * Woolworth, F W, & Go-1 1 Non dividend-paying stocks 1 Exhibit is printed below Numbei of share* , 311, 553 789, 645 345,250 977, 035 664, 329 3,439,318 102,263 110,22^ 1,108,115 932,149 83,835 2, 859,148 1,082,899 2, 099,221 3,563,502 2,112,222 972,826 6,091,055 1,248,758 5,054,779 257,418 2,675, 511 2,019 640 1, 380,273 3,107,002 1,029,969 2,244,221 492,025 1,493,951 873,252% STOCK EXCHANGE PRACTICES 7935 EXHIBIT II QUESTION A - l Number ot shares of common stock in names of stock brokerage firms at July 1, 1933 Number of shares Am^ncan Car & Foundry 1 Amcucan Radiator * Anaconda Copper Corp 1 Chrysler Corpoiation i Celanese Corporation Cities Service x Commercial Solvents Consolidated Oil Coiporation 1 General Elecuic Co General Motors Corporation International Nickel Co ,1 Inc x International Tel & Tel Xiibby Owens Ford Montgomery Ward * National Distillers * New York Central * Radio Ke.t'i * Socony Van urn Standaid Biands United Airc laft 1 United C iporation Warnei Brothers 1 k Woolwoith, F W & Co 110,376 1,002, 769 1,249,828 1,668,275 361,352 789,727 777,865 2,891,805 2,379,827 3,165,607 2,441,732 1,618,257 550,245 1,668,286 323,276 394,395 2,304,401 1,855,801 1,027,223 646,431 2,202,246 1,246,125 522,846 E villLIT I I I QUESTION A - 2 Number oi brokeiagc firms lecoited < s owneis of common stock at July 1, 1029 1 Allied Chemiea &JD>e Coipoiation Alkghany Corporation x Amencan & Foreign Power, Inc 3 American Can Co American Telephone & Telegraph Co Anaconda Copper Mining Co Aubuin Motor Car Co Baldwin Locomotive Works Bethlehem Steel Corporation Briggs Manufacturing Co J Case, J I , Co Chrysler Corpoiation Columbia Gas & Electric Consolidated Gas Co of New York Consolidated Oil Corporation Electric Bond & Share Co General Foods Corporation General Motors^ Corporation International Telephone & Telegraph Corporation International Nickel Co, Inc Johns-ManviUe Corporation Kennecott Copper Corporation Montgomery Ward & Co Pan American Petroleum a Radio Corporation of America 1 Radio-Keith-Orpheum Corporation * 1 Non dividenu paying stocks Number of brokerage firm* 266 31.* 340 397 515 620 208 85 517 495 178 556 431 467 739 510 355 491 575 466 300 434 517 540 607 526 7936 STOCK EXCHANGE PEACTICES QUESTION A-2—continued Number of bt okeraye firms Standard Oil of New Jersey United Gas & Improvement Co United Corporation * Woolworth, P W., & Co 475 443 553 375 « EXHIBIT IV QUESTION A - 2 Number of brokerage firms recorded as owners of common stock at July 1, 1933 Number of brokerage firms American Car & Foundry* American Radiator * Anaconda Copper * Chrysler Corporation Celanese Corporation * Cities Service * Commercial Solvents Consolidated Oil Corporation* General Electric General Motors Corporation International Nickel * International Tel & Tel Libby Owens Fordx Montgomery Ward National Distillers * New York Central * Radio Keith 1 Socony Vacuum Standard Brands —. United Aircraft * United Corporation Warner Bros Woolworth, F. W. & Co 1 Non-dividend-paying stocks. - . —. - - 363 399 562 440 354 492 483 878 421 472 520 649 324 551 291 308 1,367 499 361 363 398 592 356 EXHIBIT V The largest broker holders of common stock and number of shares held by each as of the neaiest date available to July 1, 1929 American Columbia Cons Allied & ConsoliAmerican Anaconda Auburn Baldwin BethleForeign AlleChrysler Gas & Gas Com dated Oil J I Case Corpora Tel <fe Copper Automo- Locomo- hem Steel Briggs Power American gheny Chemical pany of Electric Mfg Can & Dye CorporaCompany Corporative bile ComMining Corpora- Corpora- Com- Company Tel New Company Corporation tion tion Works pany tion Company Company pany, York tion tion Inc 1. 2 3 4- -5 6 7 8 . 9 10 167,600 37,050 33,600 14,070 11,400 11,125 11,023 10,135 9,090 8,850 31,785 21,532 20,650 14,080 13,121 13,090 12,507 10,415 10,335 7,000 21,950 16,200 11,003 10,603 10,410 8,762 8,265 6,379 5,760 5,645 115,325 76,898 61,260 52,700 34,850 28,924 20,158 19,400 18,945 18,049 63,857 30,249 29,779 24,581 24,525 10,473 10,455 10,208 10,018 9,450 235,289 96,543 96,388 92,338 72,726 71,877 63,386 62,294 57,643 55,291 21,669 10,200 5,029 4,789 3,797 2,868 2,864 2,778 2,305 1,861 58,570 22,350 6,240 4,050 3,400 2,100 1,600 700 700 560 31,839 29,034 23,661 22,146 21,971 21,655 19,693 18,653 18,353 17,690 76,035 67,651 36,033 35,101 25,493 24,038 24,022 20,114 18,979 18,820 313,943 154,515 104,977 446,509 223,595 903,775 58,160 100,270 224,695 346,286 Electric Bond& Share Co General Foods Corporation 216,397 65,041 64,134 55,088 53,127 46,640 46,475 34,735 31,663 30,365 129,825 111,890 38,908 24,792 23,174 20,951 20,505 20,301 17,397 17,331 643,665 425,074 2,247,930 - - — _ Total 1 2 3 4 5 6 7 8 9 10 Total KadioPan InternaKenne- American General International Eadio Keith OrJohnstional Cop- Pet & Corp Motors Tel & of pheum Nickel Manville cott per CorCorpo- Tel CorTrans- America CorpoCorp poration port ration poration Incorporation Co rated 458,305 351,834 262,218 218,358 185,859 162,974 156,745 154,047 153,294 144,296 701,124 541,330 521,531 417,682 290,588 209,188 154,575 121,521 108,822 81,984 11,564 10,895 7,010 6,495 6,030 5,558 5,250 4,545 4,540 4,500 338,260 215,084 182,279 39,088 38,682 35,18Q 35,013 33,106 31,768 31,101 339,384 3,148,345 66,387 979,561 56,546 54,308 42,924 39,806 39,104 26,746 21,871 20,081 20,054 17,944 436,091 120,773 120,715 119,647 83,719 65,740 58,965 58,829 45,613 44,176 128,080 88,459 26,507 18,869 18,815 16,812 16,149 15,912 15,660 15,194 110,481 93,607 76,581 76,004 71,320 58,095 52,220 48,497 42,330 40,120 277,620 137,222 117,705 110,467 94,035 87,612 81,815 73,881 68,259 61,234 40,758 1,154,268 360,457 669,255 1,109,850 Standard Standard Oil Com- Oil Company of pany of New New York Jersey The United Corpolation 8,565 4,850 4,735 4,200 4,186 3,972 3,120 2,510 2,495 2,125 228,589 191,203 123,565 117,106 100,265 96,076 87,456 86,025 81,380 78,812 50,388 29,100 27,033 23,897 23,711 22,750 17,823 17,823 15,467 14,978 222,826 128,475 123,685 73,277 54,276 53,069 46,881 42,058 37,355 34,700 122,480 65,430 54,540 44,818 44,064 39,407 39,196 37,864 33,630 33,495 53,307 31,949 30,400 28,224 26,238 22,737 21,486 21,309 19,893 18,999 366,739 1,190,477 242,970 816,602 514,924 274,542 67,436 49,609 37,429 35,695 32,628 30,068 29,136 29,124 28,752 26,862 The FW United WoolGas Im- worth & proveComment pany Corp 24,902 19, U7 18,701 14,966 11,109 10,510 10,050 10,050 9,946 7,750 87,112 61,505 59,216 46,352 25,250 23,665 17,295 16,343 16,026 15,547^ 137,421 368,311J4 EXHIBIT VI CO 00 10 largest broker holders of common stock and the number of shares held by each as of the nearest date available to July 1, 19S3 American Alaska, Car & Juneau Gold Min- Foundry Co ing Co 1 2 3 4 5 6 7 g 9 10 176,840 99,100 61,920 33,330 30,012 ^27,100 20,562 19,118 17,485 16,035 501,502 Total 4,350 4,155 4,105 3,795 3,525 3,429 3,146 2,800" 1,995 1,980 33,280 American Radiator Standard Sanitary Co Anaconda Copper Mmmg Co 39,455 32,882 31,102 21,047 26,047 25,400 23,884 22,520 21,596 18,386 146,271 89,465 40,996 28,676 26,609 26,536 24,515 23,153 21,932 21,594 30,049 28,415 24,646 17,375 14,675 8,143 6,880 6,687 6,475 6,158 255,329 109,610 49,734 38,313 35,096 34,190 32,109 31,047 29,716 26,901 41,054 32,860 32,151 29,343 25,360 23,896 22,535 19,698 18 116 15,661 412,650 120,275 85,629 63,675 58,931 54,996 53,969 36,074 35,453 31,966 28,930 19,996 19,070 18,250 17,755 16,459 16,449 15,832 15,098 13,118 132,641 110,981 100,643 100,184 72,330 67,142 62,368 56,227 55,022 53,400 235,873 111, 722 55 142 49,704 43,482 42,611 42,149 41 132 39 284 39,227 267,319 449,747 149,503 642,045 260,674 953,618 180,957 810,938 700,326 Standard Brands, Inc United Aircraft & Transport Corp Celanese Corp of America Chrysler Corporation Libby InternaInternaNatl Dis N Y Cen Radio Corp Owens tillers tional Tel tional Nick Ford Prod tral R R of America Glass ucts Corp &Tel el C o , Inc Co Co Corp CommerCities Serv- Consoliice Com- dated Com- cial Sol pany pany vents Corp United Corp General Motors Corpora tion General Electric Company Warner F W Wool Bros Pic- worth & tures, Inc Co o o W o j Q 3 • 1 2 3 4 5 6 7 8 9 10 . _ _ _ Total 43,229 37,750 37,605 35,906 35,518 35,192 34,712 32,200 31,403 28,699 239,070 162,066 78,409 76,520 68,491 57,357 51,050 45,322 37,688 35,902 30,904 28,105 23,303 15,395 14,949 11,680 11,336 11,145 10,993 10,300 51,776 26,961 18,240 14,094 9,630 8,395 8,015 7,743 7,541 6,705 27,729 27,075 20,548 18,998 17,626 17,468 16,249 15,812 15,425 15,061 65,585 52,882 52 300 51,437 48,254 45,324 43,135 42,970 42 677 41,181 52,247 47,688 31,023 28 785 24,691 22,307 20,495 19,218 17,910 16,147 34,175 24,320 24,312 23,822 21,023 16/230 15,974 13,545 12,207 11,778 117,455 64,963 59,460 49,169 47,331 43,022 41,211 39,108 38,824 37,996 52,931 49,800 43,405 42,101 40,087 35,401 34,213 32,789 27,589 25,900 68,495 45,560 41,517 15 257 14,500 13,020 11,758 10,618 9,875 9,010 352,214 851,875 168,110 159,100 191,991 485,745 280,511 197,386 538,539 384,216 239,610 3 zn STOCK EXCHANGE PRACTICES 7939 EXHIBIT VII QUESTION B^l Number of Shares of Common Stock Transfeired for the Year 1929 Number of shares transferred Alaska Juneau Gold Mining Co ,* Allegheny Corporation* Allied Chemical American Foreign Power * American Can American Car & Foundry American Tel & Tel Anaconda Copper Auburn Motor Baldwin Locomotive Woiks Bethlehem Steel Corporation Briggs Manufacturing Co ,* Case, J I Company 1 Celanese Corporation Chrysler Corporation Cities Service Columbia Gas Consolidated Gas of New York Consolidated Oil Corporation Commercial Solvents Electric Bond & Share Co , Geneial Foods Corporation General Electric Co , International Tel & Tel Co International Nickel Johns-Manville Kennecott Copper Libby Owens Glass National Distillers* New York Central Pan American Petroleum * Radio Corporation * Standard Oil Co of New York Standard Oil Co of New Jersey Standard Brands United Gas & Improvement United Corporation* United Aircraft * Woolworth, F W & C o , Warner Brothers 1 Non dividend-paying stocks ., 775,491 11,181,342 1,105,353 1,930,679 3,926,423 504, 303 5,283,442 12,940, 717 584,652 716, 508 6,340,165 2,186,967 384,091 212,177 7,207, 052 53,436,687 7, 111, 901 8,731,046 8,910,126 1,657,752 10, 796,073 5, 067, 653 3,664,668 8,804,280 9,676, 800 1,502,890 8, 523, 760 454, 80& 265,213 3,087,940 5,873,876 9,853,280< 7,681,900 16,828,779> 19, 627,424 9,551,683 40, 757,810 2,260,69a 2,661,848 4,963,10$ 7940 STOCK EXCHANGE PRACTICES EXHIBIT VIII QUESTION B-2 Number of Transfers For The Year 1929. Security Alaskan Jnneau Gold Mining Co ,* Allegheny Corporation * Allied Chemical American Foreign Power 1 American Can American Car & Foundry American Tel & Tel Co , Anaconda Copper Auburn Motor Baldwin Locomotive Works Bethlehem Steel Corporation Bnggs Manufacturing Co 1 Case, J I Company Celanese Corporation* Chrysler Corporation Cities Service Corporation Columbia Gas & Electric Consolidated Gas Co of New York , Commercial Solvents Electric Bond & Share Co, General Foods Corporation General Electric Co., International Tel & Tel International Nickel Johns-Manville Kennecott Copper Libby Owens Glass 1 National Distillers New York Central Pan American Petroleum* Radio Corporation * Standard Oil Co of New York Standard Oil Co of New Jersey Standard Biands United Gas & Improvement 1 United Corporation United Aircraft 1 Woolworth, F W & Co , Warner Brothers Number of . . Transfers 9,839 108,907 20,117 32,159 57, 857 13,671 341,686 198,624 17, 059 7,133 144,679 34, 841 9,461 3,126 109,614 597, 813 83,608 118,243 34,771 141, 569 145,276 62,176 143,140 27,707 35,542 42,745 5,767 5,256 75, 545 23,266 120,565 123,107 238,770 95,670 143,965 111, 658 45,305 50,670 104 021 i Non cividend paying stocks Mr. PECORA. I will further say that a recapitulation has been prepared by the members of the investigating staff of the committee of the answers to the questionnaire addressed to the 23 corporations referred to, which further recapitulation I now desire to offer in evidence. Senator COSTXGAN. The recapitulation will be received and appropriately marked. (A paper entitled " Eecapitulation of Answers to Questionnaire Submitted to Corporations , was received in evidence and marked " Committee Exhibit No. 66, May 1, 1934 ", and is as follows:) 7941 STOCK EXCHANGE PBACTICES COMMITTEE EXHIBIT NO 66—MAY 1, 1934 Recapitulation of answers to questionnaires submitted to corporations Security American Car & Foundry i... American Radiator i Anaconda Copper Mining Co Chrysler Celanese* Cities Service1 Commercial Solvents Consolidated Oil i General Electric General Motors Corp International Nickel i International Tel & Tel» Libby Owens Ford Montgomery Ward * National Distillers1 New York Central * l Radio Corp of America Socony Vacuum Standard Brands Umted Aircraft * United Corp Warner Bros Woolworth, F W 1 Non dividend-paying stocks A-3 Number of Percentage A-2 Shs RegisA-l Outstandof Shares tered m Shares of Shares in Brokers' Number Brokerage Names of in Brokers' ing Dec 31, Names to Firms Ten Largest Names July 1933 OutstandBroker 1,1933 July 1,1933 ing Shares Holders July 1, 1933 600,000 110,376 1,002,769 10,002,006 1,249,828 8,672,670 4,305,200 1,668,275 987,800 361,352 789,727 37,804,394 2,635,684 777,865 2,891,805 14,218,835 2,379,827 28,845,927 3,165,607 43,500,000 2,441,732 14,584,025 1,618,257 6,399,092 550,245 2,551,042 1,668,286 4,467,240 323,276 1,884,083 4,992,597 2,304,401 13,130,690 1,855,801 30,708,465 1,027,223 12,575,866 646,431 2,087,338 2,202,246 14,529,492 1,246,125 3,801,340 9,750,000 522,846 18 39 10 03 14 41 38 75 36 58 2 09 29 51 20 34 8 25 7 28 16 74 25 29 21 57 37 34 51 47 7 90 17 55 06 8 17 30 97 15 16 32 78 5 36 562 440 354 492 483 878 421 472 520 649 324 551 291 308 1,367 499 361 363 398 592 356 267,319 449,747 642,066 149,503 260,674 180,597 953,618 700,326 851,875 342,214 168,110 159,100 80,357 485,745 514,924 280,511 197,386 384,216 239,610 Recapitulation of answers to questionnaire submitted to corporations Security Alaska Juneau Gold Mining Co * Alleghany Corporation * Allied Chemical & Dye American Foreign Power» American Can American Car & Foundry American Telephone & Telegraph Co.. Anaconda Copper Auburn Motor Baldwin Locomotive Works Bethlehem Steel Corporation Bnggs Manufacturing Co » Case, J I , Co Celanese Corporation» Chrysler Corporation.. Cities Service Columbia Gas & Electric Consolidated Gas of New York Consolidated Oil Corporation Commercial Solvents Electric Bond & Share Co General Foods Corporation General Electric Co _. General Motors Corp International Tel & Tel Co International Nickel Co Tohns Manville _ Kennecott Copper — Libby Owens . Montgomery Ward & Co National Distillers » New York Central Pan American Petroleum i Radio Corporation of Americal Radio Keith Orpheum i Standard Oil Co of New York Standard Oil Co of New Jersey (A-3) (A-2) Number Percentage (B-l) (A-l) Outstanding of Shares in Number of Shares Regis Number Shares in Shares Dec 31, Brokers' Names of Brokerage tered m Names of Shares Trans Brokers' Names 1929 to Outstanding Firms July 1, of Ten Largest ferred for the July 1,1929 Shares Broker Holders Year 1929 1929 July 1,1929 789,645 311,553 345,250 977,035 4,152,540 2,178,109 1,624,357 2,473,998 19 14 21 39 02 30 25 49 340 397 313,943 154,515 104,977 446,509 664,329 3,439,318 102,263 110,229 1,108,115 932,149 16,118,222 8,828,063 4 38 60 13 35 46 43 12 96 27 08 08 53 11 515 620 208 85 517 495 178 223,595 903,775 58,160 100,270 224,695 346,286 40,758 843,000 3,159,000 2,003,225 194,471 313 2,859,148 4,431,465 64 52 556 1,154,268 1,082,899 2,099,221 3,563,502 8,477,224 11,456,981 5,460,008 12 77 18 32 65 27 431 467 739 360,457 669,255 1,109,850 2,112,222 972,826 13,733,839 5,274,527 15 38 18 44 510 355 643,665 425,074 6,091,055 1,248,758 5,054,779 257,418 2,675,511 43,500,000 5,858,984 13,758,208 750,000 9,385,849 14 21 36 34 28 00 31 74 32 51 491 575 466 300 434 2,247,930 339,384 3,148,345 2,019,640 4,620,768 43 71 517 1,380,273 3,107,002 1,029,969 2,360,740 6,580,375 1,930,032 58 47 47 22 53 37 540 607 526 2,244,221 25,418,968 8 83 475 979,561 366,739 1,190,477 242,970 514,924 816,602 to Number of Shares Sold forxthe Year 1929 (B-2) Number of Transfers for the Year 1929 775,491 11,181,342 1,105,353 1,930,679 3,926,423 504,303 5,283,442 12,940,717 584,652 716,508 6,340,165 2,186,967 384,091 212,177 7,207,052 53,436,687 7, 111, 901 8,731,046 8,910,126 1,657,752 10,796,073 5,067,653 3,664,668 1,301,400 12,496,600 962,100 12,401,500 13,463,200 443,700 5,086,950 18,545,825 285,700 1,212,700 13,177,120 4,857,400 316,950 152,300 14,841,000 20,163,300 11,332,600 14,943,700 11,153,300 2,318,648 11,228,000 5,217,500 7,204,465 8,804,280 9,676,800 1,502,890 8,523,760 454,803 10,266,000 17,352,700 3,357,985 11,484,600 124,400 143,140 27,707 35,542 42,745 5,767 265,213 3,087,940 5,873,876 9,853,280 1,020,300 3,185,850 6,651,900 41,777,800 5,256 75,545 23,266 120,565 7,681,900 16,828,779 7,210,900 14,329,700 123 107 238,770 108,907 20,117 32,159 57,857 13,671 341,686 198,624 17,059 7,133 144,679 34,841 9,461 3,126 109,614 597,813 83,608 118,243 34,771 141,569 145,276 62,176 O W Q W I Standard Brands United Gas & Improvement Co l C/aited Corporation United Aircraft * Woolworth, F W & Co _ Warner Brothers 1 Non»dividend-paymg stoeEfs 492,025 1,493,951 873,252H 20,526,369 7,252,515 240 20 60 443 553 137,421 274,542 9,750,000 8 96 375 368, §ilH Id, 627,424 9,661,683 40,757,810 2,260,693 2,661,848 4,963,103 6,797,800 11,096,800 14,318,020 5,716,700 2,360,200 4,239,200 95,670 143,966 111,658 45,305 50,670 104 021 7944 STOCK EXCHANGE PKACTICES Senator COSTTGAN. I S there anything more, Mr. Pecora? Mr. PECORA. That is all, Mr. Chairman. Mr. REDMOND. I will say that I have checked by telephone and find that the figure 425,000,000 shares for the calendar year 1932 is correct. I should like for the record to show that fact. Mr. PECORA. All right. Senator COSTIGAN. Anything else ? Mr. PECORA. In the matter of the exhibit which was offered in evidence and designated as the summary of answers made by the 33 banks, the following appears as a part of the summary to question no. 7: ASL of September 12 the number of members or member firms of the New Yoik Stock Exchange for whom loans were earned by said banks, is shown as 3,424. This figure, obviously, does not refer to 3,424 separate members or member firms of the New York Stock Exchange, as the membership of that exchange is much less than that figure. This figure, 3,424, contains many duplications of members or member firms of the New York Stock Exchange borrowing from the 33 banks. This duplication is due to the fact that many members or member firms of the New York Stock Exchange had loan accounts with more than one bank I now believe that is all, Mr. Chairman. Senator COSTTGAN. The subcommittee will now stand adjourned subject to the call of the chairman. (Thereupon, at 1:05 p.m., Tuesday, May 1,1934, the subcommittee was adjourned subject to the call of the chairman ) SUMMARY OP ANSWERS TO QUESTIONNAIRE SUBMITTED TO MEMBER FIRMS OF THE NEW YORK STOCK EXCHANGE QUESTION l Furnish the information requested below as of July 31, 1928; July 31, 1929, December 31, 1929, December 31, 1930, December 31, 1931, December 31, 1932, and September 30, 1933 (a) Did any member of your firm on or about the above dates act primarily as a floor trader m stocks? If so, furnish the name or names of such partner or member partners, and set forth upon which of said dates each acted in such capacity (b) Did any member partner of your firm, on or about the above dates, act primarily as a floor broker m stocks? If so, furnish the name or names of such member partner or member partners and set forth upon which of said dates each acted in such capacity. (c) If the answers to (a) and (b) are in the negative, furnish the name or names of your member partners who were active on the floor of the exchange on or about the above dates, and in what capacity (d) Furnish list of all member partners not included in (a), (b), or (c), describing the duties of each on or about the above dates SUMMARY AS OF SEPTEMBER 30, 1933 (a) Number of member firms in which member partners acted primarily as floor traders Number of member partners who acted primarily as floor traders (b) Number of member firms in which member partners acted primarily as floor brokers Number of member partners who acted primarily as floor brokers (c) Number of member firms m which member partners were active on the exchange as Bond brokers Number of member partners who were active on the exchange as Bond brokers Number of member partners who acted primarily as specialists 43 61 341 467 19 33 175 7945 STOCK EXCHANGE PRACTICES QUESTION 2 If any of the member partners of your firm were specialists in listed stocks on the floor of the New York Stock Exchange on July 1, 1933, furnish as to each, a list of such stocks Number of member firms in which member partners were specialists 129 Number of member partners who were specialists 230 QUESTION 3 Submit the following information for the whole year 1929 and for the period from January 1, 1933, to September 1, 1933 (a) Approximate total number of customers (persons, Partnerships, and/or corporations) who bought or sold any securities through your firm (b) Approximate total number of the above whose transactions were of a cash character. 1929 (a) Approximate total number of customers (b) Approximate total number of customers whose transactions were of a cash character > -__ _ By deducting from the total number of customers the number of customers whose accounts were of a cash character, it is possible to approximate the number of customers regarded by the member firms as margin customers, viz Approximate percentage of customers whose transactions were of a cash character Approximate percentage of margin customers. - Jan 1, 1933, to Sept 1,1933 1,371,920 1,028,491 811,986 596,376 559,934 432,115 59 2% 40 8% 58% 42% It should be noted that Question 3 (b) called for the approximate tofcal number of customers whose transactions were of a cash character It is assumed that some customers included by the member firms in that category also carried on margin trading from time to time and, per contra, that some customers classified in this summary as margin customers from time to time carried on cash transactions; hence the foregoing figures are designated as approximate. The answers however reflect the member firms' own approximation of the nature of their customers' business QX7ESTION 4. (a) State total number of shares bought and total number of shares sold on the New York Stock Exchange for the account of your firm for the month of July, 1933, excluding transactions in error accounts (b) Submit on behalf of each member and nonmember partner (whether active or inactive) a statement showing the approximate total number of shares sold on the New York Stock Exchange for their respective personal accounts for the month of July 1933 (Odd lot houses need not answer Question 4) (a) Total number of shares bought for firm account -- 16, 013, 032 Total number of shares sold for firm account 16, 835, 620 Total>umber of shares bought and sold for firm account 32, 848, 652 (b)_ Total number of shares bought for personal accounts of member partners of member firms 8, 538, 614 Total number of shares sold for personal accounts of member partners of member firms 8, 922, 779 Total number of shares bought and sold for personal accounts of member partners of member firms 17, 461, 393 Total number of shares bought for personal accounts of nonmember partners of member firms 1, 866, 038 Total number of shares sold for personal accounts of nonmember partners of member firms 1, 893, 917 Total number of shares bought and sold for personal accounts of non-member partners of member firms 3, 759, 955 Total number of shares bought and sold for account of member firms, member partners and nonmember partners -----— - 53, 880, 010 Comment —According to the New York Stock Exchange Year Book for 19321933, the total volume of trading in stocks on the New York Stock Exchange for the month of July 1933, was 120,271,243 shares. (Page 161) 7946 STOCK EXCHANGE PBACTICES QUESTION 5 State the approximate total number of accounts on the firm's books having debit balances as of December 31, 1928, July 31, 1929, December 31, 1929; December 31, 1930, December 31, 1931; December 31, 1932; and June 30, 1933. Approximate total number of accounts on firms' books having debit balances No of Date accounts December 31, 1928 292, 631 July 31, 1929 340, 019 December 31, 1929 319, 789 December 31, 1930 258, 385 December 31, 1931 227, 366 December 31, 1932 203, 450 June 30, 1933 269, 915 QUESTION 6 (a) State whether your firm held any option or had a participation in any option exceeding 10,000 shares of any single security during the years 1929 to 1933, inclusive If answer is in the affirmative and firm held the original option or acted for the optionee or optionees, furnish a photostatic copy of such options. (b) State whether any partner of your firm, or any person acting on behalf of your firm or of any partner thereof, held any option or had a participation m any option exceeding 10,000 shares of any single security during the years 1929 to 1933, inclusive If answer is in the affirmative, furnish the name or names of such persons, and if such person or persons held the original option or acted for the optionee, or optionees, furnish a photostatic copy of each of such options (a) Number of firms who held options or had a participation in options exceeding 10,000 shares of any smgle security 78 (6) Number of partners of member firms who held options or had a participation in options exceeding 10,000 shares of any single security Member partners 7 Nonmember partners 18 Total 25 Total number of member firms and partners of member firms who held options or participated in options exceeding 10,000 shares of any smgle security 103 Number of options held by member firms and partners or in which member firms or partners had a participation, exceeding 10,000 shares, 1929 to September 1933 256 NOTE —The foregoing figure represents only those options of which photostatic copies were furnished to the Committee as requested in Question No 6 Number of shares subject to options held by member firms or partners thereof, or in which member firms or partners thereof participated, 1929 to September 1933 17,380,478 NOTE —The foregoing figure represents only those shares subject to options of which photostatic copies were furnished to the Committee as requested in Question 6 Where options were extended in part or in whole over additional periods, the number of shares involved in such extensions were not included in the total, except where a new option agreement was executed Issues of stock listed on the New York Stock Exchange, which were the subject of options, of which photostatic copies were furnished to the Committee as requested in Question No 6 STOCK EXCHANGE PBACTICES 7947 Schedule Issues of stock listed on the New York Stock Exchange, which were the subject of options, of which photostatic copies were furnished to the Committee as requested m Question No 6 1929 1 2 3 4 5. 6 7 8 9 10 11 12 13 14 15 16. 17 18. 19 20. 21. Airway Electric Appliance Alleghany Corporation Artloom Corporation Aviation Corporation Blaw-Knox Co Bloommgdale Bros Bendix Aviation Bristol Meyers Co Burroughs Adding Machine Canada Dry Commercial Credit Corp Coty Crosley Radio Corp Cutler-Hammer Follansbee Bros Co Foster Wheeler Corp Freeport Texas Co General Refractories Goodyear Tire Co Hahn Department Store Mengel Company 1 2 3. 4 5. 6 7. 8. 9. 10. 11 12 13. 14 Canada Dry Colgate-Palmolive Peet Curtiss Wright Corp. Federal Light & Traction, Pfd Foster Wheeler General Refractories Hartman Corp. Lambert Co McLellan Stores Melville Shoe Corp Mesta Machine National Cash Register Co. No American Aviation Park & Tilford Corp. 22 Minneapolis Moline Power Imple- ment 23 Petroleum Corp. of America 24 Pittsburgh Bolt & Screw 25 Procter & Gamble 26 Purity Bakeries Corp. 27 Radio-KeithrOrpheum 28 Remington-Rand 29 Royal Dutch Co 31 Servel, Inc 32 Sharon Steel Hoop 33 Sharp & Dohme, Inc 34 Spang Chalfant & Co. 35 Starrett Corp 36 Steilmg Securities 37 Thermoid Co 38 Tide Water Assoc Oil 39 Truax-Traer Coal Co. 40. U S & Foreign Securities 41 Walworth Mfg. Co 42 WilcoxRichCo " A " 1930 15 16 17 18 19 20 21 22 23 24 25. 26. 27 Remington-Rand Reynolds Springs Rossia Insurance Savage Arms Co. F G Shattuck Co. Spang Chalfant & Co. Super Heater Co Thatcher Mfg. Co Thompson Products Tn-Contmental Corp , Pfd. Universal Pipe & Radiator, Com. Warner Qumlan Co. F & W Grand Silver Stores, Comm 1931 1 2 3. 4 5. 6 7. 8 9 American Commercial Alcohol Adams Mills Corporation American Power & Light Co Chicago Pneumatic Tool Co Curtiss Publishing Co Harbison-Walker Refractories Hartman Corp " B " Hershey Chocolate Co Houdillc-Hershey Coip " B " 1. 2 3 4. 5. 6. 7. American Water Works Elec. Co. Burroughs Adding Machine Campbell Cannon Foundry Co. Kelvmator Co S S Kresge Co. Kroger Grocery McCall Corp. 10 11 12 13 14 15 16 17 18 J Kaiser Co Kelvmator Co Kroger Grocery Melville Shoe Co , Common Mesta Machine Co. National Steel Co Petroleum Corp of America Pittsburg Screw & Bolt Co. Tn-Contmental, Pfd. 1932 175541—34—PT17 13 8 9 10 11 12 13 National Distillers Plymouth Oil Co Safeway Stores, Inc. Warren Foundry & Pipe Wilcox Oil Gas Zonite Products Corp. 7948 STOCK EXCHANGE PEACTICES Jan 1-Sept 30, 1933 1 2 3. 4 5 6. 7 8 9 10 11 12. 13 14 15. 16. 17. 18 19 20 21 22 Addressograph Multigraph Corp American Water Works & Elec Co Archer Daniels Midland Co. Barnsdall Corp Checker Cab Mfg. Co Commercial Investment Tr Corp Cons Gas Bait Cons. Gas Cons Ry Cuba Contmental Motors Cream of Wheat Cuba Company Curtiss-Wright Davega Corp Elec Boat Co Electro Storage Battery Equitable Office Bldg Co. Federal Motor Co. Freeport Texas Corp. General Realty & Utilities Co. B. F Goodrich Goodyear Tire & Rubber Co 23. 24 25 26 27. 28. 29. 30 31 32 33 34. 35 36 37 38 39 40. 41 42. 43 Graham Paige Motor Corp. Hercules Motor Co Industrial Rayon Interboro Rapid Transit Co. International Paper & Power Kelvmator Corp Kresge Co Kroger Gorcery Co. Libby-Owens-Ford Glass Co Madison Sq Garden Corp. Marmon Motor Co. Mohawk Carpet Motor Wheel Co. National Distillers N. American Aviation Peerless Motor Co Pittsburg Screw & Bolt Republic Iron & Steel Schenley Distillers Standard Brands Thompson Starrett Co QUESTION 7 (a) State whether your firm participated in the profits and/or losses m any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive. If the answer is in the affirmative and your firm was manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool and/or joint account agreements (b) State whether any partner of your firm or any person acting for or on behalf of your firm or of any partner thereof, participated in the profits and/or losses in any syndicate, pool, and/or joint account during the years 1929 to 1933* inclusive. If the answer is in the affirmative, furnish the names of all such partners or persons, and if such partners or persons were the managers or acted for the managers for such accounts, furnish a photostatic copy of each of such syndicate, pool and/or joint-account agreements. (c) State whether any joint, syndicate, and/or pool accounts have been maintamed on the firm books during the years 1929 to 1933, mclusive, in which the firm or any partner thereof had no proprietary interest. If answer is in the affirmative and the firm was the manager or acted for the manager or managers for such accounts, furnish photostatic copies of each of such syndicate, pool, and/or joint account agreements NOTE.—For the purposes of this questionnaire, a syndicate, pool, or jomt account shall be deemed to be an account in which two or more parties participated for the purpose of trading actively in a single security listed on the New York Stock Exchange and in which account more than 10,000 shares were bought or sold. (a) Number of member firms which participated in the profits and/or losses in snydicates, pools, and/or j'oint accounts, 175 (b) Number of member partners who participated in the profits and/or losses in any syndicates, pools, or joint accounts, 36 Specialists 17 Floor brokers 17 Floor traders 2 36 Number of nonmember partners who participated in the profits and/or losses in any syndicates, pools, or joint accounts, 68 Total number of member firms, member partners, and nonmember partners who participated in the profits and/or losses in any syndicates, pools, or joint accounts, 279 (c) Number of member firms on whose books j'oint, syndicate and/or pool accounts were maintained in which a firm or any partner thereof had no proprietary interest, 62. STOCK EXCHANGE PEACTICES 7949 Number of joint, syndicate and/or pool accounts in which member firms or partners thereof participated in the profits and/or losses 1929 to Sept. 1933, 213. Issues of stock listed on the New York Stock Exchange which were subject to one or more joint, syndicate, or pool accounts in which member firms or partners thereof participated in the profits and/or losses and were the managers, or acted for the managers of such accounts Schedule Issues of stock listed on the New York Stock Exchange which were subject to one or more syndicate, pool and/or joint accounts of which photostatic copies were furnished to the Committee as requested in question No 7. 1929 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25. 26. 27. 28 29 30 31 32 33 34. 35. 36 37 38 39 40. 41 42 43 44 45 46. 47 48 49 50 51 52 53 Alleghany Corporation Alleghany Corporation, Pfd American Commercial Alcohol American Ice American Sugar Refining Co American Tobacco Co Archer Daniels Midland Corp Aviation Corp Beatrice Creamery Bendix Aviation Bethlehem Steel Borden Co Bullard Co Bush Terminal Campbell Wyant Foundry Co Celotex Co Chicago, Milwaukee & St Paul R R Pfd Cerro de Pasco Childs&Co Chrysler Co Clark Equipment Co Cluett Peabody Co Columbian Carbon Co. Commonwealth & Southern Congress Cigar Co Consolidated Cigar. Consolidated Gas Continental Can Co Continental Motors Co Cream of Wheat Corp Crosley Radio Curtis Aeroplane Co Curtis Wright Co Eastern Rolling Mills Bitmgton Schild Firestone Tire, Com General American Tank Car Co. General Cable General Cigar Co General Refractories Gimbel Bros Gold Dust Goodrich & Co Gotham Silk Hose Grand Union Co Columbia Graphophone Co. Indian Refining Co International Match, Pfd International Tel & Tel Co Kreuger & Toll Kroger Grocery Lehn & Fink Products R H Macy & Co 54 55 56 57 58 59 60 61. 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79. 80 81 82 83. 84 85 86. 87. 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 May Dept Stores Marmon Motor Co * McGrawHill McKesson & Robbms Mengel Co Mexican Seaboard Oil Miami Copper Michigan Steel Corp Mid Continental Petroleum Co. Minneapolis Molme Com Minneapolis Molme, Pfd Missouri, Kansas, Texas R R , Com Monsanto Chemical Montgomery Ward & Co. Munsmgwear Murray Corp of America National Cash Register Co, National Dairy Co. North German Lloyd Oppenheim Collins Co Packard Motor Co Phelps Dodge Co Pillsbury Flour Mills Pittsburgh & W Va R R. Purity Bakeries Radio Corp Radio Corp. " A " R J Reynolds Tobacco Co Safeway Stores, Inc Servel, Inc Sharon Steel Hoop Simms Petroleum So Porto Rico Sugar A G Spaldmg & Bros Spang Chalfante Co Standard Gas & Elec. Co , Pfd Standard Oil of Calif. St Louis San Francisco R R Co. Studebaker Telautograph Underwood Elliott Fisher^Cc. Union Carbon & Carbide C c . j United Carbon U S Foreign Securities U»S Rubber Co U S Smelting & Refining C<. Utility Light & Power " A " Walworth Co Weber & Eeilbroner Westvace Chlorine Co L A Young Spring & Wire Corp Zenith Radio 7950 STOCK EXCHANGE PRACTICES 1930 1 American Smelting & Refining Co 16 6%Pfd 17 2 Blaw-Knox Co 18, 3 Canada Dry 19 20. 4 Chrysler Corp Common 5, Cocoa Cola 21 22 6 Columbia Carbon 23 7 Consolidated Film Industries 24 8 Coty & Co 25, 9 Davison Chemical Co 26 10. General Gas & Electric " A " 27 11 General Refractories 28 12 W F Hall Printing Co 29 13 Kreuger&Toll 30. 14 Lane Bryant Inc 31 15 P Lonllard Co., Common Monsanto Chemical Works National Supply Co National Supply Co , Pfd, N Y Investors Park & Tilford Co Petroleum Corp of America Philips Petrol Co , Common Radio Corp " A " Seab 3ard Airline Co Sears Roebuck F G Shattuck Co Spang-Chalfant U S Industrial Alcohol Warner Bros Pictures Warren Foundry & Pipe Corp Willys Overland Common 1931 4 North American Aviation 5 Petroleum Corp of America 6 Sharp & Dohme 1. Canada Dry 2. Colgate, PalmoLve, Peet 3 Hershey Chocolate Co 1932 1 Cocoa Cola Co. 2. S. S. Kresge 1933 1. 2. 3. 4 5 6. 7 Addressograph Multigraph Archer Daniels Midland Co. Armour & Co Barnsdall Corp Crown Cork & Seal Co. Detroit Edison Co. Federal Motor Truck 8. 9. 10. 11. F. Goodrich & Co Goodyear Tire & Rubber Co Hayes Body Co International Paper & Power " B " Com 12 International Paper & Power, Pfd. 13. Zonite Corp QUESTION 8 (a) Has firm, during the years 1929 to 1933, inclusive, underwritten or has it participated m the underwriting of any securities which were subsequently offered for public sale Give separate answer as to each year. (b) Has firm, during the years 1929 to 1933, inclusive, made any public offering of securities or has it participated with others in a public offering of securities. Give separate answer as to each year (a) Number of member firms which underwrote or participated in the underwriting of securities subsequently offered for public sale. 1929 137 1930 127 1931 107 1932 62 1/1/33 to 9/30/33 82 (b) Number of member firms which made public offerings or participated with others in public offerings of securities 1929 63+137=200 1930 58+127=185 . 1931 68+107=175 1932 57+ 82=139 1/1/33 to 9/30/33 43+ 82=125 QUESTION 9 (a) Has firm acted as promoter, organizer, or manager under contract of any investment trust of the management type during the period 1929 to 1933, inclusive If the answer is in the affirmative, furnish name of such investment STOCK EXCHANGE PBACTIOES 7951 trust or trusts and describe the relationship existing between firm and such trust or trusts, giving in each case the period of such relationship (b) Has any partner of the firm or agent thereof acted as promoter, organizer, officer, director, or manager under contract of any investment trust of the management type during the period 1929 to 1933, inclusive? If the answer is m the affirmative, furnish name or names of such investment trust or trusts, the names of any partners of the firm or agents thereof, having any oi the said relationships thereto; a description of the relationship of such partner or agents, and the period of such relationship (a) Number of member firms who acted as promoters, organizers or managers under contract of investment trusts of the management type. _ 39 (b) Number of member partners who acted as promoters, organizers, officers, directors or managers under contract of investment trusts of the management type 53 Number of nonmember partners who acted as promoters, organizers, or managers under contract of investment trusts of the management type 82 Number of investment trusts for which member firms, member partners, nonmember partners, firm representatives, and individual members, acted as promoters, organizers, officers, directors, or managers under contract 329 QUESTION 11 The following information is to be furnished only bv firms engaging in the odd-lot business (a) State the total number of shares brought by your fiim in odd lots during the periods from January 2, 1929, to December 31, 1929, inclusive, and from April 1, 1933, to July 31, 1933, inclusive (b) State the total number of shares sold by your firm in odd lots during the periods from January 2, 1929, to December 31, 1929, inclusive, and from April 1, 1933, to July 31, 1933, inclusive (a) Total number of shares bought by firms in odd lots January 1, 1929, to December 31, 1929 142, 623, 682 April 1, 1933, to July 1, 1933 56, 895, 451 Total number of shares sold by firms m odd lots January 1, 1929, to December 31, 1929 158, 238, 659 April 1, 1933, to July 31, 1933 55, 800, 825 Total number of shares bought and sold by odd lot houses January 1, 1929, to December 31, 1929 300, 862, 341 April 1, 1933, to July 1, 1933 112, 696, 276 COMMENT —The total volume of trading on the New York Stock Exchange for the year 1929, according to the records of the New York Stock Exchange was 1,124,900,980 shares Adding to this figure the total volume done in odd lots 300,862,341, which is not included in the volume reported by the New York Stock Exchange, the total volume both in round lots and odd lots is 1,425,763,321. It is calculated that the percentage of trading done by odd-lot houses during the year 1929 was 21 0 percent The total volume of trading on the New York Stock Exchange for the period from April 1, 1933, to July 31, 1933, was 403,001,323 shares Adding to this figure the total volume done in odd lots 112,696,276 which is not included m the volume reported by the New York Stock Exchange, the total volume both in, round lots and odd lots is 515,697,599 It is, therefore, calculated that the percentage of tiadmg done by odd-lot houses was 21 7 percent SUMMARY OF ANSWERS TO QUESTIONNAIRE SUBMITTED TO INDIVIDUAL MEMBERS OF THE NEW YORK STOCK EXCHANGE QUESTION l Furnish the information requested below as of July 31, 1928, July 31, 1929; December 31, 1929; December 31, 1930, December 31, 1931, December 31, 1932, and September 30, 1933- 7952 STOCK EXCHANGE PRACTICES (a) Were you engaged primarily as a floor trader in stocks on or about the above dates? (b) Were you engaged primarily as a floor broker m stocks on or about the above dates? (c) If your answers to (a) and (6) are m the negative, state whether you were active on the floor of the exchange on or about the above dates and, if so, in what capacity SUMMARY AS OF SEPTEMBER 30, 1933 a) Number of individual members who acted primarily as floor traders 112. b) Number of individual members who acted piimanly as floor brokers 146. c) Number of individual members who acted primarily as specialists 54 QUESTION 2 If you were a specialist on the floor of the Stock Exchange in any listed stocks on July 1, 1933, furnish a list of such stocks Number of individual members who acted as Specialists: 97. QUESTION 3 State the total number of shares bought and the number of shares sold for your own personal account on the New York Stock Exchange duimg the month of July 1933 Total number of shares bought for personal account 5,360,262. Total number of shares sold for personal account 5,546,348 Total number of shares bought and sold for personal account 10,906,610 COMMENT According to the New York Stock Exchange Year Book for 19321933, the total volume of trading in stocks on the New York Stock Exchange for the month ot July 1933 was 120,271,243 shaies (Page 161) QUESTION 4 State whether you held any option or had a participation in any option exceeding 10,000 shares of any single security during the years 1929 to 1933, inclusive If your answer is in the affirmative and you held the original option or acted for the optionee or optionees, furnish a photostatic copy of each such option Number of individual members who held options or had participations in options exceeding 10,000 shares of any single security 3 Number of options held by individual members or in which individual members had a participation exceeding 10,000 shares during the years 1929 to September 1933 4 NOTE The foregoing figure represents only those options of which photostatic copies were furnished to the Committee as requested m Question #4 Number of shares subject to options held by individual members or in which individual members participated during the years 1929 to 1933, inclusive. 62,400 shares NOTE The foregoing figure represents only those shares subject to options of which photostatic copies were furnished to the Committee as requested in Question #4 Where options were extended in part or in whole over additional periods, the total number of shares involved in such extensions were not included in the total, except where a new option agreement was executed. Issues of stock listed on the New York Stock Exchange which were the subject of options, of which photostatic copies were furnished to the Committee, as requested in Question #4 \ 1930 1. Budd Wheel 3. General American Investment Trust 2. General Asphalt 4* General Theatre Equipment STOCK EXCHANGE PBACTICES 7953 QUESTION 5 (a) State whether you participated in the profits and/or losses in any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive If your answer is m the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photosta^lc copy of each of said syndicate, pool, and/or joint account agreements (b) State whether any syndicate, pool, and/or joint accounts have been mamtamed on your books during the years 1929 to 1933, inclusive, m which you had no proprietary mterest If your answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements. NOTE —For the purposes of this questionnaire, a syndicate, pool, or joint account shall be deemed to be an account in which two or more parties participated, for the purpose of trading actively in a single security listed on the New York Stock Exchange, and in which account more than 10,000 shares were bought or sold Number of individual members who participated m the profits and/or losses in syndicate, pool, and/or joint accounts 20 Number of floor brokers 10 Number of speciahsts 5 Number of traders 5 20 Number of individual members on whose books any syndicate, pool, and/or joint accounts were mamtamed in which the individual member thereof had no proprietary interest* None Issues of stock listed on the New York Stock Exchange, which were subject to one or more syndicate, pool, and/or joint accounts, in which individual members participated in the profits and/or losses and were the managers or acted for the managers of such accounts 1929 1. American Tel. & Tel. 2 Shell Union Oil 1930 1. Budd Wheel 3. General American Investment Trust 2. Canada Dry 4 General Theatre Equipment 1933 1. American Metal Co , Ltd , Com 6 General Foods Corporation 2 American Metal Co , Ltd , Pfd 7 Lehman Corporation 3 Atlas Tack 8. Lambert Pharmaceutical 4 Eitmgon Schiid Co , Inc , Com 9 Paramount Pub Corp Certificates 5. Eitingon Schiid Co , Inc , Pfd 10 Phillips Petroleum Co QUESTION 6 Have you acted as promoter, organizer, officer, director, or manager under contract, of any investment trust of the management type during the period 1929 to 1933, inclusive? If your answer to this question is in the affirmative, state the name of such investment trust or trusts, and describe your relationship, stating the period during which such relationship existed. Number of individual members who acted as promoter, organizer, officer, director, or manager under contract of any investment trust of the management type. 6. Number of investment trusts for which individual members acted as promoter, organizer, officer, director, or manager under contract: 6. 7954 STOCK EXCHANGE PEAOTIOES TRADING BT SPECIALISTS FOR OWN ACCOUNT AND FOR ACCOUNT OF OTHERS FOR MONTH OF JULY 1933 Percent Total Sales on of ofTrades all the New SpecialYork ists for Stock AcExchange Own count Stock Allied Chemical, Com American Can Company American Tobacco " A " American Tobacco " B " Auburn Automobiles Co Celanese Corporation Chrysler Corporation E I duPontDe Nemours..General Electric Goodyear Tire & Rubber Co. General Motors Industrial Rayon International Nickel Montgomery Ward National Distillers Owens-Hlmois Glass Radio Corporation, Com Standard Brands Underwood Elliott Fisher.... United Corporation, Com. U S Industrial Alcohol U S Steel, Com Western Union 130,400 206,900 16,800 100,319 280,000 557,100 674,400 496,900 1,083,800 257,900 1,462,958 130,300 783,500 816,600 532,700 112,400 2,057,300 834,000 19,900 1,056,200 183,700 999,400 268,000 91,200 131,600 18,500 70,700 207,200 274,800 415,500 189,900 414,700 258,500 506,800 91,400 246,700 91,300 278,600 124,100 369,500 223,400 302,800 105,200 201,600 208,900 221,600 338,500 35,000 171,019 487,200 831,900 1,089,900 212,400 369,900 30,800 141,600 410,700 739,000 1,395,800 220 17 8 30 0 25 1 25 2 18 6 14 9 11 7 1,498,500 516,400 1,969,758 221,700 1,030,200 907,900 811,300 236,500 2,426,800 1,057,400 19,900 1,359,000 288,900 1,201,000 476,900 1,561,600 441,800 2,562,100 194,200 1,509,000 972,100 1,071,400 210,000 2,687,000 3,397,000 21,900 1,183,900 641,900 1,140,300 443,200 13 3 29 3 99 23 5 82 47 13 0 29 6 69 33 12 8 8 2 88 23 6 Percent of all j Trades Cleared Through Special- 53 4 458 56 8 604 59 3 56 3 39 0 42 2 480 58 4 38 4 57 1 34 1 46 7 37 9 56 3 45 2 15 6 45 & 57 4 22 5 52 7 53S 7955 STOCK EXCHANGE PRACTICES EXHIBIT B New York Stock Exchange claims of nonmembers considered by the arbitration committee, 1983 Title of case Date of decision Herbert J Deutz v Barnet, Fuerst & Co Elizabeth BarleUe v Dyer, Hudson & Co H L Wisner & Co v Weingarten, Euemann & Co E P Shaughnessy v Etsele, King & Nugent George N Buffington l v Eastman, Dillon & Co M Claim 1/3/33 $4,600 00— 1/3/33 $40000 1/20/33 $100 00 2/7/33 $8,636 50. 2/7/33 Be accounting dissolution of partnership indebtedness, approx $320,2/21/33 $1,500, plus in- Charles W Chambers v Shippe & Rawson terest Josephine M Gratfv Lam2/7/33 $391 born, Hutchings & Co Abraham A Levy v Sulz- 3/21/33 $277 bacher, Granner Co Anna Harder v. Theodore 4/11/33 $15,000 Prince & Co oohn G Buzzer v Hirseh, 10/17/33 $327 50 Lilunthal & Co Gus Ackerman v Cohen, 11/21/33 $450 Simonson & Co C W Leighton v McClure, 12/19/33 $73,000 Jones & Co Number of members at hearing Decision 6 In favor of respondent 6 In favor of respondent 7 In favor of claimant Decision on costs Stenographic costs $200, against claimant $100, agamst claimant $100, agamst respondent None 7 In favor of $200, agamst claimant respondent 7 In favor of $600, agamst claimant respondent m amount of $320,902 60 6 In favor of respondent 6 In favor of respondent 8 In favor of respondent 8 In favor of respondent 6 In favor of claimant 8 In favor of respondent 7 In favor of respondent None. $226 50 $107.25 $100, agamst None claimant $100, agamst None claimant J $100, agamst None claimant * None $200, agamst claimant a $100, agamst2 None. respondent $100, agamst None claimant * $600, agamst s$88 50 claimant ($200 uncollected) i Claim arising out of partnership formerly existing between parties s Heard without deposit by claimant of cost, on plea of financial inability to do so. »UncoUected None 7956 STOCK EXCHANGE PEACTICES EXHIBIT C New York Stock Exchange—Claims of nonmembers considered by the arbitration committee, 1982 Title of case Date of decision Claim Joseph M Rothschild v John 1/13/32 Be-accounting m J Henderson <fe Co1 dissolution of JJUuLU^ Elsie H Haan v Mornson & Townsend Rudolf J Schornackv R V. Htsoce & Co Jack Sadowsky y Samuel Ungerleider & Co Horace L Hotchkm, Jr, Lawrence M Batnbrtdge and Archibald Curryl v Perry B Strassburger Margaret F Ntcodemus v Harnman & Co Richard Peja v. Hyman & I/O Samuel Steinfeld v Clinton Gilbert & Co J S Templetonfs Sons v Harris, Upham & Co, David Miller v Kimbley & Co Latham R Reed v E A Pierce & Co * Number of members at hearing Decision Decision on costs 6 In favor of re- $400, against spondent $309 claimant XXX V i l l V mg approx $100,000 2/2/32 $3,468 69 2/2/32 $13,006 82... 3/18/32 $9,863 70, plus interest 3/22/32 That membership was a firm and not a personal asset, involving approx $130,000 4/1/32 $29,400 6/24/32 $8,400 6/7/32 $1,000 6/17/32 $600 7/6/32 $1,784 34. 7/12/32 Re-accounting m dissolution of firm approx $243,000 W Heyward Drayton Sd, and 8/4732 Re-accountmgm Franklin I Mallory v dissolution of Drayton, Pentngton & Coir partnership keti approx $614,000 John E May v Goodbody & 9/13/32 $4,000 Co Henry Buisson, L 0 Stan- 12/6/32 Approximately ley, Edward Legoll, Joseph $30,000 Legoll, Andre Buisson & Philip Chaleyer v Hardy & Company 6 In favor of claimant 6 In favor of respondent 6 In favor of respondent 6 In favor of claimants $400, agamst respondent $100, against claimant * $200, agamst claimant $200, equally divided among claimants and respondent 7 In favor of respondent 9 In favor of lespondent 9 In favor of respondent 6 In favor of respondent 8 In favor of respondent 9 In favor of claimant for approx $JLoO,UUU 7 In favor of claimant for $258,667 38 plus other adjustments 6 In favor of respondent 6 In favor of respondent $200, against claimant $200, against None. None. None. None. $100 None. $100, agamst None claimant * $100, agamst None. claimant $100, against None. claimant $286 $1,600, equally divided between par$1,600, equally $220 60 divided be- 3 $76 30 tween claimants and respondent $200, agamst None. V/lfrlil r *trl 1 V $800, agamst claimant 1 Claim arising out of partnership formerly existing between parties 2 Heard without deposit of costs by claimant, on plea of financial inability to do so 3 Photostats work Stenographic costs $91 76 7957 STOCK EXCHANGE PBAOTIOES [EXHIBIT D—1 New York Stock Exchange claims of nonmembers considered by the arbitiation committee, 19S1 Title of case J A Kemp & Co v Bambndge &Ryan Date of decision Claim 1/6/31 $20,95175— Number of members at hearmg 7 William A Titus v Emory T Wales * 1/24/31 $30,000 00, plus interest 5 Leo J Fischer and Henry Shapiro v Schafer Brothers 1/24/31 Recision of purchase of stock and refund of pui chase price, $10,000 against return of stock 3/24/31 Right to dissolve partnership 5 AlvtnProbakv Wade Brothers (Daniel E Wade, Walter A Wade, Edward J Wade) i Samuel M Newburger, Jacob 4/14/31 By mutual conF Loeb, Alfred H Newsent, submitburger and John J Hented to determine value at derson v Newburger, Loeb which membership should be taken over by successor firm Jeanette Hare v Wade Bros 5/5/31 $7662 36 plus in& Co terest William L Meffertv Clark, 5/26/31 Readjustment of Childs & Co * accounting figures on retirement from partnership m firm Grumbar & See (London) v 5/26/31 Denial of liabilBenjamin, Hill & Co ity to accept purchase of stock for joint account Herbert P Dammesv Joseph 9/29/31 Pro rata share in M Adrian (respondent $24,866 38 promade counterclaim for surfit received by render of membership cerrespondent, re tificate in N Y produce lief from ha exchange by claimant) * bihty m jomt account of respondent, indemnification for accounts assumed by respondent WtllisH Booth v Pamsh& 11/10/31 1209 22 shares of Co American Gas Decision In favor of $100, agamst claimant for respondent approx $11,200 Referred to $300, equally divided beremedies at tween parlaw ties In favor or re- $100, agamst claimants spondent Stenographic costs. None None. None $100 6 In favor of respondent $400, agamst claimant 7 Membership valued at $210,000 $100, equally divided between parties None 6 In favor of respondent Partial readjustment $100, against claimant $300, equally divided be tween parties None. 5 6 I n f a v o r of claimant $200, against respondent None 8 In favor of respondent $200, against claimant None 8 In favor oi repondent $200, against claimant None &electnc. * Claim arising out of partnership formerly existing between parties Decision on costs None 7958 STOCK EXCHANGE PRACTICES EXHIBIT D - 2 New York Stock Exchange claims of nonmembers considered by the arbitration mittee, 1981 Title of case Date of decision Claim R Raphael & Sons v Sutro 12/30/31 Profit from difBrothers & Co ferential in foreign exchange used in connection with joint foreign arbitrage acct existing between the parties Num berof members at hearing Decision 6 In favor of respondent com- Decision on costs Stenographic costs $400, against claimant None 7959 STOCK EXCHANGE PEACTICES EXHIBIT E-l New York Stock Exchange claims of nonmembers considered by the arbitration committee 1980 Date of decision Title of case Edmund L Munson Joseph M Adrianl Claim v 1/7/30 $148,250, bemg the difference m valuations placed on membershipby claimant and respond- Mabelent Inc v Lorenzo E Anderson & Co and Otis & Co M Shewtttv Neville 0 Hart & Co 1/10/30 Denial of liability to take up stock. 1/14/30 $2,175, d i v i dends accruing m connection with options 1/14/30 120 shares of National City Bank stock, plus dividends accrued 3/4/30 $3,797 50 Brill Bros and Maurice Brill v W J Wollman & Co A P Montgomery & Co v Kissel, Kmnioutt & Co Charles S Packer v James L Cooke i J M Weil v Bell & Beckwith Ant out 3/18/30 $129,394 33, difference in accounting on dissolution of partnership 3/25/30 $7,500 00. Abraham Axdrod v D H Stberberg & Co 4/1/30 $47,230 96 A Savada v Louis Stern <fe 4/15/30 $9,619 00... Edward L Fidrokv Fahnestock & Co Ransom Y Place v Watson & Whvte i Abram I Kaplan v Harnss & Vose 7/15/30 $1,483 96— Peter Torbet v Auerbach, Pollak & Richardson 10/7/30 9/30/30 $225,875. 10/7/30 $3,158 54. Cancelation of debit balance of $9,907 27 and return of 10 Dodge bonds valued at approx $11,000 Number of members at hearing Decision Decision on costs 6 In favor of $100, equally claimant for divided be$148,250, less tween claim$20,000 alant and reready paid spondent by respond- None. ent 7 Against claim- $100, agamst claimant ant None. 6 In favor of claimant $100, against respondent None. 6 In favor of claimants $100, against respondent None. 7 In favor of re- $100, against spondent claimant 6 $13,319 50 in $100, equally favor of divided beclaimant, tween the plus other parties adjustments 7 $3,780, in fa- $100, equally vor of divided between parties 8 In favor of $100, agamst claimant for claimant $3,320 50 Referred to Costs waived. 7 remedies at law 6 In favor of $100, agamst claimant respondent 5 In favor of $100, against claimant respondent 6 $1,350 54, in $200, agamst2 favor of respondent claimant 6 In favor of $100, against claimant. respondent 1 Claim arising out of partnership formerly existing between parties 2 Heard without deposit of costs by claimant, on plea of financial inability to do so Stenographic costs None. None. None. None. None. None. None* None None* 7960 STOCK EXCHANGE PEAOTICES EXHIBIT E-l—Continued New York Stock Exchange claims of nonmembers considered by the arbitration committee, 1980 Title of ease Date of decision Number of members at Claim Decision Decision on costs Stenographic costs ing Edwin Goodman v Auer- 10/21/30 $2,235 00bach, Pollak & Richardson and Htrsch, Ltlienthal & 9 $650, in favor $100 equally of claimant, divided bedivided etween t h e qually berespondents tween the respondents 8 Referred t o $200, equally remedies at divided between parlaw ties 5 Settled by the $200, against parties respondent Col ClarenceH HenselY Gilbert Ehott and Gilbert Eliott & Co 11/7/30 $71,000 Faber, Garnn & Co Y John 12/26/30 $104,574 67 on dissolution of EjGreenia partnership None None None EXHIBIT F New York Stock Exchange claims of nonmembers considered by the arbitration committee, 1929 Title of case Date of decision Number of members at hearing Claim 3/26/29 25shrs of stock on a conversion F A Brewer & Co v Jos 4/23/29 $6,162 50E Bennett & Co CarlMaigelY Dunscombe& Co Sawyer Bros . Inc, v Benjamin, Hill as Co Ingraham & Winter, Inc, v Bauer, Posue, Pond & Robert W Daniel v Logan & Bryan. GeorgeS Sutta v. Arthur E Frank & Co Feldman, Gordon & Co v J R Schmettzer & Co 4/30/29 $62010 _- 5/28/29 $1,125 00. 6/11/29 D lvision of inter est collected byrespondent from lender of stock borrowed against claimant's short position 6/18/29 (2) $487 50 and $3,200 6/25/29 Denial of liability to pay respondent equivalent value of 305 Irving Trust Company nghts approx $3,050 Decision 5 In favor of respondent 7 Referred to remedies a t lour law 7 In favor of respondent 7 In favor of claimant 6 In favor of respondent 5 In favor of claimant for $3,200 6 In favor of claimant Decision on costs Stenographic costs $100, against claimant None Costs waived- None $100, against claimant $100, against respondent $100, against claimant None None None $100, against respondent None $100, against respondent None STOCK EXCHANGE PEAOTIOES 7961 SUMMABY OP ANSWERS TO QUESTIONNAIRE SUBMITTED TO MEMBER FIRMS OF THE NEW YORK CURB EXCHANGE QUESTION l Turnish the information requested below as of July 31, 1928; July 31, 1929; December 31, 1929; December 31, 1930; December 31, 1931; December 31, 1932; and September 30, 1933: (a) Did any member of your firm on or about the above dates act primarily as a floor trader in stocks? If so, furnish the name or names of such partner or member partners, and set forth upon which of said dates each acted m such capacity (b) Did any member partner of your firm on or about the above dates act primarily as a floor broker in stocks? If so, furnish the name or names of such member partner or member partners and set forth upon which of said dates each acted in such capacity. (c) If the answers to (a) and (b) are in the negative, furnish the name or names of your member partners who were active on the floor of the exchange on or about the above dates, and m what capacity. (d) Furnish list of aU member partners not included in (a), (b), or (c), describing the duties of each on or about the above dates, SUMMARY AS OF SEPTEMBER 30, 1933 (a) Number of member firms in which member partners acted primarily as floor traders Number of member partners who acted primarily as floor traders (b) Number of member firms in which member partners acted primarily as floor brokers Number of member partners who acted primarily as floor brokers (c) Number of member firms with bond brokers Number of partners who acted as bond biokers (d) Number of firms m which members acted as bond specialists Number of member partners who acted as bond specialists 5 6 66 90 7 9 3 4 QUESTION 2 If any of the member partners of your firm were specialists in listed stocks on Jbhe floor of the New York Curb Exchange on July 1, 1933, furnish as to each a list of such stocks. .Number of member firms m which member partners were specialists 43 Number of member partners who were specialists 65 QUESTION 3 Submit the following information for the whole year 1929 and for the period from January 1, 1933, to September 1, 1933 (a) The approximate total number of customers who bought or sold any securities through your firm, excluding customers who were members of the above-named or any other security exchange (b) The approximate total number of the above whose transactions were of a cash character. (c) Has your firm, as a member of any other exchange, furnished the information contained in your answers to 3 (a) and 3 (b) to the Senate Committee on Banking and Currency m response to a Senate questionnaire sent to your firm as a member of such other exchange? Jan 1,1933, to Sept 1,1933 ) Approximate total number of customers(b) Approximate total number of customers whose transactions were of a cash characterBy deducting from the total number of customers the number of customers whose accounts were of a cash character, it is possible to approximate the number of customers regarded by the memberfirmsas margin customers, viz 44,952 23,060 35,011 17,520 9,941 5,530 7962 STOCK EXCHANGE PRACTICES It should be noted that Question 3 (b) called for the approximate total number of customers whose transactions were of a cash character It is assumed that some customers included by the member firms in that category also carried on margin trading from time to time and per contra, that some customers classified in this summary as margin customers from time to time carried on cash transactions; hence, the foregoingfiguresare designated as member firms' own approximation of the nature of their customers' business QUESTION 4 (a) State total number of shares bought and total number of shares sold on the for firm account for the month of July 1933, excludingtransactions in error accounts Specialists should exclude from this total all transactions made against odd lots (b) Submit on behalf of each member of your firm (whether active or inactive) a statement showing the approximate total number of shares bought and the approximate total number of shares sold on the ABOVE-NAMED EXCHANGE for his personal account for the month of July 1933 (a) Total number of shares bought for firm account, both regular and associate firms 2, 110, 896 Total number of shares sold for firm account, both regular and associate firms 2, 537, 838 Total number of shares bought and sold for firm account, both legular and associate firms 4, 648, 734 ABOVE-NAMED EXCHANGE (b) Total number of shares bought for personal accounts of member partners of member firms Total number of shares sold for personal accounts of member partners of member firms Total number of shares bought and sold for personal accounts of member partners of member firms Total number of shares bought for personal accounts of nonmember partners of member firms Total number of shares sold for personal accounts of non-menber partners of member firms 286, 302 285, 245 571, 547 256, 206 256, 035 Total number of shares bought and sold for personal accounts of non-member partners of member firms 512, 241 Total number of shares bought and sold for account of member firms, member partners and non-member partners 5, 732, 522 NOTE —According to the New York Curb Exchange Year Book for 1932-1933 total volume of trading in stocks on the New York Curb Exchange for the month of July, 1933, was 21,102,896 In addition to the foregoing our recapitulation furmshes additional information as follows Regular memberfirmsnot members of the New York Stock Exchange* Total number of shares bought 463, 950 Total number of shares sold 464, 428 Total number of shares bought and sold Associate members not members of the New York Stock Exchange Total number of shares bought Total number of shares sold Total number of shares bought and sold 928, 378 6, 580 6, 602 13,182 Regular member firms who are members of the New York Stock Exchange Total number of shares bought 891, 855 Total number of shares sold 1, 340, 293 Total number of shares bought and sold *2, 232, 148 STOCK EXCHANGE PRACTICES Associate members who are members of the New York Stock Exchange Total number of shares bought Total number of shares sold Total number of shares bought and sold 7963 748, 511 726, 515 *1, 475, 026 Total number of shares bought and sold by members of the New York Stock Exchange who are regular or associate members of the New York Curb *3, 707, 174 QUESTION 5 (a) State the approximate total number of customers' accounts on the firm's books having debit balances as of December 31,1928; July 31,1929, December 31, 1929; December 31, 1930; December 31, 1931, December 31, 1932, and June 30, 1933. (b) Has your firm, as a member of any other exchange, furnished the information contained m your answer to 5 (a) to the Senate Committee on Banking and Cuirency in response to a questionnaire sent to your firm as a member of such other exchange? Approximate total number of accounts on firm's books having debit balances No Date: of Accounts December 31, 1928 7, 229 July 31, 1929 — 8, 638 December 31, 1929 8, 014 December 31, 1930 - - - 6, 425 December 31, 1931 5, 316 December 31, 1932 5, 489 June 30,1933— 6, 203 QUESTION 6 The following information is required for the years 1929 to 1932, inclusive, and for the period from January 1, 1933 to October 31, 1933 (a) State whether your firm held any option or had a participation in any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether said option was exercised wholly, partially, or not at all) If answer is in the affirmative and your firm held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options (b) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, held any option or had a participation in any option, exceeding 10,000 shares of any single security which was trader? in on any exchange (whether such option was exercised wholly, partially, or not at all) If answer is in the affirmative, furnish the name or names of such person or persons, and if such person or persons held the original option or acted for the optionee or optionees, furnish a photostatic copy of each such options (c) Has your firm, as a member of any other exchange, furnished the information contained m your answers to 6 (a) and 6 (b) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (d) Do not furnish copies of any of the options, called for in 6 (a) and 6 (b) if your firm, as a member of any other exchange, has heretofore furnished such copies to the Committee (a) Number of firms who held options or had a participation in options exceeding 10,000 shares of any single security 4 (b) Number of member partners and nonmember partners of member firms who held options or had a participation in options exceeding 10,000 shares of any single security Member paitners None Nonmember partners None Number of options held by member firms, member partners and nonmember partners 4 NOTE —The foregoing figure represents only those options of which photostatic copies were furnished to the Committee as requested in Question No 6. 175541—34—PT 17 14 7964 STOCK EXCHANGE PRACTICES Number of shares subject to such options: 66,975. NOTE.—The foregoing figure represents only those shares subject to options of which photostatic copies were furnished to the Committee as requested in Question 6 Where options were extended in part or in whole over additional periods, the number of shares involved in such extensions were not included in the total, except where a new option agreement was executed. Issues of stock listed on the New York Curb Exchange, which were the subject of options, of which photostatic copies were furnished to the Committee as requested in Question 6. Schedule Issues of stock listed on the New York Curb Exchange which were subject to options held by members of the New York Stock Exchange 1929 1. 2 3 4 5 6. 7. 8. 9. 10 11. American Capital Corp. Central Airport, Inc Curtiss Airport Corp. Curtiss Caproni Eastern Gas & Fuel Eisler Electric Corp. Foremost Dairy Products General Realty & Utility Co. Globe Underwriters Merntt Chapman Scott Corp. Prosperity Co. 12 13. 14 15 16 17 18 19 20 21. Reliance Management Reynolds Investing Co , Inc. Roosevelt Field, Inc. Root Refining Co Helena Rubinstein & Co. Schlettee & Zander Selected Industries Southern Corp Sun Investing Co. U S . Securities Investing Co. 1930 1 2 3 4. 5. Chess Wymond Co Copeland Products, Inc. General Mills Corp Hygrade Food Products *5 Merntt Chapman Scott Co 6 7 8 9 Reliance International South Penn Oil Co United Carr Fastener Corp. US. F o i l " B " 1931 1 Contmental Shares 2 Empire Bond 3 May Radio & Television 1 Copeland Products 2 Fuel Oil Motor Corp 4 Moss Gold Mines 5 National Union Radio 6 Pilot Radio & Tube 1932 3. General Mills Corp 4, Indestructo Glass Corp. 1933 Angostura Wuppermann 6 Kreuger Brewing Co. Consolidated Aircraft Corp. 7 Laird & Co Ferro Enamel Corp 8. Swift & Co General Mills Corp 9 Tung-Sol Lamp Harvard Brewing Co Issues of stock listed on the New York Curb Exchange which were subject to options held by regular member firms of the New York Curb Exchange. 1 2. 3 4 5. 1929 4. Graymur Corporation 1 Aeronautical Industries, Inc 5. National Aviation Corporation 2 Cambell, Wyant & Camon 3 General Laundry Machine Corpora(1928) tion 6 U.S Electric Power Corp. 1 Cosden Oil 2 Radio Products 1930 3 Thermoid Corporation STOCK EXCHANGE PEACTICES 1 Apponaug Co 2 Art Metal Works 1. Atlas Utilities 7965 1931 3. British Can Shares 4 Grocery Store Products 1932 1933 1. Consolidated Theatres, L t d , Com- 4 European Electric Corp mon 5 Grocery Store Products, Common 2. Croft Brewing Co 6 Molybdenum Corp of America 3. Distillers & Brewers Corp 7.- Swift & Co. Issues of stock listed on the New York Curb Exchange which were subject^to options held by associate member firms of the New York Curb Exchange. 1929 1. Consolidated Gas & Electric Light & Power Co. of Baltimore, Common 1932 1. Seaboard Utilities Shares Corp , Common 1 General Mills Corp. 2 Long Lighting Co , Common 1933 3 Mavis Bottlmg Co 4 McCord Radiator " B " QUESTION 7 * (a) State whether your firm participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1932, inclusive, and from January 1, 1933, to November 1, 1933. If the answer is in the affirmative and your firm was manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool, and/or joint-account agreements If answer is in the affirmative and your firm was not the manager, then furnish the name and last-known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in(b) State whether any partner of your firm or any person acting on behalf of your firm or of any partner thereof, participated* in the profits and/or losses^m any syndicate, pool, and/or joint account during the years 1929 to 1933, inclusive. If answer is in the affirmative, furmsh the names of all such partners or persons, and if such partners or persons were the managers or acted for the managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint-account agreements. If answer is m the affirmative and any partner or person acting on behalf of your firm or of any partner thereof was not the manager, then furnish the name and last-known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (c) State whether any joint, syndicate, and/or pool accounts have been maintained on the firm books during the years 1929 to 1933, inclusive, in gwhich the firm or any partner thereof had no proprietary interest If answer is in the affirmative and the firm or any partner thereof was the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of such syndicate, pool, and/or joint account agreements If answer is in the affirmative and the firm or any partner thereof was not the manager and did not act for the manager or managers, then furnish name and last-known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in _ '«g (d) Has youi firm, as a member of any other exchange, furnished the information contained in your answers to 7 (a), 7 (b), and 7 (c) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (e) Do not furnish copies of any of the agreements called for in 7(a), 7(b) and 7(c) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee. * For the purposes of this question, a syndicate, pool, or joint account shall be deemed to be an account in which two or more parties participated for the purpose of trading actively in a single security listed on the New York Curb Exchange and m which account more than 10,000 shares were bought or sold 7966 STOCK EXCHANGE PEACTICES (a) Number of member firms which participated in the profits and/or losses in syndicates, pools, and/or joint accounts, 85 (b) Number of member partners and nonmember partners who participated in the profits and/or losses in any syndicates, pools, and/or joint accounts Member partners 12 Nonmember partners None 12 Number of syndicates, pools, and/or joint accounts in which member firms, member partners, or nonmember partners participated, 81 NOTE—The foregoing figure represents only the number of hsted issues subject to syndicate, pool, and/or joint-account agreements of which photostatic copies were furnished to the committee as requested in question 5. (c) Number of member firms on whose books pools, syndicates, and/or joint accounts were maintained in which firm or any partner thereof had no proprietary interest, 7 Schedule Issues of stock hsted on the New York Curb Exchange which were subject to one or more joint, syndicate, or pool accounts in which member firms of the New York Stock Exchange or partners thereof participated in the profits and/or losses and were the managers or acted for the managers of such accounts: 1929 16 17. 18. 19 20 21 22 1. Associated Rayon, Preferred 2 r Bellanco Aircraft Corp , Common 3. Bhie Ridge Corp, Preferred 4. Caterpillar Tractor 5. Cohn Rosenberger, Common 6 Curtis Airport Co 7 Douglass Aircraft Co 8 Eisler Electric Corp. 9 Federal Screw Works, Common 10 Globe Underwriters 11. Goldman Sachs 12 Jonas & Mamburg 13. Langdorf United Groceries 14 New York Investors 15 North American Aviation 23. 24 25 26 27 Petroleum Corp. of America Sharp & Dohme Shenandoah Corp., 6% Preferred Southland Royalty Co. Starrett Corp Thermoid Corp United Light & Power Corp., Preferred U S Electric Power Corp. U S Electric, Preferred U S & International Securities Corp , Preferred Willow Cafeteria, Common Willow Cafeteria, Preferred 1930 1. Peoples Drug Stores 2. Standard Oil Export Co 3. U.S. Dairy Products 1933 1. Molybedenum Corp Issues of stock listed on the New York Curb Exchange which were subject to one or more joint, syndicate, or pool accounts m which member firms of the New York Curb Exchange, or partners thereof participated m the profits and/or losses and were the managers or acted for the managers of such accounts: 1929 1. Aeronautical Industries 2. Automatic Registering Mch Co , Inc 3 American Cyanamid Corporation, Pfd 4. American Cayanamid Corporation 5. Blaw Knox Common 6. Blue Ridge Corporation, Common 7. Consolidated Copper 8. Darby Pet Corporation 9. General Capitol Corporation 10. General Realty & Utilities 11. 12 13 14 15 16. 17. 18. 19. 20. 21 22. Graymur Corporation Grocery Stores Products Hercules Motor Corporation Irving Air Chute, Inc. Lazarous Company G. C. Murphy Co. National Aviation Corporation Prodential Investors, Inc. Shenandoah Corporation Sikorsky Aviation Corp. A. Stem & Co. United Gas Improvement STOCK EXCIIAJTGE PEACTIOES 1 Cosden Oil 7967 1930 2 Grocery Store Products 1931 1 Community Water Service Co. 1 Croft Brewing Co 2. Distillers & Brewers 1933 3. National Bellas Hess, Inc Issues of stock listed on the New York Curb Exchange which were subject to one or more joint, syndicate or pool accounts in which associate members of the New York Curb Exchange or partners thereof participated in the profits and/or losses and were the managers or acted for the managers of such accounts* 1929 1. Automatic Registering Machine 11 Co Inc 12 Canco Syndicate 13 Claude Neon Lights, Inc 14 Consolidated Gas & Electric Light 15 & Power Co of Baltimore 16. Federal Aviation Stocks 17 F T. Ley Inc 18 7. Hartman Tobacco Co , Common 19 8. International Hydro Electric Co 20 9 Louisiana Land & Apparatus Co 21 10 Mission Oil Syndicate 22 1. National Screen Service 2 Reynolds Bros Inc National Bond & Share Ohio Industries Stock Ohio River Sand Co Pacific Western Oil Corp Pender Grocery Co Pennroad Corp , Common Penn Water & Power, Common Phelps Dodge, Common Prince & Whitely Trading Co. Reliance International Corp St Louis Aviation Corp, Utilities Securities Corp 1930 3. Securities Investment Co. 1931 1 Commonwealth & Southern War- 2 Leaders of Industry Shares rants 3 Public Service E & G $5 Preferred 1933 3. Mavis Bottling Co. 1 Aero Supplv Mfg Co 2 Elizabeth Brewing Co QUESTION 8 (a) Has firm, during the years 1929 to 1933, inclusive, underwritten or has it participated in the underwriting of any securities which were subsequently offered for public sale? Give separate answer as to each year (b) Has firm, during the years 1929 to 1933, inclusive, made any public offering of securities or has it participated with others in a public offering of securities? Give separate answer as to each year (a) Number of member firms which underwrote or participated in the underwriting of secunties subsequently offered for public sale 9 14 1932. 1929. 11 13 1933. 1930. 14 1931. (b) Number of member firms which made public offerings or participated with others in public offerings of securities: 9 14 1932. 1929. 11 13 1933. 1930. 14 1931. 7968 STOCK EXCHANGE PBACTICES QUESTION 9 (a) Has firm acted as promoter, organizer, or manager under contract of any investment trust of the management type during the period 1929 to 1933, inclusive? If the answer is in the affirmative, furnish name of such investment trust or trusts and describe the relationship existing between firm and such trust or trusts, giving in each case the period of such relationship (b) Has any partner of the firm or agent thereof acted as promoter, organizer, officer, director, or manager under contract of any investment trust of the management type during the period 1929 to 1933, inclusive? If the answer is m the affirmative, furnish name or names of such investment trust or trusts, the names of any partners of the firm or agents thereof having any of the said relationships thereto, a description of the relationship of such partners or agents, and the period of such relationship of such partners or agents (a) Number of member firms who acted as promoters, organizers, or managers under contract of investment trusts of the management type 2 (b) Number of member partners who acted as promoters, organizers, officers, directors, or managers under contract of investment trusts of the management type- 8 Number of nonmember partners who acted as promoters, organizers, or managers under contract of investment trusts of the management type* 0 Number of investment trusts for which member firms, member partners, nonmember partners, firm representatives, and individual members acted as promoters, organizers, officers, directors, or managers under contract* 12. QUESTION 10 (a) Furnish on behalf of the firm for each year from 1928 to 1932, inclusive, and for the period January 1, 1933, to August 31,1933, inclusive, a detailed profitand-loss statement which is to include all receipts and disbursements by classification Such statement must include and separately state net amount of commissions and interest received on the firm's brokerage transactions with its customers. (b) Has your firm, as a member of any other exchange, furnished the information contained in your answer to 10 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to your firm as a member of such other exchange? (c) Do not furnish copies of any of the statements called for m 10 (a) if your firm, as a member of any other exchange, has heretofore furnished such copies to the committee In preparation SUMMARY OP ANSWERS TO QUESTIONNAIRE SUBMITTED TO INDIVIDUAL MEMBERS OF THE NEW YORK CURB EXCHANGE QUESTION l Furnish the information requested as of July 31,1928; July 31,1929; December 31, 1929; December 31, 1930; December 31, 1931; December 31, 1932; and September 30,1933: (a) Were you engaged primarily as a floor trader in stocks on the ABOVENAMED EXCHANGE on or about the above dates? (b) Were you engaged primarily as a floor broker in stocks on said exchange on or about the above dates? (c) If your answers to subdivisions (a) and (b) are in the negative, state whether you were active on the floor of said exchange on or about the above dates and, if so, in what capacity. SUMMARY AS OF SEPTEMBER 30, 1933 (a) ( (b) (b c)) (c) d) (d (e)) Number of individual members who acted primarily as floor traders: 14 Number of individual members who acted primarily as floor brokers 139. N b e of individual members who acted primarily py p Number as specialists* 197. N b Number off iindividual d i d l members b who h acted t d primarily l as b bond d bk brokers. 11. 1 Number of individual members who acted primarily as bond specialists: 13. STOCK EXCHANGE PEACTICES 7969 QUESTION 2 If you were a specialist on the floor of the ABOVE-NAMED EXCHANGE in any stocks on July 1, 1933, furnish a list of such stocks Number of individual members who acted as specialists in listed stocks on July 1, 1933 201 QUESTION 3 State the total number of shares bought and the total number of shares sold for your own personal account on the ABOVE-NAMED EXCHANGE during the month of July 1933. Specialists should exclude from this total all transactions made against odd lots Total number of shares bought for personal account of individual membeis 2, 920, 049 Total number of shares sold for personal account of individual members 2, 946, 181 Total number of shares bought and sold for personal account of individual members 5, 866, 230 NOTE —According to the New York Curb Exchange Year Book for 1932-1933, the total volume of trading in stocks on the New York Curb Exchange for the month of July, 1933, was 21,102,896 shares QUESTION 4 The following information is required for the years 1929 to 1932, inclusive, and for the period from January 1, 1933, to October 31, 1933 (a) State whether you held any option or had a participation in any option, exceeding 10,000 shares of any single security which was traded in on any exchange (whether said option was exercised wholly • partially, or not at all) If answer is in the affirmative and you held the original option or acted for the optionee or optionees, furnish a photostatic copy of each of such options (b) Have you, as a member of any other exchange, furnished the information contained in your answer to 4 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (c) Do not furnish copies of any of the options called for in 4(a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee Number of individual members who held options or who had participations m options exceeding 10,000 shares of any single security, 4 Number of options held by individual members or in which individual members had a participation exceeding 10,000 shares during the years 1929 to 1933 inclusive 32. NOTE —The foiegomg figure represents only those options of which photostatic copies were furnished to the Committee as requested in Question #4. Number of shares subject to options held by individual members or in which individual members participated during the years 1929 to 1933 inclusive 1,490,068. NOTE —The foregoing figure represents only those shares subject to options of which photostatic copies were furnished to the Committee as .requested in Question #4 Where options were extended in part or in whole over additional periods, the total number of shares involved in such extensions were not included in the total, except where a new option agreement was executed. See attached schedule for shares of stocks listed on the New York Curb Exchange, which were subject to such options, of which photostatic copies were furnished to the Committee, as requested in Question #4. 7970 STOCEf EXCHANGE PEAOTIOES Schedule Issues of stocks listed on the New York Curb Exchange which were the subject of options, of which photostatic copies were furnished to the Committee, as requested in Question #4 1 Acoustic Products 17 General Gas & Electric Pfd. 2 Aluminum Goods Manufacturing 18 General Theatres Co 19 Globe Underwriters 3 Associated Gas & Electric Co 20 Hecla Mining Co 4 Bellanca Aircraft Corp. 21. Hiram-Walker-Gooderham & 5 Beneficial Industrial Loan Worts 6 Brunner-Winkle Aircraft Corp. 22 International Projector 7 Canadian Industrial Alcohol 23 Investors Equity Co, Inc. 8 Cities Service 24 Kreuger Breweries 9 DeForest Radio 25 Pennroad Corp 10 Dunhill International Inc , Pfd 26 Safe-T-Stat 11 Durant Motors 27. Sentry-Safety Control 12 Eastern Utilities 28 Sharp & Dohme 13 Fokker 29 Southwest Dairy Products 14 Foremost Dairy Products 30 Technicolor, Inc 15 Fox Theatres 31 United States Foil 16 General Alloys Co 32 Utility Equities Corp Common QUESTION 5 (a) State whether you have participated in the profits and/or losses in any syndicate, pool, and/or joint account for each year from 1929 to 1932, inclusive, and from January 1, 1933, to November 1, 1933 If the answer is in the affirmative and you were the manager or acted for the manager or managers for such accounts, furnish a photostatic copy of each of said syndicate, pool, and/or jointaccount agreements If answer is in the affirmative and you were not the manager, then furnish the name and last-known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (b) State whether any syndicate, pool, and/or joint accounts have been maintained on your books during the years 1929 to 1933, inclusive, in which you had no proprietary interest If answer is in the affirmative and you were the manager or acted for the manager or managers for such accpunts, furnish a photostatic copy of each of such syndicate, pool, and/oi joint account agreements If answer is in the affirmative and you were not the manager and did not act for the manager or managers, then furnish name and last-known address of the manager of each of said syndicate, pool, and/or joint accounts and the respective securities dealt in (c) Have you, as a member of any other exchange, furnished the information contained m your answers to 5 (a) and 5(b) to the Senate Committee on Banking and Currency in response to a Senate questionnaire sent to you as a member of such other exchange? (d) Do not furnish copies of any of the agreements called for in 5 (a) and 5(b) if you, as a member of any other exchange, have heretofore furnished such copies to the committee NOTE —For the purposes of this questionnaire, a syndicate, pool, or joint account shall be deemed to be an account in which two or more parties participated, for the purpose of trading actively in a single security listed on the New York Curb Exchange, and in which account more than 10,000 shares were bought or sold Number of individual members who participated in the profits and/or losses in syndicates, pools and/or joint accounts 39 Number of listed issues subject to such syndicates, pools and/or joint accounts 14 NOTE —The foregoing figure represents only the number of listed issues subject to syndicate, pool, and/or joint-account agreements of which photostatic copies were furnished to the committee as requested m question 5 STOCK EXCHANGE PRACTICES 7971 Number of individual members on whose books any syndicate, pool, and/or joint account was maintained in which the individual member theieof had no proprietary interest 3 See attached list for shares of stocks listed on the New York Curb Exchange which were subject to one or more syndicate, pool, and/or joint accounts, in which individual members participated in the profits and/or losses and were managers or acted for the managers of such accounts Schedule Issues of stock listed on the New York Curb Exchange which were subject to one or more syndicate, pool, and/or joint account, in which individual members participated in the profits and/or losses and were the managers or acted for the managers of such accounts 1 Acoustic Products (Common) 8 Eisler Electric Corp 2 Acoustic Products (Preferred) 9 Fox Theatres Corp (A) 3 American Cyanamid Co (B) 10 Goldman Sachs Trading Corp 4 Auto Register Machine Co 11 Investors Equity Co , Inc 5 Consolidated Gas & Electric Light 12 Pantepec Oil Co & Power Co of Baltimore 13 Tidal Osage Oil Co 6. Cosden Oil Co 14 Wextark Radio Stores 7. Eastern Utilities Investment Corp. (A) QUESTION Have you acted as promoter, organizer, officer, director, or manager under contract, of any investment trust of the management type during the penod 1929 to 1933, inclusive? If your answer to this question is in the affirmative, state the name of such investment trust or trusts, and describe your relationship, stating the period during which such relationship existed Number of individual members who acted as promoters, orgamzers, officers, directors, or managers under contract of any investment trust of the management type 2 Number of investment trusts for which individual members acted as promoters, orgamzers, officers, directors, or managers under contract 2 QUESTION (a) Submit a detailed profit and loss statement, which is to include all receipts and disbursements by classification for each year from 1928 to 1932, inclusive, and for the period January 1,1933, to August 31,1933, inclusive Such statement must include and separately state net amount of commissions and net trading profit and loss (b) Have you, as a member of any other exchange, furnished the information contained in your answer to 7 (a) to the Senate Committee on Banking and Currency in response to a Senate questionnane sent to you as a member of such other exchange? (c) Do not furnish copies of any of the statements called for in 7 (a) if you, as a member of any other exchange, have heretofore furnished such copies to the committee. In preparation.