APPENDIX 
583 
(8—The Committee in order to facilitate the business of the Exchange, 
desires that the transfer agent of your Company be directed to sign the 
Stock Transfer Department receipts for all stock submitted by the 
Stock Clearing Corporation for transfer. Will you so agree?......... 
10—Will you agree to issue new certificates replacing lost ones forthwith 
upon notification of loss and receipt of proper indemnity, making any 
changes which may be necessary in your Charter or By-Laws to permit 
‘his to be done?... © eetaeieeeanan 
:0—Will you agree that all calls for redemption (Foreign Bonds) published 
abroad will be published on the same day or days in a newspaper of 
general circulation published in the Borough of Manhattan, City of 
New York?...... cer us .. 
21—If action on your application is favorable how many copies of the 
application do you require printed for you at your expense * 
22—In the event any additional papers should be required for the Com. 
mittee’s files, will you agree to furnish same on request? 
By.... 
(IVi) “When a new stock is put on the exchange, or any great 
exchange like the New York Stock Exchange, there is one thing that 
is very necessary, and that is that its price shall be steady. When 
you have no active market in a stock, when you are building up an 
active market in a new stock, the first thing a banking house does, 
what it wants to do, and what it must do, whether it makes a profit 
or loss out of it, is to steady the price of the stock. If people come 
in to buy 6,000 or 7,000 shares of stock, and there is not much aroand 
if they do not sell the stock it will be bid way up, and have a big 
advance. On the other hand, if somebody comes in to sell 6,000 or 
7,000 shares, and there are no large buying orders in there, the 
price of the stock is going to be a great deal lower than it would 
be otherwise. If you put in buying orders on a scale down and 
selling orders on a scale up, the effect of that is to steady the price 
of the stock. Its fluctuation is not as violent or as wide as it would 
be otherwise.” (Money Trust Investigation, pp. 1282-1283, testimony 
of Mr. Henry; quoted in Regulation of the Stock Exchange, Dp. 542.) 
(IVj) “Stocks in a liquidating market pass from what are de- 
scribed as weak hands to strong hands; stocks pass from the hands of 
those who buy them and carry them with borrowed money to those 
who buy them and pay for them. . . . The best evidence, Congress- 
men, of such a movement, I believe, is found in the stock books of