ADDENDUM THE ENGRAVING OF SECURITIES New York, June 7, 1909 Hon. CHARLES E. HUGHES, Governor, Albany, N. Y. SIR. The committee appointed by you on the 14th of December, 1908, to make an inquiry into facts regarding speculation in securities and commodities, have received from the New York Bank Note Company a complaint that the Stock Exchange prevents any company except the American Bank Note Company from engraving any securities dealt in on that Exchange, thereby creating a hurtful monopoly. This complaint, originally addressed to yourself, was, at your instance, referred to us. As the subject-matter does not strictly appertain to speculation, the committee have directed me to reply to you in a communication separate from our general report. We have given the officers of the Stock Exchange an opportunity to reply to this complaint. They say that on several former occasions they examined the work of the New York Bank Note Company and its predecessor, the Kendall Bank Note Company, and found that it did not meet the requirements of the exchange as to goodness of work, safeguards for plates, etc., and that the following named corporations are now eligible for such work to be used in dealings on the Stock Exchange: American Bank Note Company, International Bank Note Company, Western Bank Note and Engraving Company of Chicago, British American Bank Note Company, for Canadian securities; Bradbury, Wilkinson & Co., London, England, for securities other than American and Canadian. It appears to have been the practice of the American Bank Note Company or the company which now owns it, the United Bank Note Corporation, to absorb any other company that acquired the right to do work in the United States for the New York Stock Exchange. In this way the HomerLee Bank Note Company and the Franklin Bank Note Company were absorbed in 1904, and the International Bank Note Company and the Western Bank Note and Engraving Company in 1905, although the corporate existence of the two last-named companies is still preserved. The officers of the Exchange admit that the companies which issue securities are sufferers from this monopoly, both as to prices charged for engraving and as to promptness of delivery, and say that the Exchange would be glad to be relieved of such monopoly. From sources not connected with any of the parties to this controversy we learn that although the Stock Exchange will accept the work of certain foreign engraving companies, they will accept it only for foreign securities, and that attempts by American corporations to avail themselves of competitive prices by securing bids from foreign engravers have been thus defeated. From this it would seem that other considerations than the goodness of the work and carefulness in guarding the plates are here operative, and that the Stock Exchange has not rid itself of the evils of monopoly. Yours very sincerely, HORACE WHITE Chairman APPENDIX II SARATOGA SPRINGS RESERVATION Suit by the State Against the Carbonic Acid Gas Governor Hughes, on July 23, 1909, designated Justice William S. Andrews of Syracuse to hold an extraordinary term of the Supreme Court in Albany on September 20, 1909, for the determination of the following actions: The People of the State of New York against the Geysers Natural Carbonic Acid Gas Company of Saratoga Springs, N. Y.; The People of the State of New York against the New York Carbonic Acid Gas Company; The People of the State of New York against the Lincoln Spring Company; The People of the State of New York against the Natural Carbonic Gas Company; The People of the State of New York against Mary Augusta Patterson; and The People of the State of New York against Harry M. Levengsten; and for the prompt trial and hearing thereof; and also for the prompt trial and hearing of any and all other actions, and any and all motions or proceedings, heretofore or hereafter brought, made or instituted by the People of the State of New York or by any citizen of the State for or with regard to the enforcement of any of the provisions of chapter 429 of the Laws of 1908, or in any manner relating thereto, or relating to any rights or duties thereunder or recognized thereby. |