Letter on the One Hundred and Fiftieth Anniversary of the New York Stock Exchange.

My dear Mr. Schram:

It is with a great deal of pleasure that I extend my good wishes to the members of the New York Stock Exchange upon the celebration of the one hundred and fiftieth anniversary of the founding of the Exchange.

Since the original group of twenty-four brokers joined together in 1792 to improve the market in securities being conducted under the famous old buttonwood tree down in Wall Street, the role of the Exchange and its responsibilities in the financial affairs of the Nation have steadily increased. To me it is interesting to note that the Exchange was organized as a direct result of an $80,000,000 issue of Government bonds authorized .by the Congress in 1790 to fund the State and national obligations of the war for American liberty. Just as the Exchange then was able to render an important service to the public and to the Nation, so today it has the opportunity of performing valued services in the present struggle for human freedom.

It has been gratifying to me that the hysteria of the first World War has not been repeated and that our market places this time have remained open. The members of the Exchange, like millions of their fellow citizens, find their normal business life affected by stresses and strains of world-wide character. Yet it is important that we do not permit these difficulties to disrupt our security markets unduly. The continuation of an orderly market will be of vital importance both during the war and during the period of readjustment that will follow. You have an opportunity for great service, and I am confident that in this you will not fail.

Very sincerely yours,

Honorable Emil Schram,

President,

New York Stock Exchange,

New York, N.Y.