Statement on the New York Stock Exchange.

THE PRESIDENT said:

"I have a question from the press as to conferences held with officials of the New York Stock Exchange. There have been discussions, as is reported, between myself and other officials of the administration with officials of the New York Stock Exchange on the question of bear raids. Stock exchange officials have, during the past 8 months, from time to time taken steps to restrain bear raiding with a degree of success. But during the latter part of January, despite these steps, there was a large increase in the short account which unquestionably affected the price of securities and brought discouragement to the country as a whole. I and other administration officials again expressed our views to the managers of the exchange that they should take adequate measures to protect investors from artificial depression of the price of securities for speculative profit. Individuals who use the facilities of the exchange for such purposes are not contributing to recovery of the United States."