On Wednesday the Committee of the Stock Exchange published the
decision they had come to in regard to the introduction on the Stock Exchange of the shares of the Marconi Wireless Company of America in April, 1912. It is to the following effect :—
"The Committee condemns in the strongest terms the manner and method of the introduction of the shares of the Marconi Tele- graph of America in the Stock Exchange, and they give notice that all introductions of this character will render members con- cerned in them liable to be dealt with under the Disciplinary Rules."
The Committee, being of opinion that Messrs. Heybourn and Croft were guilty of a breach of trust to those brokers who left orders with them for execution at the opening of the market on April 19th, 1912, have resolved :-
"That Messrs. Percy Francis Heybourn, Alexander Bangley Croft, and William Bagster, junr., then trading as Heybourn and Croft, have brought themselves under operation of Clause 3 of Rule 16, and that they be suspended from entering the Stock Exchange for five years from the 17th inst."
In regard to the brokers concerned, believing that they acted in good faith, the Committee decided to take no further action The inquiry, it should be noted, grew out of the evidence given before the Select Committee of the House of Commons. But for that evidence the transactions which have now been so strongly condemned would, we presume, never have come to light.
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