MARCONI SHARES

Otago Witness, Issue 3114, 19 November 1913, Page 27

MARCONI SHARES

LONDON, November 11. The ' Stock Exchange Committee conducted inquiries into the transactions of other firms interested in American Marconi Company shares besides those who have been suspended, but decided that these hud acted in good faith. * The committee has suspended Percy Heybourn, Alexander Croft, and William Bagstcr, jun., for five years for then methods in introducing American Marconi shares on the Exchange. November 12. The newspapers approve the Stock Exchange decision, but point out that the suspension applies only to the individuals named; the remaining partners in any of the firms are not affected. Heybourn and his associates are being punished for a breach of trust with their brokers on April 19. The evidence show'ed that Heybourn purchased 250,000 shares from Mr Godfrey Isaacs at 255, and sold 128,650 at about 30s. The broker’s orders increased from 57,900 to 668,000 shares during the boom, and at that time (April 18) Heybourn, including his extra purchases, owned 221,350 shares. But instead of filling 40 per cent, of his orders he sold only 82,680 at 655, and 63,000 he sold elsewhere on the 19th. The Daily Express estimates that Heybourn's profit at the end of April 19 was £125,810, besides retaining 75,670 shares. November 15.

At a conference of the Nationalist Unionist Association a resolution was carried condemning the Ministers concerned in the Marconi controversy. Mr L. J. Maxse declared that the judges strongly resented Sir Rufus Isaacs’s appointment as Lord Chief Justice.