Another Ouster

President Edward Henry Harriman Simmons of the New York Stock Exchange appeared on the rostrum for the second time in ten days to declare a member expelled. This time it was G. B. Todd, sole floor representative of the firm of Gordon B. Todd & Co., who had violated two rules: 1) pledging more securities of certain customers than was fair in view of the customer's indebtedness to the firm; 2) failing to answer that part of the questionnaire regularly submitted by the Exchange to its members in which explanation is demanded of how the firm guards against just this infraction. The broker is solvent. But his seat must be sold.

Said President Simmons: "The full power of the Exchange will be used at all times to punish evasion or suppression of any essential facts or data [in answering the questionnaire]."