The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-01-11
ON COTTON EXCHANGE
MOVEMENT TO LIST LOCAL sECURI-
TIES.
FINANCIAL MEN FAVOR 1T.
MARKET WOULD BE BENEFITED
By LISTING, THEY SAY.

Would Fix Official Values on securf-
ties on Which Quotations Are ONLY
Made on the Outside NOw-Matter
Will Probably Come Before the
Cotton Exchange Directors mt
Their Next Meeting-What Mem
bers of the Exchange and Other
business Men Say About 1t.
Local securities may soon be listed
on the Savannah Cotton Exchange and
the floor made the center of trading in
local stocks and bonds. Following
recent suggestion the listing of local
stocks and bonds has been freely dis
cussed with the result that sentiment
seems Overwhelmingly in favor of this
method of fixing the value of the nu-
merous issues traded in daily in Savan-
nah.
The reason it was thought the Cot
ton Exchange would be the place for
officially quoting local stocks, is that
they are largely owned by it's mem
bers, who comprise large majority of
the men interested in local financial
matters. The fact that so many are
interested not only will insure interest
in keeping the quotations correctly upon
the boards, but the market would get
the benefit of the latest reports of
transactions, a large majority of which
are among it's exchange members, and
not always obtainable on the outside.
OF the several millions of dollars of
local stocks and bonds dealt in in the
Savannah market, many are frequent
ly handled as collateral in the banks,
which makes their value of daily i'm
portance to financial interests as
guide in loaning money.
If the Board of Directors of the Cot
ton Exchange consider the suggestion
to list stocks it will add another i'm
portant branch to the business trans
acted upon the floor daily. The princi-
pal business now done. of course. is
the sale and purchase of cotton, deal
ing in freight room, and other matters
of kindred interest. If the stock and
bond brokers get their. business to the
floor of the exchange from the street
the chances are it will add much to
the iT terest there in local securities. Of
course, the present system of quoting
is the best that can be adopted in the
uDSGHC6 VI lHG Official lAlilS Oh values.
Mr.. ]. P. Williams, eX-president of
the Exchange and among the fore
most men of the city in financial mat
ters, strongly favors the listing of
stocks by the Exchange. He believes
it will conduce to a more systematic
fixing of values. If the matter is
brought up it will very probably be
advocated by him.
Mr.. c. A. Shearson, former presi-
IT,
in the Savannah Trust Company, also
favors the listing of local securities on
the Exchange boards. Mr.. Shearson
said he could see no objection to it,
ard believes that it would work har-
moniously with the other markets
upon which reports are posted. st
should like to see this done" he said.
Col. Beirne Gordon of w. w. Cor
don Co, cotton factors, vice presi-
dent Of the Merchants National Bank
and also former president of the Cot
ton Exchange, favors it. He believes
1t will remove difficulties that now
necessarily attend reporting the prices
of stocks. While not committing him
self, 1t is probable from the favorable
views he expressed that any move to
carry out such step would be sup
ported by him.
Mr.. c. H. Dorset, president of the
Peoples Savings and Loan Company
and vice president of the Chatham
Real Estate and improvement Com
pany, favors the listing of stocks, as
more regularity and certainty would be
assured in fixing prices. The others
mentioned are members of the Cotton
Exchange, and the fact that Mr.. Dor
sett speaks as one upon the outside
may be taken as an indication that the
plan would be favorably received by
those owning securities and not mem
bers of the exchange.
When the directors of the exchange
meet next it is possible the matter will
De brought before them. Details have
not been discussed yet in any quarter
and until the idea is thoroughly weigh
ed by the directors it will not be
known What is to come of the sug-
gestion.