Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-10-07
NEW MONEY BILL
To END REIGN
Of WALL ST.
Securities Will be Handled on Ex-
changes Where Majority Of
Shares Are Held.
By BoERSIANER.

Dill passes the Senate as IL leTt me
House. New York will be bereft of a
final excuse for monopolizing the
trading in certain securities.
The defense of easy and abundant
loans" of quick and ready banking
accommodations" will be no longer
valid. Certain securities may be
handled where the shares are major
ly held.
Boston should have exclusively
American Telegraph and Telephone
and the greater part of the business
in Amalgamated, Anaconda and Utah
Coppers. Philadelphia should lead
Wall Street in the handling of Penn
sylvania and Reading. Chicago
should have a monopoly of Peoples
Gas and chronicle more trading in
st. Paul, Illinois Central and Balti-
more and Ohio tnan the Eastern
bourse.
These are instanced at random.
There are many more properties
really alien to the Wall Street market.
The Exodus Eastward.
Before Wall Street had enjoyed the
vast vogue, which began in 1901, II
was natural usage for securities to be
listed and traded in one the exchanges
where such values were preponder-
ably held. Thus Boston did much
more in Atchison, in Burlington. in
New Haven and in all the coppers
than New York. Philadelphia was
privileged in Reading, Pennsylvania,
in Lehigh Valley and issues owned
by Pennsylvanians. Chicago was the
chief market for several steel issues
and of Peoples Gas.
The transfer of control of the gas
company to the Flower interests, and
later the exodus Eastward of a group
of Chicago promoters and million
aires, gave New York what had once
been Chicago's.
In the last few years. however,
there have been retransfers to the
Chicago, Boston and Philadelphia
market. The most notable, numeri-
cany and collectively, are Pennsyl-
vania and Reading TO Pennsylvania
investors and capitalists, and Peoples
Gas. St. Paul and Sears Roebuck to
Chicagoans.
II the bourses Of Chicago, Boston
and Philadelphia can rid themselves
of tho infection of Iocaism that has
afflicted them in the last decade, they
can come into their own; can flourish
as they did before Wall Street be-
came the irresistible lure of adVen-
furious money captains.
Reverting to Chicago.
Within three years Western interest
in some of the Western railways has
doubled and in some instances
trebled. st. Paul now is heavily held
in Chicago. To the Field estate hold
ings of Baltimore and Ohio there have
been many La Sale street accessions'
Last month the control of Peoples
Gas reverted to Chicago.
The strongest argument New York
could advance of late for handling
stocks fundamentally out of its juris =
diction was its banking facilities. This
NAV be a plausible reason as against
Boston and Philadelphia; it is lame
applied to Chicago, where the largest
banking institution in the country is
situated and where accommodations
are far reader in tight money mar
kets than in the East
II the Owens Glass bill reaches
Wilson for his sanction, New Tork's
money supply will be proportionately
less than Chrcago's, since eventually
money must 90 to the territory where
it is produced. Outside money has in
the past made the New York camp. a
change is imminent.
The monopolistic power of Wall
Street, the colossal business done in
that thoroughfare from 1901 to 1910
awed the other exchanges sterilized
their initiative and made the sending
of orders East habitual. In addition
to the basic disadvantage to New
York of changed ownerships Of i'm
portant security issues, that district
has been Disadvantage in the two
last years by State legislation.
The Curb On Speculation.
The effort to curb speculation of a
reckless and ignorant character is TO
be commended, to be sure. But the
tax on all transactions, whether in
vestment or the contrary, is an in
discriminate position in the lower
meaning of the term.
And it is a burden from which other
exchanges are free. Designed origi-
nally to feed financially hungry As
semblvmen who were eagerly waiting,
passed for want of contrary persua =
siye. The New York Stock Exchange
at that time did not protect because
of probity but because of its con-
temptuous arrogance toward every
thing and everybody not of Wall
Street An impost on investor ana
speculator alike was allowed to go on
the statutes by default.
In the meanwhile, the New York
Exchange has been prodded into some