Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-11-16
Regulation Of Exchanges Due To
Be- Taken Up as Soon as Money
Bill Is Out Of the Way-Stocks,
Grain and Cotton Considered.
Senator Burton Leads the Fight
In Behalf Of Speculation as Real
Benefit to Business-Hughes
Report Gives Valuable Data.
BY JONATHAN WINFIELD.

WASHINGTON, Nov. 15.-Stock
exchange legislation will be the meat
Of the menu projected for the next
session of Congress. In the opinion
Of many members of Congress 1t will
be the first large subject attacked
after currency legislation is out of
the way
There not only is wide divergence
Of opinion respecting what should be
done 10 the stock exchange and it's
cousins. the grain provision and cot
exchanges, but there is rapidly de-
va'opng fighting spirit of conserv-
atigm in Congress which will defend
the stock exchange as a necessary
Sr9 much-abused part of the big eco
tomjr machinery of the country. Sen
tor Burton is expected to take a
2aing part In the defense on the
Republican side In past years he
has written much Indicating his be-
lief that the stock exchange. despite
Its faults, acts as a barometer for
business conditions and that the
country might save itself from periods
of money stringency If II would fol-
low more closely the prophetic voice
Of the exchange.
Hughes Report Useful.
The report Of the commission ap-
pointed during Governor Hughes ad-
mnistration In New York Is expect
ed to play large part in the DELHI
erations Of Congress. This report,
while recognizing faults in the New
York stock exchange, defended II
broadly and made specific recommen-
uauons against many proposals of re-
form Which are certain again to be
proposed in Congress this winter.
me Hughes commission did not
look with favor upon the proposal to
'o"lpeI the stock exchange to In
corporate under State Federal law
II agreed with stock exchange mem
DerS mat more effective regulation of
Tue STOCK exchange is exercised by tho
private managers or board Of govern
ofs IMAM could be exercised under
o'ate or Federal law. 1t also pro-
rested against the effort to prohibit
''auihg on margins, although It made
Ill earnest recommendation that the
MINIMUM marin TO be accepted by
brokers' be made 20 per cent. 1t also
~e'eeu with stock exchange defend
CTS mat the exchange tends to sta
elIlze prices rather than to disturb
'NeiL' ana TAI it would be a mistake
~ attempt to bar the general public
rom speculation, bAaause a "profes-
0'o''aI market is more subject to
- 'pu4auon than a market in when
'Dg e"'fe country participates.
MS report made after many
"on'Ns OF careful investigation, to-
ee'ner with equally careful studies
1naoe oy English and German COM
&c, ,l's OIL stock exchange practices
abroad Will be the large conseryativ.
'OFce on which advocates of the stock
exchange viii depend.
No Administration Bill.
II is nOW irgs.-
h%' a''oh VIII not attempt to draft a
A.. 10 De handled by Congress az an
,,- measure. This dec,-
s. o" mas been reached, it is undee-
49, 49, because the kind OF legislation
da, ,,,n should be enacted can not be
s,on "I'ae' without lengthy discus
A.. "N because the Administration
t,,nda Y' WISH to oe placed In the at
irstIt,.' ~ special pleader against an
,os ooa ' dol IN which are listed over
a., '.'"''''9eo worth of securities
,,. ~ a result, half dozen or more
tb treasures will be presented, and from
r,,n n" s'tner hopeless disagreement
t ,eSu'l as was the case when Cot
lures legislation was attempted
Oron,' ms we '1rif discussion, or a corn
drafted. '''poSlte Dill Will be
ler.,a !S to the Democratic prepon-
hat SIN, IN the South it is probably
.bs, , southern members will devote
.xsba,so ',.''" primarily to cotton
n,5s ,',', legislation. Senator Cum.
, ,,,'s w VIII propose a bill covering rot
.lso s,a.' n Exchange transactions but
ru'al'ye activities in grain.