Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-09-22
SHOULD KEEP Up
CASH PLAN Of
EXCHANGES
Charges Suggested by Currency
Tinkers Would Prove Serious
Mistake, Says Forbes,
By q. C. FORBES.

By 2. C. FORBES.
N this country you have 20 put ~
your money before Stock Exchange
broker VIII buy securities FOR you
and the broker. in turn, has 20 settle
his accounts With other brokers' ever,
1sy
On the London Stock Exchange and
on the Paris Bourse there is not a
daily settlement OF accounts but only
me svery fortnight
among the variezated recommen-
cations made % the Washington
Iegihstors handling the currency
problem 10 one that American stock
exchanges should adopt the fort
nightly settlement plan.
Our stock exchanges should do
nothing Of the kind For these plain
reasons:
[. Daily settlements c"nduce to
reduction or rlsB.
= Fortnightly settlements encour
sgs venturesome speculation and en-
tan numerous failures
3 Settlements made only hi
monthly entail frequent strains upon
delicate money markets, causing dis
'urbAnce to business
{. In times % stress each fort
nightly settlement is nightmare.
i Americans are prone enough to
speculate rashly even when n II a
case Of money nrst." II they were
s4ven two weeks IN which 20 gamble
they would often incur such liahiII-
Ties that they would be unable to
pay up when the day OF reckoning
"a me-
The existing machinery for erect-
ing settlements on the New NorA
stock Exchange Is ono OF the sound
est features Of our whole financial
organization Leave II alone Re
formers burning with zeal but pos
sessing zero brains are Topping
about like newiy-landed founders.
I'hey will tire by-and- by. Then genu-
fne reform can be quietly undertaken
by sensible people having knowledge
~ what they are doing.
The Hears, papers did not mince
words in urging the Stock Exchange
10 clean house months and months
ago In all fairness 1t should now
be said that the Exchange authori-
lee have accomplished a great deal.
The main thing remaining for the
Exchange to do Is to let the public
set better acquainted with It, with
is many admirable rules. with its
new system OF ferretins out ques-
tionabIe practices, with its above
board methods Of doing business
Tho ordinary person OF modest
means hates TO enter a brokers or a
bankers establishment Many Offices
are too swell for the little fellow TO
approach. He feels he will be laughed
st that his puny orders viii be
kcorned, and that he had better sneak
into some tenth rate place-a bucket
shop as ofren as not especially ont
~ town.
The exClustv eness Of the Stock EX
change. its haughtiness in tho past
It's we are a private cub doctrine
all have contributed to repel the pub
lie and to bring 1t into disfavor
Stock Exchange houses and the pub
lie need to get together II the
brokers really want to inspire general
confidence. There must be less aloof
ness There must be a concerted
movement 10 cultivate friendly rela-
tions. TO convince the public that
brokers have much in common with
themselves
And there also must be organized
cooperation among commission
hrokers-ofr as well as on the floor
Of the EXChanEe-to protect the pub
lie from questionable offerings Of Sc
Curities. no matter how powerful and
domineerinE the underwriters may be
There are a hundred and two Other
things a vigorous. wide-awake. cspa
BILE association Of brokers could take
up with results infinitely beneficial {,
themselves. to investors and 10 the
country at large.
By neElecting their opportunity
to win public favor and confidence
Stock Exchange interests are stand
ing IN their own light. They can now
come forward and point to an insti-
tuition run on very different lines from
formerly, and II the get together
movement we're properly taken up
the ultimate results would repay ten
thousand fold all the -rUuble
The task is not one for amateurs
81 IL not one for politicians TO force
But II is one that the brokers should
undertake for their own sake and fol
the sake OF THEFT successors