The Birmingham age-herald., 1913-02-16

ket on the exchange and through that
agency wide public distribution at ex-
travagantly faneiful prices. Morally the
exchange has been. guilty many times OF
participation in schemes that have been
little less than swindles which have cost
the public all told hundreds of millions
of dollars.
Many of these enterprises which met
with early losses and which brought scan
cal upon sthe exchange developed into
valuable properties after years spent IN
substantial effort-some of them passing
through bankruptcy and complete reor-
Sanization, but the dear. deluded pubic
had i'll the meantime, lost its millions
and the New York Stock exchange pro-
ceeded blithely and careiessly on it's
way, giving no thought of care to the
enormous losses largely attributable to
the misuse of its machinery for trading
In spite of the many swindles perpe-
trated or attempted with the abuse OF
the privileges the stock axehange, the
nefarious practices of letting everything
and anything to the trading privileges
of the floor. no real attempt was made
to correct the methods or protect the pub
lic
would be done by Congress and the state
legislature to give the public at least
a measure of protection In transactions
carried on through the heretofore lordly
ard arrogant New York Stock axchange
May Be Carried Too Far
There is danger that the campaign for
the reform OF the stock exchange and
its reconstruction may be carried too far
The organization represents the most inn
rortant securities market in the world.
and around it centers the great financial
activities of the entire nation This is
no exaggeration and anything which
would seriously cripple the machinery
that has been constructed for the ham
ding of this enormous important busi-
ness would injure not alone the exchange
but the entire nation.
II is cutie probable, however. that
before the measures for needed reforms
are actually put on the statute books and
into operation i'll temper Will disappear
and sound judgment rule. Just now
however. the street is turned topsy-turvy
by the wild and extravagant talk that
is being INDUCED in by fanatics, poll
ticians with half baked views and many
writer's who ought to know better. 1t
is more than probable that the radicals
will keep the tumult keyed to high
point throughout the winter and spring
and until actual headway is made. What
may be done in the excitement of the
hour may have to be 'lndone or modified
later on, but a start is surely being taken
and the result will in all human probabil-
ity be a partial publication of an or
ganization that is sadly in need OF dis
cipline.
Market Has Been Ragged
The stock market has been perturbed
and ragged all week The Mexican up
rising has been a main feature of the
depression. Wall street is in fear-real
actual genuine fear-that an international
complication viii arise before the Mexi-
can troubles are settled that VIII place
this country in danger of war or humili-
alton Hints have been prevalent which
may or may not have basis, to the ef-
feet that a conspiracy of European na-
tions turks behind the Mexican revolu-
tlon. having for its sinister purpose the
breaking down of the Monroe doctrine,
which has been for many years an in
tangible but effective protection against