The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1924-10-03
ARMY OF FAKRS
ON WALL STREET
REAP MILLIONS
Percentage OF Honesty Is
High, However, Forbes
Ayers
nv &c. FORBEs

Ha4
Wall street is at once the most hon
est and the most dishonest spot In
Z America. More business Is transacted
purely on honor. without any written
agreement in Wall street than any.
where else in the land and not once q
year Is word heard about any Wal
street man repudiatihg his nod or his
word which closed "a deal.
At the same time. more schemes for
Fleeing the public are Matched and
operated from wall street than in all the
rest Of New York, Chicago and half q
dozen other cities put together. The
explanation Is that there is a Wall
street and a Wall street.
There is the wall street composed OF
reputable banks and banking firms,
members Of the New York Stock ex-
change, high grade Investment firms,
Trustworthy members of the Cotton ex-
change, Produce exchange and SO forth,
That is the real Wall streets
Under the cloak Of this honest and
honorable. Wall street, there has sprung
UP an array Of schemers and fakirs of
every conceivable kind. Their sole aim
is to fitch money from the public. And.
unfortunately, they reap lamentably rich
harvests. 81.
The New York Stock exchange is
, often blamed for misdeeds for which
II As no more responsible than you or 1.
,,...t psro1ness ~ nohes.y Aons .ne
49, . 40 e n,t - ne. oons any
o.ner ssoup VI CLASS on business 2nen'
Even so, recent events demonstrate
the need for still stricter vigilance on
the part Of those governing the New
York Stock exchange. Under the presi-
dency of Seymour L. Cromwell, marked
progress was made towards safeguard
ing the public against risk and loss in
dealing with members of the exchange.
Mr.. Cromwell's successor, e. H. H.
simmons, Is ALSO man of the highest
type, jealous in safeguarding the In
stitution's good name, alert, progressive,
responsive to public opinion.
-
s....,-,.
ely Suns ey s,cA eAcnsmse
urn 70 answer perloolcany, compre-
nensive ques.ionnaire concerning It's
anancisl conuition anu its operauons,
%., vas mope1 .na a;,h mvessors ana Oshers
was counted upon to reveal to the gov
errors Of the exchange any weakness
developed by members and enable the
authorities to institute corrective meas
,lres, or, IL these were Impossible, to en-
force liquidation before customers were
in danger Of suffering serious losses.
-
STOCK excha,,cs Arm, Gaorva = Chris
.tion ~ nav 3 ETaato,5 iesving heIina
him fhefta Estimated al more than
80 ooo mn, revesia Sbsrn5v and nsinfY,iiv
that AMI furtler safeeSsards should he
irsti.,,ted Nv the sfocir exchange An.
nj re,,tiv this hrolrsr Tnund "a noasihIe
IL hSIn hin,aalf win af,naljine freedom
10 the aec,,ritles of ff,e firm and tie
customers month after month and nre-
-sumabiv. wear after wear. vitbout detec-
Tier In . lister wr;tfen ~ one ~ the
mariners before The cniIanse n The firm
was annoInced. its vvrScIxer irnnudentlv
said.
"M,ySescane is mt only hest for sore
around here but also from the viewpoint
Of the. New Yarle Stock exchanre a1,i
thorities. for / have been Compelled to
nut Il an over their much-bragEed-
about ouesffonnaire system ever siri6e 1t