New-York tribune., 1842-02-10

tetoTc The 1ccGrf!tr bd!> ana
TrEspAY, February
TIE following ia sketch OF the Recorders m,
mark, concerning stock gambling. !or which
had not room ycs t,,rday
He stated the secrecy with which ;hc proceed
ings of The Board OF Brokers conductcd-the
fictitious sales of <iock--thc=clcva,ion ceprc,
SION of their price and value 20 sui: the interests
and suf1servc The purposes Of 'iio>e vino trnc in
thcrn-thc ~alc- Of stock deliverable 1t G future
day. aiiording opportunities for those who man
aged those matters 70 sell price above plr-
chase al a price below their actual value. BE
spoke OF the effects of this system ON the estates
Of widows. orphans. and others. in the hands OF
trustees or guardians. who nvcstc,! said estates
the stocks. and which were often greatly wasted or
lost hv the operations OF stock lnbbius or stock
gambling spreading ,1lii. and distress among Tie
nnoccn, sufferers. He also stated TIE general
cticc,#oi the system IN destroying public confidence
in the price quotations OF tho Board. founded.
the. often on fictitious sales OF stocks
thai the Courtszot Justice. from a knowledge Of
this fact. refuse 20 receive those quotations . evil
dencc of The true value oi stock IN the market. u.-
less confirmed aliGnds or By corroboraiiyc tcst-
monv. HIS Honor considered such operations a
he had advcrtcd 10 a, evidence Of constructive
conspiracy 20 injuro> affect trade or commerce.
for which the laws should ful1>!i remedial curc.
That, for PLAYING at ggmc~ for money. although IL
was Il private injury to tie parties, rather than
public one. Their. were laws TO punish the risEd-
crs and that for this higher species of ranbingin
stocks, affecting the interests and the morals Of the
community, il tncrc were no laws to reach the
case. the prcscntmcnt Of an enlightened Grand
Jury would be especially considered and properly
ed b,. ,h,. nj ,Tirh
therefore be disposed to enact : remedy.
His Honor suggested some provisions which. il
embodied in {, aw. might b., to some exu2n; RENE
dial Of the evils complained Of. w requiring the
names Of both the seller snt purchaser of stocks
10 be entered on the books of tie Board of Bro
scr, BY their clerk, and ubcc; TO the IN pcction
OF the public
Also. tia, the sales should b. public lyconluc,cd
and be opcn to the attendance of the public. that
every one might be able TO Judge Of tlci, reality
and farnc,s--that the imposition ri atax Of one
per cent. on sales of stocks, similar 10 those ini-
posed ON goods and estates at auction, would he
attended with sillutary consequences. a. tending
to prcvcn; fictitious sales and purchases. hat
these and other remedies. stc, as the Grand In
cues in their wisdom AID intelligence wcr. COM
pc:cnt To devise would be calculated 10 prevent
the continued fluctuations Of tic prices OF stocks
in the market the rag. OF >pcculation and
restore that confidence to the community that has
been lost, or greatly impaired, by the operations OF
the present system, Nc.
These suggestions lIi- Honor deemed his duty
to lay before the Grand Inquest. "a con>erators Of
the public peace and safety and rs guardians OF
the morals OF the community to be disposed OF by
them as they in their wisdom might deem cxpc-
dent and proper.