Savannah morning news. [volume] (Savannah) 1868-1887, 1885-11-22
Two Victims or stock Gambling.


Gambling in grain, cotton, provisions
and stocks is held . b. respectable. Men
prominent in society aud the church, and
holding positions OF honor and trust do
not hesitate to engage IN this sort OF gam
bling. During SIX days Of the week they
viii bet their money freely, and to enor-
nous amounts. that the price OF stocks,
or cotton. OF wheat, or provisions VIII rise
on fall as they may be on one side OF the
market or the other, and on Sunday they
viii attend religious services and listen
with approval 10 the condemnation Of
those who win or lose their money az
poker. roulette, or faro. They do not feel
perhaps that they have done anything
wrong by rsklng their money in gambling
in stocks or cotton, because society does
not condemn gambling OF that kind.
While gambling by means Of games
cannot be condemned too strongly, and
while it is attended with deplorable con-
sequences, it is questionable whether the
evils which how from 1t are as great as
those that are directly traceable to the
respectable gambling in stock, cotton and
produce exchanges. 1t is difficult for a
gambler in stocks, or grain, or cotton to
be thoroughly honest. II he bets that
there will be a rise in the price Of the
thing Ia which he risks his money he very
naturally does all he can to strengthen
the market. He does not hesitate to re-
peat, and sometimes TO invent stories
that Will have a tendency to accom-
plish what he desires. II he
operates for a decline, he somtimes as
tonishes himself at the gloomy view be
takes OF business and tbs condition Of the
country. He does not care if his efforts in
his own behalf help to ruin a railroad or
deprive a farmer of the whole Of the prof
its Of his years work. He proposes TO
win his bets, even though his success may
be attended with disaster to thousands.
But this gambling in the different ex-
changes, while it Injuries those who do
not take part in it by causing a deprecia-
ton i'll the value Of their property, often
leads to the ruin and disgrace ofthe gam
blers. Within the last few days this sort
Of gambling has furnished two notable
victims in New York. Last Thursday
afternoon William Heath, one Of the old
est, and, until within very short time,
one Of the richest and most respectable of
the Wall street brokers, was arrested and
locked up in Ludlow street Jail.
The charge against him is that he mis-
appropriated $3.50 600 worth of securities
that had been left with him for safe keep
ing and investment. The impression is
that his gambling operations proved to be
disastrous, and that he used the securi-
ties to help himself out Of his difficulties.
The sufferers by his gambling are doubt
less numerous, few of whom perhaps will
ever be known.
The other example is Gen. Cutting, the
executor OF great estate. He is among
the best known men OF New York, and
MS family IS one OF the oldest and most
respected. He has been summoned be-
tore the Surrogate 10 show why he should
not be derived of his trust, because he
has failed to account for over 81. 500. 900
belonging 70 the estate. His own testi-
mony shows that he gambled in stocks
and lost.
1t is unnecessary TO draw attention to
victims, however. Canada is full Of
them. There is no question that the
great majority Of the defalcations aud
embezzlements that are now so common,
are due to gambling that1s conducted in
IN" great exchanges, and which is pro-
nounced legitimate and respectable.