The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1893-05-19
sr0uK GAMBLING.

STOCK GAMBLING.
few fntiie attempts have been made
to check This EVIL, which has grown
eaormously for the past few years un-
aer the fostering insiasnces Of the pro-
tsssive tariff While gambling in stocks
Was conarnun enough a dozen years ago,
II way then confined principally 70 rail
road and ether transportation lines
telegraph ana mining, and few
other stocks. The watering process,
which il prime factor in al stock
gambling. was then praeticed as now,
bal Al We remarked it was limited e
comnarativeiy q few companies.
The present tariff On very many ar
FieIes 81 prime necessity Is almost Or
Quite prahibi6ory 10 its nature, and has
bsan tie foundation 81 III the great
trnsts Ii the country. We have the oil
trust, baggiug irush, tWine trnst, paper
trust, iron trust, sugar trust, in fact
nearly every thing nsed II every day
life Is controlled by trusts on chartered
csmpaaies thai are enabled. in the alb
senoe of foreign competition, to control
the production and establish prices e
suit themselves. N this way enormous
profits have been made. aud the old
process of Watering these stocks has
been resorted 70 in q degree heretofore
unprecedented III some instances every
dollar 81 capital actually invested is
represented by three Of stock, and the
prices 81 The manufactured article in
creased 80 as 10 pas divideuds On these
watsrad stocks These stocks 90 under
the general term Of iRl4siriais. and 3
very large proportion Of the gambling
on She stock exchanges 81 onr prinei-
pal cities Is ID this class Of securities,
Last week there was break IN the
market, and the scene on the aaor o.
the stock exchange beggnrs description,
Men went stark mad. tearing each 9th.
era clothes from their backs, erushiml
their hats, screaming aud bowling ltk'
aaet0f deryishss 1r demons.
The result 81 all this is to denoraliz
legitimate business cause sttiDgene.
u tho money market, shrinkage i
values and precipitata rnin and diHps
tel On many engaged ii honest legiti
mats bnsiness. On this snbjeet "
quote from q Pioaysae EDITORIAL
The speculation 10 these shares hR
Quite generally mon0poiizad the inter
est h Wall street, 10 the detrimeRt 0
more legitimate Interests, and thel
very donbtful characters have added !
greater danger 10 the speculative Ehirl
pool of Wall street than nas ever We
characterized that famed financial cen
ter.
With the aid Of the eporEa Qua capital
real or Eaiered. that these industria
trusts have accumulated, they hRve beel
able to crush cut com petition III a largi
number of Important branches OF IN
tiustry and 1coEameres laa very eonsid
cradle number Of cases the en0rmon
eapital stock ard bonded debt SEIZED
uled BY these indastaial combination
DO NOT represent an equal Afn0nEt g
money invested; Ia faet, II wgald pc
bs kaf short Of the truth 10 assert tbs
rot one. half the actual capital has bee
Bulssetibad which is represented 10 %
shares Of she indusltials no freely trade
il On Wall street.
tr,If lur
81 the indnstsiais make them natuEail
pspular speculative stocks. and the wa
fnwhieh they are manipulated, and th
Wild speculative campaigns Haged wit
tben1 Is weapons, exert avery nDehals
some Influence upon bonast and sai
securities. The money market Is unfa'
osabiy affected By the wind &actnatien
IL those industrial shares, aud the e
istinr hnaneial troubles afe not b littl
complicated by the operations II thea
AZ fh@se indnetrials do mot sexual
sepreaeht Investments 40 their aeeredl
ed value, the ulfiuate result must
serious nnaneial RhrsakRge R2d liquid
ton. The kn0u Ice d this eqaiveea
pasitian nceapied BIZ ihe ipdnslrsa
ksapa np Ahe sBild haetnationn il ibe
p4ue sud thereby aids The Flans Of q
professional speculators.
we 40 not believe that much "
eyer De effected % direct prohibite
leeialasf0n, bnt revision 81 the tar
% ae b allow healthy competition u
viii prevcnt the formation q iFns
shat Dan control the market and
xalnes afbiirarslg Will NJ annclr mo
isslnal way ef dealing with ihe %
Seef