Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1903-10-10


ana market speculation and horse rae
Ing are the only forms not under the
Dan. AS rule, the wealthy horse
owner is prominently identified with
Wall street. The connection between
the two professions Is not accident
These slnen have discovered that the
surest way to wealth is by catering to
tnat common instinct which leads most
men to'rfsk more than. they can afford
In gambling transaction.
=. The: man who bets on the races
should realize that he is called on to
support In comfort or luxury an army
OF horse owners, bookmakers, 'touts,'
trainers and others who make their liv-
Ing on the race tracks. The man who
oets pays 80 per cent OF all these bills.
In the same way and for the same rea-
son the men and women who dabble
In stocks or in grain. cotton and other
mediums of speculation pay all OF the
expenses and pile up all Of the profits
which pour into the pockets Of the
owners Of the game. :, The commissions
wrung from those who put up margins
on stocks and the losses sustained BY
that credulous mass called the public
have paid for the hundreds of palatial
Office buildings which are massed
around the new Stock Exchange. The
commissions on the pretended purchase
and sale Of stocks. tie rake Off which
goes into the kitty is sufficient to
have made hundreds of men more than
millionaires. You pick up your paper
and read that the sale Of stocks on q
certain day amounted, ito q total Of
100000 shares. Do you know what
that meGns?, It; means cthat $25O,OOO
has been paid over to Stockholders
as the commission for one days gam
bling. This y only one:item. The In
terest charges will amount to $4,000
more. Then there are the dealings in
bonds. grain, cotton. mines, coffee and
other systems Of tempting fortune. In
addition to New York there are similar
exchanges in Chicago. Boston. Phila-
delphia. Baltimore, New Orleans, Pitts
burg. st. Louis, San Francisco and
smaller ones elsewhere. Bucket shops
struggle for the patronage Of those who
cannot rake or scrape enough together
to play against the regular game. 1t is
conservative to estimate that the Amer
lean gambling public pays over to bro
kers' and other agents Of legalized
speculation sum Of money exceeding
100000 a day, or more than $780,
100000 during a year"
"1t seems almost incredible" exclaim-
ed Judge Sawyer.
ut is not when you pause to study
the facts continued the colonel.
There are employed in and around
! Wall street not fewer than 10000 men
and {, women. Those who gamble In
stocks pay all of the wages Of this vast
army. They also pay the rental Of the
Offices. They pay for millions of tele-
grams and cable messages. They pay
for stationery, advertising, insurance,
taxes and other items. They pile up in
comes for the brokers ranging from
$4,000 to $25O,00O year. They pay
for automobiles, opera boxes. country
estates, steam yachts polo ponies, golf
links, Partisan gowns and the ten thou
sand luxuries and excuses at the COM
mand OF money easily obtained. Three
hundred millions is a vast sum Of mon
ey, but it is not in excess of the amount
levied against the public and diverted
to those who profit by the gambling in
stincts which have been cultivated in
our people,"
what remedy do you suggest?"
asked Judge Sawyer. 1T seems to me
that most persons Of influence do not
look on speculation as serious menace
either financially or morally"
'They do not" agreed Colonel Mon
roe. Most persons Of influence, as you
characterize them are likely to be le-
nient with any system or institution
which taps the money supply of that
great mass which seems to have as lit
tie sense as it does influence. Stock
gambling will be suppressed when it
ceases to be esteemed respectable by
those who have influence, and that will
be when they realize that they are los
ing money by it directly or indirectly.
That day is not far distant Wall
street developed from its original func-
ton, which was to facilitate the legit-
mate purchase and sale Of stocks and
securities, into a vortex of speculative
gambling. 1t is,snow in process Of
change into new and more dangerous
form, that of conspiracies for the es-
adjustment of fictitious values. Under
our system of money and Of banking
the success of one of these criminal
Eplots may result IN widespread disas-
ter. When this happens, and it will
happen, there will be a movement
against the gamblers and conspirators
which will forever put an end to a sys-
tenn which is now looked upon with
complacent curiosity by millions Of
well to do American citizens who nei-
Their gamble nor profit by gambling"
II think that Amalgamated Whale
bone common is a good purchase now"
said Postmaster Jenkins. :"Don't you
colonel? It can't 60 any lower. Do you
think 50, colonel?' -,
"How low is it?'' asked Colonel Mon
roe. -* 800 ~ 800 81 s@5= &
It's down to q and pays 4 4 per
cent divIdend." declared Jenkins TT
surely <1nnof no INV lower" +t