Omaha daily bee., 1906-01-07
Favored Stock Brokers Draw Big Profits
from the Funds for Land Purchase.
Places Orders for Securities with Nan
Satisfactory to the officials
LAND OWNERS NOT ALL SATISFIED
Desire TO Deal with Man in Whom They
Have 0oufidenss.
DECLARE RULES PRODUCE A Mose
Dissatisfied Irishmen i
Matter Before Po~ a
Rules Made by COM
missioner Are Not Changed.

Matter Before Po II
Rules Made by COM
missioner Are Not .,apged.
DUBLIN, Jan. 6.-(Special Cablegram 20 |
The BeeD-Dublin stockholders have just /
Issued an emphatic protest against a few |
stockholders enjoying through the special !
favor Of the lord chancellor monopoly |
in the vast and profitable business involved !
in investments under the land purchase act |
The grievance. as is pointed out, is the |
more seriously felt because there has been |
continued depression in the business OF !
the Dublin Stock exchange There is in |
the land act a practical provision which |
enables the vendor or vendors within a
limited time to elect in what security the |
purchase money is to be invested pending |
distribution. The election is Of course cir !
I cumscribed to trust funds but even
this necessary restriction leaves still a
very wide range for selection. Pending the
/ election the money is retained in consols. |
There is a natural disposition on the part
OF investors TO make at this early date
a permanent investment. Otherwise they
are subjected 10 considerable expense in
selling out and buying in, and are subject
! to the fluctuations of the market That is
as has been said, an enormous and profit
able business II distributed fairly. with
absolute discretion OF each vendor to Sc
/ leCt his own stockbroker. But this is for
hidden by a rule made under the act hav-
ing the torce Of law. The rules issued by
/ the land commissioner. who is the rule
| making authority" requires that all in
: vestments pending distribution" shall be
made by the chancery brokers appointed
( by the lord chancellor. and many instances
have occurred and continue to occur in
which vendors or their solicitors having
consulted their own brokers under the idea
that they were permitted 70 employ them
have been compelled to look on while their
business has forclbly been diverted
to the chancery brokers and executed un-
der the many disadvantages Of the exist
ing system The essential and personal
relations Of broker and client has been
absent, and dissatisfaction and in some
cases serious loss to the latter have en-
sued. This committee has been in contact
with instances OF this but their chief con-
Germ is with the grievances of the excluded
broker, who is in this manner disabled from
Performing tho business for which he has
taken out his license. rented his Office and
paid his stan.
Forced TO Go to Stranger.
Naturally the complaints are from the
fn
show that the injury 70 the clients is NOT
less serious. Most people who have money
to invest have a stockbroker in whom thev
have confidence and whose advice regulates
the character Of other investments Anart
from stock exchange gamblers people gem
orally have little notion of the values of
securities or their stability. They rely on
the knowledge and skill of their special
stockbroker. This rule deprives them of
that privilege and protection. They must
go to a stranger they must take the ad-
vice of a stranger, when the brief limit Of
time allows so little opportunity Of indie
pendent inquiry. The stockholders are now
making out a very strong case in trying
to show that this very extraordinary rule
was never contemplated in framing OF the
act OF Parliament. In part they saw.
The wording of the section is general
and contains no specific reference TO the
; stock Exchange. Ii resembles in this re-
gard the usual clauses in other acts oF
carry out necessary details. Its fuiI sig
? nihcance as applicable to the employment
of stock brokers might easily be missed
and probably was missed by the Trainers
n of the act of 1903, which Incorporated pre-
vious land acts, out did not otherwise refer
, 70 the stock eNcLange though the interests
OF other professionals-such as solicitors
were protected. We do not believe that the
government consciously sanctioned the
= handing over TO minority. or for the mat
|. ter Of that TO a majority, OF the members of
Ireland Of a monopoly involving $1,000 rss a..
Of money derived from its chief source o,
wealth. We strongly insist. therefore. upon
our right in the last resort 20 a government
! measure Of relief.
= They, therefore, desire an amendmen,
which will give the vendor the same uberty
and rational right TO select his stockbroker
that he has 10 select his security.
Two Prominent Irishmen Die.
o The death of two men, members Of prom.
v inent Irish families. is just announced. 81,
J. Richard Jebb. the tory member for Cam.
n bridge university and regius professor OF
e Greek at Cambridge, was an Irishman. Hi.
c grandfather from whom he was caller
It Richard Jebb. who was from 1917 until lS3
i a judge OF the Irish court Of the king,
l. bench, was a vehement opponent Of n,
z union and although he had not a seat in II,
n Irish House Of Commons contributed greatl,
e to the anti-union cause by his writings. Al
II for Sir Richard Jebb himself he was prob
n ably the most profound and at the sam,
= time most graceful classic scholar OF hi
d time. His work on The Attic Orators no
n only proved his possession OF a knowledg,
II and appreciation OF a great period in IN,
Il history Of the Greek language, but Shove,
le his wonderful mastery of the English Ian
y guage. which he wrote with singular lucid
. ity and charm.
Il The recent death OF Sir Bryan OLoghIen
bart. produced many remarkable tribute
throughout all Australia. The Legislative
I assembly Of Victoria decided. on the motfol
OF the premier Mr.. Bent, TO adjourn out o
= respect for his memory. Mr.. Bent recalle,
that on two occasions Sir Bryan OLoghle
had refused offers OF a judgeship. The fed
eral premier also paid a remarkable tribut
to his memory saying that he doubte
E whether during the entire course of his re
;e markable career Sir Bryan had ever made
A. personal enemy on either side Of the house
rs Sir Bryan. who came from an old CIar
E. family, was a strict home ruler.
lg Ambassador white Entertains
re ROME, Jan. 6-Ambassador White gave
E. dinner last night in honor OF the new for
OF eign minister, the Marquis San GiuIiane
"A I Among the were VI