The Daily Ardmoreite. [volume] (Ardmore, Okla.) 1893-current, 1906-06-08

untrue az many Cther OF MS STATE
ments. Any contract for the purchase
or sale Of a commodity Is legitimate
II II complies with the laws Of the
state within which II is made, and the
| terms Of the contract are fulflle1. In
the Office Of an honest Independent
dealer no trade Is made that does not
contemplate the delivery Of the com.
modify traded in, and In many cases
II Is delivered. remember In the
testimony OF the case OF the Chicago
board Of trade VS.. Christie. II was
shown concluslvely that Christie re.
eeived and delivered more property
In proportion 20 the amount of bus
mess done than did the Chicago board
q trade
II Mr.. Bowker, the victim whom Mr.
league tells about in Everybody's
had gone to the most reputable ex.
chang member and traded for a
short time he would have lost his
money just the same. The only differ
ence would have been the poor salts
faction q knowing that he had (as
Mr.. league sayJ "a square deal"
The man has not yet been born
who can pay full commissions and
make money speculatlng. Many such
spectators as Hutchinson, Kershaw,
Partridge and many others. who paid
no commissions, lose fortunes what
chance has the average outsider with
his handicap Of 80 to so per cent?
Many people have an idea that the
brokers' judgment on the future
course OF the market should be bet.
ter than theirs and often ask his ad.
vice. Not one OF the brokers know any
more about the market than the
"rankest outsider" II they did they
would not be in the brokerage. but on
the floor Of txa ochange where they
could make a fortune every month.
To the man disposed 10 speculate
let me say: Shun the broker who tells
or offers to take your money and
trade for you on his judgment. He IS
dishonest. for he knows he cannot
read the market, and Is deceiving
you.
Mr.. league says the Independent
brokers, CT "bucketshops'-as he
calls them-are thieves. sharks Jack.
ais, rogues, swindlers. rascals. They
do the same business that the eX.
change broker does, in the same way
aad for the same brokerage. There
is absolutely no difference so far as
the ciient Is concerned.
All speculative brokers are, TO n
certain degree. ihcwsver. parasites.
for they live of the mlsiortunes Of
their fellow men. We excuse our.
selves by the old argument: that men
will speculate. and II We do not take
fhelr bushess someone else viii.
knowing that we are honest and run
cur business legitimately, we feel
that the trader will fare as we'll with
us as with any other broker. and we
might as well have the money they
will lose as anybody else.
Personally, | will welcome the day
when all dealing on margins is abol.
ished and the sending broadcast over
the country OF continuous quotations
Is prohibited Then there will he no
gambling In futures and bucket.
shops" and speculative brokers will
be things OF the past.
All men should defend themselves
from attacks so unjust as Mr. Teague's
II is only the guilty man who cannot
defend himself; and a. a rule the ma
ligning Of the innocent Is from a
source beneath notice. but in this
case It comes through a medium Of
such high standing that silence
might reasonably be accepted as ad.
mission Of the truth Of the charge.
W \. MICHAEL.
Kansas City, Nc, June ,, 1906.