Daily press. [volume] (Newport News, Va.) 1896-current, 1907-09-13

n year or siO.45oOOO net for the en-
tire membership.
AS matter of fact, $1O,i5O,O0O an
nually is only a 1.-THE of what the
public pays the members of the New
Yo.at Stock Exchange. In commits
sions and interest alone it pours into
the Exchange every year not less
than $4,000 600, IN average of S5i.-
olo per member. This vast sum is
contributed purely for the privilege of
Playing III game whore the chances
are hcavily against the players. To
employ gambling comparison. ii
may be said in truth that the Now
YORK Stock Exchange bears the same
.e"ation TO the speculative public that
me kitty does to poker game
where there Is "rakcoff' on every
pot played. | may l'e permitted to
assume that Il large number of my
readers will understand this illustra-
tion If accentuated by the further ex-
Plantation that such "rakeoff' is al
most confiscatoiy and that six men
engaging In such game with 800
each VIII MI get up broke at the
! end OF Il session of moderate dura
lion. So 1t is with those who ''sit into
me game of speculation as played
| on the New York Stock Exchange.
| ihc!r contributions to the kitty" are
| pound to eNtinguish their capital un
| icss they have unusual means of re-
| picnishmcnt ana an incXhaustible in.
como from other tees.
wall street has also been described
as "rollgate in the Highway of
american Progress" lcyying an mex.
oNbic tribute on all enterprises of
magnitude. There is truth in the
figure of speech.
Every big financial thing has To rn
| 10 wall street for money and for ere.
| nehtials. Without the proper Wall
| street 20. r." " corporation proposing
| 10 ISSUE securities for general invest
meht lacks the brand of Legitimacy on
| ti'nnS 1t TO respect ami confidence.
| reopie may rail Mt Wall street and
ucno"hce II MS nest of swindlcrs.
| ana as being wholly and iircdccma.
NY lau' put tho fact remains that
corporate property, to get the right
treatment from the public. must come
from Wall street ana carw wall
streets expressed approval. The NH
Tic curses Wall street and thcn incon-
sistcntly jumps to Tho conclusion that
| tiore must he something wrong with
! ,nc wall street mn.k of friendly idon-
uiication. To get the right kind of \
senh-oif any sort of corporate promo
sHion must submit to Wall street In.
[ Spcction and TO Wall street taxation.
| mere Is harssher name for it
blackmail
the Wall street life of spcculator
| Is said to nypraro lose ftan ,Lro
years. This may be regarded ms on.
'lreiy reasonable, when the specula-
tois nay directly into the kitty" in
the Items of commissions ana mtnr.
est 100000 900 a year.
To the s6O.OOO,OOO annual contribu,
ton to the Wall street Kitty add
S'ooOO, 900 TO 500 900 lost every
year In the oft-recnring shake
outs and on top of that figure n
stcany average yearly loss sof S75. 900. q.
WV TO 100000 900 cliargeablc to bad
Judgment and "frcezc-outs. and n
iair estimate may be reached of wha,
u costs the public to support Wall
s''Set-a grand total of approximate
~ Ss9uO0O,oO0 every twelve months.
lhe SS3,OOO0O0 people composing the
population of the whole United STATES
no NOT nay much more than double
mat sum for the support of the ma.
''ohai government. the maintenance
OF inc naval and war establishments.
me postofflcc. the custom houses. the
ieueral Judiciary. and the innumera.
pie incidental expenses of<thc civil.
structure. Wall street comes high.
out II seems to be Indispensable
Applcton's Magazine