The Boise citizen. (Boise, Idaho) 1906-1910, 1907-11-29
WALL Street
LEGISLATION that WILL PUT end TO Americas S
GAMBLING HE'LL

issues practically from nonpaisan andponts although always
without One OF the important OF these articles Tor the
month James Ceemans article in Pearsons on Ihe Nao ana
the Gamblers 1t deals vigorous manner with the crimes oi
Wall street and we regret we can only publish the remedies pro
posed You should not read the entire article Mr. Cree
man says
y should not the New Stock Exchange which IS really
private club principally devoted the promotion and practice OF
downright gambling be by law and incorporated IN
stutn provided fraction OF honest and useful business
which transaCts
is the idea new one? Well study the facts in American
community in which you happen live consult men who nave
been caught and pundered try make out reason why sucn
en- appalling crime and poverty should not be suppressed
by law or at limited in its for evil and then ask your
self whether time has to blast and scary the lace "
this greatest and cuees of modern times whose very
breath poison.
What vista Of possibilities opens to the statesman VINO can
see the difference between gambler and business man ana
seeing dare TO apply the remedies which suggest themselves;
81 law prohibiting any stock speculator from selling what ne
docs not own or control would make short sales Illegal ana mus
prevent the constant creation Of class interested nProducg q
sr and which can win money only through general distress Inc
average man bets that prices will go down develops ue %
ude Of public enemy He is the foe OF the country prosperity
and nds his energy depressing and dscouagng the hopes ana
- Of his neighbo The professional bear becomes mere
pirate. .,ta,. :, the
market because when prices fall violently the gamblers on the
~ side must buy in TO their contracts and thus break the
force disaster does not take INTO account ' mos y & @
- :; ale are the result of wicked manipulation and that
prevention better than cure
r l war between Japan and Russia, when French stock
gamblers began TO sell Russian bonds short on the Paris Bourse
and looked though the advenurers might ioFce u
@ 81 the vast Russian debt by persistent bear tactics ma
o financial disaster aveed through simple rule adop
Nv the Ro,rse which is under government supervision and control
no broker being permitted sell to agree to sell any RUSSIAN
bond without specifying the number OF the particular Ood " ~
That prevented the disaster aimed at
s5s the stock gamblers had repealed by an act gazng the
practice. ; L i
80 law to prevent stock speculaton on small margins Il Is
M email margin that npts the weak and enables the geal mar
lators assisted by the banks trust companies and other
which loan money the stock gamblers TO rum g,e
nrItldes Of unfonae foolish enough to buy more s'e l
ey can hold the market price is forced down ie" P ~
e 10 make the conditions which produce stock Palcs VIII" %
rbezzlement failures, scandals, suicides and al the
Ifrightul train OF ruin and agony 80
Il ~ forriddng brokers to buy stocks for customers save
d @ ren Of at least third OF the market would instantly
,, with the worst OF stock gambling Il "ou ~
. with law, against short selling, wipe out
~ the piracy in stock gambling preserve reasonable
business speculation end Of the most accursea Su
lmentalties Of crime dishonor and poverty ula' " p'
Iof man has yet contrlved .;.,
90 + should be made felony for the officer OF any
2e Gamble in the securities Of his company BANK ana U
It 7oanv officials should also be prevented from gambling IN s.C
he - tter control of oaned funds upon winch ue "tc
% denend makes vital that they should have no personal IN
erest in raising lowering prices VI r. ;.,oe do mo-
Of 80 % gambling loans should be changed 50 that money
fes cannot be uggd violently up and down by Inc ge gam
OF bling rings - 60, r7..h,,ra Gamblers c11nning,
e worked through the legislature an act providing tna m
On advances Tepayabe demand ot not less [ tlan
$1,000 on certificates Of stock and deposit and % Gthe Sc
in ure artcularized pledged as collateral tor sqh [fP
ent sch compensation for making same may be Taia aS
IN NAV be agreed upon between the parties . .:.
wi "5 The New York Stock Exchange and all similar
d he compelled to dissolve accept incorporation plo'
strict supervision by the State !. 4,,.- ,,,;6~
u should be licensed BY the and held to strict
no f te execution OF laws relating to their business
ley yania Missouri West Virginia and other sa equ 49,
m to he licensed The city OF Chicago also licenses brokers