The morning Astorian. [volume] (Astoria, Oregon) 1899-1930, 1907-12-05
Gambling Features Of Stock Ex-
change Should be Stopped
WILL BRYAN Be NOMINEE?
Friends Of Silver Tongued Orator Affirm
That the Nebraskan Will be and is
the Only Logical Candidate for the
Nomination.

WASHINGTON, d. c., Nov. 4.--For
cool audacity commend Us to James
Creelman! Formerly a newspaper man
OF no little reputation Mr.. Creelman has
become the star attraction OF Pearson's
Magazine. Always interesting, Mr..
Creelman has struck a lead which prom.
ises to make him positively. dangerous
to our "vested interests probably so.
called because the typical capitalist is
usually represented in white.vest along
with mutton.chop whiskers. Mr. Creel'
man actually has the nerve to suggest,
nay. more, to urge that the gambling
features of the New York Stock Ex
change be abolished. Shades OF Daniel
Drew and Jay Gould. The thought Is
almost impious! 1t Is true that Others
have secretly entertained the same
thought, and here and there q feeble
voice has been raised against the tran.
sactions behind the marble front Of the
imposing building where the prices OF
stocks are fixed. but Mr.. Creelman
backs up his arrangement with an inter
esting and important array OF cold facts.
Starting on the assumption that part
of the railroad and industrial stocks list
ed is held by investors, he shows that
the gamblers have bought and sold more
shares during the past year, many times
over, than there were in existence, OF
the leading "activa' stocks such as
Reading, Union Pacific, Southern Pacific
etc The possession OF a comparatively
lew shares in these stocks, which are
loaned to those who wish to bear the
market, enables the gamblers to raise or
depress the price OF every share owned
by the investing public. This is possible
because in every city. in almost every
town in the country, there is ticket
which records the price on the New York
Stock Exchange and place where bets
may be made that the next price record
ed will be higher or lower, according to
the fancy ofthe speculator. Mr.. Creelman
finds the difference between "bucket
shop" and brokers office to be that
the latter requires ten per cent deposit
from his Customers while the former
will take, one, two or three per cent de-
posits. He finds that the prices OF
stocks, breadstuffs and cotton are fixed
by small c0terie OF men who rave
no intentions whatever OF actually deal
ing in the commodities and without in
terest in the welfare Of the corporations
but who use the certificates merely as
counters in the great gamble. Sometimes
they play their own money but more
often that of their customers, being sat.
isfied with the percentage which they
get for placing the bets. Mr.. Creelman
thinks that if the stock exchange was
compelled to incorporate and come under
the jurisdiction of the State, and If q
method could be found to make the pur.
chases and sales bona fide transactions,
the gambling feature could be elini-
mated and the New York Stock Exchange
would return to Its original status as a
market place for securities instead of a
gigantic gambling institution. He points
out that one of the reasons for the fin
ancial stringency i, that billion dol.
lars is constantly loaned in New York on