The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-02-08
PLEADS FOR MODIFIED
FORM OF GAMBLING
Defends Economic Uses Of
System Of Credit and
Speculative


Governor Haskell today received the
following letter from Serene S. Pratt
editor OF the Wall Strcer Journal. Il
enclose you herewith a clipping from
the Wall Street journal containing
Your letter to us on the question Of
government regulation of the stock
market J also enclose a clipping con
tanning our editorial comment upon
your letter.
have been very glad TO have this
discussion with YOU and hope that
IL viii be productive OF good J 20
not think we are so very far apart as
regards the evils attending specula-
tion. but we are at the two poles
asunder, as regards the remedy to be
applied do not think that your
eXgellcncy makes an adequate dis
tinction be a the use and abuse OF
speculation
The Wall Street Journal has been
exceedingly free IN its criticisms of
Wall Street Irregularities. and il thcre-
fore believes il has the right to de-
ienj the Wal, street system which.
in spite Of cXcesses mas worked SO
nightly for the rapid development of
the American continent
My dear Governor do you think Il
is fair 20 condemn Wall street as r.,
whole without taking account of Ga,
large economic uses OF It's system OF
credit and speculation
The editorial comment Of the Jour.
nal on Governor lIaskell's letter was
as follows
a Final Word or Two.
The letter OF Governor Haskell Of
Oklahoma to The Wall street Iourn 7
deserves thoughtful reading W.
are glad TO give il place ih cur col
umns. Il is good thing to have the
other side presented especially when
IL is presented by SO energetic aud
picturesque an advocate as the gov
ernor Of Oklahoma The letter is
all the more interesting because Pres
idont Roosevelt I'm his latest message
advances views in regard to the stock
market along the lines pursued by
Governor Haskell although he does
not go quite so far
The trouble with Governor llakell
and others who stand with him i'm this
matter is chat they make no distiuc-
ti0n certainly no proper distinction
between the uses and abuses of spec
ulation. He would restrict the Stock
Exchange to bona fde transactions IN
hibit margin dealings. short sell
ings, and wash sales
Now the Wall Street Journal does
not propose To defend any of the
abuses of speculation. II Is quite as
much opposed to them as Governor
Haskell can possibly be Corrupt pro
motion, deceitful capitalization dis
honest manipulation by wash sales
and other methods OF wicked stock job
berry, are immoral IN their essence and
bad in their effects on the country.
They are among those economic
wastes which go toward the making Of
panics
How shall these abuses be pre-
vented2 Well the stock exchange
itself has by steady Improvement of
its rules and practices done much to
combat them, and speculation today
is conducted on much better lines
than il was generation ago BY its
supervision in the matter OF listing
the engraving and registration OF its
$4,000 100000 OF securities the ex,
change has performed service of in
estimable value to investors OF the
country It might do mOre2 Yes,
doubtless and It WIZ continue to do
more as the years go ON.
Fheu the government may assist; II
has already assisted in reiormins
these abuses by enlarging the area
of compulsory corporation publicity
Manipulation Crust be carried on il
AZ all in secgecy, aud the best evil loi