The Princeton union., 1908-12-24

crease the margins TO ~ or ~ per
cent-they are now as low as TO-
which would do away with most Of
the gambling Another proposal is to
put heavy tax on all undelivered
stocks and even to penalize the selling
Of more Of a given stock than the
seller has in his actual possession.
There are other abuses in the street
that it is hoped the investigation will
bring clearly before the public. Al
ready Governor Hughes has moved
against the bucket shops, which repre-
sented perhaps the most scandalous
form of stock gambling. In these the
margins were as low as per cent or
even lower.
Commissions Wide Power.
At the last session Of the legislature
Governor Hughes recommended such
an investigation, but it was turned
down. He now proceeds to make it on
bis own motion, which he has a perfect
right to do, without asking the legisla-
ture anything about it. In his letter
to the members of the commission he
!
into every phase Of the subject and to
recommend whatever they deem ft.
AS Wall street affects the entire coun-
try and indeed the whole world, the
wide power given to the commission
makes it one Of the most important in
vestigating bodies in the history of
the nation.
There are nine members, including
editors, merchants, bankers, lawyers
and educators. They are all men Of
the highest standing in their respective
fields, and some Of them are of nation
al reputation.
Horace White, the first man named
and presumably the chairman, was for
many years editor Of the New York
Evening Post, prior to which time he
was editor of the Chicago Tribune. He
was born in New Hampshire in 1884,
educated at Beloit college, in Wisconsin,
and has been a newspaper man ever
since the days Of the civil war. j He is
also author Of books on political econ
omy and finance.
Charles A. Schieren was formerly
mayor of Brooklyn before that city
was merged with New York. He is
one of the largest manufacturers Of
leather goods in the country and off,
Ger and director in many banks and
financial institutions. He is also presi
dent of the Brooklyn Academy of Mu-
sic and vice president of the Brooklyn
Institute of Arts and Sciences. He
was born in Prussia in 1912.
A Stock Exchange Member.
David Leventr1tt was until recently
a justice of the supreme court of New
York and, although he had nearly four
years still to serve, resigned to re-
sumo his law practice. He has been
a special counsel Of the city Of New
York and is a member Of many char
table institutions. Justice Leventritt
himself is a member of one of the
stock exchanges, but has not been ac-
tive for years. He is native of South
Carolina and sixty-three years old.
Clark Williams is state superintend-
ent of banks of New York and author
OF the Hughes banking laws of last
year: Though only thirty-eight years Of
age, he has been vice president of an
important trust company, president Of
the trust company section of the
! American Bankers association and
chairman of its committee for the pre-
ventfon Of crime.
John Bates Clark is professor of DO
litica1 economy in Columbia university.
| no hal h0 >k1$- T.
ton college, Smith college and Am
herst and is author Of several stand
ard works on the subject. He was
also lecturer at Johns Hopkins. Pro-
fessor Clark is native of Rhode
Island and is sixty-one years of age.
| Willard v. King is president Of the
Columbia Trust company and a finan-
cier Of wide experience. While he
lives in Morristown. N. J.. his inter
ests are all in New York.
Samuel II. Ordway is a New York
lawyer and was born there in 1860.
He is a graduate Of the Harvard Law
school and member of one Of the
largest law firms in the financial dis
trfct.
Edward D. Page is a prominent dry
goods merchant, a member Of the flrm
of Faulkner, Page & Co., of New York
city.
Charles Sprague Smith was former
" a professor in Columbia and is now
president Of the Peoples institute of
New York. He is noted linguist, lee
turer and author, native Of Massa-
chusetts and was born in 1853. ur.
This is the commission that IS to
probe Wall street, find out all about
"wash" sales and other iniquities and
tell Governor Hughes how to stop the
most monumental form Of gambling
ever started on this small earth. If It
succeeds In squeezing all the water out
OF the street there will be an appreci-
able rise In New York bay.