Evening journal., 1908-06-06

port of these banks in unlawful ways
Wall Streets great gambling institu-
tion could not continue its reckless
and lawless business one day
The courts have held that TO make
II legal there must have been a bona
fide intention" TO deliver the actual
shares OF stock, otherwise II is a mere
wager on the future price, and Is H.
legal.
Various subterfuges are used trying
10 evade these decisions of law.
Losses sustained in margin speculation
should be recoverable In suit against
the broker where there was no deliv-
cry or intention 90 deliver the actual
stock itself. And in such cases cds-
toners should resist demand for pay
ment Of balance.
Every man in wall Street, and
everybody outside, understands tina;
there is no real intention to deliver
any property and that margin deals are
mere gambling transactions that vio-
late the plain letter OF the constiiu-
tion OF New York and outrage the
moral sense OF the whole country.
Market Ruled by Huge Pools.
Not only is It gambling. but II IS
crooked gambling, such as could not
be carried on in a wild mining camp
without certainty OF play; for the
quotation prices, by which settlements
must be made, are the result OF secret
artificial manipulation by the inside
operators who thus are enabled TO
fleece and rob the specializing puolic
constantly and safely.
Every large issue OF securities Is
sustained and manipulated by huge
pools that run prices up and unload on
the public, then withdraw pool SUP
port and sell heavily to drive prices
down to frighten the public into ssd
ing back cheap the same securities
This game Is worked again and agai a
10 enrich the master gamblers at -
expense Of the people, who are mys.l
fled and kept ignorant of the meth. IS
used for their spoilation so they w.n
try their luck" over and over when
ever they get more money
AS these big operators who CON
prise the manipulating pools that q
and work the market arc the sane
few powerful men who dominate tn =
railroads. industries and financial in
stitutions, every man who buys even
one share of listed stock or one bond.
on margin or for investment. Is blindy
playing directly against this fortress
Of giant financial strength. Final loss
is as certain as death to one who stays
in the game.
Right now stocks are being ping
ponged back and forth In vast guam
titles between insiders by means OF
wash sales" 10 deceive the public into
buying securities from the manipulat-
ing pools at prevailing high prices.
But dhe people are getting slower TO
bite
Two years ago. by means OF such
gambling manipulation, prices Of good
railroad stocks were artihcially forced
up until they were forty TO one hun
dred and fifty per cent. higher than
present quotations, which are above
real values. OF course they had 70
come down, or were forced down, and
the resulting panic caused the people
direct losses of billions OF dollars anl
indirect losses OF still more billions
plunging the country from the high
est prosperity into the lowest sdver-
sity. II is believed that Wall Street
banks. al the instigatlon of the mas
ter gamblers who dominate such
banks, are now keeping down interest
rates for call loans below two pei
cent to help entice the public into the
market by encouraging them to bcr-
row and gamble on margins. Money
for gambling always seems plenty al
low rates. but for legitimate business
usually scarce even at high rates.
If sucll banks, on equally good ae
curity, would as freely loan money FOR
Industrial and commercial purposes, at
same rates charged Wall Street gam
such rates. there would be a wide and
immediate resumption Of business and
return OF prosperity. Bur while tho
chief gamblers control the money suO-
ply Of the people IL must be expected
their schemes.