Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-03-24


TO It's productive power by a diminu-
tlon of it's total wealth. This financial
loss may not be 20 great as the moral
deterioration Of the Individual gambler
but It is Just as real Moreover, the
state may not be able to prevent u man
from acquiring bad habits, while 1t
can perhaps curtail his power OF dlmin-
ishing it's total productive power II
Is against the interests OF society that
men should spend their time and Of
forts In doing something that not only
adds nothing to, but actually takes
something from the total wealth Of or
ganzed society.
The legislature of New York has now
under consideration a measure called
the Wagner bill, which
Imposes tax OF five cents OIL
every 500 face value share OF stock
transferred, increasing the present rate
from 81 to So on every 100 shares of
stock OF 500 face value transferred.
2-Compels every person engaged in
the business Of broker or dealer in
stocks and bonds to take out a State
license, for which he will be required
to pay $1,000
3-Requires every such broker or
dealer in stocks and bonds to file with
the State Comptroller within FIVE days
after each calendar month a statement
containing the number of shares of
stocks and bonds transferred by him
during that month and the name Of
the seller and purchaser, each transae
ton to be shown by AN adhesive tax
stamp to be provided by the state
Comptroller as is now done.
The penalty for failure to comply
with the requirements of the law is a
fine Of from $500 TO 5000 or lmprison-
ment of from three months to two
years
Another pending measure:
1--Requires all unincorporated asso>
Citations. commonly known as stock
exchanges, which are engaged in the
buying and selling of stocks and bonds,
receiving deposits or transfers of
moneys, stocks. bonds and other secur-
tiles and valuable property to incor-
porate at once
2-Fxes the price or value of u seat
at not less than $4,000 on such an ex-
change.
3-Compels every exchange to make
to the superintendent of Banks a re-
port of its transactions. sworn to by
the president, cashier or treasurer in
lieu of a penalty of $1,000 for every
day such report shall be delayed.
PERMITS the maintenance of a
clearing house, but limits the obliga-
ton of a member to the value of his
seat.
The bonding companies are all af-
focted by stock gambling, and desire to
see it stopped, The banking companies
are still more anxious to have this
financial nuisance abated. 1t is esti-
mated that over s2,50o,00O have been
squandered IN Wall street alone dur
ing the last twenty-five years. 1t is
also we'll known that there is vast
amount of embezzlement which never
gets out. Not only in banks and other
financial institutions, but also in many
industrial stock corporations, a theft is
hushed up IL possible, in order not to
affect the market value of the stock or
the financial standing OF the bank.
Southern cotton growers unite in con-
demnation of the cotton exchange. Tho
think the Wagner bill would be Il
boon to the planters by preventing the
dealing In cotton futures" The plant
crs believe that the New York specu-
lators. by depressing the price of cot
ton just when they are ready to sell,
do more harm to the South than is done
by the boil weevil and other insects.
1t is believed that the greatest men
ace to the legitimate stock market is
the power over the rate of interest for
money which Is welded by those who
control the great insurance and finan-
cial corporations. This power is util-
lied to force up the interest rate by
Withholding money from Wall street
whenever the corporation syndicates
wish to depress the values of stocks.
The general tendency of tight money.
even when unattended by n short-sell-
ing movement, is to bear down stock
quotations. Having brought that to
pass. the conspirators in the big cor
porations shake out the margin specu-
lators and by using the vast sums of
corporate funds In their control, buy
In enormous quantities Of stocks cheap
Then, by supplying the banks with
abundant money for the brokers and
spectators. the corporation syndicates
create "a rising market-and gradually
dispose of their lines of securities at a
tremendous profit
The Wagner bill, by requiring n rec
ord Of those who buy on sell stocks
on a margin, will tend to prevent these
unfair syndicate operations, some OF
the evils of which formed the most
sensational chapters OF the revelations
before a New York legislative commit
zoe during the recent Insurance in
vestigatlon in that State.
AS far as, from this distance, we can
understand the proposed legislation, we
think the New York reformers are pro-
ceedng in the right direction. Gamb-
ling in any form Is a curse and con-
tlnuous financial loss to any commune
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ANDOVER TO CLOSE?