The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1908-01-16

AWHnIbit'f u.s. Nfrt 80 tANAhrA W. H-|
sets should be tr1thfully shown
if the assets are property OF cash,
or good all Cr tarif favcritism,
sige the pnblic fair notice
Ia the conduct OF such exchange.
Wash Sales should never be per-
mitted
short selling should not De per
mitted
Margin transactioSs are gambling,
and should be prohibited
Vast volumes ST call loans, which
now often greatly excced the whole
circulating medium of the United
States, ana subject 10 payment upon
demand of half dozen men Is danger-
ons to the business stability of the
country and necessarily concentrates
canital al uch exchange center 10 the
detrlBent 81 legitimate business IN az
c'lher J5cafties and this practice
shonl be prohibited
Officers 81 stock exchange should
moi BE- permitted to trade thereon.
Officers OF corporations. whose Sc
curities are listed, should not be per
mitted to trade thereon.
Lenders of money. FOL stock ex-
change dealing should not be permit
ted to trade directly. or indirectly
thereon
In short A Stock Exchange should
be limited to bona fide purchases aud
sales OF legitimate securities
but The Stock Exchange, as It has
existed for wears. has features that
viii forever uusettle the business OF
the countr,
Il absorbs capital;
Inspires gambling,
Cripples legitimate commerce;
II is the home OF false pretenses
and spurious goods,
Federal l-axity Harms.
And while the states have their du-
ties TO perform IN regulating and limit
ing the practices as heretofore men
fioned. the government itself Is lax in
ifs duties. The United States Gov
crnment. which says to the fake medi
cine men that he shall not spread his
frauds throughout the country by
ostiizing the United States mail. has
slept upon sts duties in far wider
and msre disastrous field. II should
say fhnt II advertisig matter, or Ger
tlficasos OF stock OF such lniiaten con
Germs as some of our industries, are
10 reach tho public through the mall
that they tuust conspicuoqsly stamp
across the face Of each certincate the
rdB This stock w'is iseued Tor
wafer u.iy, and has no value oil it.
oxc1pt the hope that an unjust tarln
lavlwiE continue TO favor the compah'
Which issued ~
You can lay down one proposition
that growth Of the real wealth Of a
country does not suggest a collapse
but should mean greater stability, and
greater safety
The calamity Is only the result Of
expansion when that expansion IS not
measured by real values
Lights Lit too Late.
Had the light been turned ON a Few
reafs earlier. ID would have disclosed
these corrupt financial conditions IN
their beginning Let me illustrate;
IN the last SIX years the New York
Stock Exchange has listed slightly
over Ten billion dollars worth oi
sfncks ana bonds. largely tie out
growth Of lfehzied finance chiefly ln
the manufacturing world. THIS ten bil
lion dollars of capitalization repre-
senis less than three billion dollars OF
actual values and seven billion dol
lars Of cfdnary water. ana this nha'
tlon og seven billion dollars in thes,
few Years was but that much addition
to as much more pumped into the
inances 81 the country IN the five pre-
eeding years. Then where do We hne
ourselves
The alleged property Of the conn
try had added To It's normal inefeass
10 values substantially fourle sn billion
dollars capitalization that represent 20
no value 81 any kind. The only as
sets back of this fourteen billion dol
lars was from the following sources
II Il were railroad securities. then th'
hasin was the hope that the power
to merge railroads, and with com
bined managements destroy compet
ton. and enable the raising of rates C
the shippers 70 such an amount az
10 make these watered stocks take OF
actual values by virtue of unjust an'
abnormal earning capacity II the,
were the stocks and bonds of mana
featuring plants. then the infate'
values were based upon the hope tina
tha party tc whose success they hat
contributes their millions ror cam
paign purposes would maintain th'
ANMILAI AAAAM AHNN ~ OF W. f'NtN-Hf
capitalization as 20 the leading asfe
OF the SO called protected Industry,
and Il you doubt that these condition.
exist, iei me refer you 10 one or wv
cxempleai
Steal companys Steal
In the beginning OF this period o
which speak there were a large mum
hr Of steel ana iron factories througl
out the tnion The protective tariff
shut ont fureisn competition, but iarg
number of home Industries hreeds
competition with one another As
means ef destroying this e7mpeut'oi
"a home. tbe great United states Stee
Company was Incorporated In l9o'
and today this company owns on
hundred iwqnty odd plants IN nor
than dozen different states, an
snppoits a capltllzation OF fourtee
hundred and forty million dollars, an
chellenge any of rs defenders, II
have such. TO show me that this con
panf ever owncd four hundred IN
forty million dollars OF actual value
"a has given itself 3 broad name Nh
i'nHcd States Steel Company, an
vixen travel from ocean % ocean, an
see the products 0f some of IT. mil