The Montgomery advertiser., 1909-06-21
Wall Street Gambling, Will
 tt Alone Cure HseH

continuous influx of new customers re- | placing those whose losses force them out of the Street" this costly mechan- | ism of speculation could not be main tsined on anything like It's present scale" R the commission confesses ~ that for the Sceptical as to the efficacy of legisla- ton, it appeals first to the Stock Ex- change itself. whose governing power bers. In its opinion the Exchange
 l. Prevent brokers from soliciting smaller mafgin 'ii than 20 per cent. ?. Prevent such gross manipulation I of securities as has for its object the sreati9n of high prices in order ,s atori to in sion of prices in order to induce the public to sell.
 8. Exert sharper action to prevent wash sales and matched orders. | 4. Supervise brokers more carefully. | with a periodical examination of books to prevent firms from doing business
 5. Enforce greater publicity as to the affairs of corporations whose stocks are listed. exacting a statement from persons offering stocks for listing to show how much cash was paid in. q description of property for which stock was issued. what commissions were paid to promoters and vendors. etc. O. fices, compelling customers to do busi- ness with the main office. [. Reform the curb market. which is dependent for s5 per cent of it's busi- ness upon members of the Stock Ex. change.
 the basis of reasonable small unit, say 100 shares of stock. g. Give the Board of Governors power to decide when there Is a corner and to fix settlement price.
 10. Abolish unlisted stocks except for temporary purposes.
 'Tt is vain to say that a body pos. sessing the powers of the Board or Governors of the Exchange. familiar generally acquitted with the characteris- ties of members. cannot improve present conditions
 I. Make it larceny for a broker to sell securities for which a customer has paid in whole or part, except upon the customers default.
 2. Secure better control of holding companies which represent 'the great est concentration or power a m a, podra haina lessness on the part of shareholders. and which exercise power never contemplated or imagined when joint. stock companies were first leganzea
 3. Make it a misdemeanor to issue financial prospectuses. circulars or advertisements which are known to De false TOT WHICH LHGEc 6kC ho ACe-oes&- able grounds for believing them to be true, and compel newspapers printing financial advertisements to obtain a signed statement from the advertiser accepting responsibility for the al- legged facts presented.
 Make it misdemeanor for a broker to continue in business after he is 1nsolvent.
 5. Relieve telegraph companies from their obligations as common carriers Tn transmitting quotations and make them criminally liable for bucket-shop ser vice. its Judicial presentation of facts. and In its impressive warning to the gen. eral public to keep out of Wall street and steer clear of speculation. which when carried on by persons without means and experience 'in its nature IS within the same class as gambling upon the race track or at the roulette table, but Is practiced on vastly larger scale."
 Whether the Stock Exchange can be trusted to reform itself is a matter Of comparative credulity.. It was Patrick Henry who said: 'I know of no way of Judging of the future, but by the past"