The Spokane press. [volume] (Spokane, Wash.) 1902-1939, 1909-01-14

perhaps two billions for itself ey
BY w. G. SHEPHERD
Special correspoadsnoe to The Press
NEW YORK, Jan. 14.-"Hey.
there!"
1t is a policeman speaking. His
head is thrust into the doorway
OF a gambling house. The men. sit
ting about the tables, turn to look
at him. Quit stacking those cards.
Put those loaded dice away. I'll
report you for cheating, IL you
aren't careful" shouts the police
man. excitely. The gamblers .ap-
pear aggrieved..
"No cheating" he orders, as he
departs. This must be on the
square," ....
And the. gambling games go on.
,0hinn%aHsA ' S'f' q ''ASe""'' 20"
But wait until you see the work
of the policeman whom Governor
Hughes of New York has appoint
ed to peep into the Wall street
den. ...
This policeman Is a commission
of nine business and professional
men. Its head Is Horace White,
editor and student of finances. He
Is the only member of the commits
sion who Is permitted to speak for
publication. He knows what the po-
liceman is going to do. Strangely
enough, he admits that the police
man won't 80 back to headquarters
and report that in Wall street he
found gambling den. The report
of the policeman WILL in all likeli
hood, be that he found the gam
blers cheating, more or less.
In the first place this commits
sion has no power to order anyone
to testify. The nine members, who
expect to work three months, have
agreed to spend, out Of their own
pockets. the sum of $500 to defray
expenses. Governor Hughes has
no funds for them nor has he the
power to give them power Of
subpoena.
THE president of the stock ex-
change wrote to me and told me
they would turn over to us all the
books and papers, said Mr.. White
to your correspondent. THE stock
exchange has been doing the same
thing we are going to do. For in
stance, they have investigated the
"A. o. Brown failure. the Marshall
Spader case and the Mcintyre case.
The stock exchange has made no
report on these investigations. but
has turned over to us the dOCu-
ments In the case.
=, THE cotton exchange and the
produce exchange also volunteered
to give us all the Information they
have AZ hand. The produce ex-
change win be Investigated first"
'~ --------- w
SO far the policeman was merely
telling about the trip he intended
TO take to the gambling house.
"In the stock exchange investi
cation are you going into the ques-
ton of what constitutes the differ
ence between, legitimate trading
and gamblins? asked.
II suppose that will be gone
into"
IFS there any possibility that
the commission will report that
majority of the trading Is action
able under the laws to prevent
gambling.
Read the policeman's answer:
81 don't think we shall brand
Wall street business as gambling
The next instant the policeman
began to argue.
do you call II gambling II I
buy 100 shares of stock, outright,
and hold 1t until 1t goes up 10
points,"
THAT isn't gambling replied
the interviewer. That's a
straight Investment"
Suppose then" continued Mr..
Mhae. II deposit with broker a
10 per cent deposit on 100 shares
Of stock and he buys the stock out.
right and holds 1t for me, putting
It In a bank, until can borrow
money to purchase It. Would you
call that gambling"
Eyes" replied the newspaper
man.
'"Why?' asked Mr.. White.
because II the stock had gone