Los Angeles herald., 1909-02-07

per oL commerce of that mining town,
IN Whlch he was a pioneer, and held
TWO commissions under the late Gov
ernor Sparks of that state He has
Travelled abroad considerably. making a
Geep study of the immigration question,
In which also Mr.. Douglas is well in
formed.
Il regard the conditions in Texas as
Delng most favorable for the securing
or tremendous volumes of acceptable
immigration, said Mr.. Brewer. Eng
land is an especially desirable field
from which to draw many desirable
new settlers. Of the 100000 persons
there who are unemployed, many have
sufficient funds tO-Start them in a new
country like Texas, especially the gulf
coast section. They can buy their own
homes and would make excellent citl-
zens. Such a solution as this of the
problem of the unemployed would meet
with the hearty cooperation of the
authorities of Great Britain"
The great test of Lincoln's' leader
ship cagpe in his dealing with the fun
damental question of slavery as related
to the compact of the states, the per-
petuity of the Union, the very exis-
tence of the nation. The important
part of his political career before the
war had to do with this complex ques-
tion. This double problem made the
war itself and was dominant through
out its course. AS he called it, the
"perplexing compound-union and
slavery" had become indeed a "ques-
tion not of two sides merely, but of
at least four Sides" even among those
who were for the Union, saying moth
ing Of those who were against it.
There were" he said, those who
fr,. Tr,S0 =, 1v1A -
out Slavery-thoSe for it without, but
not with; those for it with or without,
but who ureferred it with: and those for
it with or without but who preferred
1t without Here was the maze through
which he must needs find his way;
these were the conditions from which
he was to work but salvation for the
nation, with the profound conviction
that whether slavery was or was not
Immediately eXtinguished, its death
warrant was already signed.-From
Lincoln, the Leader" in the February
Century.
eff you prevent, or even restrict, the
selling short of stocks, you will mani
testify, and in equal degree, restrain
gambling on the long side of the mar
ket," said Frederick S. Dickson in 1.-The
Poison of the Street." in Everybody's
Magazine for February.
Let the law then compel him who
I,ould sell short to describe in writing
and with particularly the thing that
he would sell. If it is stock, let him
give the number of the certificates, and
state in whose name they are regis
tered, and let him also aver that rhe is
the rightful owner of the stock which
lie offers for sale. Punish him if he
states that which is false, and punish
also the broker who accepts an order
that does not comply with these con-
ditions. The same course can also be
pursued in sales of wheat, corn, oats,
cotton, pork, and the like commodities,
and he who would sell them should be
able to state where the thing sold is
stored, and what markings there may
be on barrel bale, bin or car lot. What
hardship would this work on the man
who simply wishes to sell for future
delivery that which he owns? And
why should the law be tender to him
who strives to sell what he does not
own, to the injury of the real owner?
Most of the legislation that has
been proposed for the regulation Of
stock gambling evils contains only gen.
eral prohibitions against margin trad
ing. Buying more stock than one has
the money to pay for is no more an
event than buying real estate subject to
mortgage or borrowing money for the
extension of a manufacturing plant or
the development of a railroad. If a
man, therefore, wishes to buy stock or
commodities of any kind and pay but
a portion of the cost the law should
not interfere with him. The evil of
stock speculation as now INDUCED in
grows out of the fact that the gambler
is able to borrow more than the real
loan value of the stock, the excess be
ing furnished by the broker out of his
capital as an encouragement to gam
bling. The control of the loan end of
the collateral remains wholly in the
broker who uses both as if he were
the sole party in interest
Let the law then, while in general
prohibiting margin trading, also in par
ticular prohibit the broker from lend
ing any additional sum beyond the
bank loan, and insist that the broker
shall inform his customer of the num-
ber and description of the certificates
which he has bought, the amount of the
loan and the name of the bank where
the loan is placed. Make it clear also
that the ownership of the stock is
wholly in the customer. and that it will
be grand larceny for the broker to use
this collateral for his own advantage
the prohibition against margin trading
instantly effectual, and nothing short
of this would"
Prof Robert w. Wood of the Johns
Hopkins university has perfected an
inVention-baSed on a discovery-that
may revolutionize the present costly
and cumbersome methods of studying
c...oI- ,1;v.,.4;o oH,oroo. 49,, -.-o- ..vz4t