The silver state. [volume] (Winnemucca, Nev.) 1909-1925, 1910-02-19
HIGH PRICES DUE
TO STOCK GAMBLING

The source of high prices and the
origin of all of the panics in the Unit
ed States for the last fifty years is un-
erringly traced to Wall street and
especially to the New York stock ex-
change. Even at the present moment
the papers are filled with sinister com
ments and suggestions Of what Wall
street will do in case there are adverse
decisions against the American To-
bacco Co. and Standard Oil Co. by the
supreme court of the United States
The feverish condition of the stock
market bears this out. 1t is claimed
theat the money trust has practically
served an ultimatum upon the presi-
dent, who appears to be quite uneasy.
1t is within the power of Wall street,
especially the New York stock ex-
change, to decide whether we are to
have the most prosperous year in all
lines of business or another panic. If
the New York stock exchange were
closed up and their operations prohibit
ed, as national menace, and the bust
ness of the country allowed to follow
its natural course, we would have un-
bounded prosperity this year, for the
conditions are ripe for it. Why seek
for high prices of food, clothing, ETC.,
by investigating trusts, when the trusts
justify prices by pointing to New
York quotations as the barometer that
regulates prices? Another line of
investigation would show that the
members of the trust control the stock
exchange and manipulate the prices to
suit themselves. Otherwise how could
four concerns control the meat busi-
ness to the extent of seven hundred
millions of dollars yearg There is
no chance for an outsider to compete.
When they want livestock, Wall street
says its law, and the farmer must sell
at the price quoted. When the live
stock is secured and turned into pack
ing house products, Wall street informs
the world that "owing to a scarcity of
livestock, lard, meats, etc., are steadily
advancing" and the people are told
that fsupply and demand must regu-
late prices" omitting to mention that
the enormous cold storage plants rep
resent the greatest medium between
actual conditions The worst system
of gigantic lottery or dozen Monaco
gambling hells combined could not
equal the national and international
losses and stealings of this New York
stock exchange and its allied bucket
shops. 1t has degenerated from use
full medium, between producer and
consumer, to an absolute menace to the
nation. And what is itf 1t is private
club, ruled by a house committee. It's
membership is limited to 100, and the
seats are worth, all told, about $780,
100000.
To pay interest on that sum, cover
expenses and provide incomes for
100 men and their thousands of part
ners a great volume of business is
necessary. Stocks and bonds of the
value of $22, 1857 ,254 900 were sold last
year in this one exchange, or six times
as great as all the saving banks de-
posits of the country and six billions
vreater than the yearly product of all
the vast manufacturinf industry of the
country The house committee, repre-
senting this great autocratic 100 mem
bers, virtually dictates to congress, and
now the supreme court OF the United
States, the financial and industrial
policy of the nation. 1t is higS time
that congress should go deep into an
investigation of the New York stock
exchange.