New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-01
PARIS STOCK GAMBLING
Whole French Nation Apparent.
~ Drawn Into Dangerous Game.
RULES MADE MORE STRICT
In Times of Crisis Such as That
Recently Provoked Ex-
perts Hold the Field.

Paris Nov. 22.-The recent succession
OF financial crises on the Paris Bourse has
swept away a great number of small
SPECTATORS and caused many victims
The Paris market is now very much more
sensitive to sudden shocks, because the
financial interests are no longer in the
hands Of few great capitalists. The
speculation on a great scale characters
tic OF the Bourse of half a generation
ago has been replaced by the operations
of an army of small investors, attracted
by delusive prospectuses and irresponsi-
BILE company promoters and dealers. to
speculate with their modest savings, and
against whom the rigorous regulations
drawn up by NJ. Klotz Minister OF Fin
ance, are directed.
The new regulations require that all
prospectuses must bear the signature OF
responsible persons, that the statements
advanced be supported BY facts and fig
ures the sources Of which are open to
public verification, and that persons issu-
ing prospectuses that do not conform to
legal requirements shall be liable TO heavy
fines or Imprisonment. This measure IL
received by practical business men with
incredulous smiles, and the feeling among
bankers is that government interference
does more harm than good, and no iegu-
lation can be so worded as to prevent the
overconfiding investing public from being
gulled by clever, INSCRIPTIONS agents.
At all events, the vast increase of ire
sponsible stock gambling in Paris calls
for some drastic remedy. The telegraph,
telephone and cheaper and more expedi-
tous postal service have brought stock
gambling operations within the reach Of
ALL Branches of credit institutions are
now established in the smallest provincial
towns throughout France. These local Of
fees solicit transactions OF every KIND OF
financial and industrial undertaking.
Now that the French rentes yield such
small returns. the thrifty small capital
lists seek to increase their little piles OF
savings and to increase their meagre in
comes by speculation on the Paris Bourse
and this passion is already SO widespread
as TO cause great alarm Indeed, stock
gambling has become almost as baneful
as It was during the memorable bubble
companies Of credit OF the eighteenth CEN
tury associated with the name OF John
Law. But in this rush 70 gain a little
more money by speculation with their
savings thousands of men and women all
over France have been ruined by the
crisis On the Bourse caused primarily BY
the Balkan war.
The only persons available 10 advise
these investors are the Intermediates,
who are often irresponsible clerks in the
local branches Of the big credit institu-
tons, who leave their customers in the
lurch as soon as a panic threatens their
positions AT such time all the local CAL
culations are upset by the rapid march
Of events Those whose advisers are TOO
far away from the financial centres are
unable to act in time 10 avoid heavy loss
or ruin.
II il impossible for the 70 Official
stock brokers and the 10 'coulissiers.' or
outside brokers, OF Paris TO exert con-
trolling influence on the market in sucn
times OF acute crisis as have character
lied the Bourse during the last two
months. Speculation then ceases, trading
for the account is abruptly stopped, ana
only the stock gamblers hold the field
and play their game OF hazard on the
market according TO the hourly fuctua-
tons OF periods OF emergency. which. ~
events on the Bourse prove. are the gold
ell opportunities for INSCRIPTIONS stock
gamesters. c. L B.