New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-30
bRUN GLAD TO RETURN WOULD "GRADE" STOCKS
With Interest Limit Gambling
Could Be Stopped, Says Pastor.
STATE HAS NEEDED POWER
Exchange Can Purge Itself, He
Declares, and Give Honest
Man a Chance.

Orange. y. j.. Sept 2a-Thc Rev. Or.
Adolph Roeder. pastor Of the New Church
OF this city. suggested in a sermon against
stock gambling to-day that industrial
stocks be distinguished from other kinds
that the different kinds OF stock he
graded" and that interest limits be set
for each kind OF stock. In that way, he
said. the stock gambler could be climi-
mated.
His sermon was an application Of one
he delivered a week ago, In which he
merely touched on the stock gambling
evil. He developed the subject to-day. he
said. In response to requests.
1T is not assumed that every man
handling stocks and bonds is a gambler"
said the preacher. ''or rogue. Far from
IT, The percentage Of dishonest or over
eager people In the ranks OF stock brokers
playing the game in Wall Street is no
larger than the percentage OF oycreager
gamestcrs and card sharps in ordinary
games Of cards-brldge whist, for In
stance"
lie continued:
For the honest man no rules need be-
made and no legislation need be enacted.
But for the protection of the honest man
from the occasional sharp and gambler
there must be legislation. Legislation Is
always for the weak member. The strong
one does not need IL. He is honest. strong
and fair without Il and despite II.
Eliminate the gambler from wall
Street and give the honest stock broker
a chance And let Il be done BY the Stock
Exchange itself, since that body can mako
rules for the admission or rejection OF
members and knows more about the
handling OF stocks than others. II IL
shrewd enough TO wink at dishonesty.
marked cards and loaded dice in stock
gambling. IL IS therefore shrewd enough
to make laws for the maintenance OF non
esty
The general tradition among the people
Is that the Stock Exchange Is sufficiently
shrewd to hold Itself outside OF common
and statutory law and that II has always
been law unto itself. IL must therefore
be looked to to make such laws as Will
thoroughly purge its thrdshing floor and
give the honest man a chance. The hon
est man Is In the majority and IL IL Grim
inally wrong not 10 give him a chance
lican land by laws other than republican:
that IL. laws that favor the few as against
the many.
Eliminating from the stock market en-
tlrely, DR.. Roeder said, and reserving for
other treatment all values represented by
land and water, four distinct sets OF
transactions are left which hitherto have
not been recognized. He then went on as
follows:
The first class handles crude products
and leaves II in the crude. II involves
only one operation. The second involves
more than one operation. larger eXpendi-
lures, more labor and more skilled labor.
The third class is stock Involving agen-
cies OF transportation, and covers rail-
roads, steamships and go forth. II in
wolves leaving both crude and manufact-
ured product as II IL. but relates II TO the
elements OF time and space by transpor-
tation. The fourth class Is stock repre-
senting the simple transfer of money or
credits.
There are four kinds OF stock, and they
have all been handled as though they
were one kind. Hence inextricable con-
fusion.
When limitations are placed upon deal
ings I'm stocks. as they must needs be
before We get very much further. let
these limitations be graded within reason
to fit the kind OF stocks limited
In closing Dr. Roeder said II the state
had the right to create n legal interest
limit and say that money loans should be
limited in interest to and or "a per
cent that pawnbrokers should be limited
TO y per cent, and that loan sharks should
be eliminated then It certainly had the
right TO say TO a corporation:
Your rate of interest is limited to such
end such figure"
Then the state. he said, might suggest
that all beyond that he reinvested in bust
ness for the purpose Of cheapening the
product, adding to the comfort OF work.
men and so forth. rather than given to
undeserving people and creating bureaus
Of charity on the one hand and useless
wealthy parasites on the other.