Albuquerque morning journal. [volume] (Albuquerque, N.M.) 1903-1926, 1913-09-02
Iowa Statesman Declares BuSI-
ness Cardodon by New York,
Chicago and Other tx
changes is Domorali7ing,
LOUISIANA LOTTERY
GOOD IN COMPARISON
a Toilette Secures Certain Re-
ductionS in Tariff Measure
Which Makes Little Progress
Toward Completion.

Toward Completion
lev sospiso Iouspsl sscui., ,t.ssu msni
WashmEtou. Sept l--"Short sell-
mE ON the Sew York stocl, cx' hange.
lhc Chicago board of trade and on
cotton. produce ond stock exchanges
generally WAS attacked hy senator
Cummlns in the senate todny. az one
ol the greatest Vices of the day and
0as "a menace thai threatens tho in
dustral and financial strength OF the
country
supporting an amendment he Ind
offered to the tariff h!ll. proposing "a
no per cont tax on AN trndeg wherr
the seller did not actually own tho
property sold. Mr. Cummns. hacked
hy several other republican senator's
delivered q vigorous criticism Of stock
and produce exchange operations and
urged that congress do It's utmost 10
discourage or prohibit fictitious trad
Ing. whieh he characterized as gam
bling
Thc eummins amendment was ef-
fcred as % substitute for the cotton
futures tax proposed by senator
Clarke, of Arkansas. which would Inn
pose tax of one tenth OF one cent
per pound on an trades in cotton for
future delivery senator Cummns IN
sisted that q was more important ~
restrict and prohibit fictitious trad
ing m securities and general products
than simply 10 rcguiatc cotton trad
ing
The entire question OF futures "a
ually was referred hack to the senate
finance committee for fvrthcr con.
sidorolion.
Transactions on the New York
stock exchange for 1919. were cited
hy The Iowa. senator ia show the eX-
tent or the gambling. which, he de-
clarcd was breaking down the moral
fibre Of the business community and
addlng immonsc burdens upon the
public In the way of ficutiois values
n stocks The sales OF stock Of some
railroads ana Industrial corporations.
ne declared had been from ton 10 as
high us twenty-five times the entire
stock issue Of the road. while but
small proportion of stock actually mad
changed hands
"MOst of the salcs ON tho New York
stock exchange are fictitious" no
aid thousands Of men have been
wrecked in fortune, and their moral
nlrc broken down by the methods
employed. It has boon tho chief fac
tor in imposing ON the people great
volume of watered stock, upon which
they must pay dividends for years to
come
"Onc-hnlf the railroad stock Of tho
country represents water. nc least Il
did nt the time Il was issued More
than onc-half the stock of all the
larger industrial corporations has no
foundation In value. II represents
the immoral disposition ana the mar
vclous mdacity of the men instru-
mental i'm putting II on These
stocks, with the burden tines impose
on the public never coulD have been
foistcd ON the putlic hut fer this
method of short sales
senator Cummins declared the
stock exchange should he restricted to
actual salcs. AS II rs now. II is not
"a place for the transfer Of actual com.
ho added IT Is place
whore experienced and reckless and
men balance their wits
II Is q place whore men Of great mon.
tai capacity. and oudacity, as we'll
fight "a battle for supremacy, employ
ing not the means which ought TO in
rmencc the price Of commodities but
every means which may tend to af-
feet the price Of things In which they
are dcaliug"
lie declared the old Louisiana lot
terry was pink tea compared with
This Orgy of vice. represented in the
stock exchange
senator Cummins took up the his
ory of the specific stocks to show
NE Influence Of gamblers, who
sought only their own advantage on
ho stock exchange His Figures COW
red the year 1912.
The Atchison, Topeka & Santa Fe
lad SlGS.i30,000 of stock listed on
he exchange he said AT the end
II the year IT'S stock holders had
hanged but little yet 100000
barcs had been traded in
The stock Of the 81 Paul road was
isted at &tIG3tSO0O yet the trades
mounted to $ti9.21100O and the
,rlees ranged from 99s to HIS a
hare.
There was no reason for this fluc-
uation. thcrc WAS but little change in
wncrship.' declared Senator Cum
lms
THE Reading roads capital stock
mounted TO $t3.4S0.000" ne contin-
ed, yet the trades were twenty-five
imcs that. or over St1it.000,0 900
took exchange brokers pretended to
ell three times the entire capital
tock Of the Lehigh valley road. and
aEsed back ana forth Sll9000,O00 Of
treat Northern stock, when there