The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1913-09-02
STOCK EXCHANGE
IS CRITICISED
SENATOR CUMMINS ATTACKS
1T AS ONE OF GREATEST
VICES OF THE DAY.
Attack Came In Support of An
Amendment To Tax Property
Sold and Not Owned.

WASHINGTON. Sept Short
selling" on the New York stock ex-
change. the Chicago board OF trade.
and on cotton. produce and stock ex-
changes generally. was attacked bv
senator Cummins in the senate today
as one of the greatest vices" OF the
day and as "a menace that threatens
The industrial and financial strength
OF the country"
Supporting an amendment he had
offered TO the tariff bill, proposing a
ten per cent tax on all trades where
the seller did not actually own the
property sold. Mr. Cummins, backed
by several other Republican senators
delivered vigorous criticism or
stock and produce exchange opera
tions and urged that congress do ITS
utmost 10 discourage or prohibit ne
titious trading. which he character.
lied as gambling"
The Cummins amendment was of
fered as substitute for the cotton
futures TAX proposed by Senator
Clarke. OF Arkansas. which would i'm
pose a ian Of one-tenth of one cent per
pound on all trades in cotton for ia
iure delivery. Senator Cummins i'll
sisted that IL was more important "a
restrict aud prohibit fictitious trading
IN securities and general produce than
10 simply regulate cotton trading
The entirs question Of futures
finally Was referred back 10 the Sen
ate finance committee for further con
sidcratiou.
Cited Transactions.
Transactions ON the New York
stock Exchange for 1912 were cited
by the Iowa senator TO show the eX
tent of the gambling which he de-
ciared was breaking down the moral
tbre OF the business community and
saddling immense burdens upon the
public in the way Of fictitious values
in stock The sales Of stock Of some
railroads and industrial corporations
he declared. had from II 20 as high as
-, times tho entire stock issue of the
road. while but a small proportion OF
stock had actually changed hands
Most OF the sales on the New York
stock Exchange are fictitious" he
said. Thousands Of men have been
wrecked in fortune and their moral
fibre broken down by the methods en-.
ployed. II has been the chief factor
in imposing on the people q great vol
ume % watered stock upon which they
must pay dividends for years iu
come"
come
"One-half the railroad stock OF the
country represents water: az least IL
did az the time ~ was issued More
than Ouo-half the stock OF all the Iarg.
or industrial corporations has no fouu-
datiou in value IL represents the i'm
moral disposition and the marvellous
audacity Of the men instrumental in
putting h ont.
Should Be Restricted
Senator Cummins declared the
stock exchange should be- restricted
20 actual sales.
lie declared the old Louisiana lot
tory was q pink tea compared with
'h orgy ~ VICE represented In the
stock exchange
II am ir favor ~ putting an end to
'he miserable iniquify i'm New York. '
said Senator smith. of South Carolina.
'hut IN putting 4 out Of business do
NOT want 10 hurt the producers Of cot
ION
Senator RaredeU Of Louisiana. oh.
icc'cd 20 the designation of the New
orl"nr- Cotton Exchange as a para
e'tr" ~ fho Now York exchange
irorress IN ~" tarif bill today was
limited to the consideration of many
i''we in tho chemical. earthenware
and other schedules ~ the hnI which
had tocn passed over in the first read.
ing ~ tho measure