The Fargo forum and daily republican. [volume] (Fargo, N.D.) 1894-1957, 1913-09-02
Louisiana Lottery Pink
Tea" Compared to Mod
ern Stock EXCHANGE
Continued From Page One.

Continued From Page One.
and prohibit fictitious trading in Sc
curltles n general produce. than to
simply regulate cotton trading.
The question of futures finally was
referred back to the senate finance
committee for further consideration. e.
Transactions in stock exchange for
i3lZ We're cited by the Iowa senator
to show the extent of the "gambling'
which he declared was breaking down
the moral fibre of the business COM
munlty and setting burdens upon the
public in the way Of fictitious values
in stocks. The sales of stocks of SELL
ers and industrial corporations he de-
clared. had been from ten to as nigh
as twenty five times the entire stock
issue Of the road. while but a small
proportion of stock had actually chang
ed hands.
Most of the sales on the New York
stock exchange are fictitious" he said.
Thousands of men have been wreck
ed in fortune. and their moral fiber
broken down by the methods employ
ed. 1t has been the chief factor in
uf1e OF Watered stock upon which they
must pay dividends for years to come.
"One-half Of the railroad stock of
the country represents water. at least
it did at the time it was issued. q More
than one-half the stock of all the
larger industrial corporations has no
foundation in value. 1t represents the
immoral disposition and the marvel
Gus ~auGacttv Of the men instrumental
in putting it out. These stocks. with
the burden they impose on the public
could have been foisted on the
public but for this method of short
sales"
Senator Cummins declared the
stock exchange be restricted to actual
sales. AS it is now. it is not a place
LOT n transfer of actual commodi-
ties" he added. ut is a place where
experienced and reckless and unscrup-
uIous men balance their wits. It is a
place where men of great mental ca
pacity and audacity as well fight a
battle Of supremacy, employing not
the means which ought to influence
the price Of commodities but eyerv
means which nay tend to affect the
PRICE of things in which they are
DEALING" ~
He declared the old louisiana lotterv
was a pink tea compared With this
orgy of vice" represented I'M the stock
exchange. E ~ Y E4
Progress on the tariff bill today was
limited to the consideration of many
items in the chemical, earthenware
and other schedules of the bill, which
had been passed over in this first
reading of the measure.
Senator La Toilette insisted that
two items in the chemical schedule
carried excessive duties. On n of
these, dextrine made from potato
starch, the senator's suggestion was
accepted and an amendment was in
~corporated into the bill, reducing the
duty from lk cents a pound to IL
|cents.
The / cent a pound duty Of chlor-
ate of potash, Senator La Toilette
said, had been reduced to u cent. He
added that an agreement had been
made with the powder trust NOT to
sell this article to the United States
government.
IF that Is SO, I think it should 20
to the free list" declared Senator
O'Gorman.
The committee rock the paragraph
under consideration.
A suggestion by the Wisconsin sen
ator that the duty ON peanut oil
should be reduced from 6 cents a gal
lon to a cent, as the former rate was
prohibitive, was not acted upon.