Albuquerque morning journal., 1916-10-31

'''e VNCuaIbe accompanied hv rec
concentrations for comp issory ncor-
poralion and other LEGISLATION calcu-
lated to correct the evils thai were
uncovered
Following this investigation and
as result of It, the Now York loyie-
Iature, in 1913, enacted laws aimed at
STOCK manipulation and other of thc
abuses that had been exposed but
mere again the malign influence Of the
CNchahse proved too pow erful to per-
mt oil the genuine and drastic re-
iorhiS that are required, whilst the
nlil recommended by the Puio COM
tee"
Report of Commi sion.
Mr Untermyer quoted from the
report of the Hughes commission ad-
missions that large part Of the busi-
ness OF the stock exchange amounted
TO virtual gambling" and read nu-
nerous newspaper reports and COM
ments after the publication of the re-
Port to show that Wall street did not
lake it seriously one such article in
the New York World. then friendly to
Mr. Hughes, said.
Wall street griuned Yesterday. The
reason was that the report made by
Governor Hughes committee on Sc
curties and commodities was found to
be virtually nothing more than
transcript of long list Of SUCCESS
uons made TO the governors commits
sion by a committee from the board
of governors of the stock exchaugc."
q IA
Not a move did Governor Hughes
make during his second term Of Of
nee T.s exchange has been con
Ncled ON ats own showing, by the
verdict Of his own commission, Of
knowingly COuntenanCing and permit
ting transactions that constituted al
large part Of its dealing, which were
not more respectable than those Of a
crooked gambling house, but the in
veSting public, to which its legitimate
facilities were essential, and which
was the victim of these dishonest
practices, was sentenced 10y the gov
ernor's action to he left without re-
dress until such time as the exchange
should see fit to reform itself, which
would involve cutting off the bulk of
the business of its members,
AbicCt Surrender
"Why did Governor Hughes volun-
tarily make this abject surrender at !
that critical time? why did he not
stand upon his message to the legis
lature, calling for the usual public |
legislative investigation? He knew
that he could have commanded such
an investigation. He was not without
experience in legislative INVESTIGATION, /
No one knew better than he that in /
a secret inquiry of that kind, relying !
entirely on the information that the /
exchange chose to furnish without
counsel or funds or the aid of pub /
hultN, or the right to subpoena wit |
nesses or place them under oath, or /
to require the production of books or |
papers, he could never expect sub /
standal results. The net outcome |
must have been worse /
than no investigation, and this proved .
to be the fact. Why, then, did he be-
come a party to choking off this /
much-needed inquiry?
The gas company was not invited |
to reduce the price of gas
after secretly investigating itself to
determine whether it should do so. 1t I
was compelled to do so. Neither was
it left to the life insurance companies
to determine whether their manage
ment and methods required reform.
"Why this tender discrimination in
favor of the stock exchange, that re-
suited in its complete immunity and I
the death-knell of its much-needed |
leforms?
This incident in the public career
Of Mr Hughes is quite consistent with |
other parts of his record Through
out his terms as governor he general
Iy managed TO land on the side Of the
vested interests. He always found a
plausible pretext for doing so"
Mr. Untermyer then reviewed GOV.
arnor Hughes veto of the tWo-cent
ARE bill, the Coney Island five-cent /
fare bill. and his attempt to prevent
the ratification of the federal in
come tax amendment. He charged
hat Governor Hughes apparently
assumed that if he succeeded in M:
contention against the income tax
amendment. he would put back the
,nactment of an income tax for anoth-
or ten years or so.
where and how anyone ever con-
,eived the idea that there was any
hing progressive in the make-up or
.ecord of Mr.. Hughes is beyond CON
,eption.
Gambling stopped Temporarily
"True, he temporarily stopped gam
ding on the race course, which has
,ince been resumed, but there was not
much i'm the way of power behind that
.orm of vice When it came to in
.estigatinr or stopping the dishonest
Which IS IKE playing wii6 Loaded @ dice lice
y harmed pIT, G'' protection and support of