Every evening, Wilmington daily commercial., 1920-12-18
Circulation Every 4 AOE0
Evening Yesterday i 1900
SATURDAY, DECEMBER 10, 1920.
The Evils Of Stock Gambling.

Our community was shocked yesterday
morning. at the news that the secretary
and treasurer of the Wilmington Savings
Fund Society had been arrested as de
sulter. for the embesrlement of good Sc
surities TO the par value OF SZoo,ooo,
which he hypothecated with broker rs
security in stock transactions, the losses
ev which operation are placed at hoout
sIooOoo. 1t is true that the public IN
general has become hardened in these days
10 stories of all kinds OF crime, especially
hat Of faithlessness to important tiduciary
trusts, which are printed in the newspapers
almost daily, but on e here at home, and OF
vuch character, came as shocking
revelation.
The Wilmington sa wings Fund Society
10 one of our most popular financial insti-
s,rtions. enjoying the respect and conh-
sence Of the community during ITS entlre
eustance of more than three-quarters OF
century. That this confidence is amply
justified is attested by the fact that this Is
nnlv the second instance of faithlesSness
bv trusted employe, and the other was
for sum much smaller sum-about
seo. oOo-which was fully made up. And
this later loss also will be made good, 80
that the institution will not suffer imam
sially. Nor should it suffer 70 the slightest
degree in prestige, as tie uniformly wise
and efficient management from the day OF
its birth has resulted in steady interest
profits TO it's depositors. and it possesses
TODAY securities of uDdoubted confidence
amounting in actual value 70 about
$4,000. 600
But the cr71x Of this unfortunate and
Iarnentable happening is that IS q result OF
the fever for stock speculation, and in this
connection it unerringly directs attention
to the manner ID which our city has been
afflicted with this gambling curse for
several years, especially since the opening
az the distracting World War. Only an
authoritative investigation could disclose
the extent OF the stock margin business
transacted IN this city. and also INDUCED
in by Wilmington people in outside mar
kets But that it has reached an ex-
traordinary extent Is not doubted.
And what good? In all the transactions
In our local market during the several
feverish years that have led TO this astound-
ing revelation, how many spectators have
really prufted, and how many have lost3
II cannot be denied that there are far more
in the latter class than in the former. And
what price must be paid by the losers
Even If they are not led into the natural
temptation 70 endeavor TO save themselves
by layine hands oD money thst belongs TO
othe-a and was entrusted 70 their care
with confidence in their honesty, they
have the self-reproach Of time wasted and
money lost, both of which, properly en-
pioyed. would have brought them favorlng
snd honest profit. And how many Of the
number Of losers. even though they have
svsded disgrace, have almost ruined
themseive. financially and imposed real
distress upon the families whom II was
their duty TO protect and save from harm
or deprivation?
While this kind of speculation is at least
within the law, and those who employ only
their own money incur no risk Of punish
snent save that which falls upon them
felves-or, unfortunately, upon Their
families-it cannot be included among the
many accepted avenues, Of trade and legIt-
innate speculation that are available at
all times 70 those who have money u IN
vest. It means nothing to the community,
even from those who may profit by the
almost gamblers toss of the daily stock
quotations. 1t does not advance the gen
eral prosperity to the extent Of dollar
On the contrary, every dollar lost through
its sinuosities and It's evasive lures Is OF
distinct loss to the community, waste OF
good capital that might have been en-
ployed in projects for practical better
nent.
1t lie hoped, therefore, this startling de-
nouement will incite TO a halt in the
reverish and unhealthy spirit Of rabid
speculation that has been so rampant
in Wilmington for a long time. II ie said
10 reflect upon the consequences OF this
development-the intense suffering it will
impose upon many innocent persons-but
II is proper to indulge in the hope that
out of such a grave and distressing evil,
good may come. IT will be something Tor
the future if our people shall throw off the
lure OF this and all other forms Of gambling
and invest their money in sound business
enterprises only Such change wotild be
for the good Of ALL