The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1929-08-10
Bishop Cannon Explains

f the unholy heretics who criticised Bishop
James Cannon Jr. for playing shs Wall Street market
are not ashamed of themselves after reading the
good bishops defense of stock gambling there is no
shame in them and their souls are past salvation.
There was time when Methodists were taught
solen1nlv that dancing, drinking, gambling, and
theatergoing were sinful inventions Of the devil and
that those who thus sinned were lost souls. In fact
Bishop Cannon himself must have got that same
inspiration concerning human perfection in his plous
youth, for he says:
Ct had been brought up with the general idea OF
country and small town people that all trading IN
Wall Street stocks was gambling, but I was COM
PEELED to face the question in practical fashion as
vsualized in business men of reputation and stand
ing, not only in the community, but in the churches
Just what the devout bishop means by this is
made clear when he explains how he first came in
touch with the practical side OF stock gambling
through the head of firm OF Wall Street brokers
who was prominent layman of Centenary church.
Richmond. chairman of the board of stewards, sew
eral times delegate to the general conference
"at whose home the bishops of our church usually
were entertained when in Richmond"
He frequently was invited to lunch with this pous
Iavn1an at his Office where he met prominent bust
ness men, From conversations which heard says
the bishop who was getting his eyes opened, /
understood that these business men bought and sold
stocks bonds real estate and other articles OF value
for investment or for resale for profit, without queS
ton on their own part or without being questioned
by any one else as to the morality propriety OF
such business transactions
But the willy old devil didn't put all his eggs in
one basket He sicked on the weakening bishop the
head of another Wall Street banking house." which
bought and sold stocks for its customers. This pious
banker and broker, Bishop Cannon says, was man
Of great pfety the president of the Virginia Bible
society, and, if I remember correctly, went nearly
every Sunday afternoon to teach the convcts in the
Virginia penitentiary"
Without going further into details of Bishop
Cannon's explanation of how he came to play the
market it is enough to say that the devil finally &C
complished his iendish designs and the good bishop
fell from Methodist grace-if to play the market is
falling from Methodist grace.
First. he was tempted to buy lots and sell them at
q nroht Then he bought stocks ION the irstallment
plan" and sold them when the market rose and
pocketed the profit and finally came the revelation
that he was regular and favored customer OF
bucketeering concern now under legal mVeSVgauoh'
Considering Bishop Cannon's great influence, it is
fair to assume that there will be a hoeralzing
process at work in church circles that Will moolly
some of the old prohibitions against gamohng' lor
Bishop Cannon himself says that II the clulch NC
clares stock trading immoral it then should eliminate
from membership heads OF stock exchange houS7e'
clerks bookkeepers and the working forces OF these
houses and all men and women who buy and sell
stocls listed on the New York Stock Exchange And
the good bishop sadly adds
certainly such action would result in very
greet elimination in a great many churches OF some
of the very best people in the churches
AS this is not desirable at all there Is nothing
left but to accept the amended Judgment OF Bishop
James Cannon and class stock gambling as not only
good business but first class morals. Times change;
so do bishops.