The times-news. [volume] (Hendersonville, N.C.) 1927-current, 1933-05-19

sold for upwards of S125,OOO since the ne" Slaus"
ter started, or $4,000 more than the same thing
brought several weeks ago.
Even seats on the Cotton Exchange have Jumped
So 900 and are now bringing $4,000 or more.
Seats on the Coffee and Sugar Exchange have
jumped $500 and now around $4,000. Seats
on the Cocoa Exchange have risen $500 and are
now around $4,000. The prices that the gamblers,
or brokers, will pay for these "seats" is proof
enough that rich pickngs are to be had and that
still richer pckings expected.
So. at any rate the government is not going to
be asked to furnish money directly to Wall Street
to enable the gamblers to continue in the business
of gambling in the necessities of life. We know
that the banks of the country back at the time OF
the last boom, in 1929, did let the Wall Street
gamblers have all the money they asked for to
gamble with at high interest rates. Legitimate
business concerns had trouble getting money, but
the stock gamblers and spectators never.
The Federal Reserve system had been created
in order to hold a restraining hand over banking
and finances. Both the public and the banks had
faith in that svstem-but this was misplaced con-
fdence.
Even the American Bankers Association in
statement inst made themselves denounce the
Federal Reserve system for failing to prevent
money panic during the present bank crisis. The
plan failed to work, because the system was too
loose-jointed Apparently it was a case Of save
himself who can"
It is not likely that the people of the United
States are going to sit by again and see their
savings of a lifetime turned over to the specula-
tors to gamble wth-whether this speculation IS
in the form of preferred stocks, common stocks,
curb stocks "rights" Investment trusts" bonds,
or securities" under whatever guise they are Of
fered Wall Street gamblers have been watching
Washington with one eye while thimbe-rlgglng
their new victims for there threats that these
swindling games not going to be allowed 10
90 on with just the same lack of oversight as IN
the past. Inquiries are being started INTO ther
operations and methods, and we are no doubt all
set for series of exposures.
OF course, stock gambling is not going to be
abolished. If the gamblers couldn't have their
stock exchanges or their curb exchanges or their
local exchanges in every city, they would meet OUT
behind some building and start up land-oflce
business.
A new crop of suckers is being born every min
ute and in a populous country like ours this means
plenty of fresh victims Quite big new crop has
been grown since the crash of 1929. There are
and even smart young girls, who are convinced
that thew can make money much easier by gam
bling in the stock market than by doing worthy
labor And these new gamblers are already CON-
ing to the slaughter in large droves.
Then there are the old victims-the ones who
have been induIging in stock gambling ever since
thew were old enough to read the stock quotations,
and who are always coming back for more. They
Of +ha
tried, but they still believe that by studying the
quotations closely enough and buying at the right
time and then getting out at the right time they
can beat the system These old offenders are
SCARED with the wounds of many battles-but
thew are never scared enough to keep out of the
game.
You might be tempted to call this slaughter
If the innocents'-but they are none of them in
nocents. Every person who dabbles IN STOCKS OK
meets to make an easy profit" They know full
we'll that that profit has to be taken out of those
who lose-many of whom have had to borrow,
beg, or perhaps steal the money to protect the
shares which they have bought margin. The
victims all believe that they are smarter IMAM
those they make their money from. 1t IS purely
skin game in which each player hopes to cheat the
other.
Of course legitimate stock selling mas us placs'
Stocks and other securities have to be marketed n
large volume in order to aid business But most
of the transferring of shares on the stock exchange
are gambling Observation-Disclosures to be so, and
nothing else
Many of our most prominent big business con-
Germs have been lured by this temptation OF easy
money" to manage their businesses primarily Tor
stock selling purposes instead of for the purpose
of serving the people. Even our utility companies
are largely dominated by this idea. The sleuths
are on the trail of the ofendersbut in most cases
the barn will be locked AFTER the horse has been
found stolen, whereas it ought to have been kept
locked BEFORE-The Pathfinder