The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1934-05-25
Liberal Viewpoint
-BY DR.. HARRY ELMER BARNES


r WAS struck by column which Joe Williams
i ran on the Kentucky sportsman Colonel f.
R. Bradley.
Mr.. williams tells us how the colonel was
summoned before the senate finance committee
by Huey Long and asked to tell "preclse1y WhaG
his business was. The colonel answered WlthouC
batting an eye: st am gambler Will gam
BILE on anything.
one NAV not regard gambling as noble
profession, though it is one of the Oldest,
Tactus tells us how the primitive Germans were
so addicted to gambling that, in desperation,
they would at times gamble away their own
wives.
Even if we do not hold the gambling pro-
fession in high regard one can certainly respect
the candor and honesty of frank and outright
gambler like Colonel Bradley.
AS I read the colonel's testimony, it impressed
me rather more favorable than the antics OF
certain high stock exchange officials who have
been sadly lacking in the colonels admirable
forthrightness. They have endeavored to hide
their gambling proclivities under the respectable
cost of sound and constructive business practice
TINE federal bill to regulate the New York
J. Stock Exchange bill are based mainly on
resentment with proposed interference with
irresponsible gambling Yet not one of the OPP
ponents of regulation has possessed the candor
of Colonel Bradley and been willing to call a
| spade a spade.
Under modern capitalism and in an advanced
| industrial era an exchange for the transfer of
corporate securities renders an indispensable
contribution to economic life. It facilitates the
sale of securities to those who wish to put their
money into this type of investment, whether for
dividends and interest alone, or to take adj
vantage, as WE'LL of possible appreciation in the
market value of the securities.
| THIS investment function of the Stock Ex-
l. change is the only service which this or
| ganization renders that is constructive and
necessary. Neither speculation nor gambling in
corporate securities adds anything significant
to our economic life, while both do great deal
| to make it less secure and dependable
One need not, however be fanatical op-
ponent of stock speculation, or even of stock
| gambling, provided the latter is honestly con-
Quoted. 1t is well to remember, however, that
stock gambling is far worse than poker, for ex-
ample. In the latter the players are not arbi-
trarily juggling pasteboards which represent the
honest investment of frugal savers.
A MAIN reason why one may entertain Iegiti-
n mate indignation with security gambling
lies in the fact that it is not fair gambling. On
the New York Stock Exchange the gambling has
been conducted with loaded dice.
Insiders, blocs and pools have manipulated
the market to their own benefit and have shaken
OuI Tile SuCkerS WHO nave D6ueVeQ JnaC the dice
were fair. No shell game at a county fair has
been more perfectly designed to shake down the
innocent believer.
The Exchange bill in way instrudes upon
those operations of the Stock Exchange which
may fairly be regarded as relating to it's invest
ment operations. Nor does the bill put any
serious crimp in speculative enterprise. The mar
gins required are no larger than most cautious
spectators should impose upon themselves
Viewed broadly it is certainly no exaggera-
ton to say that the bill does nothing more than
try to assure that stock gambling will be as fair
as bridge game in polite society.
The government merely demands that card
marking and dice loading by insiders shall cease
and that margin requirements be big enough so
that it will cost the "sharpers" good and plenty
to sell out and shake down the suckers
If the Exchange officials knew when they
| are we'll off, they would thank God for the
moderation of the Roosevelt bill
If they do not submit to such slight and
talr regulations of their purely gambling acti-
Vlt1es, the American public will some day rise
| up and strip away all of their gambling and
speculative operations and leave them with their
sole legitimate activity the sale of corporate
securities, for permanent investment.