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THE ARGUS, SATURDAY, DECEMBER 2G. 1908.
Wide Power of the Commission Governor
Hughes of New York Has Appointed to In
vestigate the Mysteries and Transactions
of the Wonderful Financial District That
Affects the Whole World.
By JAMES A. EDCER.TON.
W TALL STREET U to be invent!
W gated. Wall street says it Is
glad of it. That makes it
Following his successful fight against
nice track gambling, Charles Evans
Hughes, sometime gas and insurance
prober and now governor of the state
of New York, hiter.ds to find out about
the mysteries of selling "short," pecu
lation on margius, looting of public
service properties through the stock
market, creating panics In the midst
of prosperity, fleecing lambs by get
rlch-qulck promises, betting on the
price of industrials and various other j
practices popularly included under the
name of stock gambling. t
To this end he has npiointcd a com
mission. Ilughes is quite as confirmed
In the commission habit as Roosevelt
is in that of using vigorous names.
Whenever Hughes appoints a commis
sion everybedy praises (he act in pub
lic, but in private some gentlemen
grow uneasy and jump sideways.
They recall the insurance mixup, a3 a
result of which certain hisrh financiers
are still residing in Europe.- You
never can tell what a commission will
dig up. Not that there is anything
Improper in the exchanges. Far from
it. But there Is a- certain class of
transactions, perfectly legitimate and
approved by custom, you know, that
the public might fall to understand.
Tt would have been better for the gov
ernor to have appointed some Stcck
liiffSliipf wmm 1
NKW YOIiK STOCK EXCHANGE AMI Tlll'.KE -11
KM UK US Of THE WAI.I. STREKT I-
Kxohange members on that coremis-
sion, say the stockbrokers. Outsiders
do not understand the technique of
'the street. Nevertheless we welcome
the Investigation, understand. But
It is In some such wise that Wall
street has been commenting on the
appointment of the commission. It
' approves, of course, but there is a
; lack of spontaneity and heartiness in
the approval. It is like a man trying
' to appear tickled when bis mother-in-law
Is coming. It makes whistling In
a graveyard a cheerful occupation by
comparison. Wall street is. not scared
not a .bit of it. But doublety-dcm
this man Hughes!
: There is more money represented in
a block or two on Wall street than uny
other like area of the earth's surface.
Now, do not get off that gag about
"Whose money?" or the-equally on-
vlous answer, "Everybody's." That is
not only old, but Is so near the truth
as to be positively rude. Truth is so
, unusual on the street that whenever
anybody tells it by accident the mar
ket sags. That is what makes people
uncomfortable about the prospect of
': this commission. Probers, and espe
cially Hughes probers, have a way of
asking direct questions" "and calling
for direct answers. If they succeed la
getting direct answers in the financial
ll district they will do more than the
brokers can do with each other.
There deceit is even a, higher and
more finished art than it Is In diplo
macy.. Men gather in millions by mak
ing the other fellow believe they are
doing something else. .
" Yells of the Money Had.
Wall street Is a wonderful place. At
-'" the head of it is a church, and there is
- no spot on the planet that needs a
v. tlmrch more. : I have jnst come from
there, nntl mv cars are vet stunned bv
- ; the veils of the lnonov mart. The
the yells of the money mad. The
Stock Exchange in action has all other
kinds of noises sounding like the great
To one who is not an initiate 'change
after 10 o'clock in the morning seems
like a combination of pandemonium,
bedlam, babel, a sewing society, a
football match, a boiler factory aud
general chaos. There five hundred or
a thousand men, who otherwise appear
to be quiet, respectable citizens, howl,
shriek, yell, rave, scream, bawl, rush,
jam, jump up and down and gener-
slly behave in so irrational a manner
that they would make a wild man or
a lluimkic lauti 10 iue woous to escape
the din. Yet to one who Is in the
game this confusion and clamor are
all as plain as A B C. They merely
represent the buying and selling of the
wealth that other people create. For
the class of transactions that beget
most of this frenzy they do not rep
resent eveu that, but only a wager on
whether given stocks will go up or
down, being on a par with placing
money on a certain horse, a certain
card or a certain color or number on
Dut man, proud man.
Dressed in a little brief authorltv,
Plays such fantastic tricks before high
I As rhake the angels weep.
I I do not know whether Wall street
j makes the augcls weep or not,-but it
, certainly makes them stop their ears,
i I do not believe angels venture iuto
CIIAKLES A. SCIIIEKEX.
! that thoroughfare anyway. If they do
they lose their money. I never have
seen an angel there except of the kind
that get behind actors, poet.-, play
wrights, artists. Inventors and other
irresponsibles who know how to'create
but not to appropriate, how to make
but not to take.
. Wall street is the pawning ground
of the tapeworm that has given the
entire country finnncial Indigestion
This worm is hundreds of miles long
and Is ticked off in ail corners of the
land. I fancy something like that has
been said before, but there is nothing
original about this stock gambling
game anyway, so there Is no need of
being too startlingly original In writ
ing about it. Practically all the tricks
practiced now are variants of the
I schemes worked by John Law and
Blunt in the Mississippi and south sea
bubbles. Even the term "watered
6tock" was invented by old Daniel
Drew, who used to sell cattle In New
York and In order to increase their
weight fed them large quantities of
salt. Salt begets thirst, and lust be
fore driving his' cattle to the scales
Drew would let them drink till their
sides stuck out like those cf n poisoned
pup. A man who can- sell ordinary
American water, even water ou the
hoof, for. real money has in him the
makings of a high financier.
No Halfway. Man.
Governor nughes is going to look
Into all of this. When he was pressing
hi-? race track bill he was critlcLsed on
the score that he was leaving alone a
much more irjurlons form of gam
bling, that -of the stock market.
nughes is not the sort of man to rest
nnder a charge like that, so he will
remove the ground for It bv euro
palgn .against the worst features of
speeulation. Wall street meu' profess
to believe that the governor proposes
nothing drastic, but will take ' some,
such measure regarding stock transac
tions as he has already taken on bank
ing. But those who expect him to
stop short of going to the bottom of
things and recommending sweeping
action If the facts warrant, as they
certainly do. do not know Hughes. He
is no halfway man. He means to get
the straight of things and to bring
them np to honest and decent stand
nrds at whatever cost.
A vast amount of the business In
Wall street represents the legitimate
buying and selling of securities.
Against this there has never been com
plaint.. What has scandalized the
country havc'Teen the buying and sell
ing on small margins, which do not
represent bona fide transactions at all,
but only a form of betting on the
turn of the market. Another glaring
evil that has called forth criticism is
the practice of selling "short" that U,
of selling what one does not own.
Many measures have been proposed to
end these two abuses. One is to In
crease the margins to SO or 40 per
cent they are now as low as 10
which would do away with most of
the gambling. Another proposal is to
put a heavy tax on all undelivered
stocks and even to penalize the selling
of more of a given stock than the
seller has in his actual possession.
There are other abuses in the street
that it is hoped the investigation will
bring clearly before the public. Al
ready Governor Hughes has moved
against the bucket shops, which repre
sented perhaps the most scandalous
form of stock gambling. In these the
margins were as low as 5 per cent or
Commission's Wide Power.
At the last session of the legislature
Governor Ilughes recommended such
an investigation, but xt was turned
down. He now proceeds to make it on
bis own motion, which he has a'perfect
right to do, without asking the legisla
ture auything about it In his letter
to the members of the commission he
gives them entire latitude to inquire
iuto every phase of the subject and to
recommend whatever they deem fit.
As Wall street lifEccts the entire Coun
try and indeed the whole world, the
wide power given to the commission
makes it one of the most important in
vestigating bodies in the history of
There are nine members, Including
editors, merchants, bankers, lawvers
and educators. They are all men of
the highest standing m their respective
fields, and some of them are of nation
Horace White, the first man named
and presumably the chairman, -vyhs for
many years editor of the New York
Evening Post, prior to which-' time he last one for the Roosevelt family, uh
was editor of the Chicago Tribune. He less Senator Bourne can induce the
was born in New Hampshire" in 1S34. I American people to give the head of
educated at Beloit college, in Wisconsin.
and has been a newspaper man ever
since the days of the civil war., He. is
lalso author of books on political econ
omy and finance.
Charles A. Schleren was formerly
mayor of Brooklyn before that city
I was merged with New York. He is.
one of the largest manufacturers of
leather goods In the country and offi
cer and director in many banks aud
financial institutions. He is also presi
dent of the Brooklyn Academy of Mu
sic and vice president of the Brooklyn
Institute of Arts aud Sciences. He
was born in Prussia in 1842.
A Stock Exchange llember.
David Leventritt was until recently
a justice of the supreme court of New
York and, although he had nearly four
years still to serve, resigned to re
sume bis law practice. He has been
a special counsel of the city of New
York and is a member of many char
itable institutions. Justice Leventritt
himself is a member of one of the
stock exchanges, but has not been ac
tive for years. He 4s a native f South
Carolina and sixty-three years old.
The Greatest Coat Sale of
Clar:; V.";!.l:uns is state superintend
ent of (tanks of New York and author
of the IIu?!cs banking laws of last
year. Though only thirty-eight years of
age, he has been vice president of an
Important trust company, president of
the trust company section of the
American Bankers' association and
chairman of its committee for the pre
vention of crime. ; ,. . ,
John Bates Clark Is professor of po
litical economy In Columbia university.
He har, held the same chair in Carle
ton -college. Smith college and Ara:
herst and is aujhor of several stand
ard works on the subject. " He was
also lecturer at Johns Hopkins. Pro
fessor Clark Is a native of Rhode
Island and is sixty-one years of age.
Wlllard V. King Is president of the
Columbia Trust company and n finan
cier of wide experience. .. While he
lives In'Morristown. N. J., his Inter
ests are all in New York.
Samuel IT. Ordway is a New .York
lawyer and was born there in 1SG0.
He is a graduate of the Harvard Law
school and a membor of one of the
largest law firms in the financial dis
Edward D. Page Is a prominent dry
goods merchant, a member of the firm
of Faulkner. Page & Co., of New York
Charles Snrairue Smith was former
ly a professor in Columbia and Is now i
president of the People's institute of
New York. He is a noted linguist, lec
turer and author, a native of Massa
chusetts and was born in 1S53.
This is the commission that is to
probe Wall street, find out all about
"wash" sales and other Iniquities and
tell Governor Hughes how to stop the
most monumental form of gambling
ver started on this small earth. If It
luccecds In squeezing all the water out
nf the street there will be an appreel-
able rise in New York bay.
AT TUC WHITF'Hflll-Fsubccts nor does lt Prefcent a social
HI I nL.Vl III I t' nUUOU'proi,iem f01. dramatic solution. It is
Z. ' I projected gather as a pleasing melange
Dr-ciw.nr Hac Fari, n,i.tmae of fun, frivolity .dance and song con-
Dinner on-Last Holiday in the
ashljigton, Dec. 2G. Christmas at
the national capital was marked by an
almost complete cessation of business.
both official, anji private, and in its
stead there was substituted the time
honored observances of the gladsome
nay. Nature combined to give added
effect to the joyous occasion by cover
ing the city with a mantle of snow,
and the jingle of sleigh bells was
Most of the cabinet folks remained
, in the city to participate in-the day's
! festivities. "
1 Christmas at the White' house, the
I the family a "second elective" term in
191 6, was devold'iof interest for the
outside world.- " - - - ;
The whole family met at the family
table at the luncheon' nbur,' just about
the time 99 per cent of the American
people were eating their' Christmai
dinners. That middle of the day
dinner 'was made necessary by the
desire of President and Mrs. 'Roose
velt to dine with , the president's sis
ter, Mrs. Cowles''and her husband,
Rear Admiral W. C. Cowles.
BEATEN, ROBBED, BURNED
Aged Recluse in Virginia Psrishes
When Thieves Fire His House. -
Richmond, Va., Dec. 26. J. A. Golla
hon, 75 years old, or Broadford, Smyth
county, a little town near Saltville, was
beaten, robbed and incinerated in his
own house, which was set afire by
tramps who are thodght to have known
that the old man had money around
the premises.- Gollahon, though a re
cluse, was well known. He rarely left
his home except to get his meals at a
near-by farmhouse. --'
Season begins at
The most Sensational "price cutting on Women s. Mis
ses' and Children's Coats that has ever taken place in the
tri-cities starts tomorrow morning at our store. Every
garment in our entire stock included nothing restricted
every late season style represented.
up to 7.50
"for coats that
cold up to 11.25
If you are etill a prospective buyer of a coat, tkis it certainly your opportunity one that
you' cannot possibly afford to pass by. . . s - - j
Sizes 2 to 12 yrs Children 'S & Misses CoatS Sizes 14 to 18
Greater values than we are offering in Children's and Misses' Coats are impossible. -
$2.50 for $3.75 and $5.00 Coats $3.75 for $6.25 and $7.50 Coats
$5.00 for $8.25 and $l6l0Q Coats $7.50 for $12.50 and $15.00 Coais
$1.5(J tor small children s Dear
skin and gray astracKan coats
AT THE THEATER
Sixteenth Street and Second Avenue.)
Dec. 27 Slamin and Hmob, la "Iti
riolph and Adolph." matinee and night.
Dee. 30 "The Power of Truth.w
Jan. 1 "IOjikI l.jnne."
Jan. 3 "Crybaby. matinee.
Jan. 4 "Two Johnx.
Jan. S "Lost la (lie Hill."
Jan. "KIijk of TratniiM.
Jan. O "Under the J I a next Moon,
Jan. 10, 11, 12, 13 Hilly Link, nuitl
nee on oth.
Jan. 15 Holjr City."
Jan. 22 "I'nld In Full.
Jan. 23 "Han and Mi."
Jan. 24 "The Merry Widow."
i E.gtueentb Street, North of Second
Vaoftevtlle at3, 8 and il5 . m. Two
atatlneea Sandaya mad holiday.
'8c" Avenue, East of Nineteenth
Vnudevllle at 3, 8, nd 0:15. p. m. One
matinee Sundays and holiday.
Mason atd Mson. M5on and
Mason, supported byHiries and Rem
ington, the laufrfrihg stars of vaude
ville, and an' excellent company, will
bo farrn rnmrrtv Rndnlnh
ayd Adolph" at the Illinois tomorrow.
nfatinee and evening. As the title im
prfes their entertainment is not one
itntended to supply mental pabulum to
minds craving enlightenment on the
deepest physiological and psychological
.cocieu, mcreiy wiin me iuea oi t.ctv
s - - '-
1ARRIS-WEST TRIO, FEATURE ACT AT THE FAMILY THE LAST HAL
OF THIS WEEK.
ling the popular palate and of bringing
a smile to the wrinkled face of care.
This is the realm of comedy which
Mason and Mason have entered and
their entertainment is intended to
amuse rather than instruct and they
desire to add to the gaity rather than
to the wisdom of the nation. Their
play "Rudolph and Adolph"' which was
writtsn especially for them and to fit
their indivicktal methods is a farco
the "Bee Hibe
for coats that
sold up to 15.00
(or coats that
l -aW mr AM w u m aF'aW E1 W AM m W i'J XT TT FIT" LW m
ar mm arr ' Mar Mm m. -ww ar mm mm mm mm u mr mr rm m
with rather more of a plot than Is gen
erally found in such piays, but the plot
is not of srch consistency as to ob
viate the possibility r of introducing
songs, dances and other specialties
Willi these the entertainment will be
liberally interspersed. ' Mason an3
Mafcn tliefnsclvcs will sing three
songs written for them and used ex
clusively by them. Other specialties
will be presented by IHnes and Rem
ington and other members of the cast.
Is Impressive Comedy. One of the.
mot impressive and interest-arousing
MASON AND MASON WO APPEAR
AT THE ILLINO
comedy dramas seen here in a long
! time will be found in "The Power of
I Truth," announced to appear at the
Illinois theater next Wednesday night,
Dec. 30. The play is presented by a
special company, headed by that gifted
actor, Lorin J. Howard. This play is
one of those rare dramatic offerings
that command the interest ,as well as
arouse the enthusiasm of the audience.
It is a reflex of life itself, possessing
a story and plot that are intelligently
clear, a moral, and a motive.
At the Family. As a holiday treat
to the patrons cf the Family theater,
Manager .1. P. Quir.n is presenting an
unusually strong bill for the remain-
der of this week. The show is being
featured by the Harris-West Trio, sing -
ing, dancing and travesty artists. The
for coats that
old up to 27.50
act is unique in every particular aiid
there is a youngster in the trio who
is a whole show in himself. The open
ing act of the bill is Charles Harris,
a comedian known in vaudeville ' as,
"The Inspector and the Gibson Girl."
Harris succeeds in making them laugh
where others fall. Valano and ,Tresk.
are presenting a, number of hand f
hand balancing feats that are really
marvelous. The team In that particular
line is one of the best seen here this
season. Last but by no means least
is Lou Roger, a colored ventriloquist
of much merit. He was the hit of tho
bill for the children yesterday, Mrs.
Casey is singing "When the Minister
Pronounced the Words That Made Us
One" for the Illustrated
week. The feature picture is entitled
"The Clubman and the Tramp."
The Thief. The Christmas attrac
tion at the Illinois theater this year
proved one of the best plays seen here
this season. The Thief is an intensely
interesting drama, and It was pre
sented by an exceptionally strong com
pany. Rita Carlisle cast in the leading
character as Marie Louise wife of
Richard Voysin, showed much ability
and her work was the feature of the
production. She was supported ably
by David Proctor as Richard Voysin.
At both afternoon and evening per
formances yesterday' the house was
nearly all sold out. '
Rock Island Lodge of Masons to Have
Prnnnm Last Dav of Vmp n
Mark Its Birthday.
Rock Island lodge No. 658, A. F. and
A. M., will celebrate its 38th anniver
sary on the las day of this year with
an entertainment at the hall. The
members of the lodge and a few in
vited friends will take part in the af
fair. There will be several short talks
by S. J. Ferguson, Robert Rexdaleand
W. B. Mclntyre.
PROGRAM FOR NEW YEAR'S
Knights Templar Drill Team Provides
The members of the drill corps of
the Rock Island commandery of the
Knights Templar will hold an enter
tainment New Year's afternoon and
evening at the Masonic temple. A
company of troubadours has been' en
gaged to furnish a program. In the
afternoon a children's dance will be
given, besides the musical program,
which includes instrumental and vocal
selections, and in the evening follow
ing the regular program there will be
dancing until a late hour. The pro-
1 ceecls will be for the benefit of the
I drill team.
A general reduction
of prices; every fur
coat in our stock at$
aN reduction ofoneT
t hiid its former
$22.50 Coat, now $15
$27.50 Coata now $1834
$32.50 Coats now $21.67
$50 Coats now $33.33
One $137.50 Blended
Squirrel Coat now $85 .
One $87.50 Grey Squirrel
Coat now $35
One $57.50 Grey Krimnir
Coat now $37a
"We urge you to be onliaad
early to make your selection
before the assor-tmcixta fizesu
114-116 W. Second Street
Uavenporty lowa, ";
.. ... v