Stock Gambling

STOCK GAMBLING.

Andrew Carnegie has written a letter and a warning to the editor of a Pittsburg paper relative to so-called speculation in stocks which he calls gambling. He declares that this spirit for stock gambling, the aim of which is to get something for nothing, is the saddest of recent developments in American cities. This species of gambling is undoubtedly the greatest disturber of business that affects our country and the primary cause of financial panics. If this gambling spirit could be eliminated from business there would be many less ups and downs in the business world. But business men will persist in speculation or gambling in stocks until they have spent all their surplus, and all they can borrow on their business capital and finally when they cannot get any more money the crash comes. But the ramifications of business are so intricate that a few failures of this kind carry down many other concerns in close business relations with them and thus a panic is started. If men would confine their activities to real business and real values, any great failures and much misery might be avoided. Our business world needs more moral stamina to resist the gambling spirit. Right here is where the letting down in the moral fibre of the American people has worked untold mischief in business and all other relations of life.

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The attack on President Roosevelt by Senator Gorman on the floor of the senate Thursday was an exceedingly bitter one. He declared that with the information possessed by the senate the Panama situation was created for campaign purposes. Recognizing a revolted province for the purpose of bringing about a war with Colombia all for the purpose of political success is certainly a grave charge.