Show SPECULATION Tho The bucket shops which annually get approximately from people of tho the Unite States a reason for tho the persistent warfare which hm been waged them In tho the West Vest for years seem em likely to got get officially their knockout blow as ns a i result of the Uie Investigation by b Governor Hughes commission in into Into into to speculation says a Chicago correi corred lo lent rne me inquiry is bringing to toH H ihL hl the specific cases where losses charged to tho the stock exchanges were In fact duo to bucket shopping bare barefaced faced gambling not In actual stocks or commodities but as ns bets on ups and downs by a n system of the tho bucket bucl ct shop proprietors The Inquiry Is keenly watched also because of or the important part that the I West Test Is beginning be to play Ilia in tho the In Investment investment vestment world Tho The growth of In Investment investment vestment estment In western securities alone an awakening Interest In lies iles as a n desirable form of invest Investment nent ment L Although the commission has not proceeded J l far fat It has become clear 0 1 that thai the New York commission will wille e discriminate between bucket bu ket shopping and aud similar operations and tho the legitimate legitimate mate function of or tho the exchanges A part of the complaints against speculation the tho commissioners have found prove provo on investigation to be bo dup du duto to money lost in bucket shops with nth without out Jut Ut actual buying or selling of stock t or connection at any nn point with an anI anC C I exchange c The commission has hns found I t l t that tho the two propositions aro so dif different di 1 ferent that thor they will havo have to be beI beC C I treated t Tile slon has been hampered 4 1 its work by br lack of funds runds as no ap apI 1 I I was vas made for It but this tale i will not restrict the tho scope of or the tho In Investigation Iny y according to Horace White tho the chairman Subcommittees tees tees ana aN ar being formed and an effort jl I 11 will vili bo ho made modo to finish tho work be beI 1 tore ioro the tho close closs of tho the legislature in the spring The Tho chief chlof result rosult of the Investigation M id far tat has hns boon been a n valuable discussion ot 01 tho limo nature of or speculation which has hns led Jed to many contributions to the tho literature of the tho One Quo o or ol these by b Colin Celia Armstrong for 2 years financial editor e of the New Now NewYork NewYork York Sun states certain phases of or thc tho th case so 0 lucidly that It has been boon brought to the attention of the corn com commission mission i I Tho great majority m of ni ets and patrons of the stock exchanges e are fire not gamblers said Mr Mi Arm Armstrong Armstrong Armstrong strong In his statement Thoy Tho aru not belting betting that this or that event will occur or that thal tho the price of or a se security or commodity will go up or down They Thoy are arc Investing vast amounts of or money maner in articles of or value they thoy are arc of or the opinion that thal certain events which will affect such aluos are aro liKely lIol to happen and they sire aro Just as much entitled to make maltO such Investments as a farmer Is to do de decide ohIo cide what crop he will attempt to or whether ho will soIl sell his grain or potatoes now or later Similar exchanges throughout the tho civilized world supply the same rune lion In Iii other countries and all nIl work working tug ing together that Is 18 Interchangeably perform a n most Important part In the iho of or our financial and In Industrial affairs Without them ther would be no means of aggregating great capital for enterprises for no cne individual would take the tho risk ind and from the thc point of public policy polley it itIs ItIs itis Is not desirable that a single IndU lOtH should so commit himself Another Important point is that the exchanges safeguard those who have havo their funds to the man mait management of others in thousands ot of great enterprises for the various stuck stock markets of ot the world the tho Intelligence and judgment of thousands rinds ands of persons many of whom are aro exports and some ome of whom may pos Information that that could not be I learned by br an ordinary buyer bu er Ma I may nUl hasten or retard re ard the i natural course of the price of a n so or a n commodity but It cannot permanently permanent affect Its value for that tUa thatis is determined by br absolute facts |