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Show WALL STREET. The commission appointed by Governor Hughes to investigate the operations of the New York stock exchange has made its report. Like about ' every commission that has been appointed to investigate in-vestigate anything, and like every institution that has been the subject of official inquisition, it has been discovered that there are some things that are subject for condemnation, and also a great many things worthy of praise. The commission finds that of the transactions on the exchange, a "substantial "sub-stantial part may be characterized as virtual gambling." gam-bling." This feature of the operations on the exchange ex-change has been known pretty generally before Governor Hughes' commission so reported; other investigators have found the same condition. Like everybody else, the commission is unable to point out a way to abolish this feature of the operations; the legitimate operations of the exchange are closely close-ly interwoven with the gambling features. It suggests sug-gests several correctives, however, among which is tnat tne exenange be incorporated, so that it may become subject to supervision by the state. It, also recommends that a margin of 20 per cent be required re-quired on all except cash transactions, and urges that the exchange should have authority to say when a "corner" exists, and to fix a settlement price for the protection of innocent persons. One feature of the report that is worthy of notice no-tice is that it is not condemnatory in all its phases. The commission finds that the stock exchange renders ren-ders many real services to the business interests of the country. They arc a sort of clearing house where information is gathered and disseminated as to the condition of the markets of the world. Any interference with the legitimate functions of the exchange would cause great inconvenience to the investing public, while the speculative interests would suffer but small proportionately. Regulation Regula-tion of such an institution is much to be desired but such regulation, it is pointed out, must take nothing away from the legitimate activities of the exchange. The commission undertakes to show that "short" selling is a legitimate feature of the activities activi-ties of the exchange, and while in this respect there will no doubt be many to take issue with the report, it is pointed out that dealers in all kins of securities securi-ties by selling "short" are enabled to protect themselves them-selves and the market. , While it is beyond the scope of the board of managers of the stock exchanges to require publicity public-ity among corporations, the Hughes commission urges publicity of the great corporations, and it has been suggested that if the boards of control should refuse to list stocks which represent corporations which do not submit to publicity, much would be gained in this direction. Already some of the big corporations make public their business transactions, transac-tions, notably the steel trust. The public can learn at almost any time the exact conditions existing in that combination. With examples of this kind, and with the constant urging of publicity upon the corporations, the tendency toward publicity is growing rapidly, and it will be only a few years Until most of the giant business , enterprises wHi make financial statements at short intervals. Wall street, which is the center of the financial interests of the country, has been much maligned during recent years, in some cases perhaps not gum-ciently, gum-ciently, but it is recognized as an important link in the chain of modern business transactions of a large scale. The suggestions of the Hughes commission com-mission should be welcomed if it can be shown that they will, in the slightest way tend to a reformation of the abuses which have made Wall street a term of reproach throughout the country. |