Word: margins
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Dates: during 1920-1929
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Conservative Wall Street brokers last week were flabbergasted by a spirited defense of stock trading which, to many, signified a major sociological shift. Bishop James Cannon Jr. of the Methodist Episcopal Church, South, who could speak for a vast rural constituency, had declared stock trading on thin margin was not gambling, was therefore not immoral. One reason for his vigorous declaration in behalf of Wall Street stock business was that he himself had been caught playing the market through a bucket-shop firm, now closed...
...Gambling on the stock market is not different from gambling in other business transactions. The purchase and quick resale of stocks is not any more gambling than the purchase and quick resale of lots. . . . The amount of margin upon which a man trades does not determine the gambling element. ... A man can buy stock for a small cash payment . . . and there is no reason to call him a gambler because he sells the stock shortly after at a profit. ... If the trading in stocks . . . is immoral, then the church should eliminate from her membership the heads of stock exchange houses...
...Denounced stockmarket gambling. A few days later Bishop Cannon himself was disclosed as a buyer and seller of stocks on margin in Wall Street. While not denying the facts, he loudly complained it was all "a contemptible Tammany trick" to discredit him at the opening of his Virginia campaign...
...Washington Secretary of State Stimson and House Leader Tilson, ardent Yale men both, became befuddled on their political dates. They mistook the Minnesota primary for the election. They wrote letters to Minneapolis endorsing their good old friend "Pudge" Heffelfinger. The Stimson-Tilson letters failed by a wide margin to nominate Candidate Heffelfinger. But they did switch enough votes to him from Candidate Coleman to permit Candidate Nolan to capture the nomination and the election which followed last week. It was a sorry business?the Administration's man being accidentally stepped on by potent members of the Administration...
...first place, that he had been buying securities "on the instalment plan," not gambling. Then he explained that during the last presidential campaign Senator Carter Glass (Va.) telegraphed to him: "For some unexplained reason affidavits have today been placed in my hands relating to alleged stock gambling on margin by you with the late bucketshop firm of Kable & Co. . . . Would you have me promptly deny for you participation in any such transaction? . . ." The Bishop, who said that he first properly "digested and appraised" this ''suggestive skilfully-worded telegram," answered: "Affidavits evidently sent you for purely political purposes...