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pension for not more than one year. Such transactions, fictitious in reality, but perfectly good on their face, have unquestionably been much used in the past by operators who have sought to bring about artificial price movements. The stringent rule of the Exchange, combined with the law of the State making such a fictitious transaction a felony, has probably reduced them to the vanishing point.

TRADING ON LIGHT MARGINS It is apparently a difficult thing to frame definitions of speculation and gambling which draw the line in exactly the right place. But that, in the language of the Hughes Commission, whose report on the Stock Exchange is a classic document, many of the transactions on the Exchange are “virtually gambling" there can be no question. At any rate, whatever our definitions may be, a considerable amount of the speculation on the Stock Exchange has, for the individual indulging in it and hence the community, all the evil results of gambling. The chief cause of this form of speculation is trading on insufficient margir., and trading by men who cannot afford to lose. The latter practice it is well-nigh impossible to control. To curb the right of the individual to do what he will with his own is rather beyond the province of any private organization of men. But even this practice would be restricted if no brokers would accept orders except upon ample margin. Ten points is probably the usual margin. Many houses make a practice of requiring a twenty-point margin except in unusual cases. But unfortunately not all houses require so much as a ten-point margin. On smaller margins than ten points the danger of being

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"shaken out” on a comparatively small change of price up or down is a serious one for the customer with small resources. Doing any business on a small margin is a dangerous undertaking, but it is especially so in the business of speculation.

To eliminate from the Stock Exchange dealing on insufficient margins would be to eliminate one of the big sources of loss and suffering. It would go far to remove a stigma that has rested upon the business of dealing in stocks and bonds.

The New York Stock Exchange has undertaken to bring about this elimination. A rule adopted in February of the present year declares that a member accepting an account "without proper and adequate margin " may be proceeded against and disciplined even to the extent of losing his seat. A new committee has been appointed to carry out this rule and others relating to the business conduct of members. This committee is an active one, and steps have already been taken to make effective the rule against insufficient margins. There seems little doubt that the Governing Committee of the Exchange can do much to eliminate this dangerous practice, if it wants to badly enough to take sufficiently drastic action. A good beginning has been made. Perhaps a system of examinations by expert employees of the Exchange of the books of each Stock Exchange house, at unexpected intervals, as National banks are examined, might be established to advantage to deal with this question. The Exchange is trying to curb this evil; if it tries hard enough, it will succeed. It ought to have the full support of public opinion in its endeavors. It ought also to have the continued spur of public opinion toward the improvement of the conditions of trading on the Exchange to the greatest possible degree.

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THE LESSON

BY ADRIANA SPADONI

WITH DRAWINGS BY WLADYSLAW BENDA

" Bene.

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DDIO, bella Napoli.The boy's voice,

It is enough. To-morrow there

is much to do." accordion, rose into the still night above In little groups the listeners went, calling the throb of the screw and the wash of water good-night in loud, happy voices. Only Il along the stern. An uneasy shiver ran through Sorcio, the boy Amadeo, and the dark, hairy the huddled group of emigrants.

man remained. In a far corner of the deck * Bene, bene, addio, land of poverty.” A the bronze giant and his girl wife slept in bronze giant shook his great fist to the east. each other's arms. The boy put down his

A woman in a purple head-shawl, holding accordion and spoke to the man who had a baby asleep in her lap, sobbed aloud. The

waited fifteen years.

“ Tomasso Soracco," dark, hairy man next to her spoke roughly : he said, “ tell me of those many years." His

Macche, thou art a fool! What is there oval face aged with the intensity of his desire. to cry for? The beauty of Napoli does not Signore, I, too, must wait for a wish. May fill the stomach. To-morrow we in the blessed saints grant not so long !" America. Our children will have shoes, like Il Sorcio drew out a thin black cigar and the sons of the rich, and meat to eat."

bit at its end. Bene. Tell of those years. The girl with the bronze giant laid her Only pigs sleep on a night like this." hands on his shoulders. “ Our little one will The man nodded slowly. His shoulders be an American ; he will never cry for bread.” straightened. "Perhaps the boy will re

The little gray eyes of Il Sorcio, the member what I shall say—when his wish is Mouse, darted from one to the other. “So, slow to come. Ecco, I will tell him all. so, the same dream always. In five, ten I was fourteen, and already I had years, they think to return, dressed like the worked many years in the vineyards dressing sindaco." Il Sorcio shrugged his shoulders. the vines like a man. My mother worked Bene, to dream costs nothing."

also, for my father was dead, and there were The group of emigrants moved uneasily. three others younger than I.

We worked all Il Sorcio had been in America before. Per- day in the hot sun, and at night we walked haps he knew best, after all. The dark, back to the village. We had bread and hairy man turned towards him sullenly. onions to eat, and grapes, sometimes a little "Listen,” he said.

“For fifteen years we goat's cheese, and on feast days polenta with have waited and worked, I and the wife and oil. We worked very hard, and were happy the children." He glanced down at the for the heat in the sun and the blue in the sky. woman in the purple shawl, the girl and boy When there was not enough to eat, we said at her side, and the two younger children an extra prayer and went to bed with the gathered close in her arms.

“ We are
stomachs empty. It was that way

for many strong as oxen," he went on. “ There is years. Then the world changed. work for all in this America, and for work “I remember as to-night the day Amerone is paid. A fool can understand. And ica came into my life, like a bullet shot from I have not wasted fifteen years for nothing.” a gun. It was warm and blue, and the Il Sorcio cocked his head knowingly.

earth smelled of sun and grapes.

I was “Fifteen years! Most surely with such a working, late in the afternoon, on the side of patience thou wilt be rich.”

a hill, when I saw all the men in the field “ Even so," said the dark, hairy man, com- running quick to one spot. I dropped my placently.

knife and ran too. A cart was coming slowly, The woman in the purple shawl dried her drawn by the padrone's red bull, and the wheels eyes and looked up proudly. The boy of the cart were covered with vine leaves. Amadeo began again the refrain of his song. In the cart sat the padrone, a big black man Under the white stars the ship moved on with a great mustache, and hands that beat towards the land of hope. Hour after hour the air like the paddles of a wheel. Always they sang until at last the boy laid down his he looked very silent and angry; but this accordion to wipe his hot, damp face.

day he smiled. Beside him sat a young man in a suit of black wool, with a black hat, like sible for a woman to do these things, and it a black box, upon the head.

His hair was

is many years before thou art a man.' shining with oil, and he had a gold ring on “And I cried because it was so long until the finger. I could not get near the cart,

I should be a man. The warm sun on the for the others had got there first, and were hills no longer made us happy. We talked pushing close. Suddenly they all began to always of America. shout and knock each other, trying to take “ Then my friend Felipe disappeared just the bull from the cart and draw it themselves. before he was called to the army. His The young man laughed and made motions mother cried all day and all night and his with the hands so that his gold rings glittered. father said prayers in the church. Many Then he began to throw money on

the weeks after came word from America. ground-handfuls of silver money. We were Luigi, the letter-writer of our village, read it quiet as death. The man next to me began aloud in the market-place. The day after to pray. We were afraid. The son of the

Felipe arrived in New York he found work, padrone laughed. "Fools, fools! Do you at six lire the day !” wait till it makes another crop ? In America The boy Amadeo crossed himself quickly. I pick it up in the street.' Then we fell on “Six lire! May the saints grant the same the earth and began beating each other for to me.” the money. I was little and tried to slip in Tomasso smiled. “For us surely is it posbetween their legs and gather the pocket sible, since Felipe had the brains of a pig. full; but they pushed me with their bare feet, “ Every month Felipe wrote and sent and I got only one small coin. All the time

money—ten, twenty lire—so that the old the padrone and the son sat in the cart laugh- mother no longer worked weaving wool, but ing, very fat and proud, while we went over sat all day in the sun, like a great lady, in a and over the black earth till it was fine like skirt of fine red cloth. After Felipe, like flour. Then the padrone ordered a holiday water dripping from a bucket, the strong in honor of the son who had come back from

young men left the vines. America with chests of silver and gold, and “Soon the padrone walked in the fields the cart went away.

with the eyes black with anger, and he gave “ After that the world was no more the us two soldi a day more of his own good

All day the talk in the fields was only heart, to keep us.” of America, and at night we dreamed. Il Sorcio laughed. " Two soldi—it is like Sometimes the son of the padrone walked the kindness of a millionaire." among the vines, and we listened as to Che?Tomasso Soracco turned inChrist. He told us of America, where quiringly. people had meat every day and wore shoes Nothing," said Il Sorcio. And he as though it was always a feast day, and of laughed again. cities with miles of houses all as high as the And in the church,” continued Tomasso, campanile. And there no man could say, "the father preached against the wicked * This shalt thou do, because thy father was Protestant country that sucked the blood of a contadino ;' and there was no king to take Italy like a leech. He said our young men the food from the mouth to buy velvet for were selling their souls for gold. We lishis nobles. Dio mio, it must be like tened quietly, but afterwards, outside in the heaven !!

sun, we were not afraid to talk. What does Il Sorcio blew a big puff of strong smoke. a fat priest with three good meals a day “Of a truth, such a country is heaven.” know of hunger? He has only to chatter

Ecco ! At the end of a month the son mass like a monkey. of the padrone returned to America. Our " It was three years since the son of the country was too small for such a fine gentle padrone had scattered money on the earth.

But the words did not go with him. There were strangers now in the village, Like seeds in the ground, they stayed with stupid men from farther back in the moun

Sometimes at night, after many long, tains, who worked like pigs in the place of hot hours among the vines of the padrone, our men who had gone to America. And of mother would say, ' If the good God had always in the brain of the mother and my

taken thy father, we also would go to self was the idea, like a mouse in a trap, rica, where there is work for all and to come also. But I could not leave the y lying in the street.

But it is not pos

mother and the sisters--all girls, by the mis

same.

man.

us.

“ Bad

woman.

foriune from God l-and the mother and I The uncle wrote sometimes, and always he working many hours a day could not earn sent a present, but never again forty lire, enough to bring all.

which was right, for he had a wife and four “ Then, like a flash from Vesuvio on a children. We told him of the wish to come black night, a letter came to us from Amer- to America, and he promised to find work for ica. With her face white like cloth, the me and the mother, and also for Carlino. We mother ran to Luigi. I see yet my big, ate only bread and onions now and a little strong mother shaking like a branch in the fish when Pepe gave it, but no more cheese wind as Luigi read. It was from her

or polenta with oil.

The money came slowly youngest brother. Many years before he into the little sack, but it came.

We were had gone for a soldier. He had never come happy, so happy together! Then one day back. Often the mother had said, 'He died, the devil put the hand on my back and said, our beautiful Gino, there in that furnace of • You are mine.'” an Africa !' Now he wrote from America Tomasso stopped.

Il Sorcio drew deeply that often he thought of his sister and the on his black cigar and waited. The boy at land of the vines. Three nights running he last touched the dark, hairy man on the had dreamed of her. For this sign he wrote. knee. " Misfortune came to thee?" He sent a picture of himself and his wife and Tomasso Soracco started as if he had been four fine children. Also he sent forty lire. drawn back from a great distance. So !—forty-lire.

luck or devil, who knows? I was eighteen “Of that night I remember nothing clear. now, and I thought only of work, of food, It was a fever-like seeing the gates of and America. I was happy. On feast days heaven open. Ecco !

I drank a little wine with my friends, but I “For many weeks people came to see the had never kissed a girl as a man kisses a picture, until the mother had to tie it in bee

My lips were the lips of a child. I netting to keep it clean. And Luigi asked was so the day I came to the wine-shop of one whole lire to write an answer to my Francesco. It was dark in the shop. In the uncle, for he said he could not write in dialect, shadow I saw a woman standing, her throat but must use fine, long words of good Italian white against the blackness beyond, and her to such a great man. We gave also a candle breast swelling above her corset.

She was of pure wax to Saint Anthony, and sewed the laughing at Francesco, her eyes were black rest of the money in a little bag.

stars, her hair like clouds on a windy night. “ Then one night the mother and I sat On her head she balanced a basket of flowers alone and talked till day came white, like -big red flowers like drops of fire. I am light through a milky glass. We, too, would thirty, no longer a boy, yet to-night I can still leave the vines.

see her face against the blackness of that "* We will go down to Napoli,' she shop.” said, the big city by the sea, where the " There are many who see such faces," ships come every day from America. There said Il Sorcio. His thin hands moved as we will wait. To work more and make less though he brushed something from before than here is not possible. And it is many

Amadeo leaned closer. days' journey nearer America. Bene. Let It happened as it happened. She turned, us start soon.' Ecco ! such a woman was slow, slow, as one wakes from sleep. She the mother. So I made a little cart and we looked at me, and from that moment the evil put in the mattress and the copper pots and eye was on me. May the devil fry forever we came down many, many miles from the the souls of such women as Lucia ! hills to Napoli. We found a little black “ I was mad, quite mad. I could not eat, room behind the fish shop of Pepe and went I could not sleep. I went all day with the there to live and to wait. The mother face of Lucia before the eyes. At night we cooked the food for Pepe and helped also in sat in the warm darkness where we could the shop. In this way we paid no rent. see the big ships and the sea, and the blood The mother learned to make flowers of ran like fire through my body. After four paper, and little Gemma, my sister, sold them weeks—a life—she threw her arms about my in the streets, among the foreigners, who neck and said: “Let us go to America. often paid more than the price because the Thou art too young to have the burden of so little one was so pretty. And I drove the wine

many people. Thou hast brains. Thy cart of Francesco, and we were very happy. sisters will marry and have men to care for

his eyes.

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