The sun., 1893-07-23
LECTURE TO THE BEARS.
THEY MUST NOT TELL lies ON
THEIR SIDE OF THE MARKET,


change no President OF that institution ha
ever spoken from the rostrum as Presider
Frank X. SturRis spoke yesterday morninl
There have been many famous bull move
ments and colossal corners where the ma
ebinery OF Wall street has been used to mar
ND prices. There have never been any pro
tests against such campaigns IL the fa
nous Mutual Union corner. engineered b
Henry s. Ives a little over ten years ago. be ex
oeptsd. Young Ives then first began to b
heard Of He bought up all the old stock o
the Mutual Union Company and got others 4
sell IL short Some OF the unlucky individual
ct the time were high in authority on the New
York Stock Exchange. and they vigorously
protested against tho pool and declared bet
or That wns tho first time that the Exchang,
had officially denounced bull pool ant
frivolous persons said that nothing woult
have been done then had not certain high
officials OF the institution had thoir thumbs
squeezed In the corner.
Yesterday Mr.. sturgis road q lecture to the
brokers from the rostrum upon the wicked
ness OF bears in circulating reports detrimer-
tai to the prioes OF railroad and other securi-
tics. The bears were greatly grieved at this
action. They sald that In Wall street warfare
they had as much right to use all the ma
chinery at their command that the bulls used
In their oventful campaign. even II they went
to The awful limit Of suppression OF the truth
or suggestion Of the false.
But bcars are not popular in Wall street
They are like the villain in the play No mat
ter how well no acts, no matter how good his
role. the galleries hiss him. The majority in
Wall street. brokers. customers, and all
hands. are prone to optimism. They detest
bears. And SO tho bears got their lecture yes.
terday.
-rl,t taI,
question sd Tho antbor,tv ~ P,eaident stureia
auestonea .ne autnorMy Oh rres'ueh' e'ursiS
to read the brokers the lecture.
Il is true that It is felony. punishable by
circulate. knowingly. any false statement
rumor. or Intelligence with tho intent to break
down tho market price OF stocks. 1t is also
felony. similarly punishable. to circulate.
knowingly. any false staten ent. rnmor. or in
teliigence with intent to hoist up the market
price Of stocks or to steady the price or to af-
o,tbs s I Exchanaa @ on Friday decided that Presi.
ol .he .Aenanse on fiiua, ueoiueu tna, fIesi-
aent stnrGis snouIa give tne orokere lecture
brancn OF the suo}ect reatine 10 .ne breaking
WAS suspended for few momen.s Mr.. stur.
y. .,id.
The Board OF Governors OF the Stock Ex-
change hold prolonged session Yesterday
% you the result OF their deliberation.
The times through which we are passing are
ghsnomensI IN their nature nature Snd hare never
during. this cooperation. 1t behooves every
and devotedly to the institution Of which he is
D member.
r,tocE ISIeI,anna for n high ata an1nrd oI 1Uo ae
not been disappointed Moreover. It it's Is true true
knn
publio have looked with amazsment and deer
cenfracts.. ~ " ~ ''''A
snst9 sa or % pub
lie 1otoriety. will take q stand at variance with
eAsir eS sssoSistes. .Sat s had N. novor nnn,. 80
4 deserves. such disloyalty. But it is Our in. n
~ IN 80 dnr ss : GnT p9WeT goes 70 put
reeuarities and ali methods Of % doing M 'e Susi- 81
ness subvsrsive OF welfare and injurious to
D1sllf Sse% the public are apt to confus.
rumors which have their origin In Wall street.
9Th the Stock E1Hha9Ge and to give the
otatoments which may como from the seeth-
'fsss ''fns pass OF people VINO throns In Wall street
!, With view Of strongly expressing it's inten:
eon Of enforcing its own laws on the floor OF
an re TO
thing in It's powerr to foster and sustain public
IL, |
loving rulings and resolutions which I will |
now read In vnu "i'A
The first Of these rulings has rerersn.. -
oeailes upon the noor OF tho Exchange. as
provided Tor In section :, article -, in the |
H1.r,,, A vas, rpmh.r NJ r.no-,. ,,,..,, -,... |
and intenusn W ,nii,p. n.ery "tEout
nornta IN S.sn ,S eIen' OF cor
lsnod certain credence and Srannaetcns hay ss o
Whuea,. The Governing Committee of the New York
sts6k EIShange @ desire to express IN the strongest
IL oss 49, dnauhnSa y, M or such
;hom: anu ~ w All AL 'ne" power TO arrest
7Rssoipsd. Any information OF a reliable natur. ar
from reliable source which will 90 to prove to The
COMMITTEES thar an act or statement prsj.
nri,s @ Or S uS the credit OF any Sc
nembeT of the Esohanre viii be- sedix rncs from d ma 4
~ Al unon nnd.r sertton :, ~ na3 aeteN eu anu
ntnr xh,o, w. " "te'e ~ oi the constr
So Z, W6.,s no rsnssv - nr..,x,.. H..
,tstGfion the Governs CSmmttee bV ya. ny 'hs ne s"n
ME- ~ nj its msmh.rs snai haSe " soso Oh tWo
Ss Or in fts dscretion to suspend from IN. ex
siostinr the eonst,tutieS Of tb any member
Iii &c shslI aiso nave nower Nv ya" az ru COM
ar n ~ from the Exchange
suifty or misconduot or or a5v act 3 wno
~ nr M.ifare ~ thn ~ M 70
,sid committes sba he the All. mnsa ot "hich the
-.N ~ " "' 'o'o 'uuke
Will now read to you further resolutions |