The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1907-05-09

detection is sure to bring disgrace and
State prison. Yet members Of this ex.
change desperate enough to take the
chance, when confronted with loss az
fortune and open bankruptcy, have al.
ways been found with nerve enough
to attempt the crimes. I repeat that
there are at all times exchange mem.
bers who will commit any crime, barr.
ing, perhaps, murder, to gain millions.
That you may see that my successors
will surely come from your midst from
time to time during the future exist
ence of the exchange, will enumerate
the different classes of members who
will follow in my. footsteps:
First, the In God We Trust
schemer who is of the System type.
but who is outside the magic circle. A
man of this class will reason: know
scores of men, who stand high on the
Street and in the social world, who
have tens of millions that they have
ilched by System tricks, if not by
legal crimes. If perform this trick
of Brownley's, the trick of selling
short until panic is produced, I shall
Pmake millions and none will be the
wiser. For all I know, many of the
multi-millionaires whom I have seen
produce panics and who were applaud
ed by the Street and the press for
their ability and daring, and whose
standing, business and social, is now
the highest, were only doing this same
thing, and having been successful they
have never been detected or Suspected.
But even suppose I. fail, which can
only be through some extraordinary
accident happening while 1 am en-
gagged in selling, shall have COM
mitted no crime, and, in fact, shall
have done no one any great moral
wrong, for if I fail to carry out my
contract to deliver the stock 1 have
sold in trying to produce a panic, the
men to whom have sold will be no
worse off for not receiving what they
bought; in fact, they will stand lust
where they stood before I attempted
to bring on panic.
Second, if an exchange member for
any reason should find himself over
board and should realize that he must
publicly become bankrupt and lose all,
he surely would be a fool not to at
tempt to produce a panic, when it's
production would enable him to recoup'
his losses and prevent his failure, and:
when if by accident he should fail in
his attempt to produce a panic, the
penalty would simply be his bank!
ruptcy, which would have taken place
in any event. ~''%
"The third class is that large one
that always will exist while there is
Safeguarding, class of honest,
OBSERVATION-DISCLOSURES game fair ex-
change men who would take no unfair
advantage of their fellow-members un-
til they become awakened to the
knowledge that they are about to be
ruined by their fellow-members trick
cry. s'4.1:s.
Next, let us consider further wheth.f
er it is possible for our exchange to,
prevent my device from being worked
now that it is known to all Suppose,
the governing committee was informed;
in advance that the attempt to work
the trick was to be made If, at. any,
session, after gong-strike, the govern
Ing committee, or any exchange ,au-
thority, could for any reason compel a
member to cease operating, even for,
the purpose Of showing that his trans
actions were legitimate, the entire
structure of Safeguarding would fall
Think it through: Suppose man like
Barry Conant or myself, or any active
commission broker, begins the execu-
ton of a large order for a client, one,
say, who has advance information of
receivership, a fire at mine, the
death of president, a declaration Of
war, or any of the hundred and one
items of information that must be
acted upon instantly, where delay of
minute would ruin the broker or his
house, or it's clients. If the governing
committee could thus call the broker
to account, the professional bear or
the schemer who desired to prevent
him from selling, would have but to
pass the word to the president of the
exchange that the broker in question
was about to work Brownley's discov-
cry and he could be taken from the
crowd and before he returned his
place could be taken by others and he
could be ruined.
Men of Wall street, it is impossible
to prevent the repetition of those acts
by which in five years I have accumu-
lated a billion dollars, impossible so
long as short sale or repurchase
and resale, is allowed When short
sales, and repurchases and resales, are
made impossible, stock speculation will
be dead. When stock speculation is
dead, the people can no longer be
robbed by the System In leaving
you, the exchange, and stock gambling
forever, as shall when I leave this
platform, I will say from the depth Of
a heart that has been broken, from the
profoundly of a soul that has been
withered by the Systems poison, with
full sense of my responsibility to my
fellow-man and to my God, that I ad-