The Birmingham age-herald., 1907-11-25

over the table with 1foWnlnB DfOWS ana idly traced geometric designs on the sur face. Shinn put down his cigar and, thrusting his hands into his pockets and leaning back. contemplated soberly his own round person. Tweed fidgeted about in his chair, elasping and unelasping his hands, and Caspar Dane looked impas- sively from one to another of the men.
 'lt seems,' he said at last that MT. Welchs proposal requires some discus sion, gentlemen. I should myself like to put a question. I am not very well versed in dealings in the stock market. Does the scheme that MT. Welch has outlined seem to Mr. Herriek practicable?'
 HerricK continued to draw diagrams without looking up. Perfectly he said.
 From Caspar Danes question. which seemed to show not inhospitable atti- tude of fnifld Shinn took courage. He sat LID and sat forward on the edge of his chair, with his hands resting on his knees.
 q think he said, "I can safely say 1 have d reputation for honorable dealing. know I've always tried to deserve such d reputation. Certainly if the plain pro- posed by Mr. Welch involved injury 10 our stockholders or could be considered a betrayal of their interests, l shouldn't countenance it for moment. But as 1t isAI confess I don't see why we are un- der any obligation to sustain complete and as MT. Welch has shown us, avoid able loss MT. Welch seems to be quite right in saving that we are in no wa. bound to protect the interests of the pub lie The speculative public is capable Of looking after it's own intrests and, of course, in nine cases out of 10 when 1t speculates in mining stocks it really e&- poets to lose.
 Herrick, scrawling with his pencil, threw out a trivial jest. Tt would be almost immoral to disappoint it.'
 ''I am not speaking frivolously salo Shinn, with some severity. "l was never more in earnest in my life. The specula- tive public is perfectly able to take care of itself Who are the speculative pubic gamblers and stock brokers-and if a lesson is occasionally administered to them, it is no doubt deserved. l speak as a Conservative business man. We have duties to our stockholders; failing that, we have duties to our wives and children and to our friends. Is there any one here who would see our good friend Tweed brought to humiliation and ruin, all because of some abstract sheory of duty to the speculative public?'
 He rose and placed his hand Loyalty on Tweed's shoulder Tweed shrank uneon'- fortably under the touch, and croucalns lower wrung his great hands together be- tween his legs.
 ''Oh, don't mind about me- he said Ill feeble protest. Don't consider me-
 "But we do consider you, old man, broke Welch heartily. And we con slider ourselves, too. l had the same idea as you about Valdez-and what money have saved up I've put Into it-and now to be wiped out-with family to support well. 1t will restrict me good deal And I say, in case like that, damn the speculative public mans duty IS to his own"
 Suppose the facts leak out before the stock can be unloaded?' said Dane.
 That is a risk we must take. l don think there is much danger. The mine itself is too remote. There are brokers we may depend on. We can sell through half a dozen and buy in through Herrick and people will think the insiders are buying if we work 1t skillfully we can hold up the price. But we must be eau tious We must not drop a hint to any one.''
 Tweed, whose face had been showing symtoms of returning distress, put q trembling hand up to his collar to loosen it. Then he took out his handkerchief and wiped his forehead. When he spoke
  short of breath.
 TT suppose the idea is for each ons to turn in his stock certificates indorsed and also his margin accountsY
 That would be my suggestion an swered Welch. "And,then have everybody fare pro rata
 Yes" said Tweed, and he again ben over, clasping and unclasping his hands
 Paul Herrlck turned towards the chair man.
 ''Mr Dane," he said abruptly. "I am sure we should like to know what you think about this scheme.'
 AS l understand it. Dane answered tossing his cigar into the fireplace, 'the duty of the chair is not to take part fr discussion, but to keep if from wander ing. After discussion has exhausted itself, if the chair has anything to add that Is his privilege. We have not heard your views on this matter, MT. Herrick.
 The young man rose and stood deferen- tially, with his hands clasped behind his back; there was something boyish and ap pealing in the attitude of the slim fig ure; the hesitation with which he began to speak was appealing also.
 ''It seems to me-" he said, that we're facing a big temptation. I'm sorry fol everybod in this room-Im especially sorry for Mr Tweed, because he seems C be the hardest hit: I'm sorry for my self because I've been speeulating in the stock more than l like to say. and if It's worthless I'll probably have to make all assignment But it doesn't make any difference how sorroy we feel for our selves or for one another. we all of Us known what's right. And we can talk all We please about our having duties to ourselves and our families and none to the speculative public, but We can't de- ceive ourselves in the least. What we've been contemplating in this room the last half hour is conspiracy and fraud"
 The ugly words rang out with sharp dis tinctness both Shinn and Welch started in their seats. Herrick. flushed, with his eyes shining in bright defiance, sat down, Caspar Dane raised his hand and stroked his upper lip thoughtfully.
 Then Tweed rose. His face had under gone another change; the distress that had been so acute and apparent few moments before had given place to a tremulous, shining eagerness.
 TT believe Mir. Herrick Is right" he said earnestly ''f know-I know you pro- posed this scheme as much as anything to help me-and m mighty grateful to you for il; it was a friendly thing. But it was wrong: I can see that now-and I guess the best thing after all is to take our medicine. Maybe I'll be able to pull through anyway after the first shock 1t don't seem so bad. Let's not do anything that may be a reproach to us.
 Welch gave short. hard laugh.
 At least, Mir Tweed" he said If you have conscientious seruples which prevent you from protecting yourself from loss, l hope you will let your friends follow the dictates of their own con sciences, should these differ from yours.
 
 Exactly" replied Welch. Silence. Just that"