The Marshall republican., 1907-08-16

have tens OF millions That they have
nlched by System tricks, II not BY
legal crimes. II | perform this trick
Of Brownley's. the trick Of selling
short until a panic 10 produced, I shall
make millions and none Will be the
wiser. For all I know. nan Of the
multi.millionaires whom ! 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, In now
the highest, were only doing this same
thing. and having been successful. they
have never been detected OF suspected.
But even suppose I fail. which can
only be through some extraordinary
accident happening while ! am en-
gagged In selling. I shall have COM
mitted no crime. and. In fact. shall
have done no n any great moral
wrong. for II I fail to carry out my
contract to deliver the stock I have
sold In trying to produce q panic. the
men to whom I have sold will be no
worse on for not receiving what they
bought: in fact. they will stand Just
whore they stood before ! attempted
to bring on q panic.
Second. II an exchange member for
any reason should ind himself v
board and should realize that no must
publicly become bankrupt and lose all.
he surely would be q fool not to at
tempt to produce q panic, when its
production would enable him to rccoup
his losses and prevent his failure. and
when II by accident no should fail In
his attempt TO produce q panic. tho
penalty would simply be his bank
ruptcy. which would have taken place
In any event.
The third class Is that large ono
that always will exist while there IL
stock-gambling. q class Of honest,
sQuare-dealing .play!the game . fair ex-
change men who would take no unfair
advantage Of their fellow-members un-
I'll they become awakened to the
knowledge that they are about to BE-
ruined by their fellow.msmbers' trick
cry.
Next, let W consider further wheth-
or It IL possible for Dur exchange to
prevent my device from being worked.
nov that II 10 known to all. Suppose
the governing committee was informed
In advance that the attempt to work
the trick wal to be made. II, 1t any
session. after ~gong.strike. the govern.
Ing committee. or any exchange au
thortty. could for any reaso compel q
member TO operating. even for
the purpose of showing that his trans.
actions were legitimate. the entire
structure Of Safeguarding would fall.
Think II through: Suppose q man like
Barry Conant or myself. or any active
commission broker. begins the execu-
tion OF Q large order for q client. one.
say. who has advance information of .
rsceivership. q IRE at q mine, the
death Of q president, q declaration of
war. or any Of the hundred and one
items Of information that must be
acted upon instantly. where q delay Of
. minute would ruin the broker, or his
house. or its clients. II 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
!excAangs that the broker In question
Mas about to work Brownley's discov-
Org and he could be taken from the
crowd and before he returned hls
plaps could be taken by others and he
could be ruined.
.hsn of Wall street, It 10 impossible
70 prsvsnt the repetition Of those acts
BY which In ave years I have accumu-
lated O. billion dollars. impossibls 90
long asa short sale or . repurchass
sn1 resale. II allowed. Whsns short
salss. and repurchasss and resales. are
made 'impossibls. stock speculation will
~ dead. when stock speculation 10
esad. the people can mo longer b
pobbsd ~ ~ System, In leaving
you. the exchange. and stock,gnmblin8
1sgever. ~ ! nhall whom ] ileayo THE
Daatlsen, I vfil ray from the deptA q
: haaUt tAat has - broken. IRON. ne
prso1andity o. : noul, that Aas bsen
IN keed ~ ne .oieten's' poleen. with
= IN samoa oe NY r3spoAsibiIity 70 ~
0rmewoan ~ - ~ Qo1. that 4 ~
- eysSy - - yon - - vha& !
noSo oeas M e ~ q eqAsklys b6opge
~ noong ef Il ~ ofRoes hall livo
$500 MktncoeaiGoA hoSleeo ~ 1eln9
en ~ e1A4ss aAAll lavA1.pta ~ ~
GhDn =