The Richmond palladium and sun-telegram. [volume] (Richmond, Ind.) 1907-1939, 1908-10-11
Methods of Gambling Den"
Exposed by E. r. Buchan-
an, Organizer of Defunct A.
O. Brown and Co.
RESPONSIBLE FOR
c0UNTRY'S PANICS.
Street a Medium Through
Which Alarms Are Spread
Salaried Senators and Con-
gresSmen Aid in Game.

New York. Oct. 10.-Denouncing the
New York Stock Exchange as gigan-
tic leech, which sucks out the life blood
Of the people. declaring it gambling
den pure and simple and advocating
the abolition of speculative trading in
stocks and of the ticker. E. F. Buchan-
an. organizer and manager of the de-
funct firm of A. o. Blown Il Co., this
evening, gave out an interview unpar-
alleled in the annals of the street.
Before its failure to swing the great
coup which precipitated its
ruin. A. o. Brown Co. did the
largest commission brokerage business
in the country. Edward F. Buchanan
was the man who put 1t at the top of
the heap.
He says that the wash sales" cam
paign, which drove his Arm from the
stock exchange. is being accomplished
every day by firms OF good standing.
Its not sour grapes which prompts
my declaration" said Buchanan. II
am glad now that the firms failure will
put me into a legitimate business,
where 1t Is not failure to be honest and
disaster to be human"
Against Gambling.
The fight against the gambling fea-
lures Of the New York Stock Exchange
deserves the support Of every honest
citizen in the country. am quite WILL
ing to present some fundamentals ON
Wall street. which may aid in making
q legitimate stock exchange out OF the
present gambling hole"
Causes Panic.
without the New York Stock Ex-
change it would be impossible for this
country to have panic. 1t is the
medium through which alarms are
spread from Maine to California. over
the leased wires of the commission
brokerage houses.
Every man buying and selling
stocks on margins Is a gambler. pure
and simple-an idler. Stock exchange
commission brokers are merely lamb
herders' working for the stock ex-
change.
Customers Are Lambs.
THE leaders deal out the informa-
tion Of issues they control, and this in
formation is all which the lamb herd
ers,' or so-calIed commission brokers
send out to the lambs-I mean their
customers.
Now these big men. the real owners
Of the New York Stock Exchange.
never have any real cause for worry SO
long as the general public is indus
trious, for the simple reason that they
own the banks in which the masses de-
posit their earnings.
Own the Banks.
"The oficials of the banks are ma
turally the subordinates OF the owners
of the banks. Consequently. the own
ers of the stocks of the great indus
trials and railroad corporations. may
borrow the peoples money TO carry and
make up the prices Of their stocks un-
til such time as they are ready to sell
the stocks to the depositors In their
own banks.
Then. through the information
dealt out through their various brok-
/
tors and congressman. they have Undue
ed the guillable masses to invest their
savings In these securities. which are
being fifioated by the peoples own
money without the knowledge of the
individual depositors in the banks.
How II Works.
See the wheel as II turns. The
lambs have given their money for the
stocks. they have bought the stocks
with their money and the stocks have
been passed out of the hands of the big
owners of the resources Of the country
into the hands of the general public.
and these great leaders have the
money in their own name. instead of
merely the loan of 1t for while.
Suppose we have a splendid bull
market and the big melon is ready for
distribution. There comes, on one
pretext or another. most disastrous
break in the market, engineered upon
the floor Of the New York Stock Ex-
change by the commission brokers, or
lamb herders, now engaged in shear
ing.
Prices Tumble.
Prices tumble, and under the rules
of the Stock Exchange, the public Ia
forced to sacrifice its holdings 1t ru-
inous losses.
4 They Wear Hsios.
Into the breach now step the finan-
cial leaders. They wear halos and
pose pretentiously az the saviors Of
the country. They consent to take