The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1908-10-10

NEW YORK, Oct. IO-Denounclng the
New York Stock Exchange as a gigantic
vampire, which sucks out the life
blood OF the country's toilers, declaring
it gambling den pure and simple. and
advocating the abolition of speculative
trading in stocks and of the ticker, T.
F. Buchanan, organizer and manager or
the defunct strock brokerage house Of
A. o. Brown < Co, today gave out an
interview unparalleled in the annals OF
the street
Before it's failure 10 swing the great
financial coup which preciritated its
ruin, when men and banks IL had re-
lied upon failed TO support 81, the house
Of A o. Brown & CO. did the largest
commission brokerage business IN the
country.
Edward f. Buchanan was the man
who put II at the top of the heap He
says that the wash sales" campaign.
which drove his firm from the stock eX-
change. is being duplicated every day by
firms and brokers Of coed standing.
Not Sour Grapes.
It's not sour grapes which prompts
my declaration" said Buchanan I am
glad now that the firms failure will put
rue into a legitimate business, where il
Is not failure 10 be honest and disaste~
10 be human.
1.-THE night against the gambling fea-
lures Of the New York stock Exchange
deserves tie support of every honest
citizen in the country. Now that my
connection with the New York Stock
Exchange has ended and my lips are
no longer bound by the success OF a
partnership, I am quite willing TO pres
ent some fundamentals on Wall street
which may assist in the effort 20 make
n legitimate stock exchange out OF the
present gambling hole.
without the New York Stock EX-
change II would be impossible for this
country to have panic II Is the
medium through which alarms are
spread from Maine to California. over
the leased wires OF the commission
| brokerage houses. No man buying and
selling stocks on margins IS producing
anything He is a gambler pure and
simDle-an idleT- AZ for the stock ex-
change commission brokers, they are
merely lamb herders working for the
I owners Of the stocks they sell
All Cut and Dried
The big men deal out the informa-
! ton about the properties they own or
{ control 10 suit themselves. and this
/ information IS all which the lamb herd
/ er OF so-called commission brokers. send
Z OUT 10 the ltIuDE-l Lltdn lutl4 GUS
/ toners
( Now. these big men, the so-caIIed in
/ siders, the real owners OF the New York
/ Stock Exchange, they never have any
/ real cause for worry, just 80 long as
! the general public is industrious. fol-
/ the simple reason that they own the
/ banks in which the Industrious masses
I deposit their earnings.
/ THE officials Of the banks are the
/ subOrdinates Of the owners Of the
! banks. Consequently. the owners Of the
/ banks. being the owners Of the stocks
! Of the great industrials and railroad
/ corporations, may borrow the people
! money, 80 deposited in the banks. q
! carry and make up the prices Of theil
[ stocks Until such time as they are ready
/ 10 sell the stocks TO the depositors IL
/ their own banks
Lambs Rounded Up.
Then with the Information dealt on
through their commission brokers
their saIaried United States Senator.
and Representatives, they have in
weighed the masses 70 invest their saw