TaÌˆgliche Omaha tribuÌˆne. [volume] (Omaha, Nebr.) 1912-1926, 1915-09-06

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i Nsut W. thfsf FAlfle snd hs TOOK
nN 3mi gh&fts msfs wnB faltNF
Aiih hiH 81 tht HlHfninH ~ fhHis.
day lnly 81 Cfutihls had hpenff
With b gain N nsaflY iva points.
ava lhii Nadef hsd aeain plunged
10 TIE txsthl ~ 500 shafts The
stock tuii aAgsnttd Flushed with
ihe SENSE 81 coming fithtA W
turned 10 me and said I've already
made $1,000 AL GfRfihie. aud ihAtil
pay f0t lhn killing ~ ts0g9 Germans.
What 81 ] care Business a blr
wsAld iike ~ see us ksi into the
waf Cfntihle would extend iNs
plants and act still bigger war con.
tracts from the government VIII
you'd see II jump TO 81 .aop 4 ehare,
Cfuciblc went to ~ that dag. Ny
acquaintance, the lfadtf, became
deiiFiouA with speculative fever. You
know the symptoms. Mr. Noble. You
are . broker. and make your com.
mission out ct such men When
I Cfuciblc went 20 ~. this man bought
500 additional shares. Il went 20
80, and he bought 1909 This was
AZ about two o'clock III the after
noon, II my memory serves me
right. Then from one Of those cor
rupt sources, which the Exchange
manipulators know SO well TO use,
thcre came a story that Bethlehem
had bought the Crucibic company.
Traders reasoned that since the
news was out, they had better sell.
Crucible began 70 melt until il de-
clined 10 So, only a fraction above
the price at which it had closed the
day before.
| met my trades a few days later.
In the decline lie had lost more
than 5000 and was in debt even
to his broker. He was wandering
about like a stricken thing.
He had thought to make money by
following the war stock gamblers.
Poor fooll The Money Trust had
made short shift Of him.
Do you ever stop to think, Mr..
Noble, what a. cruel business your
members are engaged ini Do you
not think that at least it ought to
be played fairf
Let me call something to your
attention.
I'M the last FIVE weeks, as | write
this, 13O,54o shares OF Bethlehem
were traded in upon the Exchange,
or nearly as much as the entire OUT
standing stock in the hands Of the
public; in Coal Products, 100, S9s
shares were traded in, or more than
all the outstanding stock; in Vest
inghouse, 1915, 400 shares were
traded in, or four times the amount
Of the outstanding stock; in the
instance OF Crucible, 1,t35,400 shares
were traded in, or five times the
amount Of the outstanding stock,
which aggregates only 245,7s4
shares.
This undoubtedly indicates that
these stocks are "cornered." The
war stock gamblers do not sell the
stock itself, of which the floating
supply is small, but sell contracts to
receive and deliver it.
Mr.. Noble, was not one of the
reforms promised us, a prohibition
Of the "cornerings Of stocks? Is
stock "cornering' permitted under
the law?
Into what deep waters have thy
rowers led thee2
The old argument that the Ex-
change has nothing to buy and Yoth-
ing to sell, and Is only a meeting
place for its members, will no longer
hold. The representatives Of the Ex-
change did not make that plea in
Albany, three or four years ago,
when they pleaded against incor-
poration, and promised honest trad
ing methods for the future.
One Of the members Of your Ex-
change recently said to me: 1--WE
may not be doing the right thing,
but we hope to ger away with it
anyhow" He is mistaken. This time
you will not get away with it. There
is an old saying in the financial
district: "The men who drop their
money IN Wall Street are good
losers. They never squeal." That is
true. The man who has been trim
med in the Street sinks away from
the district. He has been carefully
educated to the fact that it is on
sidered bad form to blow ones
brains out in a brokers' office.
Already the financial district IS
filling with the stories OF the heart
breaks of ruined men, Of suicides,
Of families left penniless through the
work of the war stock gamblers.
The public is in an ugly temper.
II IS not the same public that rose
against the Stock Exchange in 1912
10. This time you have aroused the
anger Of a great people. II is an UNI
demonstratiye, conservative and in
dustrious race, that forms the bone
and sinew Of our nation, and when
it is deeply wronged, 1T NEVER
F0RGIVES, AND 1T NEVER
FORGETS.
Have you read the official organ
of Wall Street Commercial and
Financial Chronicle, July 3l) and
the warning, il has addressed to
you? 1t says
THE war order business will in
any event be Of short duration.
There may be large immediate prof
its (waiying altogether the question
Of risks, but these large profits
cannot in any event last very long.
R,,t The nrnsnecf of fhaee larna