Every evening, Wilmington daily commercial., 1922-06-06

circumstances involved could be fairy
certain OF recognizing the cssee he vas
talking about. The broker sent ciey-
er young lawyer 20 Washington and
had him enroll as student In the
school where Justice Harlan lectured.
Previously the young man had care
fully fsmilinrized himself with oil the
pending caaes. decisions in which
would ahect the stock market Us
became 30 familiar with their aspects
and circumstances that he could recog-
nlze references TO them without any
names being used.
Patiently ne listened 20 Justice Har-
lan's lectures. Finally, one evening the
Justice began discussing circumstances
which exactly fitted one OF the biggest
pending cases. He illustrated the Ian
points In his lecture by explaining ho~
this case wss worked out in the is~.
He brought II right up to the Logical
conclusion, showing what the decision
must be In his opinion. upon such a
set Of facts.
The young broker lawyer VI ticnt
was iubilant. He took n night train
for New York and laid his report 10
fore his principals. They bought up
large quantities of the stock which
was TO be given an Increased vsiu.
by the decision which Justice Harlan
had thus unwittingly tipped of.
The following Monday the Decision
in this case was handed down II was
precisely opposite to that which ths
Information 20 carefully obtained had
given tho brokers reason to expect.
In the usual formal itaiic letters az
the end Of the decision were printed
the words: Mr.. Justice Harlan dis
seuts" The story says that tn. law
school method Of obtaining advanc.
. Information was dropped
, Another extraordinary caro- ~ q
leak is that regarding the cotton 70
ports from tho Department Of Aeri-
lculture. The condition Of tho crop In
, huences the price on the cotton er-
= lchanses- Information Of these period
q cal reports is guarded carefully. five
minutes advance information skill
, fully used win make n man rich. Ther,
was an employs ~ tho Depr r-rnsns
who desired to got rich quick He wa.
one Of thoss who. in a guarded room.
compiled the telegraphic reports. n,
carefully laid his plot with cotton
" brokers' and agents on the outside.
i When the compilation was ready.
e showing sharp change IN the con-
n dition of the crop which would rnsk,
% the price jump several points. h-
= stepped 20 a window Of tho room, and
Il lowered the shade. as though 20 keen
" the sun out Of his eyes. But the, VS..
In signal and, by presrrangsrnens. had
n been seen by a man across the ~,r-~.
r VINO sat at an open telephone corrsct-
ig ed with an office which. IN turn ga,
" connected by telegraph with tho cot.
,e ton exchange. The information thu.
IN was transmitted FIVE minutes f.e-or.
ts the public announcements was mad.
D. This employee was fined Is 600 sns
W discharged from the government. nv,
le his plot had nads him 100000. n 4
not likely that tho trick could p.
Mt worked again. Every such leak 81
20 followed by an inquiry. arh when an,
he irresularity is found. steps are take,
TO 10 close that svenuA
~ IL IL indeed difficult TO organic.
fe leak from Washington IN the.e tirns-
~ The principal bulwark azsins. IN
~ practice 40 far "a nep~raper rnen ar
n concerned consists in two factors
all First very few newspaper men bay
OF any interest in stock speculation n
any knowledge OF how 70 play ~
on market and second and Of more in,
dy portance high standard Of sfhic
or obtains among the news writer's r.
on washington which inhibits such prar
ne tices more strongly than any law q
ng regulation.