Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1922-06-08


the formulation of policy will be.
Fine Scheme Goes Wrong
One of the most elaborate arrangements
to get advance news was made some years
ago, not by a newspaper correspondent,
but by broker who was eager to obtain
advance intimations of supreme court de-
cisions. Some Of the justices Of the supreme
court of the United States lecture in law
classes at the Washington universities
This broker learned that Mr.. Justice Har-
Ian lectured at one of the schools and was
in the habit of illustrating his lectures by
references to the cases which the supreme
court had under consideration. OF course
the learned justice would mot mention the
names of the cases, but person familiar
with the circumstances involved could be
fairly certain of recognizing the cases he
was talking about. The broker sent a
clever young lawyer to Washington and
had him enroll as a student in the school
where Justice Harlan lectured. Previously
the young man had carefully fam1llarlzed
himself with all the pending cases, deci-
sfons in which would affect the stock mar
ket. He became so familiar with their as
poets and circumstances that he could rec
ognize references to them without any
names being used.
Patiently he listened to Justice Harlan's
lectures. Finally, one evening the justice
began discussing circumstances which eX-
aCtly 11tLod one OF the UlSSeSL peuu1H6
cases. He illustrated the law points In his
lecture by explaining how this case was
worked out in the law. He brought 1t
right up to the logical conclusion showing
what the decision must be in his opinion,
upon such set Of facts.
The young broker-lawyer-student was jul
bilant. He took night train for New
York and laid his report before his princi-
pals They bought up large quantities OF
the stock which was to be given an in
creased value by the decision which Justice
Harlan had thus unwittingly tipped off.
The following Monday the decision in
this case was handed down. 1t was pre-
cisely opposite to that which the informa-
ton carefully obtained had given the
brokers reason to expect. In the usual
formal italic letters at the end Of the de-
cision were printed the words: "Mr. Justice
Harlan dissents." The story says that the
law school method of obtaining advance in
formation was dropped
Another extraordinary case Of leak Is
that regarding the cotton reports from the
department of agriculture. The condition
of the crop influences the price on the cot
ton exchanges. Information Of these Pc
riodicaI reports is guarded carefully Five
minutes advance information, skiLfully
used. will make a man rich. There was
an employe of the department who desired
to get rich quick. He was one of those
graphic reports. He carefully laid his plot
with cotton brokers and agents on the out
side. When the compilation was ready,
showing sharp change in the condition OF
the crop which would make the price jump
several points, he stepped to window OF
the room and lowered the shade, as though
to keep the sun out Of his eyes. But that
was signal, and, by prearrangement, had
been seen by a man across the street, who
sat at an open telephone connected with
an office which, in turn, was connected by
telegraph with the cotton exchange. The
information thus was transmitted five min
utes before the public announcement
This empIoye was fined $4,000 and dis
charged from the government, but his plot
had made him 100000. 1t is not likely
that the trick could be worked again.
Every such leak is followed by an inquiry,
and when any irregularity is found, steps
are taken to close that avenue
It is indeed difficult to organize leak
from Washington in these times. The prin-
cipal bulwark against rhe practice so far
as newspaper men concerned consists
in two factors: first, very few newspaper
men have any interest in stock speculation
or any knowledge of how to play the mar
ket, and second, and Of more Importance,
high standard of ethics obtains among
the news writer's of Washington which in
hibits such practices more strongly than
any law or regulation.
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