OCR Text |
Show CUPIDITY BASIS OF FRAUD GAME Only Three Brokers of Many Who Failed Were Members Mem-bers of Exchanges I CIIICACO. March 1, "The confidence I gn.mo la as old as the deception of Fssau I and It Is based now, ns then on human I j cupidity." Waiter S, Bvowater, president , of the Chicago stock ex, h.uic,., told mom-b. mom-b. r of the Cbl'-.'ico Vf t.riutlon of I'om- men e, in a apeecn WedPeaday 1 "Thore Is no cause for alarm In thel present round Oi fraudulent Investment' concerns." ho declared "Thlr. sort of I tbinc has be i going on always Wei have had the South sea bubble, thf gold mine itor.w tlic cold brick game and a score of other variations. But only dm I ing the lant thre.- 01 four ye;, rs have we hnd adequate laws to pr. vent stock awfn-.11.-- " Speculation aa it la conducted on the, stock exchange here Is not gambling, but a legitimate and necejpjcry business function func-tion in the opinion of Mr Brewater. "Kvery mewis to protect tlic Investor, that our Ingenuity can devise In takeh to confine the work of the exchanro to j the genuine necessities of modem dual-1 nessiT' ho added, Mr. Urewster polntad out that of the recent failurc'n of ; ick biokernce liouses onlv three of the 42 failures has heon ; meinbers of either the Chicago or New j York exchanges. |