The losses coming through Robert Brownley's terrible onslaught
must have run over five hundred millions. Wall Street and the country
will do well to take the moral of yesterday's market to their heart. It
is this: The concentration of wealth in the hands of a few Americans is
a menace to our financial structure. It is the unanimous opinion of
'the Street' that Robert Brownley could never have succeeded in
battering down the price of Sugar in the very teeth of the Camemeyer
and Standard Oil support as he did yesterday, without a cash backing of
from fifty to one hundred millions. If a vast aggregation of money
owners deliberately place themselves behind an onslaught such as was so
successfully made yesterday, why can that slaughter not be repeated at
any time, on any stock, and against the support of any backing?"
When I read this and listened to talk along the same lines, I was puzzled.
I could not for the life of me see where Bob Brownley could have got five
to ten millions' backing for such a raid, much less fifty to a hundred.
Yet I was forced to confess that he must have had some tremendous backing;
else how could he have done what I had seen him do?
Bob left his wife at his mother's house while he went to Sands Landing to
the funeral.
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