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 or post-office. Then there are the bankers who enjoy, or may some day enjoy, public deposits; those that profit on loans to finance political financial deals; the promoting capitalists who share with the bosses on franchises; and the brokers who deal in ring securities and speculate upon ring tips. Through the exchange the ring financiers reach the investing public, which is a large and influential body. The traction companies, which bought their way from beginning to end by corruption, which have always been in the ring, and whose financiers have usually shared in other big ring deals, adopted early the policy of bribing the people with “small blocks of stock.” Dr. Frederick Speirs, in his “The Street Railway System of Philadelphia,” came upon transactions which “indicate clearly that it is the policy of the Union Company to get the securities into the hands of a large number of small holders, the plain inference being that a wide distribution of securities will fortify the company against possible attacks by the public.” In 1895 he found a director saying: “Our critics have engaged the Academy of Music, and are to call an assemblage of people opposed to the street railways as now managed. It would take eight Academies of Music to hold the stockholders of the Union Traction Company.”

But we are not yet through. Quay has made a 211specialty