It is on the occurrence of Insolvencies that these dishonest practices usually come to light; the perpetrators take their place, not in the class of malefactors, but in that of insolvent debtors; and the laws of this and other countries were formerly so savage against simple insolvency, that by one of those reactions to which the opinions of mankind are liable, insolvents came to be regarded mainly as objects of compassion, and it seemed to be thought that the hand both of law and of public opinion could hardly press too lightly upon them.
"Socialism"
John Stuart Mill
The motive of this latter action was to prevent the possible Insolvencies that were likely to be forced if purchasers were compelled to pay for their securities in the absence of a call money market.
"The New York Stock Exchange in the Crisis of 1914"
Henry George Stebbins Noble