The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1869-09-25
COMMERCIAL AND FINANCIAL.
Tho Grsat Gambling MIL in new
York.
How Legitimate BuAiueHs IL Ground
to Powder.
CHn the Commercial Metropolis
Stand Il?

From The Cincinnati Gazette.
New York is getting to be an uucom.
Portable place for merchants. With all
lts immense capital, business men find
II difficult 10 borrow money. Yester-
day there was one OF the periodical
panics In the stock market. This
caused panic In the money market,
and we are told by telegraph that dis.
counts were not obtainable. The stock
operators control the money market.
They make 1t easy or stringent at
pleasure. They crush each other, or
rather the large fish eat up the small
ones, and In the meantime men engag-
ed in legitimate business suffer. The
system Of locking up money In order TO
make 1t scarce ID one Of recent inVen.
lion, and Is peculiar 10 New York.
The object OF this lock. up system Is To
break the stock market. This having
been accomplished, the money that had
been Withdrawn Is lot out; the beHrs
turn bulls, and prices react. This ls
the way few men who control large
amount OF capital make money,
This Is the way Vanderbilt amas-
Sed his immense fortune. This
man, with half dozen others who
make stock dealing their business,
control the New York money market.
They have It In their power any time 10
withdraw fifty millions OF money from
circulation, and the frequent exercise OF
this power Is damaging tho legitimate
business OF New York. Banks lend
themselves 10 the great money kings,
because It pays. They loan money to
these men on inflated stocks when ner.
cLants and ndmanuiActurers can not Dor.
row at all. In case OF panic, such as
occurred yesterday, mercantile credit IL
severely strained, and the business Of
the whole country Is more or less affect.
ed. This results not from natural
causes. not from any disturbance In
business, but from contest between
stock operators. Our dispatches show
how these panic5 are gotten up. First,
prices OF stocks are inflated. Then Il
lew heavy operators organize to put
prices down. They borrow greenbacks
and withdraw them from the market.
Thus money is made suddenly scarce.
Now rumorA are Set A1out. Mr.. Bout
we'll has determined upon new policy;'
Spain has declared war against the
United States;' Vanderbiltls ls dead;' The
consolidation scheme has failed;' Judge
Barnard has granted an Injunction
against Hudson Rlver;' 'Slckles has
demanded his passports, and so on.
Thus excitement IL formed until II
eliminates 10 panic. Stocks are
thrown overboard;' small holders are
sacrificed banks call In their loans, ;
and finally II looks as II the bottom had
fallen out OF the market. Now the con.
splrAtorS who locked up green backs
step In. Stocks are cheap aud they buy,
The next move iS 10 release the green.
backs. Under this operation the money
market becomes easy. Stocks advance
as rapidly as they previously declined,
and all is lovely again, and the fools
who believe the rumors that caused the
panic are laughed at. Thus fortunes
are lost and madein New York. Those
who lose are soon forgotten. There who
make become great men. Yet thousands
Of men are sent to the penitentiary for
crimes ttlhinG compared with the acts
for which the successful stock operators
are applauded.
II the Influence OF this business were
confined 10 stock circles the conse.
quences would not be serious; but, un-
fortunately, II is not. Il affects the
money market at the great financial
center, and thus uusettles the business
OF the whole country. A money panic
in New York means a nervous feeling
and a fall In credits everywh here: but
no class suffer more than the merchants
OF New York City.
The question arises, then, how long
can New York merchants stand up
under the present financial Bystem ? Is
trade 30 firmly fixed there that It cam
not be moved? VIII not people who
trade with New York get tired OF pay.
Ing the enormous extra expenses In
Cured by New York business men con
sequent upon the course OF the banks
and the great stock operRtors?
These are questions that the business
men of.New York should begin to con.
slider. Theyrwill soon find that trade
is notso firmly fixed there that It can
not be moved. A great city whose
courts are corrupted by stock opera.
tors. must be considered as In a critical
condition,