The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-06-29

causes acting tOgether. Inc Cneupuess
or dearncss Of particular stocks is one Of
the elements of the problem, which will
doubtless be felt in the end but for the
purposes of speculation it is not even the
most important Of these elements. 1t
would be far more valuable to them to
know whether "the managers" Of the road
in Wall street, its directors, If they Hrc OF
the common, speculative kind, and il not,
the clique of bankers who have nominated
them, wish to buy the stock or TO sell it.
II the managers want the stock, it sprctty
sure to put on its worst appearance before
the public, and to go down. II they want
to sell out, its reports will be the most
glowing and hopeful character, and It will
rise. But how is an outsider TO know
what "the managers" really want to do?
lie may be sure that ifhc investigates this
question he vii! be misled for the great
gamblers who hold the cards against him
are both able and eager TO mislead him
Ifstock- gambling were in all respects an
even game, the final success in II would
belong, on the average, to the longest
purse. In every class OF business the ad-
vantage Of large capital over small Is I'M
mensc; hut where the profits looked for
are those Of rtluctuNting values, all the ad,
vantages OF large capital are exaggerated
enormously. When man deals III STOCKS
"On n Margin let his general views be as
sound us possible, he is still limited Ill his
power to wait by the amount OF his mar,
gin; and many speCulatOr has entered
on a career with sanguinc expectations as
to prices, only to find that these cxpect4-
tiOns are far more than realized, indeed,
hut that lie is ruined, simply because they
were not realized quite soon enough, and
his "margin" gave out on the way. There
are games of cards known us "Dlu!l or
poker" played by the most rash and
reckless gamblers, in which player loses
all his stake unless he can keep on in:
creasing it rs fast rs his adversaries; and
many luckless wight has been "blutted
out Of his savings on the Stock Exchange
in tho same way, although his bet was
really made on winning hand. a very
large capital is needed, to enable the
speculator TO take the chances ana
await his harvest time.
But to the herd OF operators stock
iobbing never can be an even game
These men do not speculate ior them
selves, but always pay brokers to do it
for them. On the Supposition that these
brokers urC always perfectly wise, able
and honest, and in all these respects they
will bear comparison with any other pro-
Cession, the Operator" has always against
him the commissions he pays for broker
age andintercSt compounded monthly. II
Is evident that, in the aggregate, all the
commissions Ofall the brokers, and all the
interest accruing, must come out OF the
pockets of their customers, apart from any
sums which these customers may lose 10
one another, and which do not affect the
general result That is to say, If one man
owned all the speculative atock ac-
count in the street. 50 that all his
operations would check one anOth-
or, he would lose, besides the lnte,
rest account, Just the commissions paid
on all the business. Each commission
alone looks small, and the interest account
when money is easy is not very large. but
in the aggregate there are enough to sup
port and enrich n large and thriving trade
And it is lust because, in the end, every
speculator must on the average, lose pre-
cisely all he pays for these purposes, that
we find so very few exceptional cases IN
which long accounts show q profit, and
that the hooks Of every commission
house" are chiefly Il round Of losses TO the
customers. ,
Allthese principles have been illustrated
on the Stock K Exchange this week There
has been of late general disposition to
expect u large advance in prices. Hun
drcds Of persons whose business is else
where, have been into Wall street
to buy stocks on speculation with
immense amounts Of idle capital
seeking investment, and with large
financial schemes for railroad con-
solidation and paper dividends devised in
various parts Of the country, there was u
prospect, ii was claimed, Of such IN intla-
lion of stocks rs has not been seen since
the famous bubble Of April 1864. Now
all this is changed; the sanguine spccula'
tors are few; many have sold out at Il
loss and disappeared, while others are
hCsitating and doubling OF the future, ana
ready to be panic-struck on slight pro-
vocation. And what has happened to
produce the change? Nothing whatever,
exCept that an unfortunate spCculator,
who had gone beyond his depth, has fail
cd in attempting TO make good his retreat
This man, indeed, has had an experience
second in. extent to none; and all who
have known him declare that his abilities
arc extraordinary. His general views OF
late have accorded with the general
course of the market. Surely this COM
bination of advantages ought to insure
success, if success could be insured in such
n career. His utter and deplOrabIe
failure, involving friends with him,
ought to be enough to warn many from
undertaking, with small part of his
great resources that which he could not
accomplish.
But this is not all. The mere fact that
this mans stocks were sold out on Thurs
dav, on account of his losses in gold,
changed the whole tone Of the stock mar
kct. from iirmncss tO weakness, from
buoyancv to dependency. Nothing
could show in stronger light the un,
reality Of the business than this fact; ana
every man who emharkS his future in the
trcachCrous ventures Of tho stock mar
kct ought to know that he is subjecting
himself to defeat and loss, as the results OF
tritlcs which no human foresight can
avoid, and which, in any other business,
would not be regarded rs worthy Of n
moments attention in the study Of its
prospects,