, 1877-01-27
ETHICS OF THE BOURSE.


We have already spoken our opinion
upon the manner in which stock operas
tions are conducted in San Francisco.
and have spared no pains to impress
upon our readers the dangers that bt Set
those who leave community like this.
with the savings of toilsome years, to
seek investment in that city. With a
full knowledge, based upon sore ex-
perience, we can assure our Washing
ton Territory friends that investments
that will pay ten per cent. per annnm
here, are better than anything they can
find in California We have farming
lands to the northward of us. that can
never become afflicted by d outh and
consequent loss of crop; and other
avenues of good profit are being opened
fully as fas: as the necessities of the
country demand.
The condition of the stock market in
San Francisco shows most deplorable
exhibit The wild initiation of valnes.
the anxiety of thousands OF needy toilers
to invest their little ali in the whirlpool
of speculation. the extravaganza that
follows in the wake of temporary sue
cess, all marked the swelling of the
bubble. Now comes the terrible awaken-
a. Va IF
ing but failures, bankruptcies. defalcs.
tions of fduciary employees, flights to
unknown cimes. and. worst of all, sui
cides of the Impoverished victims of a
reckless and insane desire to become
suddenly rich. All this. that dozen
men may ride in their carriages past
their crazed and famished victims. and
be called Bonanza Kings"
The career of the man igers Of the
Consolidated Virginia and California
mines, for the past year has been
fraught with the basest of rascality
Since April. they have been engaged IN
"milkiug" the market Of not less than
million dollars per month by a pro
cess known only to themselves. 1t con-
sisted of shrinking the values of mines
under their control one week and ex-
pauding them the next. BY the former
trick they created panic and caused
l.. l IL flr Goa.
of being as sessed and frozen out" 10y
the latter they caught all those who
had "sold short" aud obliged them to
fill their orders at ruinous figures. Their
enormous wealth enabled them to con-
duct these operations upon SO large a
scale, that broker would be glad to do
their bidding at one half the usual
commission and then realize fortune
in single day. If Flood had merely
told brokers and habitual gamblers 20
hold on to their stocks, IN the face Of q
falling market. the cese would be bad
enough; but there would be cOnsoiat!on Ii
in the fact that he had heeced men of
his own kidney. But among his vic
Tins are 10 be found men and women of
every social grade and every industrial
calling. Vanderbilt played colossal
game on the financial chessboard. His
quarry consisted of such men as Fisk,
Dan Drew, Dean Richmond Jay Gould,
Speyers and others, of class whose
general reputation for shrewdDess would
enable them to make recuperation af-
Ter he had broken them.
King Flood, on the contrary, finds his
game among the washerwcmen, cham
bernaids, milliners. barkeerers and
hGstlers, of the Bay City. We cannot
say that his example has tendency to
create admiration IN the popular mind,
nor DO we believe his tenure of life is
very certain. Lesser rogues have
adorned trees by the roadsides in Ida
ho and Montana ere now; and tie city
where he lives. was the cradle of Vigi-
lance Com mittees. Near him in his
bank, is gentleman whose father was
an ambassador to foreign court, and
whose brothers are men honOred
among men. The wife of one of those
brothers. once said in our hearing that
"money is very nice thing 20 have.
provided there is no dirt sticking to it. "
and significant lessons.