The Indiana State sentinel. [volume] (Indianapolis) 1868-1895, 1881-02-02
WASHINGTON GAMBLERS.
Members Of Congress Who Play ''Puts" and
"Calls''-Bitten by Gould.

washington Letter.
Business panics cause reforms. Poverty
is the surest guarantee of economy. The
mania for gambling which prevailed among
many public men during the period of in
tiation was simply reflex of the general
speculative tendency of the outside public
The people gambled in business; their rep
resentatives gambled with cards. When the
crash came the card-sharpers were held re.
sponsible for the evils which the people had
themselves chiefly caused. A year ago
gambling in Washington revived. Northern
and Eastern men were this time the heavy
players. The New York Stock Exchange
was the table and ''puts" and calls"
I blinds and "straddles'' were cards Two
rooms atone of the principal uptown hotels
were devoted to poker-playing, but oper-
ations in stocks had superseded the old
time amusement The men who gambled
had never enjoyed the felicity of an all-,iay
game on the top of stump in mining
camp, with piles of gold dust for chips
They preferred to buy and sell shares in
mines, the location and actual existence of
which they had no knowledge, rather than
| to rsik their fortunes with dice or cards. A
very wealthy firm of New York brokers'
Prince, Whitley Il Co., saw at an early stage
the possibilities of Washington as a specula-
tive field, and they promptly established an
octfice here. A special wire to New York
was obtained and the headquarters were
made at Wizards Hotel, the center of So
cial, political, and commercial life at the
Capital. In the morning, before Congress
met, a crowd of Senators and Representa-
tiyes might be seen in the brokers office
eagerly watching the blackboard, upon
which was recorded the quotations of the
exchange as rapidly as they could be trans
mitted by telegraph. This arrangement was
not entirely satisfactory to many members
who transacted business with the firm. They
wanted to know the situation of the market
from noon to O'Clock, at which time they
were at the Capitol. Permission was OBJ
tanned to put wire into the Capitol from
the brokers' office. A table with tele-
graph instrument was placed in one of
the window alcCyes on the House side of
the building and an operator was stationed
there to receive quotations direct from the
hotel. At times half dozen Representa-
tives might be seen leaning over the railing
which surrounded the operator, watching
the quotations as he wrote them down upon
the list. 1t was evident from the start that
this arrangement would be short-lived.
The boldncss of Congressional operators
became question of common wonder. Bills
were introduced whose object was undoubt-
edly to influence certain stocks. 1t was
amusing TO see how often the Congressional
operators were bitten by their sharper an
tagonists in Wall street. One instance will
suffice as an example. A bill was introduced
in the Senate to open up the Indian Terrific
nv for settlement. The Missouri, Kansas and
Texas Railroad, owned by Jay Gould, passes
through the Territory. In the hundreds of
miles through the Territory along the line
of this railroad. there is hardly a settlement
worthy of the establishment Of station.
There is no local traffic beyond the trans
portation of Indian and military sup
plies. 1t was known that the pass
age OF the bill would send thousands of
immigrants into the Territory. and almost in
the twinkling of an eye build up most val
liable local trade for the railroad. Every
intelligent Senator and Member of Congress
knew that there was not the slightest chance
for the passage of the bill. II il had man
aged to get through Congress. the President
was committed to veto il. 1t is possible
however, TO manage Committee where the
action of either of the two Houses can not be
controlled. MHsGould visited Washington.
He encouraged his strikers in Congress to
push the bill ahead, saying that favorable
report from the Committee on Territories
would undoubtedly advance the price of the
stock. The word was passed along the line
to buy NJ. h. and T. Everybody who had
the cue load ed up, and the Subcommittee of
the Senate Committee on Territories, IL was
announced, agreed TO report favorably upon
the bill. Newspaper correspondents were in
formed ofthe actiono ftheSub-Committee, one
evening" and dispatches were sent broadcast
over the country announcingthe fact At 10
o'clock the next morning the members who
had profted by the point were awaiting
the opening quotations. They had figured
up anticipated profits and simply wanted to
see how the thing would move. NJ, X. and
T. opened steady. 1t moved up = of l per
cent, The spectators were contented. al
though they Lad expected bigger rise. At
ii o'clock it showed signs of weakness and
hafO ha valao 81 "a falt z
per cent Information was that Gould's
brokers were selling the stock. Curses both
loud and deep were showered upon the emf
nent financier, and those lambs who had
bought upon a margin settled as best they
could and pocketed the loss. Nothing more
was heard of the opening of the Indian
Territory at that session.