The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-03-22
poEsIr MEAN

tremendous pile of money. Thereupon
this specializing magician, usually so taci-
turn and mysterious, whose business no one
was suffered to know but himself, called
some of his trusted advisers, kings them
selves in the financial world, around him
and exhibited securities, stocks and bonds
to the extent of $53,000,0O0 But this ex-
hibtion publicly of his wealth it is felt and
feared means more than mere answer to
a rumor. Heretofore he has never deigned
to make an effort to correct the talk of the
street though he heard it all. The fact is, a
conflict is coming on in Wall street very
soon which is to be one of prolonged bitter
ness, and one for the final and absolute
mastery of the situation. Ofcourse this re-
port is unauthentic, or simply report but
facts seem clearly'to indicate it, The shrink
age IN stocks and securities in this country
within the las. twelve months reaches the as
tonishing figures Of $500, 100000, or closely
Whereabouts. This vast sum of money is a
loss of so much confident capital and seems
to show the instability and precarious value
of such investments. In other words, it
has rendered the financial world and Wall
street shaky in the extreme, and
II takes but spark there to kindle a great
conilagration. The failure often of but n
single house, the reported weakness of an
individual Spectator, through the skillful
manipulations of the keen gamblers upon
the street, in an instant may run the mar
kct up or pull IL down and hundreds suffer.
Then comes charge all along the line and
panic ensues, disastrous and widespread.
This was the case in 1873, whose terrible re-
suits are still fresh in the minds of the pub
lie. 1t is n lamcntable fact, but indisputa-
BILE, that the vast volume of the wealth of
this country consists in a property with as
Ghangeiul and unstable character as
water II is the one fearful
and always nationally anticipated
avalanche Of ruin likely to sweep down
upon us at any time, Congress has been
as1ol State legislatures have been asked
to interfere MS against stock gambling and
in the Interest ofiral humanity, but nothing
has been accomplished and we are likely on
the eve of tremendous breakup, more
terrible in its effects than the disasters,
consequent upon the failure of the Union
Generate. Ii is notorious that during the
last one or two years the issuance Of
stocks and bonds has been greater than
ever before. States, counties, municipal
tiles and individuals, all INDUCING
in the dangerous practice of
flooding the market with new paper
supposed to represent unlimited millions
of money and valuable property. 1t is true
that these securities have long run before
maturity, but uneasiness arising now from
whatever cause may ruin them permanent
ly. If the Wall street men are fixing for II
fight it would take but u day or so to In
form the world of the inability of the cor
porations and firms, which this paper rep.
rcsents, to meet their obligations, the prac-
tically worthless character of0ihc securities
in which hundreds Of thousands of people
have risked their all, would at once become
apparent, and ruin of an unprecedented
nature would blight the prosperity of the
United States, and manifest itself in all
quarters in twenty-four hours, Gould may
see tho coming crisis and may have
adopted the rusc Of exhibition of vast
wealth to maintain the confidence of the
public in him in such event, or some
deep laid scheme may lie behind, but the
widespread feeling Of the distrust or an
ticipation of evil is by no means reassuring
In tho meantime, IL is to DO hoped that
the really solid iinanciers Of the country
may scent the danger and avert the evil,
A clear.headed exchange truthfully To-
marked the other day that while the eyes
OF the country are centured on Washington,
and every move upon. the political chess.
board is commented upon throughout the
land, 1t is in New York, and not at the
capital, that the really important game is
being played, No matter who is on the
supreme bench, the farmer is apt 70 get
the value of his wheat, but il the
struggle between Goulp and kEENr
results in general smash, 1t is tho
farmer and the mechanic who will suffer
"'rhc condition of commerce is not healthy
each one of the great staples has disap.
pointed the experts, and money has been
lost on every hand The shrinkagc has
not been confined to any one article, but
has been very catholic, The people seem
to have been putting themselves into tn,
worst possible situation for sudden iinan,
cial stringcncy, aud il the struggle in Wal
street ends disastrously Tor those
who arc carrying the whole burden OF
the railroad stocks OF the land, the panic OF
1873 will be worsc'than duplicated" Only
iinancierS of recognized ability can prop
crly deal with occasions like the present, OF
suggest arcmedy and Il is,in our Judgment,
about time to direct the closest attention OF
the truly solid aud intelligent business men
of the country to the operations In Wal
street or two or three spcculator.
there may ruin them by thousands
II seems incredible that such should
be true, but that Il Is, no intelligent mar
can doubt. A rumor ON Wall street Is like
lighting the fuse to the mine.