National Republican., 1883-04-27
THE MAN ON THE AVENUE.
Small Tols About Men aud Measures

is simple enough. The outside crowd spocu-
lates on appearances, and trust too much to
surface indications. If they went about stock
or produce dealing the same as they would go
about the purchase or sale of real estate or
merchanso they would not lose"
Explain"
"What do you do when you want to buy
horse? Why, you look around until
you find horse that suits you, and then you
buy it as cheap rs you can. You do not go to
public auction and trust TO what the auc-
tioneer tells you about the merits Of tho
animal he gets a commission for selling-that
is, l assume you do not believing you to
be possessed of average intelligence. When
you want to sell house you do not adver-
tiso that it is in bad neighborhood or that
it is q rattle trap, ramshackle building. of
course you don't You praise it up and talk
about its advantages. That is precisely what
holders of stocks do. When you see rose
tinted newspaper gossip about stocks you may
depend upon 1t that holders have been talk
ing UP their property TO induce the crowd to
take it of their hands. And generally tho
crowd docs just that thing and gets caught.
"Tho first thing bull pool does Is to pub
lish stories Of decreased earnings in the road
whose stock they propose TO trade in. They
can control the reports and doctor them to
suit themselves. They then cause it to be
announced that n new issue of bonds or
other evidence of indebtedness is about
to be put on the market, and in various
ways attack the credit of the company.
In the face of this vicious hammer
ing the stock generally remains about
/
seldom going of more than n few points.
Meanwhile, however, timid holders arc letting
go and the bull operators arc loading up.
When they have enough the earnings of tho
road suddenly increase, tho gloomy talk
ceases, and instead of songs of sorrow
one hears nothing but bright, hope
full gossip. The new indebtedness is
discovered to have been imaginary,
and everything is lovely. Then tho crowd
begins to buy. The holders are reluctant to
let 90 such good thing, but finally consent
to part with their property at Il handsome
profit. The crowd invariably buys most
largely at top figures and sells at bottom
prices They go altogether on appearances.
When the talk is bullish, and has been bulish
long enough to cause an apparent upward
drift, everybody rushes in to buy 1t is then
that the big fish unload. They always sell
on rising market and having control of
stocks they are not afraid to sell on a falling
market. They know the actual value of the
property they deal in, and know when it is
time to sell and when to buy. When they
want to buy a stock they do not go about
telling the men they expect to buy from
what good thing it is. On the contrary,
they run it down. When they want to sell
stock they pursue exactly opposite tactics,
just as you would do If you had horse or
house you wanted to get rid of.
whenever the current of talk is bearish,
depend upon il that some of the big men are
loading up, and whenever the drift of gossip
is hopeful you may rest assured somo big fish
are feeding shaky stocks to lambs. In nine
cases out of ten the men who bet against ap-
pearances will win, because they will be with
tho big mon--the men who control the mar
ket.
1T is absolutely within the power of such
men as Gould, Vanderbilt, Sage, Koenc, Ar.
mour, and Fairbank, to fix the price of any
stock or commodity traded in, within reason
mean, and if you stop to think you must
see that they will not go TO work to bid up
buc SOOuS bhOy piopooo VI hctly luS
value of the property they want to SELL"
80
The resident Indiana delegation has been
re-enforced lately, and veterans and new re-
J cruits have their attention directed toward
the white house. They arc concerned about
the United States judgeship and anxious to
know who Judge Gresham successor is going
to be. Senator Harrison and the President
) have had consultation about the appoint
ment, and the attorney generals clerks arc
briefng the papers bearing on tho matter.
Said an Indiana gentleman last evening:
at is morally certain Chat the President
will appoint whoever Senator Harrison recon-
mends, and although he has made no definite
statement, the impression is growing stronger
! that the senator has recommended Judge @.
G. Hines his business partner, and that he
, will be the appointee. Judge Hines is emil
nently qualified for the place and the only
objection urged against him is his intimate
= association with Senator Harrison, friends Of
outside candidates holding that it will be bad
political Judgment for the senator to lay him.
self open to tho charge of keeping the good
= things in the family and giving the party the
I crumbs. Were it not for the fact that Judge
Hines is Senator Harrison's partner he would
have a clear field. His fitness for the Office
is universally acknowledged. He ranks
r among tho half dozen leading members Of
: the bar of the state; is courteous, self con
. tanned, and unobtrusive, and although q
man of very decided convictions, 1 dc
not believe he has an enemy in the world
= He is a man of really remarkable legal and
literary attainments, and has ono of thu
r largest and most valuable private Libraries il
o the west He has a weakness for old books
and his library contains a large collection Of
rare and costly volumes as well as manu-
scripts"
k 80
d Dispatches from Now York, Chicago, ant
@ Cincinnati assuming to give an outline o
l, the forthcoming May crop estimates of th,
agricultural depar tment, are absolutely with
out foundation. Being questioned on thi
subject yesterday, Statistician Dodge said;
"Such reports are absurd. / have not al
&c idea what the May report will be. The dc
y partment observers do not mail their esti
/. mates and observation until May 1, and W
y do not begin to receive them until the da.
:. following. They come in from the first to tn
!, !, TENTH / have not received single ropor
,c yet, and statements purportng to givean out
;. line of what our report, based ON the observa