St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-03-10
BULL DANGERS
The Prostration Caused by the Recent
Squeeze in Lackawanna.
"Rigolo's" Review of the Course of Trade
The Coinage of Silver.
Especial Telegram to the Globe.

| cpeClAl 1eieBrdn 10 tue 0iOOei
New YORK, March 9-In its Wall street
column the Saaa will say tomorrow: The
stock exchange squeezes have got once more
what they deserved. They have killed all
business for the time being, and the Wall
street atmosphere is black and blue with pro-
family. The reduction of daily transactions
from 500, 900 or 600, 900 shares to 10000 or
| 150, 900, with three-quarters of these mere
fictitious washers, suits as little the
small broker, whose Office expenses do
not exceed $4,000, as 1t does the big
one who has to spend $4,000 or $50, 600.
The pious poetical and astronomical Mr.. s.
V. White viii deeply regret his Lackawanna
coup, even if it be true that he made over
$500, 900 by it. He is trying to excuse him
self in newspaper interviews, and is even
making up the losses of some of his victims,
but all this will not do him any good. He
has put himself on record as a
"squeezer," and his fellow members
of the board will never forget it.
He enjoyed the reputation of being a square
and honorable man, and had no business to
bet on certainty. Although both the big
and small bears got hurt, none of them were
badly manned.
After the big Russian bears had been
beaten in the Crimea, Prince Gartschakoff
said they had assumed meditative attitude
toward Europe LA Russie de fecuille -
| That is exactly what the Wall street
bears are doing now. Men like
Messrs. Cammack, H. N. Smith, Woerishof-
| fer, Carver, TraversAall (recuille) themselves
| They look on and mediate, but they have
| blood in their eyes. For the last two days
they have practically boycot.ed the market,
leaving the squeezers and the pool manipu-
lators to stew, according to Bismarck's hap
py expression, in their own gravy. The short
interest having been materially reduced they
| are pretty able to take care Of any lines they
may have out, and as there is nobody to
| buy stocks for long accounts the pool
manipulators have only one prospect, that of
carrying their loads at slowly tagging quota
tivns as long as the cheapness of money al
lows them to do so. But the moment money
| becomes more active (and it must become so
if the exports of gold contnue) the banks
will call in their cheap loans and the pools
will all go to pieces.
Manipulations on the bear side are danger
GUS only on account of the chances of q
| squeeze, but they don't imply
running expenditures, while manipu
lations on the bull side mean
paying out, more or less, heavy-carrying
charges all the time. All the Vanderbilts,
Goulds and Sages in creation will not be able
to carry all the trash Wall street has now on
hand if money becomes worth 5 or 6 per
per cent, and the speculative confidence of
the outside public is not restored at the same
time. The more persistent the bears remain
in their boycotting policy the sooner they will
break the backbone of the pools. AS mat
ter of course the silver question
gains every day more and more importance
! in the minds of Wall street people. From
| the biggest banker to the most obscure
broker everybody has something to say on
the subject, and no end of nonsense Is daily
printed in the shape of opinions of s'leading
operators" So far Mr.. Henry Clews seems
to have put the matter In the most intelligi-
BILE shape. He suggested that the best rem
| edy to meet the present silver disturbance
is for congress temporarily to suspend
the Bland silver coinage act. The govern
ment will then cease to be the buyer, as now,
of almost the whole of our silver product,
and as the yield Of silver from our mines is
a regular crop of production the same as
wheat, corn or cotton, it will find its level in
price in the market in like manner, and fall
to such a rate as to admit of its regular and
steady shipment to foreign countries, and
thereby take the place to that extent of the
present export Of gold. There ought not
to be any difference whatever between silver,
wheat, pork or anything else, as articles OF
merchandise. The lower the country is able
to put them, the more chance will there be
for increased efforts and the influx of gold.
The cheaper silver becomes the more will be
used for industrial purposes, and the more
will the western mines be able to sell of it.