The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1884-06-28
BULLS AND BEARS.

The New York '' sun " Iseviews the situation
ON Wall street in Manner Not ut AL
Complimentary to the operat"rs-No
Truth In Them, But All Engaged In n
Game of Dog Eat Dog.
NEW YORK, June y.
The SIN in its financial article of to-
day says: "It something more was want
ed finally to disgust everybody with Wall
street and brighten him away from it,
this something was admirably done last
week. The failure of men reputed to be
arch lionaires is In itself a strong dis
turbing element. But whcH the very pos
sibilty of their failure is indignantly de-
MED by the failing m,n them
selves within few hours of
their making an assignment,
the business community are placed In the
| position of paymaster's heavily laden
chest carried Into the camp of cowboys
and road agents. The commotion pro-
duced by the circumstance of Commodore
Garrison's failure was of the most alarm
ing character. When confidence in public
statements OF facts are gone, the whole
business ediflce of a community falls to
pieces. When it becomes evident that
no plain, truthful statement offacts from
any millionaire, bank President, or rail-
IOdu ITtSluGuJ CdH Dt ODbdlltu, every
man of sound mind locks up in his safe
sends to Jericho every business
except that of which he has
absolute control himself. 1t is the fault
of lying millionaires, lying bank Presi-
dents and lying railroad magnates that.
denials are now accepted as contrma--
tions. The momentary furry created in
the stock market on Saturday morning
has, 1t seems, also postponed the COL
lapse of two or three important Wall
street firms. But the last hour of bus--
ness fairly suggests the probability of our
hearing of them to-day or tomorrow. 1t.
| is to be feared that Ocean, White & Co.
have played their little game once too
often. Saturdays sudden collapse in
prices, after the wild boom engineered in
Lackawanna and Missouri Pacific, seems.
to indicate it quite clearly. Deacon
| White is altogether too inexperienced in
this game. He forces 1t so brutally. It
| should be played in a gentle way, as Jay
Gould plays it. Gould would never have
allowed Missouri Pacific to Jump as it
did on Saturday II the Deacon had not
forced his hand by the Lackawanna deal.
! AS an irreverant hear remarks: "The
Deacon has altogether too much of the
| parsons cheek about him. He talks big
| anu lOuu HOW DeCduSe lie KNOWS lie Cdu
not be talked back at. With the aid of
ID. p. Morgan and one or two squeezers
of that stamp he bought up nearly all the
floating Lackawanna stock and has taken
it with him TO the pulpit. But let him finish
his benevolent sermon and come down.
We shall then give him piece of our
theology"
In the last so-called "Calico" squeeze
Mr.. White put the same stock to 1870
dashers in few hours. 1t has tumbled
since to 92d. On Saturday he bo,stered
it up to l05d. again, but before another
fortnight is over he will probably have to
sell his holdings at 75d. 1t seems posi-
lively absurd to try to put up the price
of any stock forcibly in the present con-
dition of affairs, but to put up coal stocks
with the constantly growing depression
of the anthracite coal trade seems to be
something more than an absurdity.
The atmosphere OF the rivers grows
more and more black with smoke of BIZ
luminous coal, and some ferries on the
Delaware River itself seem to have given
up the use of anthracite fuel because its
price is kept at extortiopal figures. The
same thing is going on throughout the
West, which has plenty of soft coal of its
own and reduces its demand for hard
Pennsylvania fuel every month. Apart
from that, a company like the Reading
can never get out OF its difficulties I'M
less it mines and sells all it can, without
any regard to restrictions imposed uponit
by rival concerns. Mr.. w. II. Vanderbilt
is supposed to be deeply interested in
Reading property, and will probably be
the first to throw the combination cap
over the windmils. He hates to lose
money more than he hates to be beaten
on the road and he must have lost good
deal of it lately, both by the fall in price of
his investment securities and by the stock
operations of the junior members OF his
family. 1t is rumored in Wall street that
he paid big Wall street bill before sail
ing for Europe, and had to pay bigger
one still upon his return.