The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1884-05-08
POLITICS AND STOCKS.
A Mixture thai Generally Results in Disas-
ter for the Mixer.

A Mixture that Generally Results in Disas-
ter for the Mixer.
Special to the indianapolis Journal.
WASHINGTON, May Z.-"Yoa never will quit
specializing so long as you have a penny and so
long as you have life" said the wife of one of the
leading chairmen of Housecommittees this morn
ing, while going down on an elevator at one of
the fashionable hotels.
'Well, that's all right, y he replied; II thought
was right this time, or I should never have gone
i'm
But the wife would not be pacifed. Evidently
the chairman husband had been an old offender.
Tonight your correspondent saw the man con
ming the figures on the boards at Wizards. He
looked worn and downcast The quotations did
not suit him.. 1 put the words of his wife, the
character of business his committed transacts,
and the columns of figures he was perusing to-
gether, and ttney brought this result: His com
mittee has had for some time some proposed leg
islat:on affecting certain railroads pending. The
passage of the measure would depress the stock
of those roads; in fact they would cause a panic.
The committee has agreed to report the bill with
favorable recommendation With this under
standing the astute statesman had evidently
sold that stock heavily. 1t has taken a decided
move upward. He could not see how that
could be.
1 am credibly informed that the stocks Of no
roads have been affected by what this House
alone has done, and that only those which have
received the attention of the Senate have fuctu-
ated downward. Why this can be so is found
in the fact that even the railroad corporations
feel that this House is not in earnest in any
thing, and that none of these measures
about which so must brag and buster has
been made will become laws. The stock dealers
and those who buy and sell in the capicity of
customers have gone ahead in their operations,
and are yet doing so, as though nothing had
occurred when the House committees render
reports that would. be inclined, under ordin airy
circumstances, to paraisz re the markets. This is
one of the most practical demonstration 1 have
seen of the truth of the assertion that the coun-
try has no faith in the ability of the House.
1t has long been customary, however,
for members of Congress and the SEN
ators TO speculate during their temporary resi-
deuce here. A large majority of the Eastern
statesmen are dealing constantly. Some of them
are led to do so by the inside knowledge of flu
ture legislation they feel that they have. They
generally touch stocks but not infrequently
they have to do with grain. They are not very
SUE eessfud. The past has proven that the
pointers procured in u committee room are un-
reliable pointers, " for the reason that the party
dealing is nearly always inexperienced and does
not know how to handle his knowledge.
An old legislative manipulation tells me that
he never acts ON a pointer until the very edge
goes off n stock-the very edge that is given n
stock by the first information that is about to
overtake it. He says, however, that politics and
stocks don't go together very well.