St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1892-05-15

he desired to acquire stocks, he would
pursue the reverse tactics.
HIS plan was to buy on declining
scale and sell on an advancing scale. 1t
reads like simple transaction, but the
thing is to keep the market going down
or up as may be to the advantage OF the
speculator, and here was where Mr..
Gould showed his consummate art
Mr.. Gould has not always come out of
a deal with profit. He has been "cOr-
nered' and made to pay dearly for
stocks he needed to make his deliveries,
and again he has been left with large
accumulation of stocks on his hands
that he has to sell for much less than he
bought them. But, Of course, Mr..
Gould's speculative account shows a
vast balance in his favor.
Russell Sage used to be power in
the stock market, although, strange to
say, he was not speculator as the term
is accepted. 1t was when he was sell
ing puts" "calls" and other "privi-
leges'' on stocks. He often bought or
sold stocks in enormous quantities
against his privileges, and thus effected
important changes in prices. Mr. Sage
latterly has devoted himself almost ex-
clusively to the loaning of money, and
is rarely heard of i'll the market. Now,
if lie buys stocks it is for representa-
ton in property, and if he sells it is to
take profit or to lessen his holding.
Mr.. Sage has wonderful head for
figures. He never fOrgets. He does
not put money into property without
careful investigation, and there is GER
tainly no better judge of values in the
street. His relations with Mr.. Gould
are closer than those of ally other
HnanOior Roth houa rNrnfif aA ca
Iy by the relationship existing between
them.
Addison Cammack, the bear leader,
has made millions on the side of the
market which Is strewn with financial
wrecks. He.is hard-headed man, who
makes sure of his ground. He cOnSid-
erS it better to wait for opportunities
than to manufacture them. If he makes
mistake he remedies 1T as quickly as
he discovers it, and does not build on
hope for things to turn in his favor.
He looks ahead, of times long way,
in his speculatlons. He has large fol
lowing in the market, but for all that he
takes nobody into his confidence. He
makes up his mind what he will do, and
does it. The others see what he is do
ing and follow suit. He has such great
wealth that he can sell thousands upon
vi SlldlCS VI q ollSlC ObOCh, vi
In fact any number of stocks, until re-
sistence fails and they fall with a
smash. He is seldom unsuccessful in
his operations. Back of his dealings is
thorough knowledge of values and
conditions. He does not assail stocks
indiscriminately, but only those which
he believes are selling at artificial
prices. He has done more than any
body else to prevent imitation in the
stock market.
Imitation is Invariably followed by as
serious consequences as the destruction
of valueS-in fact. the second is the nat
ural sequence of the first. 1t is proVerb
of the ''street" that there is some good
III bear, for lie keeps speculation
within bounds.
James r. Keene's way of specializing
is brilliant and likewise effective. 1t is
like cavalry charge. If he desires to
advance a stock he will employ per-
feet regiment Of brokers. He will COM
mission each to buy 100 shares ''at the
Market" which means the price at
which the stock can be obtained, no
forty OF fifty brokers all yelling
at once for the same stock. a
great commotion is created, and
the price gOeS.up at lively rate. 1t is
all show. The amount OF stock acquired
is not great, but the people who are
short of the stock are scared and hurry
to cover, with the result that prices go
higher still, and Mr.. Keene unloaUs in
big blocks at the top" The scheme
works just as we'll in putting down
prices. Mr.. Keene has recovered part
of his lost fortune, and is once more an
important figure in speculation.
Deacon S. V. White is a bold specu-
lator. 1t is not often that he is found
on the short side. He is a constitu-
tiOnal bull, but he makes sure that
stock is entitled to higher price before
he tries to advance it. He won lasting
the midst of a, bear market. Lacka-
wanna has small capital, and most of
it is held for investment. He got the
loose stock together and the bears had
to sue for mercy.
Everybody makes money in a bull
market, and pretty. nearly everyb oily
loses money in bear market. When
the bears have control of the situation
the transactions diminish and the fluc-
tuatiOnS contract, and the OppOrtuni
ties for making turns are so small that
the outsiders fOrSake the "street" en-
tirely, leaving the room traders to fight
among themselves.
The scenes during panic in Wall
street are thrilling in the extreme. The
streets about the stock exchange are
packed with people. Clerks and mes
sengers rush hither and thither with
securities and checks, and the offices
and banks are filed with spectators
and brokers, who are, in the case of the
first. seeking to meet the demands for
additional margins on their accounts,
and, in the case of the second, addi-
tiOnal collateral on their loans. The
rates for money go up, and houses, one
after another, announce their suspen-
sion, which would be avoided if they
could obtain help for even few hours.
No one knows when the end will come.