The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1896-07-30
VILE WALL STREET
New York Journal of Commerce,
Highest Financial Authority
In New York Reads a Scathing
Rebuke
TO WALL ST. CHAPS.
How the Gamblers Who Pre-
tend to Uphold
The "HOnOr" of the Country
Nearly Wrecked 1t.
JOURNAL OF COMMh-Cs
Speaks of Millionaire Raiders
As 9eVenaT'' "Buccaneers.'
High Politicians and RObber
BarOns in the Plot.

New York, July 30.-The New York
Journal of Commerce, oneof the high
est authorities on finance in this coun-
try, prints the following editorial:
"A faithfully detailed history of the
past weeks transactions on the stock
exchange would make some interesting
revelations. The causes which induced
a general decline in securities, and
brought the stock market to the verge
of high panic were generally supposed
to have been the rapid decline in the
treasury gold reserve, the rumored
spread OF the silver craze the increas-
ing demand for loans and higher rates
for time money. These factors unQues-
tionably existed; but their Importance
bore no proportion to the disturbing
effects which had been fOrseen and their
effects amply discounted by bear op-
orators and in the free selling OF stocks,
and this -threshed straw was for a
second time made pretense for crea-
ting Generalization
.sThe professional bears may be e5c-
empted from blame in this attempt to
precipitate disaster For this attack
men of other caliber were needed-whO
did not need to borrow stock to make
their deliveries, but held it by the mil
lion and could sell without stint, with
no fear of being cOrnered- The chiet
operators We're men Who under the
late dubious outlook. had sold freely
recover their stock at the lowest posi-
BILE prices. They were speculative mill
1iOnaires,- their cOadjutors and friends.
stock dealers of the highest grade or
potency, and expert manipulators OF the
market. Men controlling large cQrpor-
atiOnS and with influential bank con-
nections were in the forefront of the
assault. Their united wealth and con-
troll of capital amounted to hundreds Of
millions.
ITO those conversant with Wall street
se n fn rnrafa 1rcsf
Mondays (July 2O) transactions in the
leading speculative stocks in order to
ascertain the personnel of the opera
tors. The attack seems to have been
virtual conspiracy The plan of oper-
ations bore evidence of joint under
standing and a common purpose
1T is no secret that among the as
sailants were citizens accustomed to
blend politics with large speculative o9-
eratiOns. Men who stand high in party
councils, VINO distinguished themselves
at the late national conventions and
who have figured cOnspicuOusly before
the country as valiant opponents Of thc
free coinage heresy are creditably re-
puted to have been in the ranks Of
these millionaire raiders, both political
parties having been equally represent
ed. Herein lies one of the most inter-
esting phases of the extraordinary feat
of buccaneering speculation.
THE facts reveal a depth of financial
venality which we had scarcely been
prepared to expect, even in the moral
of members of congress and of high
politicians speculating on the fate of
sugar bills and on the mysteries of tar
iff legislatiOnS and on the secrets Of
administrative departments; but it is
at least something new that men who
are leaders in protecting our money
system should employ themselves in ere
ating panics and endangering the abil-
ity of the treasury to maintain gold
payments.
How near these high politicians
with their millionaire associates came
to succeeding in their attempts to Gre
ate a serious crisis may be inferred
from the fact that, in order to restore
the confidence they have destroyed the
banks have deemed it necessary to con-
tribute 20 millions to the treasury gold
reserve, while the foreign bankers have
intervened to stop gold exports by is
suing, if needs be, $75, ,000 600 of bills Of
exchange. These grave precautions are
due almost exclusively to the attempt
of this millionaire combination to sup
ply themselves with stocks at panic
prices"
This plain statement of fact, as con-
ceived by the Journal of Commerce, has
called down upon that paper the male
dictions of its mugwump contempOr-
aries. The Evening Post is especially
grieved, and declares that the Journal
of Commerce has gone over to Popu-
lism and anarchy" In Wall street the
attack is warmly resented.