The Dalles times-mountaineer. [volume] (The Dalles, Or.) 1882-1904, 1897-10-09
SECURITIES AND PROSPERITY

mere mas Deen grand WnOOp-up all
along the line because of the increased
opera tions in the so-called securities
that are dealt in on Wall street.
Nearly every one of thes stocks is full
of water, and as securities they are
most variable. Their main purpose is
to supply medium for the stock job
bing and gambling mania. Whenever
there is a little money let loose the
wheel of fortune is given a twirl on
| Wall street, and there is an earnest
appeal to the people not to lose their
interest in the game. Inyeterate
gamblers and the grand army of suck
ers. on both sides of the big pond, get
enthused and dump their money on the
| green cloth Then the dealers of the
games smile a liendish smile, and the
New York papers devote pages to the
narration of the betting.
For month or two they have ex-
ulted over the cvdent prosperity
which sent so much wealth to the
green cloth. The country must be all
right again, they argued, for the num-
Der of gam blers is very large and the
stakes are kigh.> What blessed thing
is prosperity.
On the 22d prosperity of this peculiar
sort received a severe setback. The
suckers had been rallied in large num-
bers, their money was piled up on
favOrite cards, it was fine moment
for a good rake-down. So the dealers
rang in a cold deck on the players, and
made very large winning. They are
happy, but the suckers mourn.
The way in which this clean up of
prosperity coin was effected is told in
a cynical style by the World. Brokers,
it says, reaped a rich harvest: "values"
dropred away s1S, ,O0O, 900; the "lamos"
were fleeced of So. zoo, 900: the brokers'
commissions amounted to S113,520,
and the balance of the winnings went
to the operators of the games. 1t was
pretty good days work for the sports.
The World admits that it was
typical day" for Wall street; that is,
the business of that thoroughfare is to
fleece the unwary at every opportunity,
A big flock of lambs ''were neatly and
cleverly shorn to the extent of about
S3.000.000, and a small clique made
riches on the result of their we'll or
ganized raid" 1t was very simple !
operation. Everybody has been de-
claring that there were good times |
ahead ,and Wall street. after its fashion,
proceeded to discount the situation by
marking up the price of stocks. The
public began buying on margins. Paper
profits were put into more margins. |
The manipulators waited. The men |
who make and break prices are OF the |
Sage, Morgan, Havemeyer. Flower |
type. They have ready cash, and |
create conditions, and they know the |
game they are playing. The lambs
think they know it, too, but they
don't. 1t is just like poker game be-
tween an expert and n novice. On the
22d the big operators turned from bulls
to bears, and down went prices. The |
paper profits vanished, and the money |
put up on margins, also. This money,
minus the brokers' commissions, went
into the pockets of the men who ran
the games. The thing was done in
five hours. The stampede was started
by circulating rumor of probable war
with Spain, followed by a whisper
that McKenaa's decision on section
% would cut down the earning power
of some of the roads represented by
the securities. The banks stood in
with the scheme by suddenly and un-
demanding double the pre-
vious percentage on loans.
This shearing of the lambs being
successfully finished the hig operators
will at once begin to prepare for an
other. AS the World puts it. 1.-The big
men will start in and with their
millions buy stocks by the thousands
If shares, and within month those
shares will be 10 poin', higher, likely,
With the same old h., $ bleeting for
mother chance to buy the good things
'ffered. When they get we'll loaded
10 again a bit of bad news will again
erve for their undoing." This is the ,,
7ay prosperity has been brought to
Vail street, and it will always be thus,
o long as there are "sackers."
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