The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-05-13
wALL-sTREET SLAUGHTER.
Remains of Innocent ambs Scat
tered All About.

y AOAh AFNNN IA A08
Wall street looks Ike an abattoir. The
slaughter OF lambs and other inn0cents In
that quarter has been terrific The pub
lie had previously been making great sumo
or money in speculation In stocks. The
street looked with envious eyes on the
fortunes reared by rank outsiders as a
to see the outside make money and looks
upon such winnings as mere loans which
VIII presently be called in The calling
I'm process has been going on with great
r~apidity, and il is 20 exaggeration to say
That at least % per cent. or the gambling
money which has been taken from the stock
Exchange and bucket shops since last fali
has gone back into the hands OF profession,
ais on the two siumps which have occurred
within the last thirty days. You never near
Of outsiders buying steam yachts or build
ing bTown-stOne fronts and keeping them in
the family. 1t Is always the veterans OF the
street.-The seasoned profeSSionaIs-Mho are
enabled 10 support such luxuries. Inc vet
Grams were pretty well celaned out OF their
holdings long before the general advance in
stocks eliminated, and on the last - per
cent. Of the rise outsiders have been reapinS
profits from each other-that Is TO say, one
set OF bulls would sell 10 another set and
buy back again at still higher prices. re-
peating the transaction ad infinitum.
The underlying causes of both the recent
slumps were Identical. The conservative
banking interests became frightened at the
fury for capitaliZing expectations and Tor
grand schemes OF Industrial consoidatlons.
IL was supposed that the first warning
would be sufficient and that when the banks
began a course of open discrimination
against industrials and rankly speculative
stocks promoters would axe in sail ana
adopt methods of moderation They did SO
for a WHILE, and banks commenced looking
with friendly eyes on industrials that could
stand the test of careful examination as to
the value of plants and the amount of bust
ness done. soon, however, more steam was
put on. and before long they were going 1t
at a higher rate of speed than before.
1t was the proposed billion-dollar CONSOLE
dation Of the iron interests that gave the
bankers their second fright and drove them
into the retreat OF their fcehouses. The
proposition was too staggering for the con-
servatives and they ran for cover. For the
second time the promoters found themselves
a discredited lot. Industrial securities were
again Disseminated against by the banks
when commission merchants and brokers
went to the money lenders for accommoda-
vantage of this condition to put out lines of
short stock. Securities that had been
doomed by clap-trap methods and on the
advertised commission houses were attacked
first and hardest on the theory that their
prices having been kited to unsafe heights
would yield easiest to hammering. The sur
mise proved correct, and there has not been
such a slump Of wild cats and speculative
stocks in many months as that which has
just been Witnessed.
The last few days have been a veritable
Waterloo for amateur SPECTATORS. They
have left millions In Wal street, and hun
dreds and thousands Of men, and women,
too. for that matter, who have Imagined
themselves rich are once more seeking EN-
ployment and glad TO accept old wages which
they so recently scorned.
1t has been a hard season for the head
walters, the bellboys and barkeepers. and
the Toms and Mary James who have been
getting rich on tips based on conversations
between the plungers. eavesdroppings heard
over the wine cup at the Waldorf-Astoria,
Delmonico's, Sherry's and other noted up
town resorts. The entire aggregation Is
broke" to-day, and many an ignorant wait
er will feel like pouring hot coffee down the
NJ hfa NO fHnna urh0G uv0RHo ha hnd
learned to regard as golden and the essence
of market wisdom. An Indignation meeting
of bankrupt help is now in order.
Sharp and ugly as the break has been, IL
Will hardly be a punctuation mark in the
record or the country's splendid prosperity
when history. comes TO be written. No solid
interest has been hurt. Only a few millions
Of dollars of gambling money has been
transferred from the pockets OF one set OF
s sa IN , PocS Nat;o Oh an yaef inS Ses, dne
commercial and agricultural resources has
not been interrupted for an hour. The les
son OF the break Is a valuable one. IL 1t
capitalizing of 'rainbows' and the working
off of doubtful securities upon a gullible
public the tuition will be cheap, indeed.
Some of the most daring OF the profess
sionals in the street have realized large
| sums OF money on the break. which has APP
parently just eliminated 1t Is worthy of
men who make names as bear leaders In
| Wall street do not last. Some of them. dur
great fortunes, which, in most cases, were
lost more quickly than they were won. De-
casionaliy the death OF a bear before he
things may be classed as accidental. Chronic
bears on stocks don't succeed permanently
for the very simple reason that they are
betting against the prosperity of the coun.
try. Americans who think that way and act
in accordance with their narrow judgmen,
inevitably fail, If they don't change their
tactics or die. The philosophy which induces
many successful spectators in commodities
TO take the bear side instead Of the bull
because hey think the carrying charges
give them an advantage, is different from
that which governs the Wall-street bear
1t Is not always a safe philosophy to follow
but there are more permanent fortunes
among produce bears than among the stool
bears.