The times., 1899-02-05
BULLS and BEARS
Of WASHINGTON
People Who Keep Close Watch
on the Stock Ticker.
Fortunes Amassed by Sending Tips
TO Wall Street.
Large Winnings in the Recent bull
MOvemcnt-Stcady Profits of
the Brokers.

Washington has earned for itself the
reputation of having a large speculative
population 1t is said that more people
buy and sell stocks on margins in TINS
city in comparison with the populatloh'
than in any other city in the country.
Statesmen, business men, Government
clerks. men and women, newspaper men,
and capitalists living on the income oil
their wealth all dabble in stocks. during
the last month the number of spectators
has been more than doubled, and people
have invested in railroad shares and trust
stocks that never before saw the inside oi
a brokers' Office.
1t is easy to understand why in ordinary
times certain classes of people here should
be fascinated by the greatest of all games
of chance There are three or four very
apparent reasons. Everybody knows some
thing of the alleged deals made with GER
tain Senators and members OF the lower
house by the great trusts and the even
greater railroad systems by whlch Va-ue
received in legislation was paid Tor Win
tips on stock fluctuations. Nobody knows
lust how many bills have become laws be-
cause they were paid for, but conservative
estimates make them not few. The great
Sugar Trust scandal is ever present, more
or less in evidence, as legislation favorable
or unfavorable to the interests OF the
trust is contemplated or threatened. The
gentlemen who make laws for money are
one class of Washington spectators.
There are in addition to these statesmen
many others who buy and sell stocks in
more legitimate way, simply making use
of their inside knowledge or opinion as
to how legislation is to go. In this class
are the many who are at present trading
in Pacific Mail on account of Mr.. Han
mas subsidy bill and in Southern and
Central Pacific because of their good
sources of information as to the Govern
ment's intentions with regard to these
roads. Many thousands of shares OF stock
are bought and sold by the Congressional
contingent every year and fortunes are
made by it.
The Government departments furnish
another large class of spectators. The
Government clerk trader does business in
small way generally, making use of a
considerable part OF his monthly salary.
In ordinary times he is one of the least
successful He is usually young man,
however, with no one to look after but
himself, and thus does not do much harm.
The newspaper men who learn of pros
pective legislation and make use OF their
advance information at times earn small
fortunes in the stock market.
Perhaps one reason why there is much
business for the brokers here is that there
are so few chances to play faro and poker
and place money on the races. The pres
| ent great wave OF speculation is only a
| part of the general fever to buy stocks all
| over the country. 1t is said that more
| people have been investing in railroad
| stocks and speculating on margins during
| the past month than ever before in the
history Of the country. This fact is very
| nearly proved by the record OF the trans
actions ON the New York Stock Exchange.
| During the month of January there was
all the market days, which is something
like double the amount of business ever
| done before in one month.
Ordinarily the Washington brokers are
| happy and prosperous lot. They secure
their raiment from New York or from
| the most expensive tailOrs in Washington.
| They have private equipages of much
pomp and correctness of style. They buy
real estate. Orders TO buy stocks by the
thousand shares come in to them all day
and every time they execute such an or
| der they mark a goodly amount on the
profit side of their books. There is NO
| loss side. When the market goes up they
| buy or sell and when 1t goes down they dc
the same and there is popular belief that
| they always make money. It is under
stood that the brokers consider it one OF
the prettiest and most attractive of busi-
| nesses.
The result of the great bull market oi
the past two months has been that the
entire Washington speculative contingent
has made money in either a small or 9
large way. Prices have gone up TO ar
average OF fifteen or twenty points ant
everybody has been buying. 1t is one o
the paradoxes of the situation that every
body has won and nobody lost. The rail
road stocks have increased in value bill
lions of dollars. The only sellers have
been the people who desired TO TAX,
profits.
During the last week change has CONT
to the market, and for the first time near
ly everybody is losing instead of winning
Prices have been going OF steadily. I!
the rally does not come quickly there viii
be collapses. And unfortunately the losse
will be greater proportionately than tn,
winnings, because the new people. th
lambs have increased their speculation
as they won. using all their profits TO bu.
| more stocks. Thus il will happen that
decline OF three points in the market viii
wipe out the winnings made in an advanc
of ten points. There was a tone OF hilar
ity, a color of JOY in the atmosphere o
+ Street during the month of Decembe
and in the early part of January. Withi
the past week clear difference has bee
? noticeable.
I The question has been suggested
Washington spectators in the long ru
win or lose. II is said that in addition I
. being numerous they are the shrewdes
/ traders in the country. This may be tru
or not. 1t is certain, however, that tn
bucket shop does not succeed here 70
\ long. This is one indication. Another fat
is known. Some ofthe bucket shops refus
TO do business with a few well known sue
cessful spectators. There has been som
scofRng at this latter suggestion. but ii
nevertheless true.
f. The inside information that Washingto
II | furnishes on important matters may eX
: plain the success of traders here if it is
!, fact that they are successful The Cabint
. meetings, the War Department. and tn
+ Capitol are fruitful of news and fake
n | news that sends prices up OF. down nearl
j.; every week. The people who are reason
u ably near to these sources of informatio
n make it a part of their business to tab
, advantage of every word coming frol
! these sources.