Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1901-05-02

fete. They believe that the most mar
lrow-minded man in the country is the
New Yorker who has never been out Of
his own city. The conservatism here Is
timidity and fear. They have courage
and nerve, which they use in their mar
ket quotations, and they believe that the
whole country outsldesof New York Is
backing Them
| We used to think that we had pretty
big times in the old Windsor when a lit
tie Wall street crowd congregated there
IN the days of Jay Gould, but today the
Waldorf Astoria and other hotels UP
town draw gatherings of stock specula-
tors, the like of which was never
dreamed of. How long 1T Will last nd
one knows. but old ideas about this
town don't so any more. The new CEN
fury marked a new era. We have here
today ten millionaires for every one we
lad ten Years ago. They are going to
become factors in the life of this city"
Some of the stories told about tlle
money making exploits of room traders
and 81 brokers are interesting. Yes
terday morning room trader was said
10 have cleared up $4,000 in Onion Fa-
cific in forty minutes a specialist i'll
The Atchisons got so accustomed TO
Isscalping $1,000 a day out of the stocks
on the rise that he quit taking orders
and devoted his time to specializing,
which. thus for has been more profita-
lshle. All the bullish room traders have
been swelling their bank accounts in a
way that is without precedent.
There is an old Wall street story to
I the effect that once upon a time man
attended a regatta, and his host from
the deck Of his yacht pointed out the
Gifferent craft and named their owners.
That one, he said, lis owned by
Broker Jones. That one by Broker
Smith. That one by Broker Johnson
And so on he continued to s,ame broker
after broker On finishing his friend re-
marked, in tones of surprise: And
where are the customers yachts9''
BOOM IN STEAM YACHTS.
The customers yachts We're not there
flor the reason that the bull markets of
1.-The same brand as this one We're scarce,
and on an irregular market the custom
ers usually contribute to the brokers,
yachting funds. This season. however,
there promises to be a boom in steam
5achts. Some of the western million
aires are buying options on steam
yachts in the same way as they buy OPP
lions on manufacturing plants. More
than oiie new yachtsman Who got the
whsrewithal out of the stock market
Viii be steam yachting this summer. of
some of the new ones of last season ii
Was said that they got seasick every
time they passed outeide the. Hook, and
this crowd will be more numerous than
ever this year.
Arthur Joseph paid handsome price
for the old and swift Namoose. which
will carry him 10 and from his summer
cottage at Sea Gate Joseph is said to
have cleaned UP s250000 since election
day. Much of it he made by buying calls
in the London market. where the great
advance in Americans was discredited.
Ioseih is not the only man who made
money out of this form of specua-
ton, He bought calls before and
after the election, and among the wall
ualia privileges he secured were those
D! Russell Sage, who did not believe in
the advance. Sage has tried TO cry down
the present boom, and he has been in
ierested in so doing Tor the reason that
his privileges were pretty we'll SCAT
tered thru the street and the owners
made money on them
II IL related OF one man who believed
i'm McKinley's election that he bought
calls on $4,000 shares in the London
market. His credit was of the best, and
he simply sent his order to the arbitr:ge
broker without putting up cent. Sub
sequently the arbitrage broker RENTED
TO the buyer of the privileges a check
for SIS 600, representing the profits on
the order.
A broker, who made specially of ar
hitrage transactions between the minor
steel companies and United States Steel,
ard loaded up with the la.si, said to
have made enough cash out of his trad
Ting in the las, three months to retire,
which he intends to do.