The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-05-11
THE STOCK MARKET SPECULATION.

Those people who by the thousands possibly have
suffered from their operations in the York stock
market not entitled to any very great of
sympathy. They went deliberately into one of the
biggest gambling games that has been played on
his continent
The game began when Mr.. Mckinley was reelected.
The republican politicians and the republican press
talked prosperity until the public began to think that
This nation stood alone in the upward tendency of its
trade and commerce; that this to republican
policies and that might look for the phenome-
nal progress any country had seen
This kind of talk made the spectators reck.
less. The result the extraordinary bull movement
AS matter of fact, have not stood alone in our
prosperity. For three or four years past European
commercial nations have also been enjoying wonder.
tul trade and industrial development There was moth.
ing here to especially Justify imitation of stocks or
values. We were simply moving upward and onward
with the great world awakening. AS The Post said a
couple of weeks the properties which the rising
stocks were based were in practically the condi-
ton and making about the money as a year be-
fore But up they went until stocks that had never
paid dividend quoted far above par other
stocks doubled and quadruped in the stock mar
ket values without single change in the properties
that could account for such imitation. A fight between
giants for the control of one railroad allowed
run people wild over all other kinds of stocks
When a market quotation is manifestly beyond all
calculations of the actual value of the property its
dividend earning capacity, the fact ought of itself to
put the public notice to go slow keep hands off
entirely. Russell Sage sounded the warning many
days when he declared that any properties
whose stocks were going skyward could be duplicated
for less than half the money represented in the quoted
value OF the stocks on change
But the spectators drunk with excitement
and Mr. Sages warning fell on dull The specl.
lators who make business OF speculation were not
the only ones who contemptuousy disregarded ad,
vice. but thousands of lambs scattered throughout the
country have been eeeed as we'll twill be poor con.
ISOLATION to the losers to know that many others have
won out and got out in time
Speculation on the stock exchanges has often
cursed this country. The who have been able by
watered stocks and great combinations to amass i'm.
mense fortunes have cared nothing the interests
of the general public. Greedy and aggressive they
have often precpitated widespread disaster in order
to carry their point or acquire new holdings which
they have coveted. Latterly they have been backed
by the government in their gigantic schemes until IL
has become possible for handful of great operators
In Wall street to make or the business conditions
OF the entire country.
1t is this wild, grasping and aggressive conduct OF
the syndicate kings and the trust kings and the biz
money changers that has responsible for the new
protests which the democratic party has been maxine
for five years past The "popuIism which these reck
less and constituencies spectators have so ygorous,
denounced has been the natural result Of their owr
operations. And even far more dangerous" move
ment among the masses will be seen; revolution,
in fact rather than in theory the imagination vii
one OF these days follow If those who control IN,
finances and and business Of the country dc
not soon change their tactics.
pefton like ours will not always submit to HAVING
~ busipsss disturbed and ~ agencies of trade