The Savannah morning news., 1902-03-09

devote themselves to the solemn duty
of turning the markets fluctuations
into profit for their own pockets. All
wrong. The Stock Exchange is, in
reality, an Association for the Propa-
CATION of Horse-play. The members
make their thousands or hundreds of
thousands or millions, it is true, but
the real object of the game is the Gull
tivation of the practical joke. To what
lengths of joyousness they carry this
l had opportunity of observing recently
when l CHANGED to witness the initia-
ton of a new member. The victims
name was Grigsby. He is said to be
the youngest member ever elected, and
it may be that his ordeal was little
more lively than most, on this account.
1t is said, also, that the enthusiasm
devoted to the manhandling of the no.
vitiate is the criterion of his popular
ity. At any rate one might suppose
that young Grigsby had Prince Henry
and Admiral Dewey in his palmiest
days faded to shadow. When he
came on the floor for the first time
after his election he was Immediately
surrounded by his fellow members who
proceeded to pat him approvingly on
the back. The approving pats sounded,
Like gang of coopers at work in
rain barrel. Then a playful old gray
collar. Somebody else got his tie.
Several fought for his coat. They
got tin small sections. What hap
Dened to the rest of his apparel was
somewhat concealed by the mob around
him, but when they were all through
with him someone had to lend him a
long coat before he could venture into
the street. AS he passed through the
hallway he looked pretty well used up,
nh oil -, II~r
limped badly as the result of q we'll
placed congratulatory kick. Some low
ing friend had Tended a swing on his
forehead that left a bruise there
Blood was trickling from cut on his
cheek where another enthusiast had
landed a testimonial of affection-pre-
sumably with a seal ring. His neck
looked like a mans face after an Ital-
ian shave. In spite of it all he was
smiling valiantly, if somewhat CLASH
ly. and assuring his friends that he
was all right and didn't mind it in the
least. On his part it was an admira-
BILE exhibit of fortitude and good tenn
Fer. On the part of the initiators lit
was-well, one hardly knows what to
call it. 1 only mention the incident by
way Of refuting the heartless Islander
that the Stock Exchange has not a
soul above market juggling and mon
ey-grabbing.
March, in Wall street, is nominally
dull period. There have been excep-
tions, but this is not likely to be an ex-
ceDtional year. We are likely to hear
q great many crop reports, and the
market leaders are preparing to take
their spring vacation in the South.
The crop reports, usually false, will
probably be bad and true this year,
besides that the situation in the South
west where the failure of the corn
crop is beginning to be felt is not very
promising. On the other hand. the rest
of the country is prosperous the only
sign of falling off being the lessening
railroad earnings which are to be at
tributed to a special cause, the ex-
tremelY bad weather of the month IF
February. For the rest, everybody is
making money, and these profits, while
they are not going into Wall street for
speculative purposes, are appearing
there, as anyone may read in the strong
quotations for bonds and strictly in
vestment blocks. These are the only
issues that are showing actively, ex-
cepting, however, fatuous attempt
last week to advance a number of the
specialties. over the standard spec
ulation leaders there is hanging the
shadow of the Northern Securities case.
All the deals seem to be off, bending
a decision in the matter. 1t probably
Will be a period for small bear raids,
but there is more reason now than
there has been in the past for expect
ing either a big campaign on the Dear
side or any great success in putting the
prices down. AS for an advance that
is equally unlikely. Duane.