The Montgomery advertiser., 1902-11-23
RICH MANS SACRIFICE
THE WEALTHY SQUEEZED BY
 DROP IN PRICES.
The Millionaires and Not the Multi tude Damaged, for Once, in Wall Street-Advice of
 James R. Keene.
GBy W. G. Nicholas Broad Exchange,

IBy w. G. Nicholas, Broad Exchange,
 N Y. City.1
 New York, Nov. 22.-The terrific slump
 in the stock market has been distinguish
 ed from any other season of liquidation
 by the fact that those who were hurt
 were the rich men. It has been distlnc-
 lively a rich mans sacrifice. The great
 multitudes were not in the market and
 consequently. not in a position to be hurt.
 The miillonaires and multi-millionaires.
 most of them, were not more or less
 damaged as to their pocket-books. The
 liquidation which has been in progress
 for sixty days has enabled market stu
 dents to take something like a mearsure
 of the enormous speculative commitments
 of the wealthy classes. Single brokerage
 houses have unloadede as much as 500,-
 900 shares. Dozens of them liquidated
 1000 to 300,0O0 shares. Individual opera
 tors were caught when the market began
 to break with lines ranging from 100000 to
 600 900 shares scattered about the Street"
 One house has paid off loans since the
 first of September amounting to over $lD.-
 100000. The big fellows have shown more
 viciousness during the break than has
 been witnessed in Wall Street since the
 May panic in 1901. It has been a season Of
 ugly reprisal and discipline. Every null
 ti-millionaire with grudge sought for
 mics and inflicted such punishment as
 might be possible. No quarter was shown and, so far as can be seen, there Is no sense of remorse over the punishment | inflicted or financial butcheries committed. The delay In the return movement of i money from the west and south Is a source of disappointment to stock specu- lators and of more or less discomfort to the bankers. The return tide is at least I 90 days late in starting. It Is usually un- Ger full neadway by the middle of Mo- vember, yet during the current week g. 900 to $3000,000 has been shipped to the interior from Nv York in excess of re- ceipts. In consequence of this situation commission houses and brokers continue | to club off trade and advise thier clients and friends to defer commitments until money gets easier. The prevailing high i rates of interest diminish the chances of large export shipments of gold as the money Is more valuable here than 1t could | be elsewhere.
 A curious thing has been discovered in connection with the loan item in bank statements of the Clearing House institut- l ions. It has been disclosed that loans I have only decreased about $3,OOOOW dur | ing the last GO days whereas 1t is defi- | nitely known that commission houses and speculators have paid off loans in that | period to the am punt of hundreds of mil | lions of dollars. The unavoidable infer ence is that the money thus wrested
 from the public and the gambling ele- ment has been transferred to the ac-
 counts of the underwriting syndicates | and speculative combinations. They have I been giving all the protection needed and weekly margin accounts having been  l sion is irresistible that the market Is very much stronger than before. It is | rot a pleasant thought to spectators that they have been sacrificed to strengthen the syndicates and underwriters, put | such appears to be the case, however | much they may grumble and complain l about it.,
 King of the Street." as he is called,
 and master manipulator that he Is, Mir. James R. Keepe rarely gives advice on the market. When approached he either | evades an answer or postpones the giv- | ing of advice to some future indefinite
 1t. close personal friend of moderate l means, who had been after him for | months for market tip became fmpa- | tient one day and announced that he was going to buy a certain stock. Instantly | the wizard of the "Stre et' famed into life | and in his high-pitched voice turned on | the young man with a. shrill. Don't you
 do it; don't you do it! Keep out of the stock market and save your money
 am the best speculator in Wall Street | have special gifts for speculation, and l I think about 1t night and day. study | conditions deeply and haVo my hand on
 country on the globe pay more money | for information than half of Wall Street;
 I have the best There are few big ac- counts in my commission or banking houses that I do not know about, to what what l point they are protected and something about the resources Of the men behind
 the guns; yet with all my skill and ex- perience and money l can only beat the game four times out of seven. They beat
 me on the average three times out of seven at the best I can do. If l could
 beat them five times out of seven, I would | have all the money fin the world Now, | if that is the best I can do what chance | has an amateur? It is dead certainty that you would lose your money If you went into the Street.
 In this particular instance the man ad- vised did not act on MT. Keene's sugges- tion and lost every dollar he had. The other night Mir. Keen was introduced to the new celebrity at the Waldorf, Mo Donald. King of the Klondike. The two men shook hands warmly and MT:
 Keene abruptly remarked. "I understand MT. Mcdonald. that you have $3,000. 600 to S4, ,0oO. .OOO" The big Nova Scotia Scotch man stammered a modest assent. where upon the great specuator added. with a spice of profanity in his remark, Well then if you want to keep 1t stay out of Wall Stret If you come down there.
 we'll crib you sure" The King has thus far resisted the Vaccinations of the financial district and retains an undivided interest in his bank account.