The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-10-12
GOSSIP OF WALL STREET
GOULD POOLS THE ONLY ONES THAT
ARE ABLE TO SHOW PROFITS.
Entertaining Statement of Financial
Affairs, with Mention of Some of
the Big Men of the Street.
Special to the indianapolis Journal.

Special to the Indianapolis Journal
NEW YORK, Oct. 1.-THE speculative
pools. known as the Gould pools" seem
to have been the only ones that came out
of the storm in Wall street with profits
garnered They began unloading before the
top was reached three weeks ago and are
supposed to have realized more nearly than
any of the others the benefit of the pre-
ceding rise in the market. During the later
days of the slump the brokers who had
been conducting the operations for the
Goulds were ioaning great sums of money
IN the street." a sure indication of pros
,perity.
The Keene pool in Southern Pacific is not
supposed to have Jared so we'll although
Mr.. James r. Keene, its originator and
chief engineer, began bulling that stock
when it was in the forties. The great spec
ulator was handicapped at the finish by the
large numbers of people who were enlisted
in the deal, some being directly Identified
with the syndicate, and others being taken
in from time to time as the market ad-
vanced. Outsiders connected with pool OPP
erations in this way are described as 'tail-
'ers." a class Of traders who have on more
than one occasion broken the backs of
promising deals" They are usually light
wasted gentlemen financially and in times
Of panic and liquidation their accounts are
sacrificed without mercy and their holdings,
coming upon an already overloaded mar
ket, smash prices and not infrequently
embarrass the syndicate and manipulators
in charge of the main deal A notable in
stance of this kind was the famous Har-
Trade. The holdings of ''tailers" proved to
be larger than those of Harper himself, al
though at the moment of the crash he was
long Al, 100000 bushels of wheat 1t is said
by those familiar with the inner workings
of the Harper deal that he would have
pulled through successfully but for the
"tailers' who trailed after him. 1t is stated
that Mr.. Keene is as big bull as ever on
Southern Pacific and that while he may
not have made any money on the later
phase of his play in that stock he is still
very large holder at figures which show
many million dollars profit.
XXX
Unkind mention is made frequently these
days of the fact that while the New York
banking combinations have set their faces
against expansion of speculation for public
or miscellaneous account and emphasizing
this position by ruthlessly calling loans.
they are in no manner embarrassing the
great fotation projects. This comment and
criticism calls to notice the fact that the
leading members of the aforesaid banking
combinations are themselves engineering
and backing large numbers Of impending
schemes Of consolidation in railroad and
industrial lines. They are taking the best
measures possible to protect their own in
terests and are accused of doing so at the
expense of the general public. In this same
connection the further unkind mention is
made of the additional fact that the ruling
members of the banking combinations are
employing. not only their own money, but
money of their depositors to put through
their own gigantic enterprises.
Those who keep in close touch with the
financial operations OF Wall street figure
out that within the next thirty days at
least s10o.0O0.0o0 will be required to make
good various important combinations rail-
road. marine and industrial, which are i'm
such a forward state that they must be
put through according to programme. re-
CARELESS OF the condition of the money
market. The list includes the Morgan
Steamship combine, the Louisville & Nash
vile deal, subscriptions TO the Baltimore
& Ohio stock and the great trust COM
posed of steel building construction COM
panies and allied interests. In self-protec-
ton the kings OF the street are Obliged
to finance these deals. regardless of the
comfort or convenience of the rest of the
world. Speculation being the greatest lux
ury is cut first and hardest fact which
accounts for the merciless calling of loans
| behind stock operations.
There is fairly good authority for the
| statement that the leading railroads of the
country Will have a chance to take stock in
the Morgan shipping trust; in fact. that is
a part of the deal that such disposition
shall be made of a very considerable por-
1 ton OF the shares. The theory upon which
| this operation in high finance is to be
| worked Is that the Atlantic steamship lines
should legitimately be considered as an ex-
tAnsion OF the railroad service and should