The independent., 1903-06-25
HthhY tLLWs
Mr.. Van vorhis Gives Little Insight into
the Gambling Devices Of This Pre-
tended Investment tsanker''

the Gambling DEVICES Oh Ihis frs-
tended ..In ves,msnt fsanker
Editor Independent: The reports
from the New Yor. clearing house
ban show continued loss OF DE-
posits. The report for the week end.
ing June shows loss OF about $S,-
GO,000 of the cash held. This is said
to exceed largely the amount OF loss
expected. No iar-feIcned attempts a.
explanation by Henry Clews, or any
other STOCK gambler. of the condition
OF the stock markets Is required -
account for the situation. With the
loss of deposits shown by the clear.
ing house reports, OF course, the gam
bling in stock will be dull and tha
bears will have the best of it. Stock
speculation no doubt will continue to
be dull while this loss OF deposits con-
tinues. The people OF this country
generally will be benefited If the stock
goes down until gambling ceases en-
tirely. and until stoc< bro ers are
compelled to close their gambling
shops for want of victims. Activity
OF these mari cts can be OF no possi-
BILE advantage to business generally, no
more than activity in any other Lind
OF gambling.
The report for June 6 shows loss
Of deposits by the clearing house
ban since March | OF Yoo,ool, 900 ami
a decrease of loans OF S35 5,0z6, 200,
while the loss Of cash held is reported
to have been S15,555,60 These
4o;n l.x % r.
ing the reports of February 2S AMI
June &. Just how this can be does
not appear from the reports. 1t has
the appearance of something wrong
with the reports somewhere. With a
loss of deposits of 1851 900 and a
decrease Of only SIS 555 COO in the cash
held, there must have been about SOL
025,S00 in cash received IrOm some
source to mare up this loes Where
could 1T come from except by a de-
crease in the outstanding loans AMI
discounts? If, as reported, the loans
and discounts only decreased $35 ,O26,-
200, then where di the money come
from to pay the depo its withdrawn?
1t is difficult to sfe where it could
have been obtained except out of the
cash held. In this case the reports
ought TO have shown a loss of cash
held of about $31 ,554 800 instead OF
$15555. .600 There is enough to in
dicate that there is something tbs,
matter with the reports, but just what
1t Is difficult to tell. There is enough
to justify strong suspicion that.
during the last four or five months,
these clearing house reports have
been doctored to suit the markets ami
to deceive the public about the condi-
tions. There is enough to excite q
little curiosity about the relation the
snh-treas Try has as a member of the
clearing house.
little calculation disclosed that on
February % the United States depos
its amounted to $52 2.163,9 800 and that or
June they amounted to only $37,
294,000. Here is a loss of deposit;
amounting to $14,S69,0 900, or almost
the amount of deposits lost that is no
accounted for by the reports made by
the clearing horse. 1t loo very muct
as if there had been some jugglery o.
the figures to cover up loss of cass
very much in excess of the amOun
shown by the reports.
There is evidently considerable anx
iety on the part of large stock gam
blers Ii Henry Clews & Co. to ere
ate the belief that there is strons
combination of 'bear influences" cam
paigning to depress prices This de
sire is reflected in almost every pres
report 1t is suggestive of consider
able deceptive nonsense. 1t may be
satisfactory explanation to those VIII
regard Henry Clews, and others lill
him as an hone" . finaneier engaged L
an honest business instead of wha
they are-stock gamblers on larg
scale, ready to avail themselves Q
every opportunity and device to de
ceiye the public and increase the mum
Der of victims. Those who will eX
anime the reports and investic ate tn
doings and conditions of the bank
will find a reason for the depression
the price of stocks that has no rnla
tion whatever to the efforts of wha
are called the 'bears." The chance
are, that gamblers holding stocks o
margins are trying to get ont with g
little loss as possible, and that
break and panic among them is onl
I,, tb, affartc rnodo Inv rnaI