The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-12-25
AUGUST BELMONT.

has no intention of running amuck and
attacking railroad values, and that
whatever he does will be for the mutual
benefit of railroads and shippers. He,
however, makes it plain that he con-
siders a revision of the laws necessary
and serves notice that the railroads
may as well prepare themselves ac-
cordingly. In other words, the dis
emboWeling process will be made pain
less, or as nearly so as the Washing
ton surgeons can devise. This is cheer
full and intended to be reassuring, but
the patient upon whom the mutilation
is to be practiced cannot be entirely
comfortable, although an attempt is
made to smile and look pleasant. Pain
less eviseration will be a novelty, but
Mr.. Roosevelt appears to have no
doubt as to the entire success of the
performance.
"Wash Sales" and "Laundry Work"
Manipulation of a stock for it's rise
or fall would be impossible were it not
Tor resort to the practice of wash
sales" or laundry work. as it is
sometimes called. The more adept in
this practice the more successful the
manipulation becomes and greater the
demand for his services as pool man
ager of deals. To wash" a stock up
or down means to so juggle trading
therein as to make a market at which
the securities can be bought or sold.
The practice is a recognized science,
and is part of the speculative game
on the Stock Exchange. There is a
rule of the exchange against II, but
the restriction is easy of evasion, and
almost a dead letter. The great ma
nipulations or deals are almost inva-
riably engineered by non-members who
fharofnVa from exchange
discipline. From within the sacred
precincts of his own Office the great
operator or financier distributes his
buying or selling orders to certain
members of the exchange who execute
them. These orders may or may not
be matched the brokers receiving the
orders not being called upon to inquire
as to that and not knowing. All that
interests the broker is assurance that
there is responsibility behind the OF
ders. II he has 1000, 10000 or $4,000
shares Of stock to buy he goes into
the market and buys 1t from whomso-
ever has the stock TO sell.
After "Ba ling Out"
After "baling out" the miscellaneous
crowd and finding no stock for sale
he is. perforce, obliged TO bid higher
and higher and higher until he gets
what he wants. Some of the stock
may be supplied by the very man or
party for whom he Is working, but OF
that he has no knowledge and presum-
ably no way OF finding out. IL ~ not
his business 10 know. II IL oftentimes
necessary for the manager OF a pool
10 buy 100000 shares IN order 10 Work
on 10000 shares on balance; or sen
100000 shares before acquiring lV'VVV
shares az a desired average figure.
Wash trading or laundrying n part
~ the game end although oinclnliy
frowned upon. IS not regarded py ne
eleet az entirely illeRiilmnte. ABILITY
70 20 handle ~ market ~ 20 make
wash trading effectual establishes me
standing ~ the pool manager, ~ nnfka
him "a professional ~ more man
usual ability aud one whose services
ere needed ln large Rotations, j. d ~
ieneciiou ou men llke NJ kffnf ~
Nr. naNemeycf or 81. hrhin ~ no
iinFeff. fhaf fhfy nfo fnofppflf ie.
Mi'ltr rlfn ctfTy uhnfr enc fDHi 1T
market n8nirulsilon. of tnaf infl a.
pc feftf hHoaif0F0 fo rffaYnNi -
fHNiaEf in fhe afeaf same Hneif d /"