Durango semi-weekly herald., 1904-06-20

curitles But this is not an opportune
tome TO encourage return of the pub
lie to the ticker When confidence
does come back II will have to come
naturally. OF Its own motion, and it
would be mistake to attempt to force
1t or hot-house IL. All the big bank
ers. therefore, frown upon schemes
designed to catch the attention of the
public and instill more activity into
speculation.
This stand-pat or waiting policy
may be satisfactory to the big people
who are rich enough to be patient, but
it is rough on the smaller fry. Not
in many years has such depression
been seen in Wall street. Few. II any.
of the brokerage houses are paying
their Office expenses, let alone the eN-
penses OF The families of the partners
They are compelled to live on their
resources. If they have any, and happy
the man who had sense enough to put
something by in the boom days and
not let it all go in vying with his
nelEhbors as to pleasure To display in
this age of luXury-this age of luxury
which appears to have Its center in
New York and caused this metropolis
10 be known throughout the world as
The city which heats all creation for
high and expensive living. There are
plenty Of people in New York who are
making and spending money The
streets are filled with automobiles, and
the roadhOuses and racetracks are
tAI nil h..tf
Wine cOrks pop as of yore. The book
makers take in their usual thick wads
OF popular production. Apartment
houses with suites AT from $4,000 10
slJ.uUp year have 10 lack OF ten
ants The Waldorf. Sherry's and The
other fashionable cafes are as crowd
ed as ever with men and women, par
ticularly women. eating and drinking,
at an average of So per sitting. Cor
gcous diamonds magnificent gowns
and wonderful millinery, worn with
the latest corsets and the most assid-
uous and scientific of cosmetics and
facial massage treatments, I'LL thea
ters, hotels and restaurants with pie
lures gay and rich. and well calculated
to justify the remark made the other
day by a distinguished German tourist
that our American women ere grow
ing year after year in grace and beau
~ They sure are advancing by leaps
and bounds in their assimilation of
style and their love for luxury
But very little of this lavish aud
rather pretty. though somewha; hol-
nd tgt triH l.
gar. display comes from the Wall
street people. They are not, as a rule,
riding about in automobiles or drink
ing wine. The majority of them are
struggling with might and main to get
through the long dull summer with
out going to the wall The price of
seat on the Stock Exchange has drop
ped from the $4,000 of boom times
to about $4,000 Some one has fig
figured out that the sales on the
exchange suffice TO give each broker
daily compensation OF about 81 Four
dollars a day is mighty poor pay for
the man who works on Wall street
Two years ago the average successful
broker spent that much per diem for
his midday luncheon and cigars.
They tell me that now the brokers
90 down to their Offices in the morn
ing. open a few letters in the hope that
among The many bills there may be an
order or two Tor stocks. and then put
in the remainder of the day cursing
their luck, wondering where the good
people are who poured business upon
ha IL inc
up excuses to make to the landlords s
agent when he comes around for the
rent II is tough on the brokers ana
their employees, all OF whim are feel
ing the pinch of hard times But 1t is
not difficult to fancy there are tens Of
thousands of men and scattered all
through the country who laugh with
ghoulish glee as they read OF the woes
Of the poor brokers. 1t is time for the
lambs to bleat with delight, and the
lambs are just now attending to their
legitimate business. buying and sell
ing groceries. clothing. millinery. and
bOOls and shoes and what not II is
the lambs who are riding In the auto
mobiles and sitting at bewitching ia
bles besides glittering wine coolers.
Wherever one goes In the financial
district one hears only words OF
praise for the manner in which J. =.
Morgan 4 Co. handle the Panama
canal payment For IA time there was
a good deal Of uneasiness over that
$lO.OOO00 outgo OF gold Bankers
were worried and borrowers were still
more worried It was feared there
would be disturbance in the money
market But Morgan 4 Co. evidently
knew their business Within twenty
eight days from the signing Of the pa
pers In Paris, which made the Nor
gan firm the fiscal agents of the gov
ernment In the canal deal the entire
sum OF forty millions In gold was on
its way to Paris. Probably the re-
sources OF a modern banking firm OF
the first rate never were more graph
ically illustrated than In this achieve
ment Morgan Il Co. sold bonds in
Berlin. in London. In Frankfort, in
Vienna They bought exchange
against credit thus created In a few
days they literally had money flowing
In steady streams to Paris from all
over the world. The forty millions
were maid ny drawing only eighteen