The Savannah morning news. (Savannah, Ga.) 1900-current, 1904-10-23
THE KINGS OF WALL STREET
REAPING COLOSSAL PROFITS
unlimited Facilities in the Hands of the Manip.
ulators of the Stock Market.
BY w. G. NICHOLAS.

New York. Oct. 22.-The play IN the
stock market is unfolding beautifully
and without a hitch in any part of
the stage mechanism. The big inside
interests having boosted the market
20 to 80 points, are transferring their
speculative lines to the public and
cheerfuily pocketing their enormous
profits. The process of unloading is
vet far from complete. but it is well
along and llttls remains to be done. ex-
cept to keep the props under prices un-
til after the presidential election. and
continue whooping things up, thereby
inspiring the populace to still greater
speculative activity.
The public has been in the market
on a very large scale for the last week
or ten days, and during that period has
taken over immense lines of securities
which were scorned three and four
months ago, when the stuff could have
been had at bargain counter Quota
tons. Taken all in all, the campaign
now on has been the most remarkable
and the most successful ever engineer
cd in Wall street. At the beginning
Tic IOINllAS supplies VI SUCKS were
we'll concentrated in the possession of
the great financial powers in control
of the hanks, trust and insurance COM
panies. With the power and leverage
at their command the kings of the
street acting in concert, had little diff
hculty in putting through a tremend-
Gus nanipulative campaign, and in
reaping colossal profits. One stock
after another was skillfully moved into
L y
manipulated with the precision of a
military maneuver. The insiders took
no risks and in their campaign en-
ployed the capital and the credit of
the chain of powerful fiscal Institutions
over whose destinies they have direc-
ton. The deposits of hundreds of
thousands of men and women were
theirs to loan, and practically unlimit-
ed facilities were extended to the ma
nipulators of the stock market.
The Public Falling Over Itself.
Now that the market has been estab-
lished on conspicuously high levels
the public is falling over itself to buy
the securities it could not be induced
to touch only a few short weeks ago.
To what extent the load has been
taken over cannot now be correctly es-
timated. 1t is true beyond a doubt,
however, that the distribution OF Sc
curities at the advanced range of prices
has been very large. If the market
activity can be kept up at high pres
sure a couple of weeks longer the pro-
cess will have been finished, and the
curtain may be rung down upon an
other sensational act in the ever-mov-
ing Wall street drama.
The public will have been once more
landed with the goods" There will be
no longer need of market manipulation
on the upside, except for the special
ties, which are never out of the con-
troll of cliques and pools. The big in
terests of the street having pocketed
their profits on a phenomenal cam
paign can turn their attention to other
things. 1t may be discovered that they
have other uses for the money of de-
positors and that it will be imprudent
to have so much capital loaned out on
stock collateral in Wall street. call
ing of loans in that quarter is more
than likely to occur, and then will be-
gin once more a season of so-called
liquidation of speculative holdings. The
shearing season will be resumed, and
the lambs will again be called on to
part with their fieeces.
1t is the same old game, played in
the same old way by the same old
crowd on the same old public The