Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-04-30
BY W. G. NICHOLAS.

Special Dispatch to The Star.
NEW YORK, April 23.-Many Of the Dig
professionals adopted the plan of selling out
their speculative lines and borrowing stock
with which to make deliveries until such
time as they were entirely out of the mar
ket and then dumping the whole mass over
board In one play. So many of the big fell
lows were pursuing this same course at
about the same time that within a very few
days millions OF shares were set afloat. The
mass broke through the established range
OF prices, and until 1t found Judgment,
siumpy conditions prevailed.
gambler once remarked that his poker
| chips didn't appear to have no settled
habitat" and 1t was so with stocks during
the period Of sharp decline. A strong feel
ing still exists that there will have to be
still further gecessions before permanent
lodgment is made for many of the active Sc
curities. AS part and parcel of this theory
the commentators and market prophets say
That the plungers who took their profits at
the high range will not get back into the
market until next fall, a situation which
argues for dizziness during the early sum
mer months.
Westerners Cleaned Up Money.
The so-called western element cleaned up
lot of money in Wall street on the bull
movement which eliminated a couple of
weeks ago. group of big plungers orig
inally from the west, but now living in New
York. rode the market up from the very
bottom, and in a majority of cases got out
before the break came. The street believes
that the members of the so-calIed Rock Is
iand party made more money than any
other party in the street Popular rumor
mas 1t that when they concluded to unload
three or four weeks ago they had a line of
between 100000 and COO 900 shares, the great
bulk of which is supposed to have been
sold at very near the best figures estab-
ltshed on the rise. The amount of profits
realized by this coterie must have been
enormous. although no authoritative hint as
to the exact figures is obtainable. The Rock
Island party made Union Pacific New York
central and the Steel stocks Its favorites.
A story found currency a few days ago
that Rock Island insiders had 300 600 shares
OF Union Pacific and that 1t was transferred
to Mr. Hartman and his friends In bulk
Ibis story OF transfer apparently had no
substantial basis In fact. although the share
total named may not have been wide of the
mark. Gossip went so far at one time as
to credit the Rock Island contingent with
having bought control of Union Pacific
away from Mr.. Hartman and his friends
Buying from that quarter undoubtedly had
much to do with the remarkable advance in
Union Pacific common, rise of sixty points
In the clear within a period Of seven or
eight months.
The Gates Wheat Deal.
1he nrSt reports were that the Gates
wheat deal had been settled between the
big bears and the big bulls on the basis of
no. but later reports did not confirm this,
although there is belief that some sort of
an arrangement was arrived at between
a few of the principal opposing factions I'M
der the terms of which both sides were
enabled to withdraw without serious pun
ishment. The trouble with this deal was
that there were too many 'tailers" who
refused to let go, and who would have been
menace to the play If 1t had been con-
tlnued until the end of May, according to
program.
The weight Of taller" trading has broken
four corners out of five that have been at
tempted IN commodities, whether wheat
corn, provisions, cotton or coffee. The
'tailers' are those who get wind of deal
and attach themselves thereto without be-
ing held by any clique or pool agree
ment. They ride on the backs of the in
siders and are free to unload their holdings
at any time, without regard to the COM
FORT. happiness or profit of those who have
the responsibility of management.
In the famous Harper wheat corner the
''tailers' had more wheat bought at the
time of the collapse than Harper himself,
although that person had more than 40 000
600 bushels charged to his personal account.
Manipulators who undertake to run deals
Of ANY kind dread ZOO much company"
and when they are thus afflicted they are
always in danger Of being obliged to load
up at top prices in order to protect them
selves against ruin.
In the May wheat deal, which has Just
collapsed, Banker Bigelow of Milwaukee
was the most conspicuous taller" and a
man named Waterman of Albany, N. Y,
was another outsider who would not be
shaken out, although invited to quit some
time before the determination was reached
to abandon the play. When the break final
ly came he was allowed to shift for himself,
and is understood to have met severe loss:
Others of the taller class were treated
in the same manner, being given no warn
ing and until the very last resting under
the belief that the deal would be carried
through. Col. Gates and his intimate asso-
ciates are understood to have escaped with
a loss of something like million dollars.
a sum very much less than anticipated
Gates has established record in New
York and Chicago as being one OF the fast
est runners, and when he takes 1t into his
head to reverse a speculative position or
get out Of a deal he can start quicker and
show greater speed than any OF the old