New-York tribune., 1905-01-03

just you go ana Dring that deer up TO me- SIS
fast as you can. want to see him.
Presently the valet returned. his black face
radiant with smiles.
What are you laughing att" exclaimed Mr..
Travers.
why. Mr. Travers. dat's no deer you done
shot Dat was Deacon Joness jackass you
killed"
Mr.. Travers then began to snow alarm and
mental distress over his serious mistake but
the darky broke the spell with the remark:
Mr.. Travers. we done killed him: we done
killed him.
Now that Mr.. Lawson reviews the recent past
and learns of the distress that his surprise
created in Wall Street. possibly he will admit
that it was I'VE that did it."
II the great hnanciers and operators in secur-
ties had not realized that the market required
a reaction from the high prices Mr. Lawson or
any other one person could not have brought
about the decline without the permission of the
powers that be-
Wall Street has witnessed many such strug-
gle in the past among the great giants of finance
for supremacy
AS the writer stood by the side of the late Jay
Gould many years ago. the big Wall Street
operator at the time being intent on following
the ticker. the following question was put to
the f1nancier:
What do you think of Pacific Mail. Mr.
GouId?"
"I don't think much of it" he replied. and
subsequently the writer learned from Mr. Gouds
lips that at the time the question had been
asked he stood for loss Of more than 81 100000
He had been caught short of the stock, but he
said that he would stick to his position until his
enemies surrendered and this his enemies event
ually did resulting in a net profit for Mr.. Gould
OF more than 100000
Mr.. Gould that it was reported that there was
a combination Of men who said that they would
have his hide on the fence He quietly
replied:
II guess we will survive them; guess we
viii survive them"
He did survive them. and when he died he
left estate that to-day probably would be in
ventoried at more than SlO0OO0OO0 while the
persons who expected soon TO have his hide on
the fence are dead. having left little money for
their heirs.
The half has never been told of the enormous
fortunes which have been made in speculating
in stocks, bonds. grain cotton and metals in
New-YOrk. nor has the half been told of the
many fortunes that have been lost by unsuc-
cessful SPECTATORS The drama of fortune seek
ing is enacted every day on the various specula-
tive exchanges. and in the year just closed more
than one play that has resulted in disappoint-
ment and heavy sses has been put forth on the
Stock Exchange boards
Wall Street Spectators follow different rules
in making their moves the great financial
checkerboard. The managers of our great rail-
roads and banking houses often furnish the key
by which learn early what in the judg-
ment of the big financial interests is the outlook
for the future. and generally when the advice
of these men is followed profits are made in
specula ton. but it is only the fortunate ones
who secure the of the insider.
1t is known that the great business interests
optimistic over current conditions in the
country and that the railroads are preparing for
the hotation of vast amounts of securities
Probably S1,O0OOO0.000 Of bonds will be offered
in the near future, and it is well to bear in
mind that bankers would not consider such Of
ferings if they were not convinced that condi-
tions affecting the actual worth Of securities are
unusually sound and stable. The big bankers
must of necessity encourage cheerfulness in the
stock market in order TO make a good market
for mortgage issues which they propose to bring
out. FRANCIS E. TROWBRIDGE.