The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-04-02
aossIP 81 80 arnEET.

the market was exhibited Brokers are more
I inclined TO encourage speculation on dis
| oriminatiye lines. especially In tho lower
| priced stocks. The rank aud ils OF market
/ follower expect 10 see a better mar ket all
around this coming week. IL f. imagined
that certain proportion Of the bear element
| has oveTstayed the reaction. and That there
J fore th"re Is still considerable short interest
| under the market: highly speculative
/ following that has been holding on for several
/ weeks would return 10 the bull side II ls
thought. II the merl'et offered inducements.
One Of the most resourceful operators IN
the Street. whose personality Il may be
added. has not been prominent IN the general
market Of late, Ia thought 70 be bullinR Rub
/ her Goods and also Peoples Gas. The stock
last named advanced very sharply yesterday.
/ A movement in II has long been promised.
but some are inclined 20 question the eS-
pediency OF a sustained campaign In the
stock until after the Illinois lie RislAture has
adjourned.
On Monday and thereafter. until April n,
! either the voting trust certificates or the
stock will be good delivery on contracts In
Colorado Southern The issues were very
strong yesterday and more active than they
had been for some time before.
Beginning with the sueoeasful prosecu-
| ton OF the old Dean gang several years AFRO
a systematic campaign was waged against
/ tho sWindlnR population OF Wall Street.
and az length II was made 40 very uncom-
! Portable for Ret-rich-Quick organizations
operating mostly as Discretionary brokerage
/ concerns that many Of them had to go out
! OF business temporarily. and there was q
great exodus OF swindlers from that part
OF Manhattan Island lying south Of Fulton
street. reform movement on the Con-
soidated Exchange, with which many such
J - - anti IatNH -
/ lations made II extremely dificult for them
70 get names for fictitious trades, and names
| Of other brokers were always needed TO Rive
| their transa ctions an appearance or lent-
macy. Furthermore, the crusade OF puri-
| hcatlon had been carried into the large once
] buildings Of Wall Street, 90 that Il became
| almost impossible for any group Of svindlers
to get quarters In reputable places. Some
/ reestabnshed themselves uptown, but II was
| not a successful experiment. and the swlndlinE
| business was altogether In a bad way when
! a few OF the more ingenious swtndlers con-
| ceived the idea Of going 70 Philadelphia
| and organizing an exchange OF their own.
That was the beginning OF the growth OF
system in Philadelphia which for audacity
and In the scale OF It's operations outdid any
thing Of the kind that was perhaps ever known
| in Wall Street. The game as IL had been
PLAYED in Wall Street was new in Philadelphia
and fourished there beyond the most san
Ruine dreams OF the svlndlers. The bust
| meas was conducted under new names, but
Il was backed by the same crowd that had
been expelled from Wall Street The swim
ding element Of the financial world IL con
stAntly being recruited from the ranks OF men
| who live by their Wits, but none reform.
I Once q sWindler always sWindler AFTER
/ q man has been in the business for certain
| length OF time his name becomes so well
| known that he must either assume another
/ In EVnmnn
dummies forward. The dummies are the
| recruits Good names are an asset. In
some schemes fancy names are wanted and
| in others old fashioned. substantial sounding
names that will appeal to the rural victims
are employed. The success OF one OF the
most audAcious swindling schemes perpe-
trated In the old days here in Wall Street
was due TO the use Of a biblical name which
captivsted the New England population.
There has been a very successful bull spOcu-
| iation in both classes Of the Japanese % AL
ready listed In this market. II began several
months ago and was cOnservahvely enoou-
aged. The money that had been made on
the long side OF the old bonds In speoulA-
tive way doubtless gave the new issue en- at
traction which Il might not otherwise have
possessed.
An operator who was very prominent on
the bull side OF the general market up TO
| nearly the elimination Of last years rise
mas bsen holding himself in the background
for several months. His position IL sup
posed 70 be that Of an opportunist He is
| Teported now TO be on top Of the market. ana
| again 70 be under IL, and occasionally his
hand IL suspected in some very stArtling
movement for which nobody " able 70 ma
any specific explanation. He waa thought
70 have an interest In the Chesapeake ana
| haf haNnH Around 30. The
impression Is that ne merely made . quick
turn In the stock and now 10 entirely out OF IL.
what he has done lately has been In the nature
Of stlIl hunting lie has not been at hls of1os
for many weeks. operating instead from
vantage point in one OF the uptown hotels
He has large following in the market when
he chooses 20 take a position either way and
let II be known.
There may be a good deal o. uncertainty
"a 20 What the real position OF the Gates crowd
has been Of late. but itS following. anyway
has been heavily short Of the market IL "a
not believed that this short interest hes yet
hSsn whonv covered. The Gates people
have been right on Union Pacific again. They
took A associative position against II At the
cuInipation OF the recent Upward swing TO
is7 and got a 10 point break. They had
previously been right on II the other way
The most dincmt thihH IN spoOuihuoh -
20 take a position one way and cit STILL said
ono OF the old time Western brokers few
dAv, AGO. That 10 the way the big money
IA made but very few Of US are able TO ignore
fluctuations We buy . stock that We are
certain Of and say that we shall not sell II
out AZ A profit Of LEES than 30 per cent, lt
goes up 10 per cent. and the temptation 20
take profts with . view 10 getting the stock
back q little cheaper IL too often irresishols.
Theoretically the way 70 get all there is In .
lonE advance, either In one stock or In the
general market, is 10 have the right position
and then on sharp bulges 70 sell out and re-
place ones holdings At recesslons OF or 4
DER cent. Il doesn't work out, however, In
practice. There IL no man who can call the
4 and s point swings both ways He may
catch the top Of bulge and sell out but
then he Is likely 20 wait too long 70 recover
what he has sold. II he sells out little too
soon he IL likely 70 buy his stock back on q
further advance OF or per cent. and then
ret a reaction when he is not wanting IT,
In other words, the man who tries 70 deal
both In values and fluctuations admits the
element Of human nature and Will be always
getting whipsawed, whereas IL he but takes