The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1905-11-13
MEN, MONEY MAD
IGNORE LOSSES {;
.--- -----
Upbid i'll a 15-Per Cent. Money
Market OF Stocks, Already
Very High.
WOULDN'T EASE THEM OFF
Movement Then Would Have
Appeared Genr,ille-Now
Clearly Deceptive.
WOULDN'T EASE THEM OFF
tspeelal 10 mic rImes.pIspatch.l

NEW YORK November 12-1t must be
freely admitted that speculative secusi-
Ties withstood tho severe tests imposed
upon them during the week In very
remarkable manner Stocks and bonds
both gave way at the last and In some
instances, net losses were extensive. The
movement WAS by no means uniform
however Numerous Issues, some OF the
character which do not IN the slightest
appenl to Investors or to conseryat tive
interests, not only did not Yield to all. hut
were advanced sharply. This in the face
OF thd serious nature OF Developments,
is as conclusive evidence. as most per-
sons require, Of the utterly reckless, or
desperate, character Of the present specu-
lative movement.
When men become noncy-mad they do
Very foolish things and not lnfrequently
make grievous errors In judgment. In his
category a.ssurcd.y falls an upbdding in
10 per tent. money market OF stocks raised
already to very hign figures Including
some non-diyiaend PAYERS nna issues OF
been better speculative tactics 10 have
eased them on a triie. Then, at least,
The movements would have appeared gem
une, instead Of. us now. q clear evil
lie can DO gu,lcd upon most occasions
by these deceptive movements but once
In II while the irrationaiity OF q perform
Ance Is 50 apparent to defeat the object
OF the jusglers and Smountebanks.
While speculative stocks unqucstionably
offered remarkable resistance 10 the adj
verse development of the weak, there Is
no assurance that the test, OF stability
is final and conclusive. To the contrary.
there Is every Indication that still
more severe test Will be made.
Clearly. entirely aside from Wall
money market..is the strong and forecful
fact that conditions make for nominaliy
higher money rates. But, suppose money
has been manipulated, Is there ANYTHING
Wall Street operators? The latter seem
20 hold the opinion that It is bull ar
glrneni as an Indication that after the
want and have shaken out their VIC
tins, securities will Immediately advance
TO much higher levels than before, There
must be some flaw in Wall Streets logic
as this. II any group of men could. with
financial institutions, use such power as
this to create an Official deficit in reserve.
If any group of men with such power
and with the power SO used to serve their
greedy ends are In control OF financial
institutions. then there is danger In the
slble to believe that anything OF the kind
has taken place by the direct connivance
Of heads of financial institutions. The
course OF the market will go far in de-
tcrmining the matter. If, after the IL
quotation which now seems Inevitable.
there should come an immediate revival
OF the speculative orgy. with stocks car
ried to still greater height than before,
1t might be taken as prcsumpttve OF some
such scheme.
II will not profit the individuals or the
public much In the end. for the deferred
disaster Will be this greater when It does
come, involving not Waii Street specula-
tors alone. but the whole community. The
deficit reported In the bank reserves
Saturday Is a serious matter. however
viewed, and from whatever cause 1t is due,
either legitimate or forced. There have
been but five deficits In the reserve since
August. 1888. Assuredly this laHt one
should not have occurred. for the insti-
tutions which have nursed the specula- (
ton along could have stopped 1t long
before this by forcing liquidation. Upon
each aston when the surplus has been
wipe d out IN the past and deficit created
Wall Street had has trouble. the charac-
ter Of which any may read in the his-
tory OF the markets OF the summer OF
1888; of November and December, 1899 and
for many months starting with Septem-
Der. 1907. Upon each of the last occa-
sons the government came TO the relief
OF the money market but 1t did not
prevent collapse. 1t Is a simple matter
to start conf1agra!ion. but difficult to
put 1t out.