The Fulton County news. [volume] (McConnellsburg, Pa.) 1899-current, 1906-04-25
GROWTH OF STOCK rHAoNc-
Large Operations OF Ten Years Aro a.
Petty Deals Now.

Pe,ty Deals Now.
Until last week we had nm ~
broken run of million-share DAYS. av
cepting Saturdays, for five months
said an old Wall street broker. "Th,,
is big change from the old way =,
doing things. And by the old way
don't mean to go back before the Civa
War. Ten years is a long time i'm MN
street Spectators of to-day wouM
turn up their noses at the heavy trad
ing'-so-called-prlor to 1865. In thoss,
days brokerage concern that had
customer who swung n thousaud
shares had client that was much n
be desired. His account was one ia,
which the average broker would Civ,
wine suppers and theatre parties n
get hold Of. Now the thousand-shar,
customer Is h small fish in. n bl,
pond.
"There are traders Oh the floor of th,
Exchange-men like C. B. Macdonald
Harry Content and dozen Others
who will turn over a block of fifteen
or twenty thousand shares for An
eighth This makes business active
and swells the total of shares done in
day. Moreover these operations
which are conducted merely for
scalp are frequently mistaken by tho
tapeworms for real move and thus
the little trader who ordinarily would
keep out of the market gets in-and
frequently gets shorn.
The operations of ten years apo
really seem laughable. Why. l can re.
member when the Street used TO pet
excited over speculative combat be.
tween New York and Chicago. New
York would be 'bull' on the murket
and Chicago would be bearing il
Operations were a matter of local
pride and there was just about the
same interest in trading as there would
be over the result of ball games he.
tween the Giants and Anson's Colts.
Strange as it may be seem, the
change has been brought about largely
by Chicago-or the operations of the
so-called Western crowd. Yes, humili.
ating IS it may be for the New York.
ers to confess it, John W. Gates and his
following have done more to put stock
market operations on a scale of magnl.
tude than ]. Pierpont Morgan. the
Rockefellers and Rogerses and all the
other big fellows, with the possible
exception of Kcene, put together.
1T Is all the result of easy money
John w. Gates and the coterie with
which his name is associated made
money so easily that they hesitated no
more to risk it than the bO0kmaker
who, after a successful day at the
track, goes into q gambling house and
bucks the faro bank. Not much more
than ten years before he left Chi.
cago John w. had been peddling, barb
wire fences. When he came to New
York he had made millions in the
Illinois Steel Company, later in the
American Steel & Wire. and to swell
his fortune still further he made an
advantageous deal with the United
States Steel Corporation. He is game
nothing small in the way of plunger
and he and his crowd made things
hum when they hit Wall street On
more than one occasion they have
Jumped into quiet market and turned
things upside down by the purchase of
100000 shares of one stock in a single
day. If you don't think such opera.
tlons have an effect on prices and sen.
timent Just watch the ticker while the
buying is going on.
"Of course. the Gates buyin is not
always considered good buying but
just the same it has set : new pace for
Wall Street, and the magnitude OF the
trading has thrown into the shade the
big operations of decade ago.
New York Press.