The Intermountain Catholic. (Salt Lake City [Utah] ;) 1899-1920, 1907-10-12
THE FINANCIAL SITUATION.

That was rather rude joke on John W. Gates
when he recently said that present conditions i'll
Wall street reminded him of a poker game from
which the big winners had drawn out, and only the
pikers remained He being one of the big winner;
who has drawn out of the game, it seems like rub
bling it in to refer to the victims as 'pikers." As
ordinarily used, the word "piker" means one who
fails to keep an agreement but in this case ii
would seem to mean a lamb who had been shorn
AS matter of fact, it is only the shorn lambs
who are remaining in the game in Wall street, and
they remain in because they cannot get out.
The game started about ten years ago, when,
after a period of depression and liquidation, the
fleece had had time to get nice and long, in the
form of money hand, either deposited in banks
or held in safety deposits vaults. Then the "big
winners" sharpened their shears, and got the game
started The method simple. They would buy
up dozen or so factories-it did not matter what
kind-paying for them about double what they
were worth. Then they would multiply the cost
by about one hundred, form a consolidated com
pany," and by well written prospectus, showing
how they could monopolize the business get rebates
from railroads. freeze out competitors and in other
ways violate the laws they proceeded to sell the
stock of the new consolidation at par. Thus they
reimbursed themselves for the original outlay a
dozen times over and still had enough stock left to
control the organization.
The actual business of the country grew and
thrived, so that these new organizations to the as
constituent of the promoters, actually made good
and the lambs who got in first made lots of money
at least they could have done so by selling their
stock. They of course told their neighbors how
easily they had gotten rich quick, and the neigh
bors then began clamoring for the same kind of
green goods. The promoters cheerfuly accommo-
dated them. They organized new consultations
and syndicates boosted prices beyond all reason and
without any reason, and the lambs fell over each
other to get it. without so much as asking what
value there was behind it. All this time the actual
business of the country was growing, crops were
abundant, the mines were producing many millions
in gold and silver factories running night and
day to keep up with their orders, and the railways
we're crowded with traffic, and all making more
money than ever before.
Notwithstanding the enormous and prosperous
business done throughout the country, there had
to come time when the stocks could be boosted no
higher. Then is when the, "big winners" began to
draw out ofthe Wall street game. The fleece had
all been sheared, and there was no more in sight
The lambs were of inhabitants of Wall street. They
were the doctors, lawyers, merchants, widows and
even bankers, throughout the length and breadth
of the land. Stocks began to drop, and the fnan-
cial dispatches from Wall street announced that
there "no support" to the market Down they
went, and still down, down. The lambs knew
more the cause of their going down than they did
of their going up. They held on, and are still
holding on, where they can do So in hope of rise.
They are possessed of an assortment of gold bricks
which they are trying to sell to each other Then
comes in the little joke of Mr. Gates wherein he
refers to them as "pikers." 1t would be funny if
it were not so tragic.
The 'big winners" however, in order to be able
to rig up another game for the future must keep
their standing good, with the lambs. Therefore
they shout that the of all the trouble is the
laws against trusts and rebates 1t is the same
as if the big winners in fake poker game should
Justify their actions because the officers of the
law had nterfered
All of this might be thought to be warning
which would make a repetition of the same game
impossible. But not so. The "big winners" pro-
coed upon the theory that there is a sucker born
every minute, and they to be justified in that
opinion. The next game will be rugged little
differently to details, but on the same general
plan, and, before, millions will be taken from
safe securities, or bank deposits, and go to swell
The already swollen fortunes of the big winners.
In all of these transactions, there is no actual
oss of wealth to the country at large 1t is merely
transference from the pocket of one Individual
o that of another. There has been no loss through
,r other causes which mean an actual loss The
improbable business enterprises.
wo underlying causes of prosperity crops and gold,
Ire both being produced in full measure so that