Evening star. [volume] (Washington, D.C.) 1854-1972, 1907-05-28
DEALINGS IN WALL STREET
Ideas Entertained There of the Presi-
dents Course.
VIEW OF A CLEAR.SEEING MAN
Conditions Before the Panic Described.
Its Causes Explained-Pos-
sible Consequences.
BY WILLIAM r. CURTIS.
OF
Special Correspondence of The Star and the Chicago
Record Herald

NJ NO Ntor md tha onn
'|~'N' Record Herald anu ''e 'Aie As'
>-r ,oo-
The bowling dervishes upon the stock ex-
change accuse the President of the United
States Of bringing on the recent financial
panic and the tremendous slump in the
prices of railroad shares-and now a green
bug in the wheat fields ont west ia keenins
thor, It,, NJ, I r,r, - Iu,,
49, i''ao iii"' ou VI .n"oo'
VINO mas seen and heard great deal In MS
time, and knows a thing or two, has just
returned from an extended tour of the
wheat states end teIeoranbed 1obn w
60. ~ "
rates the other DAY:
Inc only damage done by the green
bugs thus far is in Wall street"
1t is singular how much tho stock snecu-
,e+ors th;n, 80 .ho-aI -.
sorntio, IN. y, IL .s. neii sen -ao
than that Of 90 80 Nv. Vt,s,t. ~ 10 80
told mo q hort ~ 500 d M, NJ a.s ~.
think that whenever the 1rice n of Sai n, I'd
stool snas wv ~ 49,. .it -. ~ ~ 49,, an 100 oau
is nesta ~ $3.50 ~, !" .i e. "oliu d. IA 20
wben tn eraat d" IN .ne eas may III pe,
sreat.r W oonsa1,o,on - me esu.. - VI ~
81 =. -, IL. ~, ti.'ti tis o"1iu VI d
dirfar.nc. 10 =, tSe ,,n ms, pat tnI only
IT. $500 III tue "a anioui. VI tlie
do. ..rt fuI' u ~ q caiier lue utneI
thi,I, 49, ~ on "au S.iset
and hundreds of men who live and move
of Man, eiI.'' ueis IN ina. sreat Temple
when and show Won where thew We're eored
by the horns,
Til. A,- c,r,h1;r,, c
opei "'iohs oii lie STOCK exchange 10 a
very large extent, are like any gambling
game. The shares of the great CORPORA
lions are the cbins and tho mon ON tho
floor are hettine tbet those obin. Mill IN.
CREASE or diminisb ~, .ho;r ~ 49,
Anv men,bsr np Tho stooIr a,ohoan 20 49,
~ saII s ~ ~ ~ Va. ~ - i.I. ..ii 10y
r. NC ah;,it aS ne - ,,n ., ni'ilouI iesaiu
no ~ pay toi tlleli ~ :: anu III tiial
lssPsct INC slpIh eASianse uillers iroiii an
LUNA n,uilrats saihplihs mousse because IN the
lalle' every player is compeieo TO pay
II II IS played mere real money Is not used.
III every broker on the stock exchange were
compelled to show the certificates Of stock
that he Is selling or the money to pay for
what he buys there would be panic The
margin system enables any person to buy
ten times as much as he can pay for and
sell ten times as much as he owns. HIS
profits his losses are in the same pro-
portion, and in times of great activity the
same shares are bought and sold many
times the same day without being trans
ferred or examined or even seen by any of
the PARTICIPANTS The -transa ctions are
purely Imaginary. even more so than bet
ting on a horse race or a game of cards or
any other chance =
Values Represented Enormous.
The transactions on the stock exchange
" " 49,
inns imaginary buying ana seiiins oi shares
in railway companies and other corporations
often in a single day represent more val
hes than the entire earnings Of the 5000 600
'' '-"i. '-.. 80
people IN tne Onlteo states iof + ma nrid
Ihele IS no. inoiieS h eroush ~ , snI, ~ q
W pa! III wHat 10 pouSnl oiiu oo.u ~ q
Few hoers " sieao 49, nn.,no n thoS.
SANDS OF serious men are engaged m .h use
nctlt.ous TRANSACTIONS, ai'h th e.'a pre ee
dent or Congress or some official of the
sa linen t. aaI I'LL esaot tho Ha,ue
of the shares in some particular corpora
ton. And, what is stranger still, the prices
OF tne SHARES 81 otner mii ara
affected by sympathy. SO that when one Of
the popular shares goes up goes down
the prices of other shares follow.
NOBODY stops 70 tnlnk OF tne aosuiul nj
OF such tIahsactions' nopouy seems . " lea.
lze tnat 20 per cent .! tlleii are ne. n a.
ana are ensaset III py ie tha whH Ha snId
aoie " u1nsti ny to 10, e. ~ oods
anu anu Wouio h hou ie.Lo96 - a. co ST 10
ines nane uuuSur Isl tboUsauds re ,nen
Jus. PC, "a Tnrtmna ont ~ II and thousands
hare heen mined and made wretched for
life Thousands of men have bought stocks
at low prices and held them until they
have advanced so that they could sell out
at high figures and the difference has made
them rich-and vet they have never seen a
single certificate of the stock represented in
the transaction; they have never paid for
a single share; and have simply deposited
10 per cent of their nominal value with
broker to protect him from any loss by
their depreciation, and so the business or
speculation goes on.
The gamblers produce nothing; tney aod
nothing 10 the Wealtn Oh lne WORM, anu
their expenses are enormous. EVery uoi, a.
Wottil u siaies e., ma nee,ri ; 20 q
Is poushI VI soius plJ q ~ : 90 u " 80.
proker. ne sSIs o. ~, .or ostoo ro ''- %
ne ouys VI seiis LUZ hAi'
Where the Profits Come From.
.na ubsre docs the money coma from
Anu ""eie ooe' 't'o .'-oy 80
that pays these commissions ana the rehts
and salaries and profits? 1t comes from
the farmers merchants and other people
.I-~.,,t ~. oo,,r+r, W. snao,,,ot.
Tbev ora tho lambs that ara shorn and
tho r,II,o,s NJ dollars that have enriched
the successful spectators and the brokers