Omaha daily bee., 1909-10-24

these securities stand depends in a large
measure or the favor q the political bosses
and hsnehmen whc rule the city. wisid-
irE 50 great q power. o. is not strange thar
they have made use o. Il In Wal street.
Merry q man IL IL New York politics for
the favor and fear II gains him below
Fulton street and more than one political
leader has retired with q fortune MADE in
speculation And the line between honesty
and dishonesty is not always SC easily
drawn AZ the s~asy-ehLir reforners would
have a.
Over IN Washington. too. are lawmakers
who have made fortunes through the nn;
eiFintereEted advice Of friends in Wan
street With the continued expansion Of
the governments domination over the Hf-
fairs Of interstate railroads and Industrial
trusts" Washington and wan street are
getting more and more IN touch. For
wherever laws are mRas affecting the busi-
ness Of large corporations thcre you win
find a situation similar % that existing
IN New Fork-capitslist organizers seeking
the favor OF political leaders. and political
soldiers Of fortune reaching out for a share
in speculative profits. It's s0rdid. but its
true
Political leaders are not the only per
sons taken care Of In Wan street The
oorporsfon lawyers win even richer prizes.
shreWd attorneys there are within a stones
throw Of the stock exchange whose favor
Re oourted by capitalist organizers as zeal
ouEly as that Of the politicians In a war
between rival capitalist groups the en-
deavur is ever 70 retain not only all the
legal experts needed to fight une's case.
but also the experts most useful TO the
enemy. one Of tina shrewdest corporation
lawyers IN Wal street owes his large for
tune 10 his keen scent Of a coming fight
and his ability to get a retainer from one
side OF the other. He cares little under
whose nag ne fights, 30 long as the fee
is big enough and he transfers his aIleg-
lance from one camp 10 another with
amazing facility.
Legal FreebOotera.
Of another level are the freebootinE
lawyers In Wal street who hold up" rich
corporations with strike" suits either for
the purpose Of being paid directly 10 keep
quiet, OF to suggest a bear" assault on
a compauy's securities. A farorite game
Of these gentry Is holding up an issue OF
new railroad or industrial securities with
an injunction, meanwhile going short" OF
the stock in the market. The Injunction
soRres the little stockholders, the stock
breaks and the instiEators Of the strike
suit get away with the market spoils. The
game was worked q short while ago on
Delaware & Hudson with highly profitable
results. II has been worked on steel, con-
soidated gas and other franchise stocks.
One Of the Of these freebooters
has been in the street for years with no
visible means Of support. but every now
and then making q killing He is s
cynie, He believes that the whole specula-
tive machine is q parRsitical growth, that
the capitalist leaders Of the street are a
! crew Of pirates and that they are legit-
mate prey Tor little pirates like himself.
He revels in panies, for then he gets his
big swag. When stocks are smashing and
failures are Of daily occurrence, he goes
about sowing rumors OF disaster with Mac
ohfAveIian Elee. Mere ina once ne has
been the tool Of powerful bear operators
in attacks On the market, and he always
gets his share OF the spOIs. He is clever
enough, toe. with his knowledge Of crimi-
nal law, not TO get himself into trouble.
The passion for pubHeity draws to Wal
street a crowd of journalistic soldiers Of
~fortune-some Of whom are mere petty
- 49, AGAN AAAAE AAAAANE ~
get up a monthly or weekly financial peri
odioAl that. TO the casual reader, looks
most dignined and respectable. With
shears and paste pot, the current issues
Of The Wall Street journal, The Fnancial
Chronicle, and the daily papers. the enter
prising editor" puts his sheet together
in an hour or 50, and the printing Of a few
copies al one Of the many little shops in
the financial district is quickly and
cheGply done. Fortunes have been made
with these mushroom publications as tools.
When a green" crowd Of promoters
comes to Wall street 10 sell stock IN some
nsar-mine, the shears-and-past publishers
camp on their urah. They hold mp the
promoters for big advertising contracts Al
fat rates, sell them write-up' space, and
distribute copies containing these write
UPS In 6ee lOus al sihgle-oopy prices. Very
often, when the promoters are not willing
10 give I'd real money, The publishers take
calls" on the new stock. OF perhaps take
a block outright. Stock certificates are the
cheapest things produe : in a promoters
office, and he hands them out pretty freely
50 long as he isn't worried By making 4
market for them Sometimes these pubIica-
tions are mere biRckmAiling affairs thai
hold up" financial crooks, threatening 10
publish damaging articles II they are not
paid good round sums. The editor Of one
OF these sheets wrote a scurrnous attack
Tn = street ratlW-Iy capitalist, and took the
article 10 the man, expecting he would
fan for Il" In the pRrlsnce OF the game.
The capitalist opened 3 drawer Of his desk
and pointed 20 q pistol lytng there.
Wal street IL overTun with dreRmers and