Tom Watson's Magazine, Vol. I, No. 2, April 1905Various
Religion
Tom Watson's Magazine, Vol. I, No. 2, April 1905
Various
United States -- Politics and government -- Periodicals
If President Roosevelt sincerely and vigorously attempts to obtain any
reform legislation during his administration, two-thirds of his support
will come from the opposition. His own party, owned by and mortgaged
to the few, is absolutely powerless to effect any good. There are a
few prominent kittens in the party who simulate a little independent
thinking, but when the mother cat gives them a collective swat in the
face, they lie down and put their chins on their paws and mew in obedient
accents that they are now good cats.—_Chadron (Neb.) Times._
* * * * *
A certain Wall Street firm was engaged in doing business as curb brokers
and “washing” a certain stock.
Do you know exactly what “washing” stock is? It is simply a fake auction
on a big scale. It is the kind of thing that puts a little man in jail
if he is caught doing it. It is the kind of thing that makes respectable
fortunes for some of the big men.
This firm was engaged in “washing” a certain copper stock. An officer of
the dignified National City Bank was interested in this stock. He had
agreed to take a certain amount of it at a very low price, and he wanted
to unload it on the public at a very much higher price.
The brokers proceeded to “wash” the stock accordingly.
Let us say that the stock was worth fifty cents per share. One broker
bid fifty-five cents for a thousand shares, and they all pretended that
it was a legitimate transaction—in reality it was a fake bid and a fake
transaction.
The other broker engaged in the skin game would then bid sixty cents for
another thousand shares—and so it would go.
Not one person engaged in the swindle was actually buying a single share
of stock. They simply bid back and forth, pretending to buy it, and
putting the price up day by day.
The crowd of poor fools that believe in the “honor” of these disreputable
Wall Street gamblers looked on at this mock auction, this fake selling
and buying of stocks, amazed and excited by the constantly increasing
values.
Occasionally some gullible creature outside the combination that was
doing the stock “washing” would come in and in good faith buy some
shares, actually paying his good money for the worthless stuff.
This went on until they had forced the price of the stock up to a high
figure, ten times what it was worth. During this “washing” operation,
they had succeeded in working off a good deal of this stock on the public
that believed the crooked sales were really genuine.—_New York Journal._
* * * * *
Public-domain text, read in full here on John Shaqi.
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