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The Ruin Of Speculators

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All of the wealthy speculatora who for years have operated in stocks have been wiped out by the heavy decline. There is consequently no one to uphold and bus tain the niarket. Of the crippled speculators, James Banker was the chief. Beginning life a poor boy, he was "coached' by Coraodore Vanderbilt until his income became between $300,000 and $400,000 annually. He scattered his money with the most lavish hand, making princely bequests to his relatives and friends. It was not longagothat he presented to his sister, Mrs. judge Hilton, a brown stonefront house, up town, tor which he paid $100,000. To-day he is compelled to make over all his propert.C to Commodore Vanderbilt to insure the latter against losses brought on by his own speculations. - Daniel Drew, who has operated so largely in years gone by, has been (so report says) wiped out. Richard Schell, one of the recognized bulls for years, has goue under. Stockwell, the noted PacifioMail manipulator, has collapsed. John Stewart, a king-pin in the spcculative ring, has been, report says, cleaned out. And so I might continue to name one heavy specnlator after auother that has been swept under by the present financial storm. The withdrawal of these men from the speeulative mart takes large schools of smaller flsh who have been accustomed to follow in their wake, and have been crippled along with them. As a result, the street is pretty well cleaned of speculators, and the brokers predict that there will be little or no speculation until an entirely new set of men make their appearance iu the niarket.


Old News
Michigan Argus