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The Wall Street Game Losing Players

The Wall Street Game Losing Players image
Parent Issue
Day
11
Month
December
Year
1903
Copyright
Public Domain
OCR Text

THE WALL STREET GAME LOSING PLAYERS
     More than 600 clerks employed by Wall Street stock brokers have been discharged during the past week, and in every case the reason given was lack of business.
     Lack of business in Wall Street!
     What does that mean?
     The United States has never seen such real prosperity as it enjoys today.
     Cotton is higher than ever in its history since the war.
     Wheat is up and in strong demand. 
     Rice, sugar, cattle and corn have harvested abundantly. 
     Wool, wine, fruit and vegetables have a wider market and a better price than for many years.
     The mineral output of the country is greater by far than in any record year since the big bonanzas were discovered.
     Why, then, should Wall Street be stagnant and its clerks forced to seek their bread in other places?
     Because the Wall Street game has been dishonestly played, it payers beggared by practices as dishonest as the tricks of the cheating gambler, and because the public has found out that only the insiders ever win.
     Take the case of a Western railroad system. Its earnings increased from fifty-four millions a year to ninety-six millions  year, and yet its stock dropped in price from sixty dollars a share to forty dollars a share. 
     The excuse offered in Wall Street for this is that the insiders are engaged in freezing out the outsiders. In other words, those that bought the stock in good faith, when the company needed funds, are to be forced to sell out for less than they paid for the stock, now that the company is able to pay a dividend.
     We are very sorry for the Wall Street clerks that have been thrown out of work at this inclement season of the year. We are glad, however, that the crookedness of the Wall Street game is defeating its own ends.
--Chicago Examiner.