Life, 1911-02-09 · page 18 of 44
Life — February 9, 1911 — page 18: what you’re looking at
What you’re looking at
This page satirizes stock market manipulation and volatility during the early 20th century. The "Bulls & Bears" section mocks the market's absurd behavior: prices move based on rumors and official announcements rather than actual conditions. The text notes brokers engage in "washed" sales (fake transactions designed to create false activity) and that Congress passing pension bills causes panic—not from fear of the bills themselves, but because investors distrust any government action. The cartoon below (captioned "By the Great Dodo, Bill, come look at the bottled glow-worm!") appears to satirize gullible investors distracted by worthless novelties while market manipulation occurs. The "Contrast" poem mocks government hypocrisy: officials grant corporations free rein to exploit the public through trusts and monopolies, then later claim credit for regulating them when public outcry forces action. The photograph shows tenement housing, illustrating the human cost of unregulated capitalism.
📄 Transcribed text from this page (OCR, searchable)
Machine-transcribed from the original scan — historical spelling and the odd misread are preserved.
THE MOMES OF THEIR GRANDCHILDREN HE stock market still continues to be the absorbing topic of Wall Strect. Last Monday the market did not open until ten o'clock. This was due to sev- eral causes, all of which were satisfac- torily explained, however, in ample time for the shorts to cover. The shorts remained covered until eleven thirty, when they emerged on a report. of decreased gold shipments. Money was quoted at three per cent. with no takers. Prices moved fecbly. At eleven forty-five the Board of Gov- ernors announced that something must be done in order to keep up appearances. On the strength of this brokers rushed around as if something had actually hap- pened. Several sales were washed and hung out to dry. The shorts covered again and the longs uncovered. This continued all the rest of Tues- day and until late in the day on Wed- nesday. Prices fluctuated to a consid- erable degree, but on the whole the re- sults were favorable. No effect on bus ness was noticeable. On Thursday, the market experienced a decided setback duc to the action of Congress in passing a large number of pension bills, It is not that the market is particularly afraid of pension bills, but that it has come to look upon any action of Congress as harmful. Prices rose to the highest point of the year under the most violent selling pressure in the his. tory of the street. When prices reached that point it was reported that the out- look was very good. All the brokers tried to find out what the real trouble was, but only half of them succeeded The other half covered their losses and went home. On Friday the annual report of t! Daughters of the Revolution tended io allay the quiet manipulation which has been under way ever since the Spanish War. London immediately sold off. A half hour later, however, London sold on again, which made it all right, ac- cording to the insiders. This condition was reflected in the local market at one fifty-five. Then there came a_ slight movement in the industrial group which indicated a strong undertone. From then until the close of the market, prices were fitful. Nothing but the bank statement was done on Saturday. Contrast I’ is casy enough to be pleasant When the government hands you in- corporation papers which give you free rein to form a trust and gouge and loot the people to your heart's content, But the man worth while is the man who can smile When the government comes around a w years later and says, “Here, people are not satisfied with this arran ment and I'll have to regulate you or lose my job.” “BY THE CREAT DODO, BILL, COME LOOK AT THE BOTTLED GLow-worM!” comicbooks.com