New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1871-05-14
WALL STREET.
The Gamblers in Gold and StOcks-Bul
Vanderbilt and Benr Drew.

| vanderbilt and Bear Drew.
George Alfred Townsend, in Chicago Tribune.
The Gold Room in Wall street transact
very little business in these days, and it il
difficult to make panic IN reputable stocks
The last large haul was said to be in UnioI
Pacific stock, the Pennsylvania railroad
operators buying low after Cakes Ames
calamity, and then building up the stocl
by assuming control of the road, when they
Immediately sold out. Still, as long al
stocks promise such speedy possibilities
and men are bold to take chances, Wal
street brokers will find an avOcation. Take
the brokers' office of Van Schaik & Co
pronounced Van Shoick), on Broad street
| nearly opposite the Stock Exchange. 1t is
on the first or street foor-a large room
twenty five by fifty feet i'll dimensions, with
| chairs and writing tables beneath the street
and an automatic telegraph instrument on
! one side, close to II reading board, where
| are placarded all the quotations of the day.
| Mr.. Van Schaick sits at desk III this read
| ing part, with window at his elbow, Ell
aiding him TO wheel in his pivot-chair and
look through the banking department,
which is partitioned off behind him. At the
tables in front congregate the betting prin-
cipals, to whom their broker, a stout, red
faced, agreeable man, with a quick voice
and ready joke, addresses such re-
marks as:
Fine day for the race"
"What racei"
The human race!"
Meantime, the telegraph instrument is
counting of, on long printed rolls, the state
of transactions Just across the street, where
Mr. Van Schaick's partner is buying and
selling at his desk ameng the screaming
multitude of privileged ones, whose roar
can almost be heard across the broad, wood
paved avenue.
The price of membership in the Stock
Exchange, nominally ten thousand dollars
is now reduced to four thousand dollars
and the character of the Exchange has SO
deteriorateG that it permits its own rules to
be broken with impunity, Erie being
still allowed to be bartered in there, al
though secret issue of three million dol
lars of stock was lately made, contrary to
the express provision of the board.
To Mr. Van Schaick enters, perhaps,
person, who says:
Il wish YOU to purchase for me, Van, 5000
shares of Lake Shore
How much margin are you going to al
low metz
Ten per cent"
Il want forty per cent before touch it."
says Mr.. Van Schaick. And the would be
gambler goes away sOrrowfully, for he has
small possessions. He belongs to one of the
five following classes, probably the last,
street classification:
A bull is a broker or principal who is
always pushing mp securities and stocks
and INDUCING in the pleasures of hope.
Vanderbilt is the first bull in the world
His abundant capital-now alleged to be
nearer S70,000,O00 than $50 100000 - his
strong, good Judgment and calm, powerful
confidence, are felt in that superstitious
street like a lighthouse on a treacherous
coast. But, although "bull," he is with
out heart his faith is purely speculative,
and he will let the family of his engineer,
who persisted driving through the fire, suffer
and starve without remorse.
The bear in Wall street is he who deals
in insecurity and fear, and wagers against
the hopes OF capital. A frequent "bear' is
Daniel Drew, an ignorant man of marvellous
duplicity, who is bold and worldly, and
works by cunning and money. ANY pos
ture between getting on his knees or belly
and standing on church steeple is the
same to Daniel Drew SO he can make profit
Yet this man rejOices that he is Methodist,
and compounds for his sins with that long
suffering church
A green gosling" on Wall street is a
verdant character, who comes into the
street with money and avarice, and accepts
as valid the points given him by mischie
vOus advisers and designing brokers. When
he loses he becomes Lame duck" and it,
he returns to his broker. and
wishes to have stock purchased for himself
without putting up margins, craving it on
the Plea Of his bad luck and the previous
gains his broker has made upon his misfor-
tune, he is said TO be IAN elephant"
Mr.. Van Schaick says that his checks for
run from one million to one
million and a half of dollars day. Null
tiply this by the dozens of brokers at the
foot of sub treasury hill and you have an
inkling OF the extent of stock transactions.
Among the leading street operators at
present in New York are DR.. T. b. Shelton,
L. G. Durant, w. S. Woodward, Jay Gould
(who is reported to have lost heavily for a
period past), II. NJ. Smith, of
the former firm of Smith, Gould Il Martin;
Frank Work, once a dry goods merchant,
and started in Wall street by Vanderbilt
with 100000 and advice; John NJ Tobin,
Richard Schell, of Rhinebeck, New York,
and finally James II. Banker, vice president
and manager Of the Bank Of New York, the
oldest in the State, and treasurer of the
Lake Shore Railroad Company. He is said
to be the prime mover in all the current
clques and contriyances to move the street,
and the biggest man known around the
brokers Offices since. the days of Jacob Lit
tie. who died in 1865. He is not above for
ty-tive years of age, bold, desperate and
and his friends are as unlimited
as the treasures of his bankers, of the.
United States Trust Company, of the Far
mers' Trust Company, and other concerns
he controls. He deals through multitude
Of small brokers, SO as to cover up his
tracks. Banker is said to have put some
times $4,000 shares of stock in the pool.
Other names, now prominent as operators,
are the two sOns-in-law of Commodore Van |
ierbilt, viz: Horace F. Clark and George |
5. Osgood; b. +. Carver, formerly cashier
IF the Marine Bank of Chicago, and John
b. Trevor Of the firm of Colgate & Trevor. /