The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-05-12
THE CIRCULATION OF THE DISPATCH
IS LARGER THAN THE CONFINED CIR
CULATION OF ALL THE OTHER DAILY
NEWSPAPERS OF THE CITY.
WaD Street.-The Gamblers I'm Gold
and Stocks Rnll Vanderbilt and
Rear Drew

fGeorsc Alfred Townsend. in Chicago Tribune.
The Gold Room in Wall street transacts
very little business in these DAYS. and it is
difficult to make panic in reputable stocks.
The last large haul was said to be in Union
Pacific stock, the Pennsylvania railroad
operators buying low after Oakes Ames's
calamity, and then building up the stock
by assuming control Of the road, when
they Immediately sold out. Still, as
long as stocks promise such speedy pos
s,o'lities, and men are bold to take
an avocation. Take the brokers' office of
Van schaick & Co. pronounced Van
Shoick). on Broad street, nearly opposite
the Stock Exchange. It is on the first or
street floor-r large room, twenty-five by
fifty feet in dimensions, with chairs and
writlng-tables beneath the street, and an
automatic telegraph instrument on one
side, close by rcadine-board, where are
placarded all the quotations Of the day.
Mr.. Van Schaick sits at desk in this read
ing part, with q window ut his elbow, ena-
bling him TO wheel in his pivot chair and
look through the banking department,
which is partitioued of behind him. At
the tables in front congregate the betting
principals, to whom their broker, q stout,
red-faced, agreeable man, with quick
voice and ready joke, addresses such re-
marks as:
'sFne day for the race!"
What race?"
Z" The human race"
Meantime. the telegraph instrument IS
counting off, on long, printed rolls, the
state OF transactions just across the street,
where MIR. Van Schaick's partner is buying
and selling at his desk among 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 $4,000,
is now reduced to $4,000, and the character
Of the Exchange has so deteriorated that it
permits its own rules to be broken with
impunity, Erie being still allowed to be
bartcred in there, although secret issue of
three million dollars Of stock was lately
made, contrary to the express provision Of
the board.
To mir. Van shaick enters, perhaps. a
person, who says:
"1 wish you to purchase for me, Van,
5000 shares Of Lake Shore"
How much margin are you going to
allow me ?"
!Ten per cent?
II want forty per cent. before I 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 tive following classes, probably the
last.
STREET" CLASSIFICATION.
\ "bull" is a broker or principal who is
always pushing up securities and stocks,
and indulging III the pleasures of hope.
Vanderbilt is the first bull in the world.
His abundant capital-now alleged to be
nearer $70,000.090 than $4,000, ,000-his
strong, good Judgment, and calm, powerful
confidence, are felt in that superstitious
street like lighthouse on treacherous
coast. But although ''bull," be is without
heart. His faith is purely speculative, and
he will let the family Of his engineer, who
periShed driving through fire, suffer and
Starve without remorse. The "bear" in
Wall street is he who deals III security and
fear, and wagers against The hopes Of capi-
tai. A frequent bear is Daniel Drew-an
ignorant man of marvellous du1licity, who
is bold and worldly, and works by cunning
and money. Any posture between getting
on his knees or belly and standing on
church steeple is the same to Dan. Drew,
so he can make profit.
A green gosling" on Wall street is a
vcrdant character who comes into the street
with money or avarice, and accepts as valid
the points given him by mischieyous ad-
Yisers and designing brokers. When he
loses he becomes a elaine duck :" and if
aftcrward 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 'an elephant"
Mr.. Van Schaick says that his checks for
transactions run from one million to one
million and half Of dollars a day. Multi
ply this by the dozens of brokers at the foot
O. Sub-Treasury Hill and you have an ink
ling Of the extent of stock transactions.
CHEF OPERATORS.