The Wheeling daily register. [volume] (Wheeling, W. Va.) 1864-1878, 1871-05-10
WALL STREET.
The Gamblers In Gold and Stocks
hull Vanderbilt and Bear Drew.

and it is difficult to make panic in
reputable stocks. The last large haul
was said to be in Union Pacific stock i,
the Pennsylvania railroad opera tors
buying low after Cakes Ames calam-
ity, and then building up the stock by
assuming control OF the road, when
they Immediately sold out. Still, as
long as Stoke promise such speedy pos
sibilties, and men are bold to take
chances, Wall street brokers will find
an avocation. Take the brokers' Office
OF Van Setback & Co. pronounced Van
Shoick), on Broad street, nearly oppo-
site the Stock Exchange. 1t is on the
first or street floor-a large room, TWEEN
ty-ffve by fifty feet in dimensions, with
chairs and writing tables beneath the
street, and an automatic telegraph in-
strument on one side, close by read
ing board, where are placarded all the
quotations Of the day. Mr.. Van Setback
sits at desk in this reading part, with
window at his elbow, enabling him to
wheel in his pivotchair and look
through the banking department, which
is partitioned off behind him. At the
tables in front eongregate the betting
principals, to whom their broker, q
stout red-faced, agreeable man, with q
quick voice and a ready joke, addresses
such remarks as:
Fine day for the race"
What racer
1.-THE human race. -...... -.
Meantime. the telegraph instrument is
counting off, on long, printed rolls, the
state of transactions just across the
street, where Mr.. Van Schaicks part
ner is buying and selling at his desk
among the screaming multitude of priv
LEGGED 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 80 deterlorated that
it permit its own rules to be broken
with IMMUNITY, Erie being still allowed
TO be bartered in there, although a
secret issue OF three million dollars Of
stock was lately made contrary to the
express provision ot/the board.
TO Mr.. Van Schaick enters, perhaps,
person, who says: q
IL wish YOU to purchase for me, Van,
five thousand shares of Lake Shore
How much margin are you going to
allow meY
"Ten per cent."
81 want 40 per cent. before touch
it," says Mr.. Van Schaick. And the
would-be gambler goes away sorrow
fully, for he has small possessions: He
belongs to one Of the five following
classes, probably the last
STREET" CLASSIFICATION.
A bull" is broker or principal who
is ALWAYS pushing up securities and
stocks, and indulging in the pleasures
of hope. Vanderbilt is the first bull in
the world. His abundant capital-now
alleged to be nearer $70,0O0,0OO than
$4,000, O00-his strong, good judgment
and calm, powerful confidence are felt
in that surerstitious street like light
house on a treacherous coast. But, al
though "bull," he is without heart;
his faith is purely speculative, and he
will let the family of his engineer, who
persisted driving through fire, suffer and
starve without remorse. The "bear" in
Wall street is he who deals in security
and tear, 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 bv cunning and money. Any
posture between getting on his knees or
belly and standing on a church steeple
is the same to Dan. Drew, so he can
make profit. Yet this man rejoices
that he is Methodist, and compounds
for his sins with that long-sutiering
church.
A green gosling' on Wall street is
verdant character who comes into the
street with money or avarice, and &C
cepts as valid the points given him by
mischievous advisers and designing bro
kers. When he loses he becomes a
Lame duck" and if afterward, he. re.
turns 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
misfortune, he is said to be an
elephant"
Mr.. Van Schaick says that his
checks for transactions run from one
million toone million and half of
dollars a day. Multiply this 10y the
dozens of brokers at the foot OF Sub
Treasury hill, and you have an inkllng
of the extent of stock transactions.
CHIEF OPERATORS.
Among the leading street operators al
present in New York are DR.. l. b.
Shelton, T. C. Durant, w. s. Wood
ward, Jay Gould (who is reported to
have lost heavily for a considerable
period past), Ii. NJ. Smith, OF the former
firm Of Smith, Gould & Martin, Frank
Work-once dry goods merchant and
started in Wall street by Vanderbilt
with 100000 and advice ohm M
Tobin. Richard Schell, of Rhinebeck,
n. Y, and finally, James n. 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
cliaues and contrivances to move the
street, and the biggest man known
around the brokers offices since the
DAYS of Jacob Little, who died in 1900.
He is not above As years of age. bold,
desperate and retIcient, and his friends
are as unlimited as the treasures OF his
banker, OF the United States Trust
Company: Of the Farmers Trust Com