The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-05-17

George Alfred Townsend writes to the Cnl-
cago Tribune:
The Gold Room In Wall street transacts very
little business in these days, and 1t Is 1ihcnit
to make panic In reputable stocks. me last
large haul was said to be IN Union racine
stock, the Pennsylvania Railroad operators
buying low after Oakes Amess calamity, and
then building up the stock by assuming con-
troll of the road, when they Immediately sold
out. Still, as long as stocks promise sncn
speedy possibilities, and men are o0id 70
take chances, Wall street brokers' VIII nna
Van schaick & Co., pronounced Van
Shoick,) on Broad street, nearly opposite
the. Stock Exchange. 1t is on the trst or
ST, eet floor-a large room, twenty-five oy 1lty
feet in dimensions, with chairs and writing
tables beneath the street, and an automatic
telegraph instrument on one side, close by
reading.board, where are ,placarded all the
Quotations of The day. Mr.. Van Schaick sits
at desk in this! reading part, with WlndoW
at his elbow, enabling him to wheel in his pl:
yot chair and look through the banking de-
-partments, which is partitloned of behind him.
At the tables in front congre gate the betting
principals, to whom their broker, stout,
rei-faced, agreeable man, with quick voice
and ready joke, addresses such remarks as:
r s,Fine.day for the race p
"What race r
'sThe human race"
:, Meantime; the telegraph Instruments count
ing2;ofI on long, printed rolls, the state OF
transactions Just across the street, wnere MI:
Van Schaick's partner Is buying and selling al
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 Ex-
change, nominally $4,000. is now reduced to
$4,000, and the character of the Exchange has
80 deierlorated that it permits its own rules to
be broken with impunity. Erie being still al
lowed, TO be bartered IN there, although
secret issue OF three million dollars OF stock
was lately made, contrary to the express pro-
vision Of the board.
To Mr.. Van schaick enters, perhaps, per-
son. who says: -ooo
shares of Lake Shore"
"How much margin are you going to allow
me?'
'Ten per cent"
II want forty per cent before touch it"
says Van Schaick. And the would be gam,
possessions. He belongs TO one OF the I'VE 1ol-
lowing classes, probably the last:
.sTREET" CLASSIFICATION.
A "bulln is broker or principal who Is al
ways pushing up securities and stocks, and IN
dulging in the pleasures OF hope, Yanderoilt
is the first bull In the world. HIS a0undant
capital-now alleged to be nearer S1o, $1,000
than $60,0OO, ,UUU-nlS StrOnS, BOOu JuuSmSut,
and calm, powerful confidence. are ielt in that
superstitiOus street like lighthouse on q
treacherous coast. But although a "bull," he
is without heart. His faith Is purely specua-
tive, 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 in security and fear, and
wagers against The hopes OF capital. A ire
quent 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 a. church steeple is the saine 10
Dam Drew, so he can make profit.
2 A ssgreen gosling' on Wall street Is yer.
dant character who comes into the street with
money or ayarlce, and accepts as valid the
points given him By mischievous advisers and
designing; brokers. When he loses be becomes
q ''lame duck y and If afterward be returns to
his broker, and wishes 10 have stock purchased
for himself without putting up margins, CRAY
ing 1t on the plea of his bad luck and the pre-
vious gains his broker has made upon his mis-
fortune he is said to be IAN elephant"
Mr.. Var Schaick says that his checks for
transactions run from one million to one mil
lion and halt Of dollars day. Multiply lhls
by the dozens of brokers at the foot Of Sub
treasury Hall and you have an inkling Of the
eXtent OF stock transactions.