, 1877-10-28

capital by a profitable investment: He wa
specially friendly with one Of the lcatlit':
] "bulls," a Wel!-knowu man Oh thu turf. ant
| sought advice from this Intelligent source, j
60 happened that the combination hal weaken
ed, end decided to sell out the Very next DAY
| When. however. Tom asked il lle ha, better pu
his 5000 into Lake Shore. the heavy - bull =
said to do it BY all sneaas, as that stock was Il
he run up five or six points on the morrow
p1ospses m Pc ,e Of what was ,n sure ,o to con-:
on hand promptly at first call III the morning,
and bought Lake Shore at Il. He had, more
ever. influenced other small capitalists TO do
likewise, on the strength OF such advice, am.
for few minutes the stock was tuoyant anu
promising. But no sooner had IT risen TWO
points than the market was Hooded, suddenly
| and without warning, and before the poor lei
| lows could realize what had happened Lake
! to put up further margins. SO they were solo
gut, to the totaloss Of every ceutthey possessed,
| while the " bull" informant was
| :, cuUcKLlSG IN Ills SLEEVE
at the neat trick he lad played on The "boys."
who had enabled him to turn handsome sum
| by the upward impetus their numbers und Con-
! ddence nad impaired to the opening bids. Such
| action as this, done BY man worth his hundreds
Of thousands, to the utter cleanin. out OF men
who have had hard tussle with the Wall l-strect
demon Of fortune,-the goddess never ventures
down therc,-secu1s Incredible, Yet, SO tart from
that, 1t goes tor capital practical ioke, and is
not any more uncommon on the street than
less rufuous lying Is The excuse for the decd,
If any excuse were made, would be- that it was
the '.bull's interest To Keep stock up till he
could sell his large handful Of them at profit.
II he had told the small broker TO sell as th:
pool vas about to break, the news would haye
beeu given out in turn To many Others, and ucXt
day the stock would 60 down, to his large dis
aster. Such al excuse, however, would tie little
improvement, morally considered, from tho
plain statement that it was dune just for the
argument, undoubtedly the burgur's interest
to walk away undis1urbedly with the contents
OF other peoples safes, but the police interfere
with him-whcn they chance to be aronnd--ior
ali that The wonaer is, as the narrator Of the
incident said, that some Of these deliberately
victin1ized men, made desperate by their losses,
do not kill the shameless swind'crs, or At least
treat them as Seloyer did Gould. That thrash
ing, bv tue way, was given IN vengeance tor the
same kind Of MISREPRESENTATION. But il these
things we're to b. all taken up and thus rcpaid,
the Spectators would have no time to attend
to ANYTHING else, and fChange would bccomea
sort OF public whipping-post. Something like
this, though, might prove vastly beneficial
needs be dubbed into them.
RUNNING A BANK.
Going uptown to-day saw two or three hun
dred persons crowded about tine beautiful build
Of Broadway aud Sixth avenue. This is the see
ond day Of the. rum which was started By the
report that the Examiner at Albany had sent 4
man down to look over the accounts. Such i
report in these days OF uistrust, was sufficient
to create fright, which was not quictcl any By !
the action of few srecu1ators WHO tried o ru; |
down the market on tll- strength Of all invented |
delalcation. Every effort Las been put forth to !
check the run" aud reassure the dcpostors, |
but to no purpose. The testimony Of the Ex-
ami ff,1th hn had 1.n 1,tth%
the bank's solvency, and that mis- officer t
was only doing regular duty, went for
nothing, nor could the fact that there arc I
S9,000,00 Of assets in good bonds be made all
effective argument to those who came not for
argument but for money. The Dime Bank
building. completed only last year. Is OF tic
finest structures III the city, and this but rem
ders the depositors more fearful, siuce the brol-
en- banks were generally swamped in attempt |
ing to carry such load 10 real estate 1t would
be pity to have tue building sold at sacrifice.
and the officers will not give up till the last
chance is gone to recover under 1ne pressure
The President has notdra~'n his salary for some
months, which indicates an undesirable weak
less somewhere; but all business ,nen hope the
Dime Savings may he saved from going under.
BASaERs AS WE'LL AS BANKS,
he large ones not less than tue smaller, have
lad and are having serious struggles. The ru-
Mors regarding the tight position OF Dre1cl,
Morgan q Co. have been followed by others of |
more grave character. These have been de-
sicd some Of them authorltatiyc1y BY the firm, |
'ut it comes from unqnestionabie sources that
hcSc great bankers have required all the AS /
lstance their many friends could render to tide
ycr their present embarrassn. position. That
hey will 60 through is gen. rally considered
rienls referred to will know how near Drexet, |
1orgau i Co. came to being deeply and last
ns(y swamped. 1t is not ouly in politics that !
his is called an "off" year. II. &.