The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-10
IN AND OUT or WALL STREET

Municipalities involved In them.
First OF all came the Northwestern pool busi-
ness. The origin OF this pool Ia wrapped in q
thick veil OF mystery. and the information as
to It's rsc and fall Ia also not very definite; but
the following version Ia probably not utterly
incorrect:
Some twenty persons formed a combination
for the purpose OF Withdrawing from the mar
ket for a certain period n block OF about 80 900
shares OF the Northwestern stock. They bound
themselves by a written contract to submit to
the direction OF n managing committee. consist
ing OF four members-Mossrs. ]. II. Kcene.
W. Scott. d. p Morgan. and G. Woorishofrer. II
am rightly informed. Tho committee had the
right to buy and sell tho stock OF the pool 10
compel the members TO transfer their holdings
into 10O0-share certilcates. and to permit a
retransfer into the usual 100-share lots. Tho
1O00-share certificates not being good de-
livery" on tho Exchange. the managing COM
mittee thought it prudent to have such certin-
Gates taken TO prevent individual members Slip
ping out of the pool.
The combination was an absurd incongruity
from the very start It comprised. on the one
hand. few solid operators who are ALWAYS
willing to sit" upon transaction till 1t gives
q good profit and, on the other. a large number
OF old scapers who look only for one or two per
cont, and invariably pursue tho policy OF the
Irishmhn's nea. The pool began to fall to
pieces almost tho very moment It was organized.
A number OF members secretly sold out their
stock as soon as there was profit to be realized.
Those who had not the courage to risk the re-
transfer OF their big certificates into 1O0-sharo
lots. without the approval OF the managing com
mittee went short OF the stock against their
holdings in the pool
As a matter OF course. tho dcsertlons we're
nrom ntlv dfacovare1 md m eonpral ROW an
sued. After heavy broadsides OF unparliamen-
tary compliments had been exchanged betwoen
some OF the leading members OF the combina-
ton. legal proceedings were resorted to against
those who had been guilty Of breach OF contract.
The initiative in these proceedings WINS taken
by Mr.. Frank Work. who has been the stanchest
and most obstinate bull in this stock for more
than a year. The accused parties retort that
they had proper permission TO retransfer their
stock. and declare their intention OF bringing
counter claims against the managers Of the
pool for excluding them from a share in a
profitable bargain with Jay Gould based upon
the exchange Of a portion OF tho pool stock
against some Union Pacific shares at low
price.
=" A fine mess they have made OF IT," remarked
| to me an old Wall street stager. They have
rotten stock on hand. devil OF lawsuit and
n row all around between men OF whom every
one has something behind him that he does not
want to be publicly reminded Of"
Mr. d. Z. Morgan appears to have played tho
most prominent part in this affair Being nat
urally averse to strong language and violent
discussions. he took good care at the very out
set Of the row to catch bad cold and 20 oltain
medical order to stay up town-just as Wood
ward started on his famous Sunday school pic
mic down tho bay at a time his copartners in
! tho Ohio Nrapted i'm In In bn
street. The Ohios. by the way. have ever since
been known rs Sunday school skies. l wonder
with what nickname the ingenuity OF the street
will now dub the Northwestg
1t is said that Mr.. Morgan. with view to pre-
serving the integrity OF the pool and with wise
distrust OF his ability to resist temptation. in
| tended to take a European trip. Mr.. Gould even
pretended to be credulous enough to believe
that Mr.. Morgans object was to place his stocks
| somewhere in Sweden or Norway But since
| tho retransfcr OF the i0OO-share certificates
tho old gentleman's trip has been abandoned.
and not only the Northwest but the 10. 900 shares
OF his recently acquired Union Pacific have
| found place nearer home at some six or seven
| per cent. profit.
Mr.. Morgan's financial versatility seems to be
really neXhaustbe. He not only got the best
OF his holdings in the Northwestern and the
| Union Pacific pools. but is credited with having
made an excellent thing out OF the recent col
! lapse in the Rensselaer, and Saratoga. Il is re-
ported that Mr.. W. II. Vanderbilt gnve or sold
| him call on 1000 OF that stock at 9S with the
understanding that no should mark the stock
up and sell it, Mr. Morgan succeeded admi-
raby. He put the stock TO l07. sold out all tho
shares his call entitled him to. and. while max
| ing handsome profit. liberated tho Great Tn
taxed from his holdings. The stock has sold
Lii hon, -.
it on that sure point" some three weeks ago
have lost money. But then Mr.. Vanderbilt is
Just SO much better or, and his able broker has
his gratitude and a handsome balance in his
| favor besides.
Mr. c. J. Osborn. another deserter. has also
temporarily disappeared TO enjoy the fruits OF
his mastery nnanciering and to take rest after
his hard work in the creation OF the Northwest
ern pool. He has gone. with II party Of excellent
Wall street shots 10 Havre do Grace for u little
duck shooting.
All these rows. indspositlons. disappear
ances, and shooting excursions certainly could
not have been expected TO improve the declin-
| ing tone OF the market, and NJ to the end Of the
week the stocks. with few exceptions. re-
NAMED weak.
On Friday a new sensation was caused by a
sharp decline in the price Of wheat. and the
announcement that bogus telegram had
been sent to Chicago in the name OF Mr.
j. Il. Keeno. ordering his representatives
there 20 soil out his stock-somo 100000
bushels. The absurd stories which have
been told in regard 10 this affair are not
worth repeating. There was neither sense
nor wit in any OF them, aud the only thing they
show is that any man who attempts 10 act indie
pendently in Wall street and manages to
achieve success. exposes himself 20 the most
! discriminating attacks. Those who know
Mr. keenc are surprised at the perfect ca,mness
and Indifference with which he. a man Of ncr-
yous temperament, hns borne the annoynnces
Of the last few days. He does not seem TO tako
notice Of anything that is said. lie WIS re-
ported 20 have sold bushels Of Eric. lust as he
is now accused OF having tried TO soil millions
OF bushels Of wheat. Il have neither sold nor
attempted to sell either. and don't propose to at
present" is his only answer TO all inquiries.
The telegram is forgery, and the business is
In the hands of tho detectives. The Chicago
firm involved has lost but very little. if any
thing. The talk OF the street does not concern
me- have moro important things 10 attend TO
than 10 listen 10 the silly gossip Of pack Of