The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-27
IN AND OUT or WALL STREET.

huN w tNtIJ Jay III many fhHVh n rlht tl beN-
crnl per cent. in n few hours ia represented as
the most natural thing in the world. 1t has
been remarked that. II they 20 on in this way.
they will bust arithmetic itself" Yet the
great bulls smile ms cont lacently NJ n they had
been operating on joint account with the Fatcs,
aud felt Themselves al sOutely protected from
unpleasant accidents.
MauyHscarcd operator. apparently disquieted
by his prosperity argues that n crush must bo
close ut hand. but facts seem to be against this
theory. Resumption. tho great crops OF all
kinds, nm immense balance OF trade in our
'nvor. cheap money. and. above all. perhaps.
general revival of confidence in the prosperity
Of the country-all tend In the Same direction.
Tho old Wall street paradox. that tho outside
public" begins to buy stocks only when they
are high. Ia once more illustrated. And tho
thing Ia perfectly natural No man wants
to purchase any security which is likely to
be deprecated by professional mnnpulntors.
Even those who buy stocks M an investment
prefer the chance Of 81 turn" thrown into the
bargain. Take, for instance Illinois Central
or Erie. They were selling ut chonp figures
last fall. But the person who bought them saw
n decline Of several per cent, had to paysevcral
months interest for carrying the stock. became
Disguised, and probably sold them last week.
the very moment he saw the possibility Of get
ting out even while the man who let them alone
in the iall and bought them last week at high
prices has to-day n very handsome profit. can
realize II In an hours time. and can go to
Florida or TO Europe by the next steamer.
Farslghtcd policy. like farsighted philosophy.
is very good thing but the masses have
neither the brains nor the time and means to
indulge in either. Their maxims are. "immc-
diate expcdiency" and quick returns" aud
this will always bring outside money into Wall
street whenever things are lively there.
Livclincss is never to be seen down town ex-
copt on a bull market. for bear market is
mine for few and ruin forcvcrybody elee. Apart
from that. the bear Is q gloomy looking dis
Undertaking individual rbe great bear clique
has made an immense sum Of money in the last
three years. but nobody. except the clique's
members. has benefited 10y II while the present
bull movement seems to have enriched every
body who had anything to do with Wall street.
Petty Spectators who babe fair only a few
months ago to bring up at the MorGue. are to-
day indulging in lno clothes. nno dinners. fine
wines. sleighing parties. masked balls. and all
the luxuros of the season. This tells In Wall
street with force which can scarcely be over
estimated
Sagacious business men predicted last fall
that resumption. in the circumstances in which
il was likely 10 take place. would mean an enor-
nous increase in the legal tender currency. and
consequently n vast expansion OF banking cred
It's. This anticipation is fully confirmed. and
tho recent arrangement Of the Treasury with
new syndicate for the marketing Of the per
cent. bonds in Europe Is calculated 10 give pro-
longed ease to the money market ut home, for
it issipates the apprehension Of necessity to
export gold in payment for the 'G7 bonds called
in. This will naturally add another element Of
strength to the bull movement.
A curious psychologist fact in this movement
| Is that. while In former years tho bears were
| mostly old men and the bulls young ones to-day
| II is the reverse. The old men have apparently
| shaken of their conservatism and skepticism.
| Not satisfied with rise OF twenty Der cent.
| in the market price ofall the leading securities
the oldest operators of Wall street talk OF twenty
| and thirty per cent more. while the young gen
Grafton backs out. and. IL il has not as yet the
courage to bear the market it talks dsparag-
ngly OF the mental condition of tho leaders Of
the movement The jumping out of these
young operators from tho solid ranks OF the old
makes trading very lively. and brings the total
OF daily transactions to more than 100000
| shares. while three months ago $1,000 shares
sold and bought was considered fair average
lays work on the Exchange.
The comical feature OF the young bull now Is
| that he jumps out Of a stock with two or three
per cent. profit. talks about his smartness and
| the probability OF an immediate crash. and In a
lay or two. on seeing his mistake jumps in
again at much higher price. Tho old bulls.
meanwhile laugh at him. and pull on with all
| the steadincss Of their less fortunate brothers
employed in the transportation Of military
stores in Central Asia and Afghanstan.
The earnest nature Of the present movement
Is perhaps best illustrated 10y the attitude OF Jay
Gould. Hehad already been twice forced to set
| tie his short contracts in private way. But he
still expected to get the best OF the bulls by going
| short at higher prices. He was mistaken, how
ever and n reliable rumor says that a few DAYS
| ago he wont 10 SEQ d. T, Morgan. and proposed
to him another private settlement Of his shorts
| in Northwestern stock. The foxy old gentleman
was too suro OF his strength, this time. 10 enter
Into any such arrangement, and Mr. Gould was
politely advised 10 cover his shorts In the open
market Had he done So he would have lost a
pile of money. So he is said 10 have joined Rus
soil Sage In hulling Lake Shore and the two ST.
Paus. II" thus strniilgs the market md hop's
to make on the hull side ~ his two now stocks
what he is losing on Northwestern. Tho Lake
Shnr" has Tho advantage 81 the renewed rumor
| " Nnnderh'lts intention 10 lease 10 T. the \. "
York Central Mt six per cont while ST.
on "" thd' s'rength Of the ""cnmulHive diySI W.
dcnd," Which mGkkc7 i binf,ng Tor thC
com9nany to PAY To Inr .odaTs "i lnat sl'rk IN,
one yenr up To srNrn per cent. before anyth NJ
y pad on the common stock. Il no, dividend
Is paid I'm any one yenr the profits Of the nnNt
year must be- accumulated til nll nrrcaraCcs on
the preferred stock are paid. Northwostcrn pro
f"rred occupies IN this respect "a din rent posi-
tton. The company IL obliged only 70 pay seven
per cent. on this stock in any yrnr in VIII icl
they nay dividend on the common. II may
consequently happcn that no dividend at al.
Will Ice paid in amy ono yeur on the preferred
stock yet the next years dividend on tho com
mon stock be paid Rs usual.
| The only Wall street failure I'm tho past week
was that NJ Mr. G.. W. Weston. au old member Of
The Exchange and n dealer in puts and calls
Having been known to be- "a close man." ho
WINS considered very safe one. and WAS readily
trusted Privileges bearing his signature wcr1
freely bought; hut h" sold too many Of them II
seems. Tho importance Of this failure was
greatly exaggerated. Those who lost hy It lost
actually only tho profits they had made hy
| trading on these privileges plus the one or two
| hundred dollars which they had paid for them
| The large amount Of money which ia being
made just now hy tho Wall street fraternity
makes il douhly revolving 10 see tho condition
in which the streets surrounding the grra
speculative centre are Kept. New street. Broad
| street, Exchange place. and Wall street are I'm n
shocking state. Probably IL you'd not cos
| more thar five cents apiece for the brokers aud
| spo ulAtOrs to have this condition Of Affairs
remedied One almost wishes that some soil,
| member Of the fraternity would slip down ana
| break his arm or his leg. and thus become use