The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-17
IN AND OUT or WALL STREET

cient to cover the brokers commission. West
ern Union surprised few OF its now holders
by n drop OF about two and half per cent. But
that did not much affect speculative circles. for
they have given up dabblng in this stock on
their own account The danger Of being ground
between the two milstones Of Washington leg
isaton and New York melon cutting is too APP
parent Tho skiliuily manipulated security IL
loft entirely to the care Of innocent outsiders.
and as far as can be ascertnncd every one OF
those who have recently touched it. either on
the short or the long side. has been badly hurt.
The plan Of the manipulators of this stock Is
evident. AS long rs the public buys the stock at
about 105 there is not tho slightest reason for
cutting the surplus melon. But the moment
| buyers grow scarce. holders back out and spccu
ators attempt to sell short, the surplus melon
is put forward again
An investor who buys n share in this monop-
oily at about par Is pretty sure TO receive for
several years 10 come, six per cent. upon his
investment. But any person who attempts to
speculate in the stock on the strength Of Van
derbilts or tho Executive Committees points
must be- prepared to lose money
The dullness Of the market last week had
more than one cause. Tho big operators have
not entirely made up, as yet. their Northwest
crn quarrel though they now seem To- be fairly
under way toward truce. some OF the promi-
ncnt Wall street men suffered from bad spring
colds and stayed up town. while others went
out OF town for rest. Everybody was afraid
that the ninety days settlements for the new
bonds which expire on the lat Of April. would
make money scarce. The letter Of Mr.. Shcr-
man had reassurng effect but the financial
world feels. nevertheless. that II Is at the COM
plete mercy Of one mantle lie iacto Secretary
OF the Treasury Consequently. II does not en-
I.v 10, .pI g. o., ,.,,ft
Mr.. sherman has shown how ho will keep his
promise OF making things easy
70 these reasons for n dull market may be
added u few more abstract ones: for instance.
the anticipation Of short crops in tho North
west II appears from chemical tests Of the
terminating capacities Of NJ. ? spring wheat of
last year that these arc considerably below tho
average. and that unless the farmers can be
made to comprehend the fact. AMI make allow
anre for t in the sowing the crops in Iowa.
Wisconsin and VI Minnesota will not be half as
large rs last year.
Another dsduiotng symptom Is found In tho
regulating tendencies Of several Of the South
ern States. The Louisiana consols. for in
stance which few months ago had many sup
porters at IS. are down to ~ to-day. and bill
fair 10 20 still lower for everybody who Is in
them seems to be anxious to get out. no matter
at what price.
The growing animosity of tho West toward
the East has also bcon much talked about Of
late In connection with the Chinese question.
As n matter OF course. aercat deal Of nonsense
has bren uttered on the subject both by the
pro-Chiueso and the ant-Chnesc; but 70 Judge
| from the opinions Of unconccrned and intelli-
gent observers. the question is much moro
momentous one than is generally supposed at
the East. Our old fricnl Maurice Strakosch.
t..t
knows California we'll said tho other day on
this subject:
Il tell you. gentlemen. that no amount Of
| Presidential vetocs will reconcile California to
| the presence Of the Chinese. The question,
| can assure you. is one OF much grcater danger
than You can possibly Imagine. I'll give you a
| parallel. Some years ago | was deep in tho
Turkish bonds In Paris. Tho Roths ,hilds con-
sidered them very cheap AZ 3D. All nj once a petty
row broke out in herzegovina. Nobody took any
notice Of il. Tor who cared about II 'rzegovina and
! lis quarrels II was nero trifing dark spot
on the bright horizon. Yet you know what
the results were. t. me. pers 1nally. the thing
wis 20 loss of over 100000, for my bonds were
| solid go about H.. &C.. You may rest assured gen.
| tomen. that the Chuaman will have e. quit tho
| United stat g. lie Is of no good to this country.
| H. works cheap. hut %" does hot spend a cent.
| lie docs not eat anything except the rice which
| he brings with him he does not Use any cloths
| except those he imports ho does not 60 10 the
| opera; he does not even dgink cor smoke. he
takes All the money he makes back to his coun-
try; even his dead body Is carried away 10y his
! friends. OfwAut earthly use can he possibly be
! 70 this counfryY Apart from al that. he Is not
! man; DO" j, tu animal Tor what Is the most
striking difference between animal and man
! Tho man laughs, the animal docs not. Now.
lfsat.. 4 tasats
bet You anything YOU like that YOU have not
The Chinamau is AN animal. not a man. and
can never be made TO as7imiate with US"
An opinion ~ this kind. coming "a II docs
! from an intelligent foreign observer and q de-
voted friend Of America deserves attention,
notwithstanding the grotesluo humor OF the
language.
Last. though hy no means least. Wall street
was affected last week by the walking match ut
| Gimorc's Garden. From wealthy serious and
apparently intelligent men down 10 pcttvclerks.
| everybody seemed to take more interest in the
| reports Of tho progress OF Koweu. Ennis. and
Hartman than in the quotations coming out
on the tape. The fact that a match OF this
kind should have created the excitement It did
in this city supposed 10 lie q civilizcl ouel is
almost incredible. When the historian. a hun
drcd years hence. looks over the files Of this
weeks newspapers. he will not believe that all
that he finds there on the subject Is
sober history lIo will take it for a
poor Joke or big humbuG. COM
munity which calls Wall street specula;ions
downright gambling. which encourages inter
ference with betting on horse races. gets crazy
over n display OF sheer brutal endurance. out
Of which a set Of professional gamblers make II
| fortune at tho expense OF tho stupid MASSES !
| To gamble In stocks requires some Intellect and
Information. The betting on horse racing i'm
| plies some knowledge OF horsencsh. In this
walk ing contest there was nothing upon which
an intelligent combination Of chances could
have been based. II was sure thing for the
men who started the match. and chicken haZ-
ard for the rest. Had Michael Angelo and
Raphael come from their graves 10 lecture on
art they would not have made half OF what
Rowel did. Had Mozart and Rossini been res
directed and brought over hero To conduct
their immortal works. with the most famous
artists for performers. the receipts at the door
would not have equalled tho receipts Of Kelly
h Bliss. The betting included. it is estimated
that million OF dollars changed hands during
the week. Tho profits of tho drinking bar
| nlono nrp said Ia haVa amountpd Ia AK nm