The sun., 1879-03-24
IN AND oUr or WALL STREET

funding operations Of Mr. Sherman continues
to dcpreciate Wall street securities. with the
exception OF Western Union Morris and Essex.
and Illinois Central. all tho stocks closed from
one to four per cent. lower on Saturday last tthan
on tho previous saturday. Though 1t is uossi-
bic that money may become temporarily strn-
gent the gravity Of the situation has been
greatly exaggerated.
THE only real danger can see." observed
an old and shrewd inancicr. is that the
Treasury Department is very speculative
sort Of body. and not unlikely to ma
nipulate things according to its position
in tho Wall street market II left to
ITSELF our money market has no reason
for being much higher than that OF London.
where people are happy IL they can get 2'i per
cent. Besides. even suppose that money comes
to be worth or G per cent what difference
docs that make TO you or meP The brokers
spread alarm now. because Of late they have
been getting all the money they wanted at and
per cent? while they have charged per cent.
tothe customers Butthis extra profit Is neither
legitimate nor justnable. They will soon get
over this greedy outcryN money really becomes
stifI. Some of the grcatcst bull spccuations we
have had here took place when money was dear.
The broker should b. satisfied with his COM
mission. which surely is exorbitant enough"
about tight money" most of 1t. originated
with the brokers' Those on tho benr side
wanted to frightcn prices down. while those on
the bull side saw chance Of making an addi-
tional commission by inducing the customers
to soil out their stocks and then buy them bnck
again. Even petty trickery was in some cases
resorted to- A very large firm the other day
came on tho 1oor Of the Stock Exchange to bor-
row 100000. rs n II had no private sources for
obtaining loans. The manmuvre was. OF course
intended TO show how scarce money was be-
coming. Tho truth Is that. except at the close
OF Saturdays business. whom money was ac-
tuay worth per cent, very few call loans
were made during the week at higher rate
than per cent.
Another reason for downward movement Of
prices is the recently developed mania for deal
ing in wild cats or all sorts O! outlandish Sc
curites. upon which. MS n rule, no money is
loaned by the banks. Some Of these securities
nuctuuted last week. and Il good deal Of money
was made in them by those who bought cheap.
But tho brokers, In the majority Of cases had TO
carry them. As long as they could not get
moro than 3 per cent. for their money. they
were willing 10 do 50, for thoy obtained in that
way per cent But the moment there was
a prospect Of being able 20 loan the money out
at higher rates. they requested the customers to
tnke up their wild cats. To do so. most Of the
customers were compelled 10 sell out something
else. In this way Il man believing in the value Of
NJ X. T.. or S. r.. or X F.. had to sell his North
western or his Lake Shore. with the margins on
which he took MP" his invortcs. This in
creased. Of course. the general selling move
ment and gave fine opportunities to the bears.
A deprcciating influence has also been ex-
er,ed by tho considerable drag in the price OF
Mfehfpup Eaptral Thpre ig aNpnptl n " pnp
going on In this security. 1t looks as though
Mr.. Nanderbilts relatives were secretly selling
1t yet ali his protegts have the point TO buy IL.
| Telegrams came from Cleveland and Buffalo
las, week to buy Michigan Central declaring it
| 20 be the best thing on the list. Tho point came
directly from Mr.. Vanderbilt. through the chan
mel Of very pleasant gentleman not uncon-
nected with sporting matters. II looks ms
though the great Untaxed was trying TO repeat
his Rensselaer, and Saratoga and Lake Shore
trick. To get rid Of the former security he used
Mr.. d. F. Morgan. Concerning the latter n
point was given 10 an influential politician. who
bought several thousand shares about pei
cent. higher than the stock is selling now. TIL,
same thing. on u smaller scale Of course. was
done by
His sisters. and his cousins and his auuts.
All Of them were supplied out Of Mr.. Wander.
| bi;s tin box. The influential politician vii
naturally 20 for Mr. Vanderbilt and compel him
to make good his losses but the sisters. cousins
anl auns cannot
Old Daniel Drow was smarter In these things
| When anxious TO sell a certain stock he would
buy one or two thousand shares. and drop the
notice Of purchase IN some place where hroGers
most do congreSate. Some fool picking 1t VI
WIS sure TO give the point out and next day
Uncle Danl was able 10 give the boys all they
wanted.
Should things 60 on smoothly with the Treas
ury Department the market is no, unlikely 70
improve for the bulls will find themselves re-
loved from the cdmoufrts of Mr. d. p. Morgan
whom the Germanic took ON Saturday T.
Europe. 1t has bcon stated that he has taken
several carrier pigeons with him. and does not
give up the hope of making few turns Of a
quarter or ahai per cent while in midocean.
All the attempts OF McHenry and his few
followers to inlure Erie were defeated Inst
week. The letters Of President Jewott. denying
that the company intended 10 borrow more
money. produced an excellent impression. as
did also the telegram announcing that Sir Ed
ward Watkin had withdrawn his resignation
One Of the largest operators. on being asked
yesterday what was to be done in the market
answered. gayly:
Stick to Erie
And De- merry.
very pleasant piece Of news, not wholly un.
connected with Wall stree, matters is the an
nouncement Of Mr. p. Loriilard's project of m
old-fashioned English waysdc inn at Pelham
Bridge. for the accommodation OF the mem
hers and guests OF the Coaching Club. Col
Kane is busy purchasing horses for the season
The famous Peter. Of whom So much wa,
said in sporting circles last week is not likely
10 be brought over TO this country after all
A..
reached England, the horse had alrendy beer
| sold. RIGoLo.
\ Disappointed Lovers Suicide.