The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-28
IN AND OUT OF WALL STREET

The wildcat craze continued undated
until Saturday. when realization sales caused
reaction in prices. To dwell upon these
speculatons would be perfect waste OF time.
There is no honest business basis under them.
and their results arc Of interest only TO those
who make or lose money in them. All they
call for is watch ng. for while the immense rise
I'm the price Of the wildcats did not put up the
price OF tho solid securities. n break in them il
sure to affect most unfavoraby the whole mar
ket. These spOcuations are dangerous. not
only on account OF their debauching influence.
but on account oftheir depressing influence, too.
The responsibility for this mischievous move
ment-lke that for nearly all Wall street mis-
chief-lies with the irrepressiblo jay Gould.
For nearly two years past he has been trying to
obtain control OF the Chicago and Northwestern
Company He Knocked down the stock Of that
concern per ,istently. with a view TO buying II at
the lowest possible price He wanted the line
rs an outlet Of his Union Pacific 10 Chicago and
the East A strong pool having been formed to
oppose his depredatory campaign. he was
compelled to take back seat for Il while but
| 1t did not take him long to recover and to beat
all his opponents.
" II they won't let me 20 straight to Chicago
| upon my terms" he said shall 70 to Kansas
| City and fight them thence" And so he did. To-
| udl ne ~ On lnt I'VE vi tnltTluk Dpln OUltHEO
| and Toledo upon much more advantageous
| terms than he could have expected ever TO OBJ
tain from any OF the great Western lines Apart
| from that. he has the immense resources OF the
! Southwest to fall back upon. II properly de-
| velopcd. these resources alone contain ample
| food for new trunk connection with the East
and. had the scheme been worked by person
| OF a different stamp. il would probably prove n
| boon to the country. As the thing stands now.
1t is sure to benefit nobody except Mr. Gould.
The trouble about Mr. Gould is this There
IRE men Of genius In whom the masses trust.
| and others in whom they don't Tho formey
they follow. the latter they initiate. Mr.. Gould
belongs TO the latter. Had he inspired conf
dence. investors would have blindly thronged
in his wake. As tho case stands. they merely
ape him. He began to bu,l the Kansas Pacific.
and Wall street at once concluded that there
must DO something in the Southwestern Sc
curities. Everything with X in it began to be
| bought. People did not dare to deal in what
| Mr.. Gould dealt in. but they began TO dabhc in
what they thought was tho nearest approach
to it,
Tho same fact was repeated when It became
known that Mr.. Gould and his associates had
obtained n control in the Wabash road. All the
roads In that region became at once favortes.
Ohio and Mssissippis were put up by sus-
pended and formerly prominent member Of the
Board. Next came the Hannibal and st. Jo-
seph in which a pool has been formed, with IN
street rumors are to DO relied uponl Mr. b.
Carver at the head OF IT,
Mr. Carver is one OF tho most popular ope-
rators in the street and one of the incest gen
tlemen besides. He has also the prestige Of a
man who has just returned from an extensive
tour in Europe. where he went for the purpose
Of restoring his declining health. His health
is restored, but his absence in Europe may
have caused him to overlook certain facts in
connection with Wall street Here is one oil
them: From Kansas City to Hannibal. via the
st. Louis. Kansas City and Northern to Mo-
bery and thence 10 the Hannibal bridge
owned by the Wabash road. the route is abou
twenty-seven miles shorter than by the Hanni
bal and 81. Joseph road. and one locomotive OF
the St. Louis. Kansas City and Northern car
pull as much as two locomotives on the Hanni
bal and st. Joseph. 1t is supposed that Mr.
Carver and his friends. by bulling the Hanni
bal and st. Joseph road. expect to compel Goul,
to make some arrangement with them whcl
will give n squirt" TO the Hannibal road bu
tho chances Of their succeeding are yer
meaGre. When n grand circus sets out for a
extended tour it Is usually accompanied by on
or more side shows which merely advertise N
big enterprise. without making any money 70
themselves. Mr. Carver is too experienced an
intelligent stock operator to allow himself {
be dragged into tho position OF manager o
one OF these side shows.
outside Of the specua,ions in the Mis-
souri,. Illinois. and Indiana railroads. there wa
very little worth noting in the weeks transac
tons on the Stock Exchange. With the exception
OF New York Central. which had a rise Of abou
ono and half per cent. all the solid securitie
remained either dull or weak. The Erie bond
and stock remained steady on the report OF a
extraordinary increase in the earnings OF tn
road; but even these securities dropped ut III
close Of the week. II was generally suppose
, that Mr.. Wormser was making realizing sales
At all events when he appeared In the Board il
avelvet jacket and waistcoat, magnincet gree
tie and diamond bird in the bosom OF his shir
I the petty holders OF Erie got scared and bega
TO sell their holdings. bringing down the pric
. OF the stock to 90 and OF the second mortgag
bonds to 49, but in an hour or two the PAM
was over. and these securities recovered.
r RIGoLo.