The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-20
IN AND our or WALL STREET

the week. but these were Of very short duration.
and the closing prices OF last Saturday were
much higher than those OF the week before.
There arc many reasons for this state Of
affairs. Money In cheap and easy. Wealthy
spectators are loaded with securities and can
not afford to lot them go down. The general
business OF the country Ia unquestionably i'm
proving. Tho gambling proclivities Of the men
who have few dollars 10 spare arc M strong az
ever. These ana n good many other special
reasons opernte I'm the samo direction. Should
things continue to 20 on rs they are going. there
Is no reason why stocks paying dividend Of
seven per cent should not soil nj par. An in
tercst OF four por cent. may satisfy tho pos
SCISSOR Of n worry largo capital. but n person OF
moderate means will always be willing to take
additional risks for the sake Of m extra return.
Apart from all this, people begin to realize
tho fact that tho increase Of acreage brought
under production during the past ten years
amounts TO some fifty por cont. This has nat
urally increased the cereal product IN the same
ratio. As n matter OF course. tho West had tho
largest share Of this increase. Hence the re-
vival OF confidence not only In the Granger
stocks. but in majority OF tho wild cats"-i e..
the stocks Of companies whose very name was
scarcely ever heard on the Exchange until
short time ago.
upon tho nerves Of timid capitalists is Begin
ming to show itself. strong disposition TO en-
Rage in new enterprises is plainly noticeable.
One estate alone has undertaken the building
Of 400 houses on the cast side Of the city But
the movement Is nowhere plainly visible as
In Wall street.
Yet II is a curious fact that somo mon Of tho
greatest repute for business sagacity have been
caught mapping. Prominent among them IL
Mr.. Jay Could Possibly no ia too heavily
Handicapped with hia Union Pacific 10 take adj
vantage Of tho now situation. hut he seems to
remain utterly blind to the fact that a financial
renaissance had set in. 1t is positively known
that he has lost heavily in bearing the market
in tho last sixty days. and wcll-authenticatcd
reports represent him as being largely short at
the present moment. with odds greatly in favor
Of his victorious opponents. He can probably
stand his losses with a certain degree Of indif-
ference but smaller bears will have 10 20 10 the
wall.
An evidence ofthis is 10 be found in tho two
failures OF last week. Mr. W. l.. Martin. n gem
tleman Of wealthy connections both in and out
| Of Wall street an extremely cautious and highly
esteemed business man. had to pay n heavy
penalty for his inability 10 grasp the now situ-
alton. Mr.. :. NJ Mills was another victim Of
the obstinate tendency to dcprcciate values
against the tide Of tho time. 1t has been
reported that his failure was precipitated 10y
| tho promptitudc with which he WINS using his
profits to lquiduto Claims left over from n for
mcr failure. This may or may not be true. II
true. 1t is very creditnble 10 Mr. Mills. But one
thing is certain the longer he had stayed short
and tried TO bridge things over. the heavier
would have been his losses and those Of bis
creditors both old and new.
The noteworthy point in these two failures
was that tho market. instead Of going up
| on the forced covering OF shorts. promptly
tumbled down. Tho contracts were settled
| privately. and II II not unlikely that some
big bears gave their help in tho matter
for the sake OF preventing further rise
| Of prices On the other hand these two
| bear failures caused conservative bulls to be-
| come very cautious in making now contracts
| At all events, there seems 70 b.. on their part. Q
| positive tendency 10 avoid time contracts with
| light-wasted bears. especially with such o
them as are suspected Of being the tools Of biz
manipuators. known not ~ be over scrupulou;
when put into tight place.
II may be barely possible that certain chang
IN Mr; Gould,s appearance has something 10 d'
81 an evening. in the lobby % the Windsor Hotel
be OF late seldom appears in public. His face
| CHASTITY hue. and close observer will nstire
! pinrhrd expression OF features. indicative %
cons idcrabl" nervous tension and eNhaustlu ON
His body which was never volumlnous hal
/ shrunk TO Tho siZe oi the smallest mummy eve
discovered m tho land oi the lnnrhOh~. IL iS z
Doc hoped. however. that the now combination
which has arisen out q tho dissolution of th
| firm OF Messr-. ". Pelden & c.. may do some
| thing toward imprnving the physical condition
! q MIR. Gould. His young and energetic broker
| Nj. Connor, Ia. taken an office in the buildin.
wher' the headquarters % the Union paon
RAILROAD are located and Is thus ln q position
60 relieve Mr.. Gould % a good deal of tho mon
ttl anxiety ana lhy slcil wear AMI tear Of Wal
Mr.. Horny Belden aurears to have formed
| now partnership. Whilo Mr.. William Boldon
| the senior partner ot the firm. Is reported &
have retired. This report docs not seem - o.
/ absolute " co. rrrct, for he continues Co take
| lively interest I'm the market. The h'-t proof %
| IL is that q frw DAYS ago he sold % Mr.. Krunod
his fa-t trottar, Honest Harry. Tor a sixty days
siraddle on 1u' sharas oi Northwestern stock.
Tho past week. Wall street gossip has beef
very mCagre and uu.utor'stluE. IL has con
! tired chiefly upon the two failures and th
| sloigh Smash-up % Mr.. Vanderbilt. out of which
| the bears tried to make capital hy arguing tina
| II the great uLtaNed goes on in this way hr ma
soon break his neck. and cause ali his srcuri
tics t. be thrown upon the market, All thl
seemed So to absorb the attention Of the Wal
street fraternity that they showed "a remarkable
| Indifference 90 tn ri'Hl and social culoymcnts
Even the French walters ball 40 Irving Hal
WAS poorly attended by them. But they Wi
probably muster IN force tonight 1t the Cerol
dc idarmcnie. RIGoLo.