The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-03-31
IN AND OUT or WALL STREET

full was an interesting one. 1t demonstrated |
once more that the New York Stock Exchange
ia entirely controlled by five or six men. and |
that tho fluctuations OF the stock market are |
always the result OF two or throe ideas. some-
times only Of two or three catch words adroitly |
circulated in tho speculative world
About three weeks ago the tight money mar |
ket" theory was started. The brokers. who |
charge their customers per cent all the year
round for money which costs them only 2k or
| g. took II up in the twinkling OF an eye. Dam
gcrous MARKET" Can buy every stock on the
list from to 10 per cent. cheaper by the 10Th OF
| April;" All the big men out OF the market
"Keene 4 Gould will neither buy nor sen;'
| Osborn gone duck shooting" Morgan going
| to Europe" These and similar phrases were
| dinned into the ears OF the Wall street rank and
| Ale. and down tumbed the whole market. Those
| who were long Of stocks sold them to secure
profits or to prevent loss the others went short.
| Solid investment securities dropped us promptly
| as the fancies
| Now all are bulls again. rs II tho danger OF
tight money market had wholly disappeared.
| What are the actual facts ?
John Sherman he's boldly promised to keep
money easy, by way OF helping stock specula-
ton. TO which pleasing sport he Is supposednot
to be Il stranger himself
Messrs. Keene. Gould. and one or two other
| lenulng operators khlu 10 nuNe pToNlueu
themselves with all the money they can posi-
bly, want in the next sixty or ninety days. and
are therefore secure against any attack.
Charley Osborn has returned from his duck
shooting expedition. and has announced his
willingness to again unite with Frank Work
and his followers In bullng the Northwest
This il all that seems TO have been needed 10
transform a street OF bears into n street OF bulls.
Yet. although tho April liquidation has not
quite set in tho banks lost In the week over
$500 900 Of their deposits and some s3.0O0,OOO
OF tho specie and legal tenders. reducing the
surplus reserve to such narrow margin that
the slightest additional strain might have re-
suits which would make the immediate nnan-
cial outlook by no means encouraging. Still
the parrots OF the street are all jubilant. and all
repeat In chorus:
Sherman says it's all right. Keene. Gould.
Sage. Work. and Osborn are all bulls. and they
cannot be caught. for they have borrowed all
the money they want for sixty and ninety days.
Keeno has put Senator Sharon on the market
This infuses fresh blood. and plenty Of it..
Everything lie lovely"
The conservative minority take different
view OF the situation. solid ex-Alderman.
who has been practising stock brokerage for a
quarter OF a century said the other day:
The fools are not yet all dead. Well have n
grand smash sooner than anybody expects.
! There Is nothing in this country that il i'm
proving in price except fancy stocks Coal,
iron. breadstuffs, provisions. all are lower than
! they have been for years. Tho railroads are
T doing business for next 10 nothing. and will be
, forced to take less when the inland navigation
opens. What the deuce can you bull the stocks
/ on2 Take the st. Paul. for instance. which Is
not worth tue paper 1t is printed on. They
! have put II to AK again. upon n few thousand
| An. Ina In, tha tNtga fhs4 laC
. week. What bosh that is 1t was known sew
> eral months ago that tho last two weeks o.
. March would show an increase. or rather
9 temporary cessation Of decrease. in the earn
: ings. These weeks last year we're the worst ir
n the history OF the road. But there has not beer
!. week since January. nor Is there likely 10 b
: one till September next. without q heavy dc
i crease. This know to be so. or course. as
6 broker. I don't want TO speak disparagingly o
!. any stock. for nearly all my customers ar
n bulls. and l don't want TO hurt their feelings
u But there is a limit TO everything"
= Then the ex-Alderman began 10 qualify an
y make exceptions. There we're after all. som
= things left on the list which IL was safe 10 holI
ia Besides the solid investment securities. Their
=; were things like Erie or Ohio preferred. both
e which had very favorable prosp poets as specua
N tive stocks. Erie had been depressed here b
n unfavornbe rumors MS to the general conditio
Is OF affairs in Enga while on the other side sen
i sNtionGl stories detrimental 10 the stock had bee
II launched by the bears Of the London Stock EX
< change. most al whom are heavily short OF i
la Il looks as II an order to buy 10000 shares {
r this stock in London would be likely to Great
II quite a scare there. and It is whispered that VI
IA d. F. Morgan is to give the London bears
is twist. He 10 credited with the intention Of buy
a ing n considerable quantity OF the stock for hl
~ own account us well as for tharof a well-kuow
- patron OF Erie. who has protected him by ~
"a on 10000 shares at 25.
=. =; The Ohio and Mississippi difficulties are
:, last in process OF setlement ana the stock gain
to friends every day. George OsGood is said to /
,e a firm believer in its value. In the gcneri
ar drop OF the last fortnight the preferred stoc
ie went down from 80 to % on the sale Of Il fe
Ia hundred shares. but II closed ut 35 bid on Sa
n urday without any visible purchasers.
e. The Northwestern pool has been considerable
n strengthened by members OF the old Twee
~ Ring. The faces OF persons who are known
have been connected with that orgauizato
40 have become more familiar than ever in n
~ street. one Of them. famous for his ambros
curls. is said TO have gone heavily into Mich
er gan Central on n Vanderbilt point and 10 la,
1e gone out OF it just Il little too soon.
r The distribution Of the assets Of Mr. ]. V
~ Weston. member OF the Stock Exchange wi
er mas recently lalleu brings into bold RELIEF II
il, queer notions OF equity ruling among broker
ld On the strength OF his membership in Il
m. Board, he acquired credit among outside spec
lntors. and sold them puts and calls. upC
which he ultimately came 10 grief. The we
to-do members Of the Stock Exchange who g
caught in the failure claim now that the GU
% sders are not entitled to any part Of the mon,
on realized by the sale Of Mr.. Weston's seat eve
rn il they are represented by members OF Il
IN, Board. An institution OF this kind ought
Le take the responsibility for tho dealings OF
Ne, members. But the Stock Exchange does II
an seem to see II in that light.
he - .
,er The police raid. on Saturday upon the gan
'oof bling houses in Ann street WAS much talk,
about among tho brokers. The clumsy way
which the thing WAS done did not surprise an
body II is well known that secret notice
or usually given by the police. IN these cases
oA. season for good friends to keep away. II
IS point chiefly commented upon is that the n,