The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-05-26
IN AND OUT OF WALL STREET.
sneculntive feeling continues ramnnnt

Speculative feeling continues rampant on
the Rialto. Everybody seems TO have. like An
tonic an nrgosy bound to Tripods, another to
the Indies, n third for Mexico. and n fourth
for England. and other ventures squandered
abroad" To carry four or five hundred shares.
and take occasional hacks at mining fances
besides. seems nowadays to be the most natural
thing in tho world to people who but few
months ago encountered insoluble problems in
tho settlement Of their board and washing bills.
Every day brings hundreds of new faces into
Wall street. and every day shows an increase in
the percentage Of female features dsccrnbe in
this motley mass Of greedy humanity. Brokers
who were formerly glad to havo IN average Of
500 shares day now turn over several thou
sands. Tho mining brokers have como into
| strong prominence. The commissions Of some
| OF them averaged during tho Inst two weeks MS
| high ns 500 day. Keeping in view that in
stead Of tho rate Of $3.50 ruling in the regular
stock transactions Of the Stock Exchange. the
mining shares are taxed only at the rate "
| from 81 to IS commission per hundred. the
| above figure appears formidable.
Spectators Of the wcnker seem to bo par
| ticulary fond Of mining. Now and then nm
/ apparently unprotected female stops shyly into
n brokers' Office hands letter Of introduction
and Il lump check. and expresses her desire
| to have her little savings invested in some solid
| mining concern. She Is afraid Of the regular
| stocks hut Mr.. or Mrs. So-and-sO told her that
mining securities were safe. Shylock has evil
IDENTITY never explained to her that there he
land rats and water rats. and that thcrc be tho
peril of waters winds. and rocks in tho mining
ventures, too.
The sudden start OF mining securities Is at
| trihutahlc to many causes. The prices Of the
general stock list are already too high Tho
commission upon them is large and the profits
slow. All apprehension concerning the innu-
cnco Of the new California Constitution has
been discounted. and the unexpected leap Of
some Of these securities within the last few
days naturally infused new courage into specu-
lativc minds.
The rise Of some IL per cont. In tho stock Of
the Bodie. which was selling hut few days ago
below 10. was particularly calculated TO create
excitement. kilograms and letters all seem to
agree that the Bodie Standard. and Bulwcr
mines Of Mono County. Cob. are the big honan-
zas Of the future. There seems to be found in
these mines a peculiar combination OF gold and
silver. which renders them dounly interesting
in tho eyes OF their promoters ana friends
Tho Standard is Ms yet tho greater favorite Of
the three. At all events 1t sells higher. and the
supposition is that the richest veins OF the
Bodie will eventually be found to run through
the Standard lode.
Operations in the legitimate securities Of the
Stock Exchange were moro sluggish during
last week. aud no wonder; prices grew 50 high
that all sane persons have sold out what they
had and retired from the field.
None but unatics and tpsy enthusiasts are
left to mold the bag said one Of the largest and
oldest operators. and when the crash comes il
will be a tremendous one. The market is in
such a condition that a telegram from any one
II. l.. .
two or three large blocks Of stock will sweep
the street like n hurricane"
The extent OF the speculative craze which has
now ragged for several months can best be seen
from few figures The annual report OF the
Toledo and Wabash road for last year confesses
that the entire freight business Of the road was
handled nj an average rate Of 0.693 Of u cent per
ton per mile. Concerning tho cost the report
does not say anything; but 1t is we'll known to
railroad men that it cannot DO under 0.650
OF n cent The C.. c., c. and |. report puts the
average cost Of doing It's entire freight business
AZ 0655 OF n cent. Taking these figures ms
basis. we find that the net profit to the Wnbasl
on its entire freight business Of 1878 was three
eighths Of mill per ton per mile. This woult
give. MS net result for hauling n ear load o.
ten tons Of freight 100 miles. the munilccn
sum Of 3s cents. Is there any wonder that IA,
road showed a deficit Of nearly 500. 900 In 1877
md a palry surplus Of $l70,UO0 last year? lc
Wall street pays willingly s3s for every one OF
the slG.0oo.o00 worth Of shares Of this brilliant
t concern and talks Of still higher figures
Happily enough an undercurrent Of common
sense seems 10 have been working for the las
two or three days. and the probability Of an in
creased demand for money may provo a paia
tive against some OF the worst consequences o
; the speculative derium tremens with which
the community has been suffering KGoLo.