The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-04-21
IN AND OUT OF VAIL STREET

chapter Of the history OF the reign Of wild
cats." Kansas Pacific. Missouri. Kansas mnd
Texns, St Louis. Kansas City. Northern-every-
thing with n X in it-became suddenly favoritea
and were bounced up from to 10 per cent
Wildcat stocks. which had been given AWAY n
few months before and wildcat bonds which
had been selling ut ten cents on the dollar were
eagerly sought for and freely bought by re-
spectacle brokers. " What is the matter with
the rs ?" inquired everybody. without any one
being able to answer tho question. The new
success of Mr.. John Sherman. aided by his
obedent servants composing the syndicate. was
OF course taken ms n proof that there was n
plethora OF loose money in the country and that
people wero glad to get four per cent on their
capital and savings. But this had no necessary
connection with reckless speculatlons in worth
less railroad securities. Fancy ths common
stock OF road like the Kansas Pucfc. which
never pays anything to anybody. and has
floating debt Of some $4,000 000 selling at 99l
What then. should New York Central or Rock
Island be worthl
The queries Of the street with reference to
this subject were all answered when il became
known that Jay Gould and his Boston friends
were bulling the Ks. These parties obtained
possession Of large blocks Of the Southwestern
stocks for next to nothing. and had no difficulty
III MINK lltUl w. Ub TlsB IL HI on pupeT.
and II MIR. Gould or any Of tho Boston holders
OF these securities should attempt to sell
few thousand shares the whole menagerie OF
wildcats" would drop with the rapidly OF
brick thrown from the stecpe Of Trinity
Church. To be sure they succeeded in
getting rid OF some shares purchased
by the small spectators working on sure
points" But the trouble is that the Boston par
ties who marked these stocks up can just as
easily mark them down. and general smash
will then become inevitable. for the petty deal
ers will be sold out on the whole line.
1t was highly curious to watch the tape during
the week. Solid securities did not move at all.
or. like Michigan Central. went down while all
sorts OF Ks went booming up. There was for
instance. difference Of nearly II per cent. on
the bull side between the opening price OF Kan
sas Pacific on Monday and its closing price on
Saturday.
The explanation Of the "wildcat" movement
seems to be that Jay Gould means to fight W.
II. Vanderbilt. who is said to be taking partial
possession Of the Northwestern Company
There are three great roads running between
Chicago and Omaha. They pool their earnings
and charge. for both West and East-bound
freiehts. what they like. Mr.. Gould made up
his mind TINT he wouldn't submit to any such
arrangement. and conceived the plan Of branch
ing of from Denver or Kearney junction III IL
not yet clear which, 10 Kansas City whence he
has half dozen roads to Chicago and Toledo.
Most Of these roads are bankrupt concerns. or
nearly so. and he naturally expects to mako
quite satisfactory combinations with any or all
Of them.
How far the plan Is likely to be successful re-
mains TO be seen; but II has already become
evident that the Northwestern stocks are no
lOugnr the lenNpra ~ no rl..f
dull and sluggish all through the week. and tho
backwardness Of the season makes them highly
undesirable securities to deal in.
Apart from the prospect Of this arrangement
the steadily decreasing earnings Of these roads
more especially OF the ST. Pauls tend 10 greatly
depress the price OF the Northwestern securi-
ties. But the spectators who are loaded with
them try their best to keep the price up They
use all sorts OF stratagems The other day some
one Of them offered put" on 81. Paul COM
mon ut AZ FOR sixty days. purpor;ed to ba signed
by Mr.. j. Il. Keene. but when the bid was made
the document could not be produced. Tho
trick had evidently for its object the persuading
the street that the man who had achieved so
great success In bulling the Erie was also
bull on the Northwestern securities.
The rise in the bonds and stock Of the recon-
siructed Erie was n great feature Of the weeks
dealings. 1t is not generally known that tho
second consolidated mortgage bonds OF this
road have voting power. and that more Of
them are held AZ the present moment In this
country than in England. This means sharp
watching OF tho management OF the company.
and most Of the bonlholders seem 10 have
made up their mind that the working expenses
Of the Erie road shall henceforth not be higher
than those Of tina New York Central, or any
other OF the properly managed trunk lines.
The outside events Of tho week were not OF
much interest to Wall street people. The vic
tory Of Parole was probably tho one most
talked about 10y the speculative fraternity. Il
Is the FIRST step OF American sportsmunship in
Europe, and in so far n great step.
Thequeston oftheairica extortlons continues
10 be agitated and promises to lead to some
satisfactory result An excellent letter was
printed in the Herald last week. showing up the
tricks played by the spectators at the Park
Theatre. and as the management Of that house
and OF Booths is nj present the same, IL leads
one TO suppose that similar tricks may also be
played upon those who arc anxious to wit.
ness the spirited performance OF Nile. Alme6s
Petit Due" RIGoLo.
IMPRISONMENT FOR DEBT