The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-02-17
IN AND OUT or WALL STREET


Saturday morning the prices OF the general list
remained steady. but transactions were dull and |
comparatively limited. Only few specalties.
like New Jersey Central. Ohio and Mississippi |
preferred. and the two Northwestern stocks. |
showed any considerable animation. On the |
last day Of the week. however. general move |
ment was noticeable in the whole list. and the |
market closed at the highest figures Of the fort |
night. with symptoms Of unusual freshness and |
strength.
1t looks rs II tho struggle between tho bulls |
and the bears had been brought to close some
what in the fashion Of the game called the Tug |
OF War, in which a number Of men catch hold |
OF the ends OF a rope. and victory is determined
by the stronger pulling the weaker across
middle line There arc positive indications
that even the sturdiest and most obstinate
bears feel discounted and disinclincd to tussle
or wreste any longer. They seem to have ut
last got 1t through their hcads that, In their
efforts to pull against the bull party they have
really been pulling against an actual improve
mcnt in general business. both present and
prospcctive against an immense enlargement
of the volume OF currency; and above all.
| against n restored confidence in all branches Of
| commercial activity. Whatever may still be tho
small talk OF the shopkcepcr, who is never
satisfied unless people are roclSlessly extraya-
| gnnt. there can bo no doubt that n universal
effort is being made to cast aside tho depression
engcndered by the panic Of 1873.
Even Mr.. Gould seems 10 havo given up his
dark ways and vain tricks to break the market.
| vcxcd by his defeat, he is too sulky as yet TO
| Join the ranks Of his victorious opponents; but
he has started upon bull campaign Of his own.
Having liberated himself from the brothers
| Bcldcn. no has formed partnership with All
| Sin. Perceiving that the heather Chinec has
| gained taste for American flour during his
| soiourn in this country. and taking into con-
| sidcration the legislative prescription against
him. Mr.. Gould has determined. since the Chi
| naman cannot come to the -four. that the Hour
! must 20 TO the Chinaman. Tho Union Pacific Is.
| Of course To bo tho main channel Of the -four
supply. and statements and figures are already
being sown broadcast demonstrating the prov
identlal demand upon the capacities Of the road
and tho consequent increase in the value Of tho
| stock. So strong is the tide. both Of investment
| and speculation. that nobody seems disposed TO
contradict Mr.. Gould. On the contrary. one
hears on every side nnl reads in almost every
newspaper. that the English IRE readily buying
tho stock as nrst-class investment. and that
the first mortgage bonds Of that road are cheap
at 109 considering their undouhtcd security,
the Government holding tho second mortgage
and the currency bonds
Whatever truth and sense there may be in all
this It is certain that a rise in these securities
will be very acceptable 10 the banks and private
individuals who have loaned money on them to
Mr.. Gould; for It Will increase their margins in
proportion.
The young and gallant Russell Sage has also
been brought 10 repent his recent bark9liding
from the solid bull principles in which he was
so carefully brought up. Under the seductive
influence Of the Union Pacific siren, the vola-
tile put-and-call manufacturer went on q bear
/ upI ,tth tal
and a contracted purse Sad and pcnitcnt was
his appearance when he returned. the other
day. TO tho bull fold. Had II not been for the
well-*nown fact that Mr.. Sage never INDUCES
in prodigalitcs, any man might have taken
him for "A cheap thirdrate prodgal son.
As becomes shining pillar OF Dr. Hepworth' 5
church. the pcntent sought consolation in re-
ligion. and has found peace. it is said. in the
bosom OF St. Paul-the common, OF course. that
being the cheapest.
The delicate manipuntor Of the Northwestern
pool Mr.. u. T. Morgan. Is naturally delishte 4
with the acquisition Of so substantial an ally in
, the handling OF Granger properties. and feels
moro solid than ever. Sitting tie other even
ing in toe lobby Of the Windsor liotel. he was
nceostcd by Jay Gould with the question:
Are you st.ll ng-hornod bull. or are your
horns beginning 10 shoucn'
There are stiil twenty bumps on them" was
. |
The meaning Of it was, Of course that the
market was still twenty per cont. below Us
t probable top figures. for in Mr.. Mor=an's orin-
: ION all stock paving with reasonable certainty
= a dividend Of six per cent. or moro should sell
5 at par and above.
Mr. Morgan must have made another fortune
. In his bull campaign. but the man who has
r probably received the largest returns from his
timely appreciation Of tho improving condition
OF affairs is Mr.. j. r. hcenc. He began 20 buy
stocks like Erie. for instance, when nobody
would touch them. lie began TO buy wheat and
/ lard when the most experienced Chicago specu-
lators were all in Il craze TO sell short. He bids
{ New Jersey Central up TO 40 while the concern
. is still in the hands Of q receiver. And every
one OF these and similar apparently dangerous
4 II not wild ventures proves. in the course c!
= time. to be perfectly rational and admirably
conceived speculation. He began. for instance
TO buy the new second consolidated mortgage
4 bonds OF the reconstructed Erie. when not one
. stock operator out Of hundred knew OF theii
1 existence. and when they had to be peddlcd away
at 60. To-day these bonds are selling at 81. ant
- are considered by the most conservative judges
I Of values to be the cheapest investment in IN,
. stock market.
4, A good story Is told OF him, apropos Of his
= recently revived sporting procvtics. II,
seems 10 have always been sportsman at hear
Il and Il good judge Of horses. But he takes I,
q craftsmanship only when he is particularly
satisfied with himself 1t la not a question as
It To whether h. makes or loses moncy AT "A giycr
u moment. What he cnres most for is 20 have j.
proved that his judgment and forecast wcr'
looks al himself i'm the mirror and says. Jim
old boy you have shown good judgment ant
IS pluck. and You deserve q reward. | shall bul
| yvu another good horse
4 tx days ago. when the wheat which he ha,
If. y q