The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-01-06
IN AND OUT or WALL STREET

that tho community at largo had forever aban-
doned speculation. What delusionl New York
to give up RamblinR1 Not yet As long as
there is n dollar to spare. there will remain
desire TO risk 1t on the chance ola big and quick
return. 1t is not even an exclusively American
trait 1t is universal Look at the immense
success Of the great French lottery. Look at
tho various forms OF gambling INDUCED In In
Spain. England. Russia. Germany-any country
you like. The only difference is that the game
is bigger and more reckless here than else
where.
Tho suppositon that tho outside public
had given up speculation was based upon tho
erroneous idea that tho heavy losses sustained
in 1877 by largo number OF investors in coal
and railroad properties had forever frightened
people from Wall street. Tho inference was
utterly wrong. man forgets all about losses
the moment he begins to recuperate or even
merely to see n fair chance to do so.
The recent movement in Erie is an admirable
illustration OF the truth of this proposition.
Two months ago the English holders Of this
stock were glad to get rid Of 1t at si1 share.
and OF course at an immense sacrifice. It was
then worthless in their eyes. Two days ago
they were buying II back at s22 and seemed to
consider II cheap.
Tho fact is that man who has money to
spare and does not see his way clear for invest
ing il in his legitimate business. has TO put II
somewhere. and TO put Il in stocks il. after all,
neither lees safe nor less sensible than to In
trust It to combination janitors and absconding
bank cashiers. Apart from all that the chances
Of u big gain will always possess fascinating
influence upon the minds Of men.
That this country is growing amazingly rich
cannot DO questioned. Rufus Hatch returned
the other day from out West in brand new
Astrakhan pclIsse trimmed all over with gimp
| braid, and said that he never saw anything
| like II in his life. The country was actu-
ally cracking under the weight OF the immense
crops OF all kinds. Patterned trap quail were
sold at 60 cents dozen. and nobody would look
| at shot quail. Everything was rs cheap rs
mud. The farmer was glad to sell his corn ut
30 cents per bushel and his wheat at 55. He
mad to sell five bushels to get one to Chicago"
There can be no doubt that with balance OF
trade OF nearly s3000OO00O In its favor. the
country must accumulate vast amounts OF
ready cash. which has TO bo put somewhere.
Lord Stanhope complained recently that land
did not pay quite three per cent in Great
Britain. Here II pays still less. and offers none
| of tho extra advantages which landowners en-
| Joy in the feudally constituted old England.
| The consequence Is that real estate investments
are constantly being liquidated, and most OF the
| money thus liberated has ultimately TO seek in
| vestment in stocks and bonds. Russell Sage
calculated the other day that over 10000 600
| will be paid out TO investors between the LIST and
| the 10th OF this month in the shape OF interest
and dividends. Where Is that money TO gop A
| portion OF II. paid out TO comparatively poor
people. will. OF course. be spent. But the bulk
| OF II. coming into the hands Of wealthy capital
lists and professional stock spectators. will DO
again invested in securities 1t is said. for
| instance. that Charley osborns ONCE alone
| drew at the close OF the year the dividends on
more than 100000 shares OF Granger stocks.
| Up TO Saturday last you could not find bear
| In Wall street. Kcene. Vanderbilt. Gould Sage.
| the two Morgans Frank Work were all sailing
| in the same boat Perry II. Smith OF Chicago
turned up here in the middle Of tho week. look
| ing more furious than any bull ever let loose
upon the arena OF the Plaza de Toros OF Madrid
or Seville. Toward the end OF the week men
| like Woerishoffer and Mills began to knock
down the St Paul stocks. and some Of Gould's
brokers attacked tho general list; but the move
ment can result only in partial shaking off OF
the petty holders. The really big men are all
under the market, and cannot help remaining
| bulls for some time TO come.
AninterestinR piece Of news In connection with
this state Of affairs Is the report OF the consol-
dalton OF Vanderbilt's and Garrlson's interests.
Their point OF union is the bankrupt Wabash
road. William H. holds the outlets this side OF
Toledo; while the old Commodore is master OF
the situation west OF St. Louis. There is
also rumor anoat that w. H. Wander
bilt has secured for himself seat In the boards
Of the st. Paul and the Northwestern roads
when the time for the reorganization OF these
| boards comes. Cesar had ambition. why should
not Vanderbilt have2 Nothing less than the
control OF all the means of transportation from
the frontiers OF Colorado and Wyoming TO the
| British coast seems likely to satisfy him.
With reference 20 the much-talked-of Unicorn
line Of steamers. 1t may be as well to say that
neither the idea nor Its execution belongs TO Van.
derbilt who till now has been steadily sending
| his freghts via Boston 10 tho dctrment Of New
| York. The whole scheme was conceived and
| carried ont by John Seager. one OF the smartest
and hardest working young business men
Of New York. though at the same time great
| ladies' man. As matter of course. no was in
want OF n hacker. and found 1t In the New York
Central road. But W. Ii. Vanderbilt indlyidu-
| ally. has not the least chance Of obtaining a
| permanent hold on him. II tho Erie road
| chooses TO build an elevator tomorrow,
| Seager's steamers will take the freghts OF that
road just as readily rs those of the Sixty fourth
street elevator. In any case. the Unicorn is a
| great enterprise Unsuccessful and properly de-
veloped II will draw a great deal OF European
trade from Baltimore. Boston, and Philadel-
phia.
Resumption has naturally and by anticlpa-
ton. played large part in the bullish revival in
Wall street. As in Turkey Jumps Of sugar are
broken over the head Of bride rs n forecast OF
the sweets Of matrimony. 50 were whole loaves
knocked by enthusiastic customers against the
heads Of the principals OF their Offices in antici-
patton OF the sweet January raise" Gould
and Sage did not break any sugar on each
others head. but publicly gave proofs of the
perfect harmony Of their interest Old Russell
Sage sat in Gould's box during the last
performance OF Maplesons opera company
with all the ease and confidence OF man who
| felt that he was at home.
OF the ultimate result Of the Arrangement by
which greenback dollar represents 100 gold
cents in one hand and "a silver cents in the
| other. fow Wall street operators venture yet
to express any definite opinion. Many Of them
seem to apprehend future difficulties from such
a state OF affairs But for the present the great
step has not produced any commotion whatever
1t WAS like another blasting OF He'll Gate
Everybody expected n catastrophe and every
| body was disappointed