The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-16
IN AND our OF WALL STREET


huoyancy Of the speculative feeling prevailing /
throughout the country n"rouut for this H t.
and are ikely 10 1--we fu,thrru.d and comfort
to the tu.ls OF Wall street But how lons ull
this il going tc iast is unotucr qln-tiun. the
solution Of which depends purity upon tho
- divinity hgt shape. our ends,
Rough hcw them how We WILL
and partly upon the doings of men like Could
/ and Sage. who Mt present affect to he uncon-
cerned spectators but who have beHr illus ready
to be thrown over their shoulders Mt the slight
/ est provocntiou. The moment they give the
signal. Mcssrs. Cnmmack. Travers. and their
friends will boldly come to the front ngain. and
the herd of short horned bulls who have lately
been growing so fat and handsome will find
themselves in the slaughter house before they
know It. Meanwhile they IRE having n fine
time. The firm OF c. j. Osborn 4 Co. is credited
with doing commission business Of $4,000
month. The firm OF Work strong is said to
DO clearing $4,000. and the customers OF both
houses have been growing rich fast
Exceptional strength at advancing quotations
| WIS exhibited last week by the Chicago and
| Northwestern and the ST. Paul stocks. The nd
vance in these securities was fully warranted by
/ the extraordinary increase Of earnings. reports
/ OF which nro daily circulated in the street Tho
! great question however. is where this marvel
/ lous growth Of business comes from. II H. ru-
/ morcd that the st. Paul Company. for instance.
/ derives u large portion OF it, earnings from the
/ trans portation OF the materials for the cOustruc-
/ ton OF branches Of its own road.
] careful inquiry into the nature Of these re-
/ ports tan Investigation which no outsider can
make with any prospect Of surcrssl would show
1 one Of two things: either that they are an un-
nitigated fraud or that the rroyth Of the
/ Northwestern portion Of this continent has far
outrun the most sanRune expectations.
There is loud talk about forthcoming dlvl-
dend on the st. Paul common stock. which has
never yet paid a cent; but an operator o.
skcptcal turn Of mind and well acquainted
| with the property. when spoken to on this sub
jrct. concisely remarked: It's oll in my eve"
Tho advice Of honest and shrewd observers Of
Wall street is, q" Touch lightly"
How profitable the brokerage business proper
has become in Wall street can be seen in the
fact that the Stock Exchange seat Of William
/ Cunningham tdcceasedl has just been sold for
| 10000. A year ago half Of that sum would
have been considered good price, This sale
brings up the price of membership 10 the stat
ute figure OF the Board. The law Is that while
members Of the Stock Exchange have the right
TO sell their sents for what they please. $4,000
is the price at which membership can be- pur-
chased from the association. This rule. how
ever. actually limits the membership. for now
members have TO come for ballot before the
whole Board. and are surn TO be blackualled.
the members OF that distinguished body being
VIGOROUSLY avcrse 70 competition.
Theoplv t,v, stocks which had n sorious ,ur-
nic l,s, ,r..r ,rer,, ,b,. N.,v yor. ricv.t1 p,il
road which dropr.l from loOtnlej. and tho
s.. Louis. Kansas City and Northern. The fall
OF the former security il attributed TO the sale OF
a large lock OF stock by nm original holder, ap-
parenty scared by the report that Mr. Wander
Inn Ind made arrangements In England for
buiIing nm UNDERGROUND rnilroad from tbe
nn,,erv to the Grand Central Dsnot II mnv
he remnrked with roferrnce 10 his s,oe, thnt
however, brilliant may onoear the business 81
the comuapv. md however encouraging the
promises 81 the Manhattan combination. ele-
vn,.d rniironl s,or,ls will nl,y.vs roruin n nra-
curious article 70 deal in Mt high figures. The
first sn,ush on nnv OF the lines is linbe TO brini,
the stock down nt n very uucon,fortnlle rut. II
speed FOR not only va th. suit. for dntpnl,,s le
iut.rniruli. lut I'M. tr,l il lil..iv to h. mn, =,
more seriously "a iY.ctcd ly incidents ON these
roads than in the raso Of a surrnc,. line.
The fail IN ST Louis Knusus Citvsud North
ern is accounted for ly the cuttii,, Of rates enst
/ Of Knusns .ty: Int the fnct thuT fine stocLs of
the other roads running in the snme direction
did no, show any percept ihl. decline civos color
10 the runor that strong friends Of this ronl
mr.. purpos,iy pulling this stock down. 90 as 10
buy il al lower figures. In amy case nil the
transactions in this security had the look OF a
washing" business. in which the suics wcr.
made very noisily ana the purchases on the
sly Mr.. JAY Gould has advised u man. whom
he cnnnot uilord 10 fool. not 10 soil his 81. L. X.
y. under any circumstances. H. seems tQ
be OF tho opinion that. while Wabash Is high
enough. his other new acquisition is greatly
undervalued.