The sun., 1879-01-13
IN AND OUT OF WALL STREET


and his bar OF applesass" 1t is no longer
q matter OF principle. but matter Of main
physical strength. The stocks are sustained
by a number OF powerful men, who are
loaded with securities and cannot afford to let
them 20 down. w. II. Vanderbilt with his rel
a,ives and his clique puts up Michigan Cen
trail. Lake Shore. and New York Central; while
tho North western pool has bought and locked
up nearly tho whole OF the common as
well as the preferred stocks OF that com
pany. And pretty strongly constituted
pool II is. 1t comprises Albert Keep. the Pres-
dent OF tho road NJ. l.. Sykes. the Treasurer
and Vice President; David Dows. director OF
everything he gets into; Marvin Hughitt. Gem
era Manager OF the road; n. X. Fairbanks OF
Chicago: David Jones' the brewer; w. L. Scott,
and host Of solid Wall street men like Frank
Work d. p. Morgan. Harvey Kennedy Old Slo
cum. Bob Elliott. Henry N Smith. and John
George. In the wake OF this strong army fol-
low, OF course. many petty gambling parasites.
who do the outside talking for tho pool. and
manipulate from one to five hundred shares
apiece for the accommodation OF such outsiders
as are found disposed 10 take bite at points"
But whether the public has actually begun
t-s.>piss any VI .ho highly recommended sto"ts
or not, is not quite clear yot. The immense sub
scrption for the new four per cent. bonds since
the first day OF the month indicates. In the opin-
ion OF skeptica observers. that the public re-
fuses to invest its savings in anything except
Government securities. But this theory seems
TO be exaggerated. for the larger portion OF the
| forty millions subscribed for are known to be
for tho accounts OF banks and bankers and not
| for private individuals. AS the bonds need not
be paid for before ninety days have expired. tho
subscribers make. OF course. tho interest on
their money and this. with the increased COM
mission offered in Mr.. Sherman's circular
Of January /. is what has made the subscrip-
| ton apparently so big success.
II is natural that the general public
| should have had q hand in the matter too.
| But II must not be forgotten that for tho pur-
poses OF Wall street speculation the four per
cent bonds are Just as convenient rs cash h. and
1t would be by no means easy to say how
many of the bonds remaining in New York will
be locked up and how many will come down
| into Wall street as margins.
| The not very grammatically written report
| OF tho reorganized Eric appears to have
given full satisfaction to business men. Tho
report embraces only the operations Of four
summer months, which are considered far
| below the yearly average Yet the road, under
| the reconstructed organization. discloses an
earning capacity sufficient to pay all fixed
| charges. and TO soon leave handsome balance
| 10 the credit Of the stock. A most encouraging
fact in favor Of the reconstructed company is
that the report does not include either the re-
suits Of the working Of the new narrow gauge
or Of the New England connection soon to be
completed.
One thing only In the whole report has some
what disagreeably surprised its readers. and
that is the concluding statement:
II but remains for the shareholders 70 provide sum
.pects win eonrcuns lines. a'll thcn-wi'h an honest
| %
scarcely be questioned.
A sentence like this has either no meaning at
all or else It means that tho company contem-
plates declaring another " Irish dividend" OF n
few dollars per share. or. In other words. once
more assessing the stockholders. Asthis seems
to be neither necessary nor poss be. President
Jewctt would dc well to explain in somo way
or other. the true meaning of this infelicitous
sentence.
II was stated yesterday that the trouble Of Jay
Gould's partners. Belden 4 Co. was going to he
settled out OF court. and that the plaintiff
and one Of tho defendants were 10 be- APP
pointed joint receivers for the firm. There
seems to be- very little chance however OF the
arrangement leading to permanent peace.
for some time past that the firm of Wilnm
Belden & Co. have met with exceptionally
severe losses. and that the distribution Of these
| losses among the partners has been the cause of
serious disputes Thus. for instance. large
nmount Of money had boon borrowed from
John Bonner and Meter Co. on pledge Of
| Union Pacific securities. ana when these men
sn TSin RTdy me s msrsin - 2n 'ho loans M was os,
hnd been borrowed Tor Jay Gould indiviiu.
ally. he should stand the loss. JAY Gould
"a the default Of Haar & CO, inflicted another
seems that both Mr. Beden and Mr.. Conner.
the only Board" member Of the, firm. have
connection with the Black Friday. They seem
| 10 know something which he docs not want
| hpeomiug pogepgea1 RlaNk Erlluv 81
secrets ot the Office while JAY Gould was hiding
himself in coal cellar, and William Beden had
disappeared elsewhere. that Mr.. Conner. then a
mere ONCE boy. managed 10 secure the support
and patronage OF Mr.. Gould. Il was not
ducive to mutual vencration or affection be-
tween the members Of the firm. and the. general
i viii be but % Of short b duraton % rp "T The W Gent
| point OF this case. remarked an old Wall
fellows Wants 10 get rd of the @ two one others ns
cheap as ho can. while these two others don't
want him 10 get rid OF them except at their own
The latest rumor concerning vanderhilt's in
tentlon OF putting his finger into the St Paul pie
Is that II is not himself but his son-in- law Mr..
of the Milwaukee and ST. Paul Company
The report published by n sporting contem-
porary that the horses -spcndthritt aud Miser
had been purchased by Mr. j; q. Bennett Is not
correct. Mr. BathgRte bought them for Mr. j.
r. Krencs stable. Tho horses are ~ their way
10 New York; and are 20 be placed under the
care OF Mr. Pnryear Spendthrir Is TO take
part In all the great races next season.
The Tammany. ball OF. " ednesday last was
largely attended by the Wall street fraternity
and IL WAS a matter ot considerable surprise u
many Of the guests that the remarkable aftor-
supper speech Of ex-KinG Kelly was not re-
ported next hay in the morning papers. The
fact explains itself. IL we remember that the
grafton was delivered nt a much later hour
than that at which tho papers go to
Prince Gus Schcll on his right. remark cd
among other things, that there werq certain
| railroad corporations in the State OF Nav YORK
, ! which had seized entire control OF the Iegisa-
7 | ture nnd We're trampling the liberties Of tho
people under foot. II was now. he said of par
amount importance that the people Of the State
and city ot New York should take this fact into
c consideration. Tammany Hall rs the great
champion OF the aforesaid liberties. WAS. at all
events decided to hght these corporations &c
| the bitter end.
Gus Sche knew ot course that the speech
| was n blow at W. H. Vanderbilt and his rail
! road concerns. hut did not seem disposed tc
| pick up the glove. 1t would be highly crafty,
. ing II the eX-hing could Ice induced to give fur
ther vent to his ideas on this subject either AT
= some of the numerous masked balls announced
for this month, or. still better. AT the opening o
: tho Skating Rink now about 10 be completed al
4 | Glmoro's Garden.
y Strakosch and his opera at Booths Theatr,
90 are decidedly successful. and would have beer
. still more 70 had not the sudden illness Of Mis-