The sun., 1879-06-23
IN AND OUT or WALL STREET

AhN approaching ltSblNui vi INObiOnhi LII
dependence is looked forward to with consider
able interest by the stock brokers. As 1t falls
this year on n Friday project has been started
to adjourn the board from Thursday at 3 T. NJ
to Monday at IL A. NJ. The plan is a sensible
one. for 1t would give four days rest and recre-
ntion to brokers and clerks. who ardently wish
for 1t. as well rs TO Spectators. who say they
don't want 1t. but who greatly need It. The
nervous strain OF largo stock speculations-es-
pccially on the bull side-is tremendous. and II
Is in no way desirable to turn Wall street into a
lunatlc asylum. Yet prices are In some cases
so high. and the bull talk so big that tho idea Of
n Bedlam community frequently suggests it.
self Four days rest might besober some OF
these men. Then. again, they will have n chance
to take trip out of town. and to SEQ for them
selves whether the business Of the country is
really improving to the extent they believe II is
The other day l saw n dry goods man and n
jcwcller fresh from tho Northwest. which is
supposed to be growing to fabulous prosperity.
They both represented lrst-class houses and
very large connections. and tho verdict OF both
was:
Maybe business Is really improving out
there. but we have not seen any indication OF it.
At all events. people buy neither clothes nor
iewelry"
maddoned bull intervencd with tho obser-
walton:
What does II signliy7 Simply that people
have grown to be- moro sensible. Instead OF
spending their money. they save 1t and buy
stocks. Hero is n fresh proof OF IT," and he
pulled out a letter addressed to him by n farmer
from the neighborhood Of Milwaukee. 1t ran
thus:
&c AL wish to learn how IL is done. May send you
small amount 20 invest Tor me.
1 Al =.
from people we have never heard Of before"
added he. wiping his perspiration and gulpinR
down his Rin-iz.
A four days vacation is also likely to cause
some reaction In prices for to go out OF town
tho Wall street fraternity will require some
cash. and will have to realize some OF the
profits. the bulk Of which is at present on paper
only.
That tho process OF realization has not yet
begun is evident not only from tho stiffness OF
prices. but from many lateral facts.
Flush times in Wall street always meant for
instance great livollness in yachting circles.
But speculators OF nautical turn OF mind not
having raked in their profits at the opening Of
the season. Thursdays regatta Of the New York
Yacht Club proved to DO an unusually tame and
meagro affair.
Money continues plentiful however. and no
enh VI ltilpWb WHO NeFe NlOTc lIhu nhFu UP last
summer are supposed 10 be rich now. The fact
that their wealth is mainly calligraphic is gen.
orally overlooked. They handle plenty OF
pocket money and pay as they 90 (which they
did not formerly, and this naturally suggests
the idea OF increasing prosperity.
On the strength OF this idea the hotel proprio-
tors OF Saratoga. Long Branch. and Coney
Island have made preparations on an extra
large scale. and all the best rooms OF these en-
larged establishments have been engaged in ad-
vance by the lucky participants in the great
bull campaign some OF whom were formerly at
this time Of tho year looking out for deadhead
tickets for Plymouth Rock excursions.
But the days OF forced realization arc possibly
nearer than the present holders OF stocks sus-
pect. Mr.. Vanderbilt got out Of large guam
tity of his Lake Shore and Michigan when his
friends were buying. He will probably repeat
the same operation with Western Union-if he
has not already done so. Several big holders Of
Northwestern and st. Paul appear also to have
been slyly skedaddling for few weeks past as
II somebody had taken the load of their shoul-
ders But men like Mr.. d. o. Mills are not to
be found every day. III he suffered Mr.. Van
derbilt to saddle him with $1,000 or 100000
shares Of Lake Shore. he can stand IT, He is
very wealthy. is accustomed 10 the manipula-
tion OF millions. and is not easily scared. The
mass OF tho high priced securities. however.
will have 10 be discharged into quite different
sort OF barrel. and looking out for the secur-
ity OF their bottoms. may become highly un-
satisfactory occupation.
The activity in mining stocks continues un-
abated. aud speculation in this kind OF securi-
ties becomes moro and more general. conse-
quent upon the chances OF large profits being
much greater than in railroad stock operations.
Many Wall street men have given up the gem
eral list altogether. and stick exclusively to
mining stocks. Some like the gallant Col. w.
schafIer. havo oven given up Washington poll
tics for mining. and seem 70 feel all the better
FOR it.
The exodus to Europe continues on steadily
increasing scale. Every steamer takes out a
full cargo. and the Britannia looked quite over
crowded on Saturday. She carried away among
other iustrious persons the genial Billy
Deutsch tSir William DEutsch. ms they spell
| him in Paris papers,, ex-manager Of Mr.. and
Mrs. Florence and OF Mr.. and Mrs. Boucicault.
The object OF his European trip has not tran
spred. and somo Of his rivals say that he Is
gone merely 10 buy a set OF new neckties and
set OF new poker chips. But my private
| opinion is that he has great theatrical surprise
| in store for New York. RGoLo.