The sun., 1879-05-05
IN AND OUT OF WALL STREET

"
pany Of an opera boufre singer. Ho does not
look exactly pontent. but he looks extra earnest
and means business right straight through.
The recent reckless gambling In wildcat
securities had all the main features OF an
escapado OF this kind. But tho old reprobate
has returned homo and does his best to look
respectable again. At all events the daily trans
actions in wildcat shares have fallen Off. and
stop seems to have been put to the process Of |
marking 10 their price. Instead OF dsordorly |
dabbllng In KS. Ps. and Ts. the Exchange is
again dcvoting its attention to the staple arti-
cles-tho Lake Shore. the Eric. the grangers,
the conl carriers and the greut Joint stock
properties generally.
This il a very gratifying fact. The great
gambling tour personally conducted by that
other Cook Mr.. jay Gould. upon which the
Wall street tourists entered some three or four
weeks ago. was n very dangerous and demor-
alzing expedition. II fairly threatened to be-
come the ruin OF legitimate stock business. for
the buying brute" OF Wall street is very
muddy-brained uncautous animal. 1t Ia quite
sufficient for him to see his stock marked up on
tho tape to imagine that he is actually growing
rich. Visionary profits Oro for him solid real
ities. upon which he Immediately begins bank
ing. He draws money and buys more stocks.
till his visionary margin becomes reduced to
the dimensions Of n consumptlve dwarf. The
broker opposes such proceedings as stoutly as
he dares; but the desire to make commissions.
to keep customers, and to avoid the reputation
OF being mean spirited man. renders him
lcnient. and the whole market thus comes
to actually depend upon the banking accounts
OF tho light waisted fraternity. Should Mr..
Gould choose to throw upon II tomorrow two
or three thousand shares OF the Ks. Ps and Ts
he has lately so skilfully marked up. there
would be stampede the like Of which Wall
street has not seen for many years past. All the
big talk about tho plethora OF money is justin-
able enough. 30 far rs tho country at large is
concerned. but it is absurd when applied to
Wall street. What the street really has is q vast
amount Of marked up. worthless stocks. tho
market value OF which depends upon the ca
price OF two or three men. Let those who think
such a condition OF affairs satisfactory continue
TO buy fancy stocks handled by Mr.. Gould and
his Boston friends; cautious navigators know
| how to read danger signals.
The wildcat movement has. however. brought
forward two or three securities. the position Of
which In the market IL likely to become more
and more assured. The st. Louis. Kansas City
and Northern is well spoken OF. and well held.
In any case II seems to pay it's way. The Wa
bash is becoming recognized as an important
connecting link between Eastern and Western
| trunk lines. The stock has had already a rise
| OF some II per cent. and 1t Is not at all clear
that Il is ntrinsically worth the money 1t is sell
ing for. But those who can find out whether
Mr.. Gould and the management OF the Erie arc
going to agree or to disagree will have a chance
TO make good deal Of money by buying that
stock for a rise. or selling It for drop, accord
ing to the information they can obtain. queer
thing about the Wabash road Is the election OF
Mr. Cyrus w. Field to tho Presidency He made
4 0w.sN sa.n.NN Nl.s
post and then accepted 1t upon tho condition
that he should draw no pay. and remain Presi-
dent only so long as he could see that his con-
tinuance in office was benenting the road. Two
or three weeks later Mr.. Gould put himself into
the Board OF Directors. and nothing has since
boon heard Of Mr.. Field. except that he is going
TO Europe. Mr.. Gould is negotiating all the
contracts. Is manipulating the stock in the
street and Is acting generally us the Boss
| of the concern.
Another security which has been brought int
prominence within the last few weeks is tn
stock Of the st. Louis and Iron Mountain Rail
road 1t is understood that the house OF Barini
Bros. is largely interested both in the bonds an
= the stock Of this company. The gauge Of tn
road is now being narrowed. and when tn
. work is completed in June next. the road vii
become the shortest and cheapest thoroughfar
from st. Louis TO the heart OF the cotton-grow
ing districts Of Texas. Tho stock has alread
advanced from IA 10 26 but It must be borne IL
mind that it was selling over par SIX years age
q and that even the panic Of 1873 proved unabl
TO seriously depress IT. 1t has looked like
4 ruined concern since then; but friends Of til
d road say that it has simply been neglected an
y insuflclently studied.
The monotony Of the daily routine in Wa
= street was considerably relieved this week b
u bo Of tho familiar face pf lac
/ Rubno The friendly and cordial manner /
) which he has been received by everybody /
a the street speaks great deal in favor both
. himself and his former associates and co
y leagues. Rubno has seen great display
} wealth. both in London and in Paris. but h
n seems to be perfectly amazed at what he lnd
}: here Men whom he left here dead broke les
n than two years ago are now driving fast horst
d and living in grand style generally.
,. We'll. Frenchy." he said to an old acqunin
Z, ance OF his the other day. have you also b.
D. come millionaire?"
q No"
10 We'll. then. you must be n d fool. an
you'd better clear out OF here. for there won
be another chance like this to make money for
long time to come"
- Tho approaching election Of tho officers
the Stock Exchange is likely TO be n very clo
contest There are two tickets, the regular
n and tho independent" In the latter u
re- name Of Mr. Alexander Hcnrdues is subsi
~ tutod for that OF Mr.. James Mitchell, the prose
Il Chairman. IMr. Henriques has been engaged
10 Wall street business for over 40 years. and h
T., also been tho President Of the Old Guard cv
iy since It received its charter from the Leglsl
in ture. He is very popular in the street Al
* seems to be strongly supported by some OF q
most influential members Of the Stock L
81 change.
d. -, The continuous cold weather promises
of make the trout season an unusually long on
'd and those who are fonder Of eating trout thI
ioo Of catching them can have great treat 10y =
Of ing to Sutherand's and ordering a steam
IS Long Island specimen. In the steaming proce
~, the Ash is cooked without the water touching
uS and its flavor IL preserved most delightful
aaI ! This peculiar way Of cooking trout seems 10
r | unknown in the best uptown restaurants; n
~ it should be- ndded here. in justice 10 Sutht
Ia | land. that, although his prices nre upon I
ho whole nbominubly dear he serves his dclicio
nd steamed trout for very moderate figure.
'Tt RIGoLo
Wy HaVonne,s School Money ENhausted