The sun. [volume] (New York [N.Y.]) 1833-1916, 1879-06-09
IN AND our or VAIL STREET

per. The speculative craze has not abated. and
the bulls still have II all their own way. Every
body who has few hundred dollars to spare
seems to firmly believe in the revival Of bust
ness. and to be willing to chip in. People have
boarded their money for a long time during
which 1t has been unproductve. and now they
nrc anxious to mako up their losses. They
hear every day Of tho increasing appreciation
Of values in Wall street and they flock in like
sheep. Tho number of new faces. both male
and female Is daily increasing and every one
Of these victims comes to take securities of tho
hands Of large operators. who in duo course OF
| time will take them back again at a reduction Oi
| ten or twenty per cent.
There IL not the slightest use in talking
| common sense" an operator said who has had
| all the pleasant and unpleasant Wall street cX-
| pericnccs which n man can possibly have.
The public will not listen TO rational advice.
| You have to deal with them as with children.
Let them stun Themselves Ms much as they
| like. till they get sick. That is the only way to
teach them"
| Str ngc ,as II may seem. II Is not the strong
! operators. but the vcry weakest oncs. who have
| been buoylng tho market Of late peculiar
| breed of petty spectators has sprung M, and.
| aided by the pernlciOus system Of stop orders.
| has carricd prices 10 a height from which tho
| first attempt ut descent must inevitably result
| In disastrous dUta,go'dh.
Thisnew breed consists mainlyo Of professional
and semi professional gamblers. and the nu-
mcrous impccunious friends Of the great
| operators. Tho magnatcs Of the Stock tx
| change. having made piles II money in the last
| year or two. felt ike giving n show to the
Toms. Dirks. aud Harrys who hang around
| them. and occasionally make themselves SER
| viccnble in clandestlnc escapadcs
b, hos 10 bo n f,ran
in Wall street. and the men composing it look
| like so many NdcLeihs crying out to their
brokers. whenever any bear suggestion is
made 20 them:
Hn g mi pc more TegS port 81, l' tta aSm ny s, ALL
Snail never sag with doubt, nor shake with fear.
And up goes the market on the strength OF
these brave declarations. backed by stop orders
At the close Of the week Mr.. c. j. Osborn ar
rived from Chicago aud expressed great salts
faction ut the state Of things ho had found in
the Northwest Half an hour after his arrival.
every bucket-shop dealer had the point that
Charley Osborn and Henry n. Smith were go
ing TO put Northwest stocks up. and everybody
began to buy.
Il wonder" n friend Of these two gentlemen
remarked while looking at the rising quota
tions on the tape. whether Charley is not
rigging the market to help Smith to sell"
In any case these stories Of the wonderful
condition OF affairs in the Northwest are not
borne out either by the weather reports. or by
| the looks Of the crop. or the opinions formed on
the subject 10y MIR. Jay Gould and Mr.. Russell
Sage, both Of whom returned but few days
before Mr. Osborn. And whom cautious
dealer in stocks hears Of this diversity Of
opinion. Mr.. Travers's old question. What
shall DO. when the red haired brother SAYS sell
and tho black haired brother says buy" comes
naturally to his mind.
Even tho rate Of interest can no longer be
taken as an indication of the condition Of the
market
What is money loaninc Mt ?" broker asked
Of his Iovial confrorc. an ex-Aderman. well
known to always have money to loan.
'On what collats -
"On general mixed security"
Don't want any mixture. old boy. The last
ten thousand which went out OF my Office is
represented by not less than ten different kinds
Of cats and dogs OF which the best are Chcsa-
peake and Ohio and Coffee Cake and Ice Cream
&C. C. and l. c."
The result Of the variety Of IN $50 " mixed col
luts" is that the rate OF money ranges from foul
per cent. on lrst-class dividend.paying secu
rites TO seven per cent. on cats and dogs.
and II IL the opinion Of the best informed moi
that the bulk Of Wall street money IL tied up il
the latter kind OF securities. Alongside Of thi,
must be keIt in mind the fact that an mmens,
amount Of money is being constantly Withdrawn
from the general stock market and Invested ii
mining securities. some Of which. such rs tn,
Bodie. the Standard. and the Consolidated Pa
cinc. are rapidly increasing in favor with tn,
public They all had heavy drop few day,
ago. but are speedily recovering on the unusu
ally favorable reports OF the progress OF Ia,
work, The Consolidated Pacific is said to have
struck several lodges assaying as high as $500
In few days the Silver Gin Mining Compan,
is to be put upon tho market. and. 10 Judge from
the strength Of its board of directors it is likcl
10 become a staple article of speculation.
The weeks rumors in Wall street were IA nu
mcrous as usual but few Of them deserve AM
patice. The reports Of the development Of tn,
iron industry should not. however. be- over
looked. II the improvement in this branch o
business is really as great as It is reported. I
must have q highly favorable influence upoi
the state Of affairs in the iron and coal districts
There was. at all events. very solid. quiet buy
ing OF the coal stocks and OF the stock and bond
OF the st. Louis and Iron Mountain Railroa,
last week.
: Holders Of Werstern Union will probably b
please TO learn what they will get when MI
W. II. Vanderbilt. now crossing the ocean wild
, lands in New York. They will receive stoc
, dividend OF II per cent and cash dividend O
IL per cent. At the same time a surplus q
1 800 600 will be shown to them. This is a cabl
secret. The Great Untaxed issued his deere
before he left London on his homew0rd Jour
ney.
). A very sensible movement has recently bee
set on foot to close the Stock Exchange durln
the Summer months at one o'clock T. NJ TIL
= sanitary condition of the Wall street fratornit
9 will be greatly improved by this Saturda
= early closing is a rule on all the Exchanges /
. England. and on several exchanges in hi
o country.
4 Tomorrow night there will be an ntorcstin
n sale OF pictures at Leavtt's Art Gallery. TIL
\ collection is apparently composed OF a numbC
i OF small lots sent in from different sources an
q one Of these lots is contributed by NJ. Charlie
J. Detalle. NJ. Detaillo is the youngest brothe
i, and pupil OF the famous Edouard Detaie an
T. an animal painter OF uncommon ability. II
j. has been residing here for several months. an
II has been literally paronized by the sportin
n aristOcracy OF New York Mr.. Belmont NJ
Y Lorilard. Mr.. Keene. and many other wealth
~ admirers OF horse and dog flesh have works
l. NJ Detnflle in their collections and now order