The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1884-06-17
PROTESTED PAPER.
Jay Gould Redeems the Protested
Wabash Notes
why He Let Them Go 10 Protest.
Trusting Natures Generosity
Comment on Wall Street
Business.

NEW YORK, June 17-Jay Gould, through
his brokerage firm, w. E. Conner & Co re-
deemed notes of the Wabash, st. Louis &
Pacific Railroad company amounting to $685.
600, with accrued interest and fees Most OF
these and other notes Of the company ma
tured between the middle of Nav and the be-
ginning of June, and were held by various
banks and private persons throughout the
country, who sent them through their New
York agents for collection. They bore the
joint indors ment of Jay Gould, Russell
Sage, Scion Humphreys (thc New York re-
ceiver Of the Wabash road, and Sidney
Dillon. When they became due Receiver
Humphreys was absent in st. Lonis. The
company was in a state of transition from
the owners to the receiver, and the bank
gave notice to the first indorser, Mr..
Gould, who advised the paper be sent
to protest, which was done. This
course was preferred by Gould as it
made each indorser equally liable to the
holders. The notes can be converted into
receivers certificates, bearing per cent.
interest which, being first lien on the prop
erty, make them perfectly safe security.
1t is estimated that there are about Sc 000,-
600 of these notes now outstanding, which
were issued for monies expended for the gen.
eral betterment of the property. Mr.. Con-
nor said that Russell Sage has been again
benefiting his fellowmen by redeeming them
from timid holders to the amount of $270,-
600 to $500, 600 at more or less prodigious
discount. Mr.. Sage was "too busy" to con-
verse on the subject
Jay Gould is tusseling with Wall street
again. and his old-time ingenuity stands him
yet well so far as the street itself is con-
cerned. That means that he still keeps half
the brokers' offices battling adversely with
expenses far ahead of receipts The public
have protited by the warnings of ex-
way. There has been no reason to
doubt for a long time that the mar
ket was wholly in the hands of the manipu-
latoS The faint hope that the recent
| storm might purify the financial air has
been suppressed, and except that prices
range lower than in the winter, there is lit
| tie indication of sounder situation than
| then existed.
Gould knows and says to his friends that
be is taking chances on the generosity Of
nature, and that corn reports AMI a better
outlook for railroad and other business must
| come to his aid before general confidence car
/ be restored
One of Gould's hopes has been Vanderbilt
on whose return he has depended for support
but so far Vanderbilt has kept hands off
and there is little reason to suppose that aftel
last winters nipping he will have more thar
passing regard for Goulds wishes The
| fight into which Gould has plunged is more
serious for himself evidently than any of hi.
| former experiences, for the public i:
| keenly distrustful of him, and the field
| of his operations has been dangerously re
stricted. Vanderbilt may take interest
the possible acquisition of West Shore K
help along matters beyond the end OF thi,
month, which will be a critical period be
cause of the large payments in interests anC
| dividends then due. If Vanderbilt's interest
should demand even that of him, Gould wouIr
| probably consider him an ally just now.
A curious but conclusive evidence of grow
ing rottenness in speculative properties
that as stocks have advanced bonds have de
clined. This is one of the symptoms of tn
approach of more receivers, who from al
signs will constitute quite an import
ant element before long i'll the rail
road business of the country; an
with receivers vested by law with power t
issue certificates that will take precedence @
all other Indebtedness, bondholders will hav
genuine cause for anxiety with, regard t
their securities. The only safe side of til
market now is clearly the outside.