St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1884-02-18
BEARISH TALK.
"Rigolo" Doesn't Take Stock in
Recent Advances,
And Accounts for Them ON the Ground
of Manipulation.
Gould and Vanderbilt at the Bottom Of the
Market.
Especial Telegram to the Globe

| to-morroW It would be difficult to imagine
anything more impudent and reckless in
the day of speculation than the present bull
campaign in Wall street. In spite of the
most adverse influences, like the disastrous
food, the almost complete stoppage of ex-
| ports, the absolute want of public confidence
the stagnation of every branch of mercantile
and industrial business, the heavy decrease
in railroad earnings and the protracted bitter
war of rates among the great corporations,
two men take hold of the market and put
the prices of securities up at speed which
would be considered risky, even if the gen.
eral state of affairs had been full Of the most
brilliant prospects. The intelligence of Jay
Gould and the wealth of w. H. Vanderbilt
have done wonders within the last five or six
weeks. There is not bear left within
radius of a mile of the stock ex-
change, and with very few exceptions,
every newspaper invites the public to buy
stocks and promises big profits. True, that
so far the public remains deaf, and does not
respond to the invitation; but the hosting
apparatus is kept steadily at work, and from
$50, 900 to 300, 900 shares are daily ''washed''
out in the board room for the purpose of
working up quotations. On Saturday nearly
365, 900 shares were dealt in, but it is ques-
tionable whether one per cent. of the amount
was bought for bona fide investment
The whole object of the immense transact
ion was to close the markat strong and active,
to have the prices telegraphed ON Sunday all
over the sta tes, and to secure few country
orders from people who have little money to
spare, and who love to gamble. Of course
the low rate of interest which money COM
mands at present is of immense help to Mr.
Gould and Mr.. Vanderbilt.
In every large city of this wonderfully rich
country there are dozens of antedeluvian To-
gies who have accumulated money and hate
the idea of not being able to get more than 2
OF ~ per cent. on it. The moment they
read in the newspapers that Vanderbilt and
Gould have come to the front and see quo
tations going up, they begin to ''buy little
just for a turn and are now absorbing a
few dividend-paying stocks at 10 and 10
points higher than they could have bought
them month ago. They have been badly
| hurt though before. and won't buy much.
| Much to the disgust of Jay Gould, w. H.
| Vanderbilt continues to talk to newspaper
reporters almost every day, and naturally
says great deal of nonsense. The other
day, for instance, he said that there was
| plenty of confidence in American securities,
and that they were sending all their monep
over here. Where do they send it to unless
it be privately to the tender care of Mr.. Gould,
| Mr.. Field, Mr.. Sage and himseifl They GER
| tafply do not send it to any
of the bankers, all Of whom
report big blocks of stock coming back If
Mr. Vanderbilt were in the habit of occa-
sionally reading foreign papers he would
have seen what Europe thinks of himself,
his side partners and his and their securities,
and would probably not have the courage to
relate such rubbish He has been of late
branding most respectable men with all sorts
of choice epithets. The managers of the
West Shore were recently declared by him to
be blackmailers. The bear party
Travers, Commack, Ben. Carver,
and other respected veterans of Wall street
were declared to be ''cheap fellows" and
''sneak thieves" Now he goes for Mr..
Cable, president of the Rock Island railroad,
because Mr. Cable would not consent to run
his road in the interest of the Northwestern,
| which is a Vanderbilt family concern.
Among all who know him Mr.. Cable has the
reputation of being one of the ablest railroad
men in the country, and thoroughly hon
est and straightforward gentleman. But Mr..
Vanderbilt dors not find words strong enough
to use when he speaks of him. Does he
think by chance that the confidence of Eu-
ropean investors will increase after they
have read his utterances?
The great engine of the Chicago market is
now what is known as ''the big four" 1t is
composed of Messrs. Ream, Jones, Singer
and Cudahy. They have almost as much
power there as Gould and Vanderbilt have
here, but they differ from the latter in being
Indifferent as to which side of the
market they operate on. At the
present moment 'sthe big four'
are supposed to be loaded up with wheat
which they bought against their own convic-
tions in order to get turn OF the market.
But the European situation has convinced
them that they were wrong, and they are re-
ported to have begun selling on Saturday. If
it is so the Chicago market will have a lively
time this week.