St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-06
WALL STREET CHITCHAT.
Notes and Gossip From the s ocic Exchange
-HOU millionaire BankrWpts Enjoy
Life While Creditors Mourn.
From the New York World

Notes and Gossip From the Ock Exchange
-How millionaire Bankrupts Enjoy
Life White Creditors Mourn.
From the New York World.
The men who have been bankrupted by
the great depreciation in Wall street during
the past twelve months do not all seem to be
suffering for the necessities or even the lux
uries of life. James d. Fish continues to
reside in his high-priced and luxurious apart
ments uptown. Ferdinand d. Ward keeps
up style in Ludlow street Jail. Gen. Grant,
the victim of their operations, still treads on
tapestry carpets and writes his recollections
Of the war on deliberately carved mahogany
tables. George |. Seney has given up his
Brooklyn mansion and his gallery Of paint
ings, but resides in comfort and elegance in
this city, and his daughters still have the
means to enter society. James r. KeeDe's
failure has not reduced him to perjury. He
appears to subsist in reasonable happiness
and has just pain up his last years penalties
on the English turf. Henry Willard has
taken his daughters to Germany to perfect
their education. Fisk g. Hatch, Donnel,
Lawson d Simpson, Hotchkss, Burnham ~
Co. and other houses which went down in
the financial crash of last year have contriyed
10 continue in business.
The fact is that when a millionaire fails, 1t
by no means follows that every dollar has
been swept away. 1t is generally the case
that he or his wife saves something out of
the wreck. As an illustration OF this am
reminded Of an interview | had not long ago
with gentleman who said, abiding to his
failure several years previous;
al came down to Wall street one day
worth SO, 600, 900. When / went home at
night was penniless."
"Wbatl absolutely pennilessl"
"Wel, practically so; to be sure, / saved
my seut in the stock exchange and about
$50, 900 in cash, but what did that amount
tol From an income Of $150,000 l was
obliged to live on Sc, 900.
To majority of people such an income
would seem princely, but to this gentleman
it meant poverty. 1t has been said that In
New York no man is so poor as he who has
a yearly income of $4,000.
With the exception Of the chamber Of COM
merce no institution in America contains so
much wealth as the stock exchange. The
recent election Of Coils P. Huntington adds
several millions 10 its riches. As Mr. Geo
j. Gould has purchased a seat, and is pretty
sure 10 be elected in week or two, the ex-
change viii have on its roll Of mem ersbip
.be heir of one Of the richest men in the
world. Russell Sage, who can command
more ready ''cssh'' than any other man on
Wall street was elected in 1874. j. d. Rock
efeller and William Rockefeller the two
Standard Oil company milliOuaires, have
been members for two or three years. James
Seligman, the banker, has been member
since 1879.
None OF the Vanderbilts are members. but
one of the sous-in-law, DR.. W. ). Webb, was
a member until a week or 50 ago. when, on
his election as president Of the Wagner car
company, be transferred bis seat 70 DIS
brother. There is a growing sentiment IN
the exchange IN favor Of making members
all the prominent operators who may desire
10 enter. Their names would strengthen
the exchange and they would save 80 per
cent in the amount Of their commissions,
for mem ers can get securities bought or
cold for them at half the rates charged TO
pon-members. This is the only reason why
sage paid a high price for his seat. During
the eleven Years be has been member he
has never once stepped bis foot into the ex-
change.
It's not at all likely that Mr.. Huntington
will ever personally execute an order in the
board-roeu. He purchased a seat, he says,
for the zane reason that another man would
buy & diamond. HuDtin gton believes that a
membership, Ike diamond, will be always
negotiable, aad is not likely 70 fuetuate
much in value. The Rockefellers have never
sppeared in the board-roOm. About once q
wear Addison Camrnack shows bimseifiD the
exchange, but be rarely, If eyer, trzDsacts
any business there in person.
Charles T. Woerisbofsr has the qualities