The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-03-28
wan Streer speculators.

Wall Street Spectators.
The stock brokers are dissatisfied with the
present Stock Exchange, notwithstanding the
fact that in one way or another it has cost them
about $2o00,0OO 1t is too small, gloomy and un-
comfortable; 1t Is Gehenna of darkness, poor
air and noise. and weeping and crashing of teeth
would at times not seem out of place. as in pan
les. for instance; whereas at the great Produce
Exchange all is comfort and light, and on the
broad trading floor there is nearly 80. 900 square
feet of room Some one with daring magma
ton now seriously proposes to the governors of
the Stock Exchange that q now exchange shall
be erected on the roofs of most Of the buildings
standing on the same block as the present struct-
ture, taking In the brown stone building which
serves as Delmonicos Broad-street restaurant,
and for which he pays q rent of SIG, 900 year.
AT that height, of course, the Exchange would
consist Of only one story; the roof would be
mainly OF glass, there would be gravel walks,
fountains and parterres of flowers. recalling the
hanging gardens of ancient Babylon. The pro-
ject really finds favor with many shrewd men, it
seems no more absurd than the idea Of elevated
railroads appeared at first 1t is d tradition in
Wall street that in 1872 twenty-four brokers met
under a buttonwood tree in front OF what is now
SO Wall street and laid the foundation of the
present Exchange, though in those times the
business was chiefly done at the CHEEKY old Ton
tine coffee house, at the corner of Wall and Wa
ter streets In 1917, the New York Stock and
Exchange Board was formally organized. and
the members met in the old Merchants Elk
change. from which they were driven by the great
FIRE of 1885, at time they met at AZ Wall street
and later in the building Of the old Courier and
Enquirer, of which Gen. JAS. Watson Webb was
editor in 1912 they returned to the new Mer-
chants Exchange, which is now the custom
house. The Exchange was then close corpora
ton and tried to keep it's transactions secret.
About 1887 the Open Board of Brokers was or
ganized, and failed to force itself the older
body, though it is related that jealous members
Of the younger organization cut away the beams
and dug out the bricks of the regular board
room in order to ascertain bow the market was
going. In 1853 second open board was organ
ized the first having failed, and the latter organ
ization brought the old focy body to TERMS the
two united. and now the Stock EXCHANGE num-
bers l. 100 members. From the buttonwood tree
Of 1902 to the aerial Bsbylonian palace of bust
ness now proposed, is q big stride upward, but if
necessary the New York stock broker will prove
equal to the occasion.
A speculation in coffee will strike many as
strange sort of business venture, yet large
speculation in Rio coffee is now in progress, and
may lead to results more interesting than pleas
ant to the commercial contestants engaged
therein. The leading sbull" is President Sieg
fried Gruner, Of the Cotton Exchange, who came
originally from Bremen. years ago. and began
his business life as clerk for broker in foreign
exchange, and who is well known in German cir
cles of society In New York. being member of
the German Club and the Liederkrapz Society,
not to mention the American Jockey Club. He
is said to hold over one hundred thousand bags,
nearly fifteen million pounds, of Rio coffee,
partly in actual merchandise and partly in OPP
tions. The market has declined materially since
he entered upon the speculation, bat he stands
by his venture with Teutonic discrimination.
w. Fl. Crossman & Co., of Wall street. are his
allies in the speculation, holding about
as large quantity as the round-faced and
jolly Siegfried Grunet. Opposed to them are
the Arbuckle Brothers. who have the largest
establishment in this country for roasting coffee;
it is located In Brooklyn and there they roast no
less than 750, 900 bags of coffee In year, or ap
proximately 100 000, 900 pounds. John Arbuckle
is worth 81, 000, 900. and his brother Charles has
fortune nearly as large. They both came to
New York from Pittsburg. about fifteen years
ago. and in this brief space of time have made
the bulk of their large fortunes by so simple
matter-let painting geniuses hear it--as roasting
coffee. One of the wellknown members of the
coffee trade here is Joseph j. O'Donohue, who
has fortune of at least 81, 600 900, and who is,
moreover, president of the Brooklyn Ferry Com
pany and of the American Order of Hibernians,
a member Of the Manhattan and Downtown
clubs, and one of the stockholders in the Now
York Sum- Little is now heard Of B. G. Arnold.
who was formerly known as the Coffee
King About six years ago he organ
lied CLIQUE, and sought to advance the
about 1O0 900 bags of the Brazilian berry. He
was ruined with the rest Of the clique by de-
cline OF cents bag in the price. He had. il
his wealthiest days, fine mansion in New York
and splendid country-seat at Oak Point, near
the metropolis; his social expenses were $4,000
q year; his fortune was 81, 500 900; he is still
member Of the Chamber of Commerce, as we'll
as the Downtown Club for merchants, located
in Pine street, and also of the Union League
He is a man embittered. not subdued. by mis-
fortune, and has a son Yale graduate, and now
Q coffee broker, who inherits none Of his ability
The great wheat speculation to which lately
referred ia at higher tide than ever Philip D.
Armour, who Ia 1S49 drove a six-mule team
across the plains to reach the new Ell Dorado,
after having been reared ia Watertown, n Y,
who sells $50 600, 900 worth of food products in
year and has 8, 600 men on his pay roll now holds
it is said, about 1000 900 bushels Of wheat while
Baron Woerishofer has nearly 6,000.000. The
big 'bears" in Chicago lately tried to brighten
large holders of wheat were secretly selling. but
there proved to be no foundation for 1t. Henry
Clews lately sold 2,000,0 900 bushels or moro at
moderate profit. and William Baker, James r.
Keene's old broker, sold million. In referring
to the speculation in wheat "options" it is Of in
terest to observe that Liverpool has adopted
system Of option trading In wheat by which she
hopes to become the clearing house for the wheat
commerce Of the world displacing New York
and Chicago at One fell blow, and maxim. even
London q second rate market. In London, how
ever, merchants are considering the advisable
ity Of adopting the American system of option
trading. The New York Produce Exchange
shows some alarm at the prospect of an active
foreign competition In the form of business"
which has made 1t such power, and Is making
arrangements to secure fuller information than
heretofore respecting the state Of foreign mar
kets and the outlook for foreign crops
OSCAR WILLoUGHBY RIGGS.
Pal
There seems to be something funny going on
between Mr.. John W. Mackay and Mr.. James
Gordon Bennett in regard to the Mackay Bennett
cable There have been more than once reports
-or rather whispers-that Mr.. Bennett did not