Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-07-04

and the Baltimore and Ohio Telegraph
But there Is not word
Of truth in the reports circulated.
Gould and Garrett have not aeen each
other for many months, and the ques-
ton Of pooling on consolidation Is 20
far not even mentioned at the offices OF
either Of the companies. There can be
but little doubt that day will come
" hen the whole telegraph service Of the
country will be under one management
whether that be the Government or Q
joint stock company, but that day Is
far off yet. The war between the com
peting lines and cables will be carried
to the bitter end, and Jay Gould said
some time ago that il the Western
Union ever consolidated with any Of the
rival lines it would be only with those
which will be offered for sale by the
sheriff. If under such circumstances
the Western Union stock remained so
strong it is only because there is pool
in it, said to be composed OF Victor
the Wormsers, and some OF
the Chicago spectators. 1t is reported
that the pool has about 100, 900 shares
on hand. II 80, there is not the slight
est chance Of It's being liquidated with
a profit.
The general stock market is in a
condition which precludes all chance Of
an outsider to make money. Stocks
are too high to buy them and are so
pooled that it is not safe to sell them
short. The only way to make little
money is to take flyer in the securi-
ties of one Of the companies undergoing
There are about half a
dozen of them on the list, but man
must 60 very cautiously even here.
SPORTING GOSSIP.
The spring meeting Of the Coney.
Island JOckey-Club closed on Wednes-
day by the defeat Of two Of Dryers
cracks-the famous Pontiac and the
FLY for which they
paid s29, 900. The train which started
for New York after the races was so
heavy that the engine broke down, and
the sporting fraternity was belated by
two or three hours. When about 9
O'Clock, the bookmakers rushed, their
tin boxes in hand, past the New York
Club, an old stager remarked:
"A funny world this is. These fell
lows skin the public on the track and
are skinned in turn in Wall street.
Every one of them CANDLES in stocks,
as if they had not enough Of their legiti-
mate gambling. And as they have
neither the time nor the opportunities
for posting themselves, they almost in
variably lose. Much the same thing is
true of stock-gamblers. They have
not enough Of Wall street, it seems.
They all bet on races, and when these
are over a good many Of them proceed
TO bet at the faro or poker-table."
SOME GREAT BANKS AND BANKERS.
/ was talking the other evening with
a well.informed person about some oil
the great New York banks and their
history. One Of the finest structures
in the business quarter Of New York is
that which is owned jointly by the
Mechanics Bank and the Manhattan
Company. 1t is great architectural
gem in gray granite on the north side
Of Wall street not far from Broad. 1t
is a curious fact that this company was
in Incorporated in 1899 through ruse do
vised by Aaron Burr. Some years pre-
yiouS, with the aid Of Alexander Ham
ilton, a charter had been granted to the
first bank ever established in this coun.
try-the Bank of New York-and
the venture proving enormously
profitable, Aaron Burr and his
friends determined to enter the same
tempting field. AS their political op'
ponents were in power in Albany, to
secure the much-coyeted charter they
were obliged to conceal their real OBJ
jects and apply for charter to furnish
the city with water, with the provision
that any surplus capital of the company
might be employed as it should deter
NINE. This opened the necessary loop
hole, and the company is still in exist
ence. 1t has an old we'll in Read'
street, and any mischief-loving person
can compel this proud corporation
under pain Of forfeiture Of its charter
to furnish him with water. The Banl
of New York and the Manhattan ar,
the oldest banking institutions in thi
country. They stand as memorials II
some sense of the struggles in financ,
and IN politics Of the high-souled Alex
der Hamilton and the restless, crafty
and blood. stained Aaron Burr.
The two wealthiest banks in Ne7
York are the American Exchange an'
the Bank of Commerce, both Of whic|
have a capital of about 100000
The president Of the American Ex
change Bank is George S. Coe. lie i
a descendant of John and Priscilla Al
den, who came over in the Msyliower
Mr.. Coe has been in the banking bust
ness for thirty-five years, and for twent,
years he has been regarded one OF tn
leading bankers of the United States
lie is now about sixty-five years Of age
and his fortune amounts to 3l,0OO,OOO
He is a man Of deep religious conyiC
tons. In the modern financier there
the religious earnestness of John an
Priscilla Alden, whom Longfellow ha
immortalized.
Another proof Of the fact that Ia
Consolidated Stock and Petroleum ES
change is pressing the Stock Exchang
in the race for business is seen IN tn
movement 10 secure new building 10
the younger body. The Stock Exchang
is in many respects humbug. 1t
commissions are too large it is old
fogyish and not entitled to the supper
of the public. 1t is swelled up wit
ridiculous pride and thrusts its hea
into its gold piles like an ostrich and RI
fuses to see its danger.
ROMANCE OF THE GLOVE.