Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1886-06-27
NEW YORK LETTER
m lvsrxxss AND rEx fEEAsuRss
or GOTHAM.
Val, Street csssips -saseessssi ksof'
eaaisAtiea THE cluos-see'ssy
fsik--Thsstrical 1veafs.

/. <r,....~..c.Ae.eso a the Rscnmond Diapatch.
NEw YORK, June 20, 1886.
Wall street continues TO astonish
he busipsss community by the seem
ipely reckless courage with which
pr;ess Of I'll kinds Of stocks ere ad'
vsncsd and held up ia spite Of very
uptsvorable reports OF earnings, .
steadily increasing competition, and
consequent cutting Of rates. II must
Be said, however, that New York
capitalists hays very little to do with
this movement, and neither tho IN
yessors nor, tho Spectators seem dis
posed to Join the movement. Tnls
i best proven by the fact that the OLD
commission houses which were once
doibe the business Of ali the great
operators complain Of having no bust
ness 1t all now. Everything is done by
The young houses with western connec-
tons and by the Hebrew and German
houses working for European account
To these must be added. OF course
ths so-cslled "room trading" by
the speculative brokers, who work Tor
their own account and jump in and out
according to the indications given 70
them by the action Of the brokers re-
presenting the European and western
interests. But when western specuia-
ton ia spoken Of it must not be sup
posed that Chicago alone Is meant here
with Armour, Nat. Jones, and Keam'
OF course these men are among the
leaders, for they are very bold ana
oberate always IN combination but
he number Of individual spectators
All over the country is becoming per-
fectly surprising, as the books Of the
houses having private wires to inland
cities show. Among such houses there
is one especially which does . tre-
mepdous business, and that lis
the house Of Green Il Bateman.
Two years ago nobody heard OF
this firm. To-day they WELD = tre-
mendous power in the street. Their
extensive offices are crowded all day
long With customers, clerks, and mes
sepeer.boys. and the hustle going on
is such as would give an unconcerned
locker. on q headache. The firm has
over dozen private wires to different
large inland cities, and its reputation
seems to have established itself so well
throughout the States that the orders
they get row by public wires from all
sorts Of places and all sorts of persons
begin to outgrow those that come to
them by their own private wire. 1t
must be said that the two young men
who organized this firm are uncom-
monty clever and smart men, and fully
deserve the success they have achieved.
Bateman, besides being an excellent
fnsncier, is . great yachtsman, has
been recently elected vice-commodore
of the American Yacht Club, and bought
few days ago the mastless steamer
Meteor, which he is converting into q
pleasure-yacht.
SUCCESSFUL RECOMMENDATIONS.
II should be added here that the
strength Of prices at the Stock Exchange
has Of late been greatly helped by a
number Of very successful reorganiza-
tons and consultations among different
roads which have seen some hard times
heretofore. Sharp spectators, as well
ss shrewd investors, do not show aoy
disposition to pay the exorbitant prices
ruling for the old staple securities.
They look for something wherein there
IL chance for q little extra margin OF
profits, and when they see a cheap Sc
curity coming into solid reorganization
they 20 for it. Such is the case, for
instance, with the East Tennessee, Vir-
ginia and Georgia Company, which Is
Just being recognized, and of which
both the consols and the income bonds
have had already a considerable ad-
vance, although the election of the new
Board will take place only next week.
and the concern will pass into their
hands only on the lst Of July. Another
instance of q similar appreciation in
value is the st. Louis and San Fran
cisco railroad, which is undergoing q
process Of consolidation. The bill re-
Gently approved by President Cleve-
land gives the company the right Of
way from Fort Smith, Ark, through
the Indian Territory to Paris, Tex,
and thence to Dallas, over the lines OF
the Gulf, Colorado and Santa Fe. Thus
the St. Louis and San Francisco, in con.
junction with Atchison, Topeka and
Santa Fe, will form one through line
from st. Louis TO Galveston and from
St. Louis TO the Pacific coast. 1t !!
expected that after fixed charges and
per cent. interest on first preferred
stock are paid handsome surplus viii
remain for the second preferred.
BETTING QUESTION.
The betting question is still one o
the most interesting in New York. M
matter where one goes the cOnstan
subject of discussion is, Will there b'
betting or not on such day? Large
sums have been already made owe
several races, such, for instance, as the
one in which Troubadour gave the boy
. surprise. Unpopular report goes 70
anything Mr.. Haggin and his son hav
taken out Of the bookmakers prett!
tidy sum. The old proverb Of !" set
thief to catch thief" was amusingl
illustrated at Sheepshead Bay the othe
day, when the sheriff appeared in a.
his glory to arrest malefactors. Tn
bookmakers had hired detec
tive, who was smarter than the sheriff
officers, and as the dignitary of tn
law advanced, the detective gave warn
ing, and tho states went down lik
wheat before q gale. The police, too
are in With the bookmakers, and on
"cop" who Was detailed to lead tn
posse comitatus, and who had win
ming ticket on the previous race, create
much amusement by rushing forwar
and clipping bin tics.sst behind his bac
% the bookmaker, who handed back II
money before ho was "pulled." a,
other rather amusing inci.Ssent was Il
case Of the millionaire August Be
pops, Who, with Characteristic econ
my, wrote to his trainer to back Lao
Primrose for el00 to win and $50 for
place. The FLY won, and Mr.. Belmo
-s-ks ks~ wnc Ne v,s00s rdly hat IL N