Savannah morning news. [volume] (Savannah) 1868-1887, 1886-06-28
WALL STREET OPERATIONS.
The Reckless Courage Displayed in
Advancing PriceA.

Ginues 70 astODish the business commu-
nifty by the seemingly reckless courage
with which prices Of all kinds of stocks
are advanced and held up in spite OF very
unfavOrable reports Of earnings, stead
lily increasing competition and conse-
quent cutting OF rates. 1t must be said,
however. that New York capitalists have
very little to do with this movement, and
neither the investors nor the spectators
seem disposed to join the movement. This
ia best proven by the fact that the Old
commission houses which were once do
ing the business OF all the great opera
tors complain Of having no business
at all now. Everything is done by
the young houses with Western cOnnec-
tions, and by the Hebrew and German
houses working for European account
To these must be added, of course, the So
called ''rOOm trading" by the speculative
brokers who work for their own account
and lump in and out according to the in
dications gIVeA to them by the action Of
the brokers representing the European
and Western interests. But when Western
speculation is spoken OF, it must not be
supposed that Chicago alone is meant
here, with Armour, Nat Jones and Ream.
or course these men are among the
leaders, for they are very bold and
operate always in combination. But the
number of individual spectators all
over the country is becoming perfectly
surprising, as the books OF the houses haY-
ing private wires 10 inland cities show.
Among such houses there is one especial
. which does a tremendous business, and
that is the house of Green & BaUeman.
Two years ago nobody heard OF this firm.
To-day they WELD tremendous power in
the street Their extensive Offices are
crowded all day long with customers,
clerks and messenger boys, and the bus
tie going on IL such as would give an UNI
concerned lOoker-On headache. The
firm has over dozen private wires to dit
ferent large inlandc tiles, and its repu-
tatiOn seems to have established
itself so well throughout the States that
the orders they get now by public wires
from all sorts of places and all sorts of
persons begin to 0utgrOw those that come
TO them by their own private wire. 1t
must be said that the TWO young men
who organized this firm are uncOmmOnly
clever and smart men and fully deserve
the success they have achieved. Bate
man, besides being an excellent hnancIer,
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 pleasure yacht.
1t should be added here that the strength
OF prices az the Stock Exchange has OF late
successful reorganizatIOus and cOnsOlida-
tlons among different roads which have
seen some hard times heretofore. Sharp
Spectators. as well as shrewd investors,
do not show any disposition to pay the
eXOrbltant prices ruling for the old staple
securities. They look for something
wherein there is chance for a little
extra margin of profits, and when they
see a cheapSecurIty coming into solid
N 10 nj hAy IN fp Gr,o fa
case, for instance, with the East Tennes-
see, Virginia and Georgia Company,
which is just being reOTganized, and OF
which both the cOnsOls and the income
bonds had already a considerable advance,
although the election OF the new board
will take place only next week, and the
concern Will pass into their hands only on
July l. Another instance of a similar
appreciation in value is the St. Louis and
San Francisco railroad, which is undergo
ing aprocess OF consolidation. The bill re-
Gently approved by President Cleveland
gives the company the right Of way from
Fort Smith, Ark, through the Indian Ter
TitOry to Paris, Tex, and thence TO Dallas.
over the lines OF the Gulf, Colorado and
sSanta Fe. Thus the st. Louis and San
Francisco, in conjunction with AtchisOn.
Topeka and Santa Fe, will form one
through line from st. Louis to Galveston
and from st. Louis TO the Pacific coast.
Ii is expected that after liked charges and
7 per cent. interest on first preferred stock
are paid a handsome surplus will remain
for the second preferred.
Y The betting question is still one Of the
most interesting in New York. NOmat-
ter where one goes the constant subject
o! discussion 10, will there be betting or
not, on such a day. Large sums have
been already made over several races,
such, Tor instance, as the one in which
Troubadour gave the boys a surprise If
popular report goes for anything, Mr..
Haggin aud his son have taken out of the
bOokmakers pretty tidy sum. The old
proyerb offset tibet TO catch thiet''
was amusingly illustrated at Sleeps
mead bay the other day, when
the Sheriff appeared in all his
glory to arrest malefactOrs. The book
makers had hired a detective. who was
smarter than the SherIf's officers, and as
the dignity of the law advanced, the de-
tectlye gave warning and the states went
down like wheat before a gale. The DO
lice, too, are in with the boOkmakers. and
one cop" who was detailed TO lead tine
posse comltatus, and who had a winning
ticket on the previous race, created
much amusement by rushing
forward and slipping his ticket
behind his back TO the book
maker, who handed back the money be-
fore he was "pulled.N Another rather
amusing incident was the case of the
millionaire, August Belmont, who with
characteristic economy wrote to his
trainer to back Lady Primrose for 500 20
win and $50 for place. The hlly won,
and MIR. Belmont might have won his mig
gardly bet II the letter had been received
IN time, but the post was late and The tel
egraph seems TO have been too expensive.
The young and enterprising Cbarles l..
DelmOnico will open one more establish
ment next week at 81 Broadway, be-
tween Worth and Leonard streets, in the
very heart OF the dry goods district. lie
has secured seven years lease of the
premises at a rent Of $1,000 a wear. and
is making the most complete and well ap-
pointed restaurant and cafe in the citv.
This new departure will not Increase the
number Of DclmOncOs famous establish
Inents. he having closed the one tor many
years located in the Equitable building
on account OF the enormously high rent
demanded.
During the late striking boom" IN this
CITY il was rumOred that tue army Of
waters employed ln Delmonic0's yarou,
establishments would 80 out on q strike,
bun the apprehension proved unlOunded.
san francisco. however, WIS not 50 for
lunate. A short time ago the employees Of
all the leading reetaurants OF that civ
quilted work and refused 20 resume
uutil their hours OF labor had been re.
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