The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-07-04
TIE NEW YORK MARKET.
Gmrishoffer's Fortune-The Ups and Downs
of Stocks and Bonds-Telegrsph Rumors.

BDecial to the indianapolis Journal.
New York, July 3-There was good deal OF
guessing INDUCED in in Wall street in regard to
the fortune which the wellknown speculaior,
Charles +. Warishoffer, left at the time of his
death Some people said that it would not
amount to more than 81, ,0O0. 600, while others es
timated it at $S,OOO 900 or $l0,000,OOO. AS his
widow is the only executrix Of the estate. and as
the estate consists mainly of securities which
have to be sold very quietly when the market
shows willingness to take them, it is very
likely that the exact amount of money which
this bold specuator left to bis widow and
two infant girls will never be known. But
among men who have been formerly closely
connected with Wgrshoffer's Office the prevail
ing belief is that if carefully and slowly handled
his estate will clear between So, ,000, 900 and &c.,
600, ,000 He is said to have left a great many
bad securities, such as those of the Mexican and
the Denver railroads, but he left also some very
good ones. and prominent among these are the
bonds of the St Louis, Arkansas & Texas,
which have of late been in active demand at
steadily advancing prices. They sold as high as
they sell today several mouths ago; but when
Woerishofer died it was supposed that good
many O1 bu0u1 WOuiu COul0 upOu Lil0 ulhFk0t anu
the price had heavy drop in consequences
few days ago, however, it became known that
the widow had decided not to sell any of these
bonds, and their price Immediately regained all
tie loss it had sustained.
The capitalization OF the road is, compara-
lively speaking, very modest one. being only
B13. GOO per mile of first mortgage per cent.
gold bonds, $l3 600 per mile of second mortgage
6 per cent gold bonds, and $4,000 per mile of
stOck, The first l99ortgage. beqds sell at about
hppear to be very fair speculative purchase.
Jay Goud seems to be at his old tricks again.
The reorganization Of the Texas Pacific is caus-
Ing very bitter feeling against him. 1t is
Rverrod that he and his friends have built the
New Orleans Pacific and Rio Grand divisions,
making pile of money through the construction
company, and selling at the same time the secu-
ties of these branches. After that they
began to run the whole of the Texas
Pacific system in the interest of Missouri
Pacific Now they try to enter into an agree
ment with the Eastern division brndholders.
giving them a large slice of the reorganized
property, on the condition that these bondhold-
ers are to assist the Missouri Pacific manage
meat in securing enough stock to control the
Texas Pacific. Thus people who bought the Sc
eurities which Gould and his friends manufact
nred are now contemplating the pleasant pros
pect of being slaughtered by him. Investors
Rnd Spectators, however, both in and out of
Wall street, have of late become much more
shrewd, and it will be a hard thing for Jay
Gould TO float any new security if he succeeds in
carrying through this socalled Wistar plan of
reorganization. The chances of his succeeding,
however are somewhat slim, for the opposition
On the part of the security holders promises to
be q very serious one.
There were during the week endless rumors
Df an agreement between Gould and Garrett in
regard to pooling agreement between the
Western Union and the Baltimore & Ohio tele
graph companies But there is not a word of
truth in the reports circulated Gould and Gar
ret have not seen each other for many months,
and the question of pooling or consolidation Is so
Tar not even mentioned at the Offices of either of
the companies There can be little doubt that
day will come when the whole telegraph service
Df the country will be under one management
whether that be the government or o joint stock
Eompany), but that day is far off yet The war
between the competing lines and cables will
be carried to the bitter end. and Jay
Gould said some time ago that if 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 re-
nained so strong 1t is only because there is a
pool in it, said to be composed of Victor New
tomb, the Wormsers and some of the Chicago
BDeculators. 1t is reported that the pool has
about 100, 900 shares on han0 If so, there is not
Ehe slightest chance Of its being lquidated with
profit.
The general stock market is in condition
which precludes all chance of an outsider to
make money. Stocks are too high to buy them,
Ind are pooled that it is not safe to sell them
short The only way to make little money is
20 take flyer in the securities of of the
panies undergoing reorganization. There are
About half dozen of them on the list but q
man must so very cautiously even here.
RIGoLo