Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-01-08

]
monize in purity and also in size. They
are spread out on white cotton IN the
same manner affected by jewellers in their
/ display of precious stones. Some oil the
collections are very valuable, and several
1 New York women are reputcd to have
received several hundred thousands OF
/ dollars in this form.
Thediamonds are kept in cases of beau
/ tiful and elaborate design. Nearly every
lady has q private safe IN which to lock
them. s ONE, however, who are more
timid and have awholesome fear OF bur
glars. keep their diamonds in safe-de-
post vaults, whence they are taken only
when occasion requires. Among the
! owners Of these collections are some OF
the best known and most prominent so
ciety women The ladies OF the Van
derbilt aud Astor families are known to
| have large collections, as is also Mrs.
! Belmont. As much rs possible the la.
| dies keep the knowledge Of their collec-
tons from the general public for fear of
being unccremoniously relieved Of them
10y thieves.
A SPECULATIVE POTPOUBBI.
1t is interesting to observe that the
business of most OF the great exchanges
OF New York showed q material increase
in the year just ended compared with
/ that Of the previous year. OF course
the Stock Exchange ran FAR behind, be-
cause it is managed on principles OF old
I iogyism that make il the subject of ridi-
Guile and contempt all over the country.
/ Its transactions III stocks fell off nearly
/ seventeen million shares and its bond
sales nearly 90 per cent The sales
of railroad stocks at the ConsOi-
dated Exchange. on the other
hand, exceeded those of last year
by more than ten million shares, and its
/ business in mining stocks increased four
million shares, while the transactions in
railroad bonds and petroleum showed n
/ decrease. The business of the Cotton
/ Exchange showed falling off of more
than five million bales OF futures, but
was considerably larger than in 1885.
The transactions at the Metal Exchange,
! it is needless TO say, were decidedly
/ larger than in 1886, owing to the big
speculation started last spring by the
French syndicate that now practically
controls the market.
The Real Estate Exchange also ran
| ahead Of its previous record, and taking
/ the city over the number OF transfers of
property and the amount Of cOnsidera-
/ ton involved showed a notable increase.
There is probably no better place in the
l East for real estate investments than
New York. Business property below
Fourteenth street is especially valuable.
But tho most notable increase Of bust
ness was Mt the Produce Exchange,
where the transactions in option wheat
exceeded those OF 1886 by two hundred
million bushels, the total being officially
stated at 1,734, 573, 800 bushels. The
sales Of corn futures reached 276, 437, 800
bushels, or more than $4,000, 600 in e1-
cess of the business Of 1886
The foregoing is simply glance at the
facts, as officially stated by the authori-
ties Of the several exchanges, and they
afford interesting food for reflection to
those who watch the currents Of speculs-
ton. They indicate that stock specula-
ton is steadily losing its hold on large
proportion Of the speculative public.
| This has been noticeable for several
wears, hut 1t is now becoming more APP
parent than ever. The Stock Exchange
lists hundreds of millions OF stocks
and bonds every year, which, by
courtesy, are termed securities
That such a designation Is in
many instances the grossest fiat
terry is n fact only too well known. The
exchange has never instituted anything
more than perfunctory examination of
the properties presented for listing, and
little judicious perjury usually accom-
plishes the purpose of the schemers
seeking 10 saddle the public with their
securities" No other measures have
ever been taken to ascertain the value Of
the securities offered for listing, but
sooner or later public opinion will
enforce a more rigid examination
as to the merits of the proper
ties. notwithstanding the undenia-
ble difficulties involved In such an I'M
dertaking. OF course many of these
stocks and bonds have genuine value,
but there is enough chaff on the wheat
to call for serious attention. The eX-
change, moreover, maintains its high
commission of one eighth Of / per cent.
for both buying and selling, and it does
not encourage trading III small lots.
The members of the Stock Exchange
would sneer at an order for ten shares,
yet it is by just such business, together
with reasonable commissions that the
Consolidated Exchange has become
its formidable rival. The atti-
tude of the Stock Exchange brokers
towards the general public has been
so supercilious they have ratified off bull
points one minute and bear points
the next with such voluble impotence,
they have charged such high rates for
commissions and interest, that hundreds
of people have become disguised with
Wall street, and have tried other specu-
lative fields. Big manipulstors like MIR.
Gould, however are largely responsible
for this speculative hegira. There arc
hundreds of persons who viii not touch |
n stock in which he is at all interested.
NEW STARS.
And so new financial consultations |
are attracting more aud more atten-
ton. In Wall street Jay Gould, |
Russell Sage, Addison Cammack. !
S. V. White, Arthur Bateman, and |
Thomas Pearsall are the chief |
figures in speculation but they attract |
far less attention than formerly The |
big grain operators really outshine them
in the existing dulness of stock specu-
lation. They are fully equalled in tinan-
cial acumen by such leaders as n. b. !
Ream, Hutchison, n. $. Jones, Charles |
Rous, and Id. Cottrell. Many persons
favor speculation in produce rather than
in stocks, because in the one case they |
at least get something for their money, |
while in the other they may be Obliged |
to pay considerable for worthless
piece Of paper.
The prominence of certain operators
on the other exchanges is significant and
points 10 the fact that the Stock Ex-
change has permanent and formidable
rivals Until only few years ago Wall
street houses practically ignored the
grain speculation, but now they are glad
TO get orders 10 execute on the Produce
Exchange or the Chicago Board OF
Trade. And the introduction of cot
ton as a speculative football in
Wall street is of still more recent date