Los Angeles daily herald., 1888-01-12
DAILY HERALD.
WALL STREET GHOSTS.
rannncial Wrecks that Frequent
Their old Maunts.

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Wan street ghost, however, differs
ftum the usual variety of supernatural
of fevered intellects.
fhey look well fed; some Of them
have complexions suggestive Of purple
hued and comfortable Burgundy.
Perhaps they don't dress quite as
naftilv as before their financial disso-
7ufion. the diamonds and dazzling car
rinree and fine mansions of the old
days are lacking, and there are other
nerioun evidences in their daily routine
thnf marx them as relics of financial
activity and hardihood, but they are
unmisfakably there and to be seen
any day in q stroll through the streets
nesr the Stock Exchange or upon the
marble tiles in Delmonico's.
There are big ghosts and little
ghosts in that neighborbood OF miill-
ons, and for every shadow Of q finan,
cial Cesar there are hundreds and
porhaps thousands whose immaterlal-
~ and financial disembodiment are
knoWn only to the brokers, or are
food for the twaddling gossips OF the
bucket-shops. It is curious to note
that in ! travel through the country,
and particularly in Western farm
inR districts, some insignificant
reiics Of financial expectations
ere occasionally met, but the
great ghosts Of the street remain to
haunt its precints until they expiate
finally their financial sins and 60 to
some financial heaven via. material
graveyard. The explanation of this
b that the little ghosts are hopeless Of
rehabilitation in golden flesh, while
the big ghosts are occasionally buoyed
up with the hope that the shadow
q their former financial greatness will
materialize and they be restored to at
least competence.
At present there are seven great
Wall street ghosts. They are Sam
Mills, John A. Tobin, Henry N.
Smith, Rufus Hatch, John Pondir,
Alden B. Stockwell and James R.
Keene. At one time the collective
fertune of this group was estimated at
~, 900 900. There was many stout
struggle before financial dissolution
ovorcame them, and at occasional in
torvals there have been indications
Of spasmodic resuscitation for some
Of them, but these have flickered and
waned almost before they were per-
ceptible to the quick eye and keen at
tention Of Wall street graveyard
watchmen.
Some fool born to puzzle wise men
with questions has asked how Wall
street ghost lives. A fitanswer would
be that he doesn't; he merely exists
but one Of the best known men on the
street gave q more serious answer:
Zone or two in their palmy days. -
he said, "stowed away little in their
Wife's name. The interest of that
money nets q comfortable living to the
family, but leaves the ghost no funds
to reyel in the enthusiasm of their lives
stock speculations. When the desire
TO take q flyer becomes insupportable,
and the mania does not come over
them with irresistible force often,
they ask some old broker friend to
give them q chance, that is, to take
the risk for them, giving them the
profit, if any accrues. Such request
Is generally backed by what the ghost
considers sound Information as to the
course of the stock he asks the broker
to tackle for him. You see these ghosts
float around and sometimes corral
early information, particularly Of bob
pools, and sometimes, especially if
their old broker friends are in a gen.
erous mood, they rake 500 or 5000
ont of the battle. Some Of these
brokers made fortunes from these
ghosts in the day. when each one OF
these ghosts swung from $4,000 to
100 600 shares of stocks in a week.
Al q rule when the broker declines to
b generous he tells the ghost that
he, the broker, will limit his loss on
the dyer to ! per cent, or 500. Some
times, l am sorry to say, brokers have
refused the modest requests of old
patrons who put hundreds of thou
sands into the brokers' pockets. Some
Of the brokers look upon the requests
Of the ghosts as a faro-dealer would
upon . player who had gone broke
and wanted to borrow stack of blues
to buck against the bank and possibly
win. ! have known of brokers fatty
refusing to grant the modest petition
to buy 100 shares for an old patron.
"Some of these ghosts may not
have cents worth Of interest in the
market, but they jabber away just as
in the old days about earnings and
possible dividends, and dissect the
financial and railroad news just as
carefully as in the days when they
were ON top and admired. Wall street
i thoroughly selfish, and perhaps in
the main coldly heartless-a winner
Is Z trump, q loser is neglected, and
20, on the whole, the ghosts are
locked upon as hangers-on, and are
cften spoken of as bores."
A glance at the record of some
q these ghosts recalls the days when
Sam Mills was the favorite broker
Of Jay Gould. Mr.. Mills was then
head of the great house of S. M.
Mills & Co., and at one time could
draw his check for $1,000, 900.
George Stayner, Henry s. Ives
49, cA.o4 Woo OuCc q 6pOCldl partner
in Mr.. Mills firm. Ten years ago
4Y. Mills forsook the chance tor
additional millions as Mr.. Gornd's
favoaite broker, and with Mr.. Keene
aRrayed himself against his old pa
tron. Mr.. Mills lost the bulk of his
tortune in q deal in Western Union
aGninst Mr.. Gould, and the odd thou
nnud1 at his command were swept
sway later.
NJ. Keene was badly singed, but
~ did not succumb until five years
70. When Keene came to New York
~ had n, ,O00, 900 that he could coma
znand at half an hours notice. He
plunged in and rolled the $4,000. 900
up % ~, ,O00, 900. He then crossed
UWocds with Mr.. Gould, speculated
hnoyily Ia wheat, lard and opium.
md later in puts, calls and all sorts Of
pfivilegee, and became so extended
IN be went down strangled by his
IN complications.
Jphn A Tobin is one of the most in
lt1u1ing ghosts Of the street. At one
- he wns President Of the Hudson
31y9e Railroad Company. He en-