The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-10-11
WALL STREET walked UP.
The RENEWED ACTIVITY ON THE
GREAT EXCHANGES

GREA EXCHANGES.
How Business is Beng Done in ano
About Wall Street.-The Little Wizard
and His Work Methods of the Great
Operetors-The Commercial Outlook.
NEW YORK, Oot. lO-''Hls touch Is
death, I" said Commodore Vanderbilt, REFER
ring to Jay Gould, In old days before Mr.
Gould had achieved bis present celebrity
The recent events Ia the stock market re-
calls the saying. A buoyant bull specula-
ton, soaring prices. and then tue eagle at
least wounded by a financial Nimrod Win
poisoned shaft, the deferring of the Union
Pacific dividend Still this is regarded as
only a temporary setback crop OF
1900, 00O, 0OO bushels of corn, O,OOO,0 OO TO
SIS, 100000 bushels of wheat, 7Oo,OOV,-
900 bushels of oats, and 1,oOO,OOO
bales of cotton in this country; q shortage
of over 100. 900, 900 bushels of wheat in the
European supply, larger markets for Amerl-
can provisions, large east-bJund tonnage Tor
the railroads, and a steadily augmentlng
west-bound traffic as the general trade OF
the country improves, prospective large I'M
ports of gold-there are the factors which
Wall street believes are certain TO tell IN
the long run. Mr.. Gould has not de,
rallied the locomotive, but only creased
the tracks A little sand from the bull
leaders and the train will move ahead.
Large crops ling at good prices will en-
able farmers not only to pay off mortgages,
which will increase the supply of ieanAbls
funds, but also to make larger purchases of
general merchandise. thus stimulating trade
in ali the great distributing points in the
country The total bank cleariugs at sixty
cities last week was Is per cent larger than
in the same week last year. Stock specula-
ton has latterly awakened as from a Rip
Van Wrinkle sleep.
There is a T-shaped building in the lower
part of New York which is hardly less cele-
brated than the Egyptian Labyrinth with
Its three thousand rooms. 1t Is the stock
exchange In the one you lost your loca-
tion; in the other your money. There is
this whimsical analogy between the two
something is lost. Glance in the Cave of
the Winds. the home that Oelus would
have loved. Or it might be llkened to a
mecca to which thousands of Mormon wor-
shippers make their pilgrimage Four
great chandeliers Of electric lights shed
their radiance over the scene, over the
groups Of excited men, the lofty eiled
room decorated in quiet tones of gray and
red, with Scotch marble and Ionic pillars.
Brokers are rushing in from the three en-
frances on Broad, New and Wall streets.
The entrance on Wall street is so small that
it would ordinarily be passed by unnoticed.
Along the New street side Of the board
room are bulletin boards in yellow, black,
red and gray on which figures mysteri-
ously appear and disappear. The num-
Der "12' is suddenly displayed, then
Gil, then e79. This means that members
having that number assigned to them have
been called for at some one of the numer-
GUS entrances, and he is supposed to glance
up at this bulletin from time to time, to see
If he is wanted by anyone from outside It
would be useless to go about shouting the
name as is done on the produce and cotton
exchanges; it would be mere lullaby in a
whirlwlnd. so the simple device of dis
playing member's number by electricity
is employed instead. Most of the
brokers ere bareheaded, for the day is warm
and close. Many of = them wear short
linen office coats. Not few have straw
hats regardless Of the unwritten law of the
foor that they shall be called in" on Sep
TENDER aud smashed il worn after that
date. Different stocks traded in around
different posts bearing the names Of the
stocks, as st Paul" missouri Pacific.
"Union Pacific" A settee surrounded eacf
post, and brokers who are not trading sill
there. Some are reading newspapers some
are coating, others are sitting cross-legged,
hands in pockets, with listless air Others
wander about awaiting orders, or they stop
each other and whisper mysteriously Ia the
ear. Around the posts Of other stocks there
Is shouting and pushing and a noise rising
into shrek from some broker excited by
the rise or fail of quotations. and freeing
his lungs in manner that would interest a
Sioux Indian. The general effect Of the
sounds is that Of loud hum broken by
shouts, groans and shrieks, the ringing OF
telephones, the clicking of telegraph instru.
ments and the rumbling of trucks and wag
ons along New street. Under
canopy sits the chairman OF
the board, James Mitchell, with a
pink in his buttonhole, perfectly tranquil
amid all the hubbub, and close to him
writes secretary as composedly as h,
would in his quiet library up town. Herr
and there on the floor are little cages In
which sit telegraph operators, and every few
minutes uniformed stock exchange re.
porter dashes up and reports transaction
which 10 twinkling will be recorded al
over the country. The floor 10 Uttered
with scraps OF paper, and attendants pass
here and there sprinkling it with watering
pots to keep down the cloud of dust thai
would otherwise rise like the smoke OF
battle.
But who are these men who we see belo "
At sute VI SIOUX OEOKeTbf
lt would be mistake to suppose that the
most prominent men in the financial worlc
OF New York go to the stock exchange
Jay Gould is not a member. His son
George j. Gould, YVES admitted Feb. rs, 1885
few days later he mentioned casually
THO he thought he would 90 around to tbs
exchange His father and Washington E
Connor were then in partnership at No. a
broadway. Mr.. Connor on hearing young
9oulds intention sent word to som.
OF the Gould brokers: George /,
coming around. give him gooC
time" George got 1t. A new member
usually gets it. The old members look or
with apparent disapproval while the new
conner is ding initiated, but if he is hustlet
In their direction they join in the hustliu.
with will. George had his hat smashed
and his coat nearly torn off his back, ap{
he escaped into New street out of breath q
repair damages at the nearest halter tax
ing the initiation that his father
partner had arranged for him with tn,
utmost good nature. Edwin Gould is ,
member. he is sometimes referred to a
a'bsd boy Eddy" because no used TO "cop
peri his fathers tips on the consolidated ex
change by going short when the ''old man
talked bullish or "longn when his father
gave out bear talk and making money, too
much to the amusement, it is understood, o
his famous Drogenitor. Russell Sage ha
been member since 1874, but he seems t
have taken the seat merely TO save expens,
bis going to the stock exchange
None of the Vanderbilts are mem
bers. Addison Commack and c. r
Huntington are but they are never seer
there. So is Phillip D. Arm our, by the way
but he has never been on the floor or IL b,