Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1893-05-12
OUR FINANCIAL LETTER.
After the Cyclone in Wall street
This Young Broker Appears te Have
Kept n Level Head on Him.
"a BROAD STREET,

"a BROAD STREET,
NEW York, May 10, 1898.
feeling of depression seems to pervade
the speculative, investment and all other
interests connected with Wall street. Dur
ing the past few days no doubt many
bankers in Wall street wished they were
carrying bricks up ladder, laying stone
wall, saving wood, riding mustang in
Texas, or doing some other eight work
However, those who have weathered the
storm feel all the stronger and are congrat-
ulating themselves on their conservatism.
These are times when the little inve stor
comes into Wall street and takes some
thing from the bargain counter at panic
prices, pays for his purchase, takes his
certificates home with him, and after the
smoke of battle has rolled away he finds
his stock has made him considerably rich
er. He bought when people had lost their
heads and sells back after they have re-
covered their senses.
The writer is giving a certain Massachu-
sets daily paper weekly financial letter,
and as many of its readers are holders Tor
were holders before the cyclone) of SIN
dustriaf' stocks he hoped to save them
money by a timely warning. | will quote
fom my letter of May s. which will give
one an idea of my stand toward such
swindles, called TRUSTS"
Liquidation in the Industrial stocks in the
past two days has confirmed the writer's warn
ing IN former letter. paid my respects to the
American Sugar Refining company when the
stock was selling above 100 and again when it
was selling around 1W. Today 1t sold at %
Around this latter figure the writer would advise
no one to part with his stock, as sugar in the
sixties is quite different from 1876. 1t is quite
probable, however that when the next Congress
revises the tariff II will increase the duty raw
sugar and thereby reduce the recent large profits
! Of the American Refining company National
-ordaRe has been another bubble to burst. Cord
age sold today at Is while on last Friday II sold
at BlA. The old common stock has sold at i41
this year which is equal to 1916 for the present
common stock American tobacco shares sold a
| few months ago at. 11S, and Thursday at 80.
These tremendous fluctuations should be OBJ
Ject lesson for the future. We have good reputa.
BILE stocks in Wall street and If one does not feel
like investing in stocks Of merit he should place
| his superfiuous funds in other lines of invest.
ment'
Whether the writer saved any money for
the readers of the aforesaid paper l am
unable to say. But do know that | de-
clined to buy Cordage at ~ for a client of
mine, and he was quite veXed at the time,
but it goes without saying that he is better
natured now.
The reports from the wheat and cotton
belts continue to be gloomy. There have
been heavy rains this week in Texas, and
very generally through the South, hence
the cotton crop looks unfavorable. The
recent decline in price will also tend to re-
strict the acreage.
Bonds are now selling at the lowest
point this year. There are some gilt edged
and per cent bonds selling around 40.
Is it any wonder Wall street is giving away
stocks? W. p. EAGER,
Banker and Broker.