The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-01
MAGNATE AT LUNCH.
Where MilliOnaires Daily Decide
Great Financial Questions.

New York Mail and Express.
Few people are probably aware that
every business day in the year u luncheon
party of Wall street millionaire magnates
is given down town. While high life at
fair there is very little society about this
luncheon. 1t is a business matter. The
Western Union Telegraph Company is the
nominal host. The scene of the luncheon
is d room on the sixth floor of the COM
panyS building on Broadway at Dey street.
Just before 1 o'clock there may be seen
to enter this room on any week day-not
a holiday-a number of the biggest men in
the financial world They disappear one
after another. within the door and remain
a big oval-shaped table, richly dressed and
laden with the good things of life. First
Gseorge n Goud ID may enter then Russell
ally Sam Sloan, John Terry, John G. Moore
of Moore, & Schley; G; P. Morosini, Ed
win Gould and others whose names are not
so familiar to the public but who are a
power in banking and railway circles
They are directors in this or that railway
steamship, telegraph or telephone company
bank or trust company. They form a
group welding a tremendous power and
A day or two ago dividends were declared
by the directors of the Manhattan railway
and Western Union Telegraph companies
When these directors met in the board
rooms of the two companies little crowds
gathered outside the doors to learn at the
first possible moment what action had been
taken, as Wall street was greatly Interested
in the decisions there having been a re-
port that the dividends would be smaller
1t!I,i tiioSe IeSuidIly palu heretofore.
While the walters may have thought that
the officials inside were solemnly debating
the subject and trying to reach q majority
vote, 1t is likely as not that the question
was settled over a cup of coffee in the
dining room some, days before.
1t is not that they obtain "a free lunch
that the directors of these various corpora
tons daily repair to No. 1876 Broadway
II IS because they can keep in close touch
with the whole commercial and financial
situation A vote polled after one of these
lunches as to the general outlook would
probably come nearer being prophecy than
any other human opinion.
Are telegraph tolls falling off? If so
what class of business men concerns are
sending fewer kilograms? The railroads
tile houses?
Are Inquiries for loans increasing. or are
merchants becoming a little slow in set
Ting with their banks? Did some partie-
ular banking transaction indicate that this
or that big corporation is in trouble?
How are the earnings of the Manhattan
Missouri Pacific. Delaware. l.. and w. NJ
K. q T.. Texas Pacific, Rock Island and
other railroads coming on? The public
won't know for some days, until the ressu-
farmers shipping mere or less grain than
last week or mouth? Are the merchants
bringing more Or less goods of various
kinds from the East?
the exchange of news may learn, and then
decide what to do for their own and their
stockholders interests. Mercantile reports
are ancient history alongside the news
which these people have obtained in an
hours conversation.
What Wall street man would not go
without his lunch every day in the year
to sit behind screen in this dining room.
the greatest clearing house for financial
news in the United States?