The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-04-07

0HAA "
The details published this morning of tho col
lapse of one of the many specious concerns that
have been collecting money from the public on
plausible ~pretexts that they can employ 1t in the
stock market to the advantage OF their dupes
should go a long ways toward destroying I'M
merited confidence that uniformed persons
have reposed in plausible investment and spec
ulative syndicates. The regularity with which
the majority Of bucket shops suspend pay
ment as soon as profits accrue in favor
OF their customers has become 30 noto-
rious that 1t is astonishing that any consider
able number of persons of ordinary intelligence
should contribute to their support. The ap-
pearance Of late of a large number Of concerns
that advertise .rtalltble methods FOR making
money out of the stock market by cooperation.
combinations, investment, and speculative
syndicates and market registers. would seem to
indicate that the public had to an extent lost
faith in the customary bucket-shop methods. but
had been inveigled into q moro palpable and
profitable swindle.
The managers of the so-called syndicate and
combination schemes for dealing in stocks have
lately become so audacious In their efforts to at
tract victims that very few reputable news
papers will publish their advertisements. 1t is
understood hat the Post Office authorities have
for some time past been alert to obtain sufficient
Wv ShS bAtho ~ ~ . sAo
issuance of orders depriving them of tho use of
the mails. Their character is so well known in
Wall street that 1t would seem that sufficient
evidence might DO obtained by the local
authorities to direct the attention of the
Grand Jury to their unquestionably unlaw-
full methods. 1t can hardly be expected
that the public beyond the limits of Wall street
should know the exact character OF these
fraudulent concerns. Some of them make ex-
tremely plausible representations, and even con-
vey the impression that they have close legiti-
mate relations with the Stock Exchange. AS a
matter Of fact, no concern that makes q distinct
bid for speculative accounts is entitled TO con-
fidence. unless 1t can convince prospective clients
that 1t is a member either of the New York
Stock Exchange or the Consolidated Stock and
Petroleum Exchange. The last. though the
younger organization, has been as vigilant in
wedding out Objectionable members as the older
Exchange.
To-day's stock market was exceedingly dull
and. as for some time past, the course Of prices
was irregular. Fluctuations, however. were in
the main narrow, except for Jersey Central.
Chicago Gas, and United States Leather pro-
ferred. The professional element appeared to
attach q good deal of Importance to the munich
pal election in Chicago to-day, and sold Chicago
Gas on tho possibility that a Mayor hostile to
corporations might be elected. In the late deal
ings Jersey Central was sold on the introduction
In the Pennsylvania Legislature of a resolution
directing an investigation Of the affairs OF the
Iehigh and Wilkesbarre Coal Company. which
is the principal subordinate corporation Of
the railroad companies. The movement in
United States Leather appeared to BIO the
suit of manipulation. Although persistent
efforts were made to depress prices. and
although the sentiment of the speculative COM
munity was moro respondent than for a long
time past. the majority of the list closed frac-
tionally higher than yesterday. The short in
terest has apparently become unwieldy, and 1t
Is also plain thnt the actual holders Of stocks
cannot be argued or threatened into selling
them. News that an effort will be made to &c.
cure a rehearing by the Supreme Court Of the
Trans-Missouri traffic case contributed to the
rally in the final dealings.
Final sales compare with those of yesterday
as follows: