Newspaper Page Text
pkfyixg the preachers
broilers claim wall street
is NOT A GAMBLING DEN.
Sage, White, Hatch, Connor, Smith,
Jameson and Other Kings of Finance
gay That They and Their Business
Hava Been Misrepresented They
Tell of the Good Which the Stock Ex
change Has Done—Hinting That the
parsons are Soreheads Who Have
Experimented on ’Change—Connor
Pays no More Attention to Them
Than to the Anarchists.
Xkw York, July 23—Wall street! A
name to conjure with, synonym of bound
loss wealth, a maelstrom of molten gold that
swirls and swirls forever, seizing all that
comes within its grasp with a clutch that
defies escape; dashing some to destruction
on hidden rocks and throw ing others up to
the dizzy pinnacle of the highest wave.
What a fascination it has to men, and even
women who look at it.
Few outside of the street itself understand
the ways and methods of financiers and
brokers, nor can they tell how the sudden
rise to wealth or fall to poverty has hap
pened. They do, perhaps, have a dim
conception of some ways in which manipu
lation may he nppliod to stocks to make
them shrink or rise in value, but precisely
bow such results may be brought about is
what they are profoundly ignorant of.
This ignorance has resulted in producing
a kind of superstitious feeling against
Wall street among quiet people who have
never speculated. To them the Stock
Exchange is the temple of the golden calf
and all tne brokers are demented worship
The recent passage-at-arms between
Gould, Sage and Field has been made the
occasion of a spirited charge on the herds of
Wall street by several prominent clergy
men in different parts of the country. In
deed, for many years a great number of
preachers in the United States have used
the Stock Exchange and the brokers who do
business in it as a kind of stock evil. When
there has been nothing else particular on
hand to denounce they have poured out the
vials of their wrath on Wall street, using it
as a synonym for Sodom, and referring to
the havers and sellers of stocks and bonds as
somewhat worse than ordinary thieves and
gamblers. Last Sunday the subject was the
theme of scores of pulpits on account of the
Brokers are thick-skinned and can stand
a good deal of denunciation, hut it occurred
to the writer of this article that it was about
time to give them an opportunity to tell
whether they really were such bad men as
the preachers made out, and what made
them so, if they were bad, and whether
there was no hope of a religious and moral
revival among them. The writer thought
also that, seeing that the ministers had been
so frank in their expression of opinions
about brokers, the brokers might lie mdimed
to be equally frank in expressing tfcagr
views about ministers. Therefore Ik'
set out on what proved a very interesting
Mr. Washington E. Connor, who was for
so many years Mr. Gould’s partner, still
carries on the business at the old stand, 71
Broadway. He proved to be a man who
did not scruple to speak his mind with great
plainness when the subject and the questions
it suggested were presented to him. He
“A minister who is intelligent must have
a broad mind and only give as facts what
he knows to bo such. Statements coming
from any others are not worthy of a mfo
ment’s consideration. I have never yet
seen Wall street attacked or the New York
Stock Exchange assailed as a gambling in
stitution by any man whose intelligence I
could respect. I have the greatest contempt
for bigotry in any form and don’t care fiA
the opinions of bigots. The business of W all
street is the same as any other business; dtrl
estate, for instance. Say a man wants to
buy an improved piece of property for 650,-
O<X). He pays $25,000 in cash and gives a
mortage for the balance. If his judgment
is good and the property advances he makes
a profit, and if his judgment is poor and the
property depreciates he makes a loss. Some
times the depreciation may he so great us
to wipe out all the cash invested and not
leave enough value to pay for the mortgage.
Now a man in Wall street selects a railroad
stock and invests $50,000 in it, paying one
half cash, the broker who carries the stock
advancing the balance. If the purchaser
selects the stock of a railroad running
through a growing centre and one that is
well managed he will make a profit. If, on
the other hand, ho does not make a wise
-election he will make a loss. To my mind
-he transaction in stocks and the transac
ion in real estate are precisely similar.
There is not any business in the world where
lieu are as honorable and true to their words
is the men of Wall street. Transactions
nvolving millions of dollars in value are
aade every day by mere verbal agreement
nd a dispute of any kind among the parties
taking such a transaction is very rare. I
islike very much to meet a question of this
ind because I think it can only he raised
V people of narrow minds who do not take
le trouble to become acquainted with facts,
is a very simple thing to start an evil
unor. Most people seem to ho born with a
sposition to accept without question any
alicious statement that may Is' made about
i individual or individuals. The ministers
tve no more right to condemn brokers as a
sly for the faults of a few than the brok
s have to condemn the ministers for the
mr.-i and sins which members of their body
easioually commit, much to tho scandal
the community. This is a great country
voloped by railroads. To have railroads
u must havo securities like stocks and
uds and to soil the stocks and bonds
t> must have brokers. To tell the
‘th, I don’t, more attention to the
teranocs of preachers who attack Wall
than ! do to the utterances of the
uuvhists, Herr Most and Schwab and the
They condemn a class upon tho
ml of one man and they never take tho
‘ ™ t j find out whether or not he is
'nking tho truth. I respect such
msters and their congregations just as
ich as I do the Anarchists and not ouo hit
Jr. James D. Smith. President of the
w y ork Stock Exchange, was enjoying
, ,l ’agranee of a fine cigar in his oillce in
1., fijs Building on Broad street, near
in, " hero tho writer stalked him. After
finismg that lie was tho son of a minister
“ diemforo, wanted to go light on tho
/sons ho said;
for a little more than twenty years I
in 111 r °ker arid banker in Wall
B' foro that time I had been engaged
mercantile pursuits, I have been much
Jt the world and have associated with
cinss<<s of society,and I have never met a
ie honorable, industrious, Intelligent,
it liable and consistent class of men than
“broken] ~f the New York Stock Ex
nge Their word Is their Hind, and they
' . u l' ko their agreements with the utmost
jyr biith. The business intrusted to bros
'" the most important tve havo in the
hrfl .' or means of it tho greatest
1 "lessi interest* of the country are estab
, Exchange is the pulse, the heart
dot,. i ,H)ln s of the financial and in
l l< *‘ interest* that help to make the
ikti a *’ utes "find If now * s - ° r ot least is
o tho' w t °|* >oco,no i the great financial urena
S(l l M lv nrd to tho so-called gambling in
ii,i,!v i 'dt* is animadverted upon by some
''‘’'sis, jt is generally found that it
~ 111 1 r "tn jioonlo who have taken what is
hi I" ,l 'flyer’ for an unexjiectad rise whicli
‘ ?* , ‘omo. The venture lias proved ill-
Jil , 1 “fid |s>rha|> unfortunate, and not
h .j ' "lame their misfortune u|sui them
, i’’people in question turn upon tho
brokers, who only act a* their agents
tion 11 ? o(ler *te margin. Tho misconceiv
risi f® P People ft tta, k us largely
w- th* ti“ ir ignorance and inexperience
“loir prouonau to lay upon others faults
which originate with themselvc s. The Stock
Exchange furn'shes the mor e/ to build
lailroaus all over the country, opening up
the waste places, connecting produce with
its market and creating the Exchanges of
natural trade. In fact, the great industrial
activities of the country receive their im
pulse from the communications established
by the bankers and brokers. They do not
fear criticism or their critics.”
Congressman Htepheu V. YV iiite, Treasurer
of Plymouth Church, Brooklyn, is the Ad
rmnible Crichton of Wall street brokers.
Ho is a poet, an astronomer, a lawyer, an
art connoisseur, a journalist and many other
tilings besides. And he is good at every
thing he ha* undertaken, from poetry to the
manipulating of stocks and bonds. In
height and build he is much the same in ap-
I>earaiice as was Gen. Grant, and. he xveurs
a full dark brown beard, ns did tho Gen
eral. He thinks clearly and expresses him
self well in few words. After the subject
had lieen introduced ho asked tho writer to
put his questions on paper. When this was
dono he wrote the answers, and the inter
view apnea red as follows:
Q—Define gambling us distinguished from
legitimate dealing in stocks.
Mr. \\ liite—l am not given to over nice
distinctions. There are some people who
call all speculation gambling. tin that
theory a man who buys real estate which he
does not actually need and holds it for a rise
is a gambler. Ido not so consider it. Legti
irnate speculation in stocks is carried on
xyhen a man buys xvhat ho can pay
tor, or amply protect his broker in paying
tor, and holds it for its income or expected
enhancement in value. Gambling in stocks
would be where no stocks actually changed
hands, hut the party trading risks
1 or 2 per cent, on the first fluctuation
of the stock after buying it. I have often
bought stocks which showed a largo loss
before they showed a large profit, hut
holding them on their merits and disre
garding the fluctuations, they paid well in
Q —What is the extent of the gambling
which you admit exists in stocks*
Mr. YVhite—l don’t know. There are
bucket shops ail over tho country which
get Wall street quotations and back the
game against the public by charging a
commission and taking the risk against
the dealers, no matter on which side they
Q —ls them any remedy?
Mr. White—Npbody has found one yet so
far as I know.
Mr. Russell Sage is known all over the
UnitedStatesnot only for his immense stock
operations but also for his charities and his
activity in city mission work. He li.as for
years been panting for an opportunity to put
the ecclesiastical tradueers of the bulls and
bears to rout, and though he makes it a rule
not to talk to reporters, he broke the rule
with great promptness when he heard that
theionged tor opportunity to defend Wall
street had come. In reply to a question ns
to whether or not the brokers and their
business had been misrepresented, he said:
“I have been in business for more than forty
years and I have been actively engaged in
business in the city of New York for thirty
years, and my transactions have been con
sidered large. Speaking from that exper
ience, I can say that I never dealt with men
of more integrity than the brokers of the
New York Stock Exchange. It is a well
known fact that out of every 1,000 men
taken at random from any place there will
always be a certain percentage not up to the
standard we like to see, but, taken as a class,
the hfbkers here are far above the average
of men in different parts of tho country, in
uprightness anil honesty and sense of* jus
tice, and I venture to say that taken as a
class they compare favorably in moral char
acter and acts of charity and wholesome ex
ample with tiiose who criticise them. The
denunciation from which we suffer comes
fftrttn men who have suffered dissappoint
ment by reason of having attempted to
teach a business which they did not under
stand to people from whom they ought to
learn. The consequent loss entailed upon
them from tho want of acquaintance with
the business they attempted to teach has
made them hitter.”
“In other words,” said the writer, “you
mean to say that the clergy have come to
Wall street to shear lambs and have pro
vided the wool themselves?”
“You put down what I say, now, it don’t
require any explanation. If the shoe pinches
any of the clerical readers let them xvear it.
As to the evil of gambling in Wall street,
which the preachers declare to be so wide
spread, I have never observed it in the
twenty-five or more years that I have been
in business here, and from my observations
in different parts of the country I think that
tiie percentage of gambling is lower in New
York per capita than in other places. In
saying this I don’t mean to deny there are
men among the brokers who gamble. What
I do say is that they are as insignificant per
centage. There always has been gambling
so far as we can trace history back, and I
suppose there always will be till the millen
nium. Why, if brokers were anything like
as bad as some people try to make them out
we could not conduct our business. It re
qnires the highest sense of honor to sustain
a Stock Exchange, and ours is the best in
the world. The London Exchange is looked
up to by all Europe on account of its
solidity, yet in comparison with ours it is
very snaky. We have nothing here, ex
cent at rare intervals, like the excessive
risks and fluctuations of the London Ex
Tiie next was a kind of joint stock inter
view with Mr. Joseph A. Jameson and Mr.
WilliamE.Moorehou.se. Mr. Jameson is the
partner of <\>ni. Smith, President of the
Exchange. Mr. Moorcbouse is a well-known
public school principal. They side-tracked
their conversation when the reporter came
upon the scene, and pulling open the throt
tle valves of their oratory shot out on
the main line of Wall street’s defense as fol
Mr. Jameson—There isn’t enough gamb
ling going on to suit me, if they call buying
and selling stocks gambling. It is
about as much gambling ns dealing in
Hour or pork, and no more. The Stool; Ex
change is one of the most valuable institu
tions to the nation at largo that there is in the
country. It is an absolute necessity. People
are deceived, because in place of handing
over property we hand securities which
represent and give possession of that
property. I've been in Wall street for
twenty years, and I find the brokers the
most dooent, honest and liberal men I over
came in contact with. Every day, though
business is dull just now, there are trans
actions to the extent of twent* or thirty
millions of dollars in the Exclvmgo, almost
ell by v.ord of mouth and all faithfully
lived' up to, except iu raro cases of sudden
Mr. Moorehouse—Whoro would this
country bo if it were not for Wall street
being willing to put money into new enter
prises! The capitalists are the pioneers who
open up the wilderness to sett lament. There’s
no doubt about the matter, the preachers
havo set us down ns a bad lot. There Is
gambling in stocks and bonds, ami t he par
sons have caught the idea that all our
transactions arc gambling. If they knew
more they would probably say less. I
rememlier one time I went to church up in
the country. The minister took for his
text the words. “And hot pitched his tent
towards Sodom.” Other subjects were
rather scarce just then, and he vrunted to
take a round out of Wail street. Ho ela
borated his theino quits! skillfully, too,
telling how virtuous Abraham chose the
mountains where t he pasture was poor, but
where morality and purity wore rich, and
how erring Brother Hot chose the valleys
w hero the grass was green and deep, und
became rich in all material things but a
beggar in regard to virtue. Then ho went
on to apply the lesson to the present day,
declaring that. New York was full of men
like Lot, who went down to Wall street and
indulged in shady transactions, which made
them rich in jxx-ket but i*ior in honesty.
Mr Jameson —I guiws the ininistei*s just
come at us to have a little fun once in a
while They don’t mean any harm, there
is tumbling in the bucket shops, no doubt
tllat It’s a bad thing and I wish the
Is-gislature would pass a bill rewtrulmng it.
We are not responsible for it, though, as
al , man who knows the method of the
bucket shops understands. They could
THE MORNING MOWS: SCNDAV, JULY 24, 1887.
gamble in flour, cr in any kind of produce
ior that matter. The really bail people are
those who come down to Wall street for the
purpose of skinning the honest brokers. If
tuev max© a rile of money they go away
smiling, but if they happen to lore, they
immediately howl and complain that they
have fallen into a den of thieves.
Mr. \V. T. Hatch, a line-looking gent 1A
man who has grown white-haired in Wall
street and whose bank and broker’s office is
situated at 7 Nassau street, is now, and has
I'fen for years, Treasurer of the ltev. l)r,
Storrs’ Church of the Pilgrims in Brooklyn.
When questioned a little he warmed up in
defense of Wall street and the Stock Ex
change and said: “There is no place
this footstool where so much straight, honest
business is transacted as is done in Wall
street. I think the brokers of Wall street
are the best class of men I ever met. Then
words are entirely trustworthy. There
are exceptions, hut they are very rare. I
may sell another broker SIOO,OOO worth of
bonds, and between the verbal side and tho
payment they may drop three or four points.
Yet he would never think of repudiating
the sale, although under the rules of the
Exchange I am precluded from suing him.
In what other business will you find such
honesty prevalent? Disputes anil quarrels
among the brokers are very rare. If on the
floor of Ihe Exchange a sale is made to me
and another broker beside me claims it ns
his we appeal to those standing near. If
they are not able to decide the question mv
opponent turns to me and says, ‘I match
you,’ and each rests content with the result
of matching coins. To tell you tho truth, 1
don’t think the ministers who denounced
Wall street and the brokers have the slightest
knowledge of what they are talking about.
A good many ministers buy bonds, and if
the bonds increase in value they don’t
think it wrong to take tho increase. That
is precisely how we make our money. It is
rather a strange thing that ministers who
have so much to say ahout tho wickedness
of Wall street are willing enough to take
money made in Wall street. Of course
there is gambling in bonds and stocks, hut
it is infrequent, and those in legitimate
brokers business do not como in contact
with it. I don’t know whether or not it
could be stopped.”
Mr. Jay Uould has had quite a heavy
siege of sickness lately, and has been con
fined to his -house for more than a week
with the exception of brief outings. His
son George, a very dark comploxioned
young man of 24 or 25 years, received all
callers at his office during his übsence. Mr.
George Gould is a member of tho Stock
Exchange and a great favorite there He is
of medium height and rather Stoutly built.
His hair, eyes and moustache are biack us
ink. liis features are strong enough to
vouch for his possessing plenty of energy,
yet there is no trace ol' ill lmmor there. He
has a very bright smile and a good set of
teeth, and a pleasant, democratic way
about him. Ho looks like a very worthy
young American, and those who know him
Viest say that he is. Speaking for himself
and his father he said:
“My own experience in the Stock Ex
change hAs been very limited, You know I
have lieen there only a few months. What
experience I have had has been pleasant. 1
like the Exchange and the brokers. I know
of no gambling there unless they call specu
lation gambling, and if speculation in stocks
is gambling speculation in all kinds of pro
duce mustalso be gambling. My father is
not in Wall street now. He has not been a
member of the Exchange for over a year;
not since he dissolved his partnership with
Mr. Connor and moved from 7! Broadway.
1 know that he always speaks pleasantly of
the street and brokers, mid my views are
his on the subject of the transactions of
gambling which are so frequently made. I
think that denunciation is aimed at him
because it is fashionable, I suppose (laugh
ing). I know of no other reason.”
“THE OOLAH” AND ITS NOVEL PLOT.
Not a Brilliant Outlook for the Drama
the Coming Season.
New York, July 23.—The opera des
tined to succeed “Erminie” at the Casino
has been written and accepted. It will lie pro
duced in January next, or else tho Casino
must forfeit S2,(XXI. The opera is the work
of Sydney Rosenfeld and the property of
Comedian Francis Wilson. The latter is an
admiral do business man as well as a capable
actor. He bought tho opera outright from
Rosenfeld on his own judgment, paying
down a large sum in cash, and then made
his dicker with the Casino. If it is a suc
cess it will make Wilson’s earnings very
large. He receives a salary of S4OO a week,
and this with his royalties from the opera
ought to give him ail income of forty odd
thousand a year.
The new piece bears the rather extraor
dinary name of “The Oolali.” It has to do
with the marriage laws of India. The gov
ernment, according to Mr. Rosenfeld, hit
upon a happy scheme for annihilating all
marital unhappinessg. Whenever there
was a row in the family the wife was in
stantly granted a divorce for the asking.
The plan worked well for a wliilo, but then
it was found that tho wives often wanted
to remarry their former husbands. This
hurt tiie feelings of the government, and it
demurred. Finally it hit upon a happy de
vice and allowed the divorced people to re
marry again if the wife had meanwhile
been married again to some other man for
the term of one year. It occurred to and
enterprising citizen to put himself up in
open market for the post of middleman and
allow himself to be married nominally to all
divorced women, that they might subse
quently regain their former husbands. He
was called “The Oolah.” This is the part
tha„ Francis Wilson takes. The trials, tribu
lations and [lerplexities of a man who acts
in the capacity of husband for all the di
vorced women in India may lie imagined.
The opera ought to lie very fuauy.
Tho public is fond of the comedians.
Everything of interest about them is eager
ly read and talked about. The other day
Henry E. Dixey went to an Orphan's Homo
In Chicago, and the story of his visit was
instantly telegraphed all over tho country.
He, like Wilson, is a man of keen business
intelligence as well as of artistic quality.
Ho is a partner and director of the Bijou
Opera House in New York, lias an interest
in two big burlesque companies, is back of
the movement to bring Comedian John A.
Mackey out in anew play next, month, and
meanwhile he keeps “Adonis” going iner
rily to tiie tune of ©personal profit of about
$(10,000 a year. It takes a shrewd head to
win at every turn. Plans are made out far
ahead. Dixey now lias in his safe a. com
plete burlesque of Irving’s “Faust,” which
has made such a distinguished success in
liOnrlon. The American comedian will do
the burlesque next year after Irving has
made his tour through the countiw. I be
lieve Dixey has not yet given the fact* alxiut
this burlesque to the papers. Tho news was
cabled from London yesterday, and the cat
is out of the hag. It is not easy for a man
of Dixey’s prominence to keep such a secret.
No one to look at the nimble and mirth-lov
ing “funny men” of the stage, would give
them credit for having such long heads in
business matters. I wonder if they havo
time to manufacture fun.
The outlook drainat : oallv is not, brilliant.
The theatres are going hack to stock com
panies. Harden lias written nothing new,
and with one iinrortant exception the native
dramatists do not give promise of great re
sults. Tiie exception is the play now in the
hands of David Belaaco, nnd his rolaboni
teur, Do Mille. One has rugged dramatic
strength; the other polish an 1 general liter
ary equipment. The two men live together
with their families in the country, coming to
town one day every week to confer with
Daniel Frohman, the manager of tiie Ly
ceum Theatre, where the play will lie pro
duced in the fall with the new stock com
puny. Belasixi is black-headed, black-eyed,
sallow, thoughtful, intense, slow, forceful
and solemn. 18* Mdlo is light haired, light
eyed, thin, cheerful, casual, talkative,
humorous, and learned in textbook
lore and stage history. The combination of
these two types may not bring forth n great
sucomiMH, but it will certainly avoid the rock
on which so many American dramas have
corns to grief—tiie commonpi.toe.
FLURRY IN THE STOCK EXCHANGE
What the Progressive Elemont is Try
ing to Bring About.
New York,July 23. —ThoHtoek Exchange
is frightened. It may seem strange that an
institution which has always assumed to be
invulnerable should he frightened, but it is
merely a big fowll of the air at which tho
king bird is picking with such success as to
threaten its life. The king bird is the
Consolidated Exchange. There is grave
consultation among the members of the
older body as t o what shall be done. They
regard themselves as noble old Homans
t hreatened by a horde of Goths, Huns and
Vandals led by financial Alarics, Attilas
and Gcnserics, and t hey have appointed a
committee to inquire into the causes of the
decadence of the Exchange and its business.
A well-known member of tho Exchange
said to me in discussing the question: “The
conditions of stock speculation have
changed very materially within the last ten
years, and the Stock Exchange lias not
adapted its rules and methods of business to
these changes. There are the encroachments
of the Consolidated Exchange with its
commissions of one-sixteenth each way, and
the weekly instead of daily settlements, an
idea which was adopted by the new < 'hicago
Board of Trade Stock Exchange. There is
tho competition of the bucket shops There
are 5.000 of these in the country and they
do a business of at loost $1,000,000 shares a
day. There is tho more rapid spread of
business intelligence, which tends to narrow
the fluctuations and thus check arbitrage
trading; the ticker and the telephone anil
the rapid development of the telegraph
system. have worked a revolution in the
methods of disseminating business news.
The Stock Exchange commissions should he
reduced to one sixteenth of 1 per cent, each
way, and some means of reducing interest
charges should bo devised. As the miles now
stand a firm buying stocks is obliged to send
a certified check in payment lor them the
next morning. The transactions are so
large that no firm has capital enough to
handle the stocks as fast as they come in
and this leads to overeertification of checks.
This at one time ran to such an extreme
that Congress passed a law making it a
penal offense for a twink to overcertify a
firm’s account, but the banks got around
the law by stamping the chocks “Accepted.”
With fortnightly settlements such as they
have on the London Stock Exchange, less
capital would be required in tiie stock
brokerage business, the firm could Ik: pro
tected by calling margins as needed and tho
first margin, instead ot 5 or 10 per cent.. as
now, need not in many eases be more than
1 or 2 per cent., and this would cut into the
bucket shops. Reducing the commission
charges one half would or course also help
the Stock Exchange, and by the fortnightly
settlement system there would naturally
lie no interest charges, since the stocks
would not be paid for until the usual set
This gives a rough idea of what tho more
progressive element on the Stock Exchange
are trying to bring about. There have
been many consultations, many conflicting
theories have been advanced and tiie com
mittee is still at work. Home of the best
known brokers in Wall street are actively
interested in the •miter alul believe in
revising the rules and mb? hods to meet tho
demands of the times. They say they do
not want a ClearingJlouso for stock busi
ness, but would ostalUjjjb what there-term an
auditing department ittflio Stork Exchange,
and names could iio furnistfed to traders
with whom they could finally adjust t>k''ir
transaction- so that (he deliveries of stocks
could lie made directly between the trading
members. In the gold panic of l.sffj some
gold oiKT.iroi's were ruined because they put
their gold in the clearing house and could
not get it out. So the stock brokers object
to a clearing house ill the. strict sense. < )ne
advantage of the weekly or fortnightly
settlement system is that it tends to remove
the possibility of panics growing out of a
s jueoze in money.
One of the facts obvious to those who
have given the matter attention i$ that the
fluctuations in stocks are much smaller them
formerly. From 187!) to 1882 they averagixl
1 ' * to 2 per cent, a Gay, whereas ’within the
last few years they have narrowed down to
an average of to 1 per cent, a day. This
renders it difficult for the average operator
to make any money and arbitrage bouses
trading between New York and London,
Paris, Frankfort and Amsterdam, and also
in tliis country between Now York and
Chicago, Boston and Priladelphia, complain
of tho steadily narrowing market. The big
buying on the bucket shops, of eoui-se,
counts for nothing; it has no effect on the
market, hut if the same buying were trans
ferred to the legitimate Stock Exchange it
might have a very decided influence on the
fluetutations. As it is, the bucket shop
keepers simply “copper” their customers,
and one of the obstacles to a return of bull
markets is that every now and then tho
bucket shop keejiers give orders to sell ten
or twenty thousand snares in order to heat
down prices and swindle their customers
out of their margins. The refusal of the
Stock Exchange to revise its rules and at
tack the bucket shops in lln only really
effective way has given the Consolidated
Exchange and its 2,000 members a great
advantage, and now tiie older body is so
thoroughly alarmed that it is trying to
struggle out of the quagmire into which its
own arrogance and obtuseness have thrown
it. Some of the larger firms on the Stock
Exchange oppose auv chance in direction
indicated because it would give the smaller
houses an equal chance with themselves, but
it is reasonably certain that the Exchange
as a bisiy will take some remedial measures
at no distant day.
Oscar Willoughby Riggs.
THE SUMMER BREAKFAST TABLE.
What It Ought to be--Some Hints
Nkw York, July 23.—T0 those who enjoy
the luxury of a cottage by the sea or else
where, provided it he in some cool delight
ful place, a word or two may not bo amiss
in regard to the proper arrangement of a
summer breakfast tablo. There Is a
philosophy of table setting as well as a
philosophy of tho unconditioned. The
summer breakfast table, to begin with,
should never bo overloaded. It ought to
present a light, airy, dainty appearuijrc, iy
keeping with the season, and the diaphan
ous toilet of tho mistress of the house.
Nothing is 1 letter calculated to make one
warm and uncomfortable than on corning
down stairs in the morning during summer
to find a breakfast table loaded with heavy
sliver and smoking viands. The ideal July
and August breakfast tublo is something
like the following; The cover must beof nn
ojien work pattern resembling lace and
allowing brief glimpses of tho shining
mahogany beneath to lio obtained. Tho
service should be entirely of delicate
porcelain and cut glass, with tho exception,
of course, of the knives, forks nnd spoons.
Nobody wants to drink boiling coffee at this
timo of the year; or, if any one does, that
person is to lie set down at once as either
having been born without a palate or else
utterly devoid of common sense. To put
ice intoeoffoo is an abomination only to Is*
conqsired with putting ice into cliainpagne.
Properly sjs'nkmg, the coffee should te
made in tiie iwening and set away on the
ice. so that it is deliciously cold on the
following morning. Tho accompaniments
to this nCraMaf drink me (imply nine
irreproachable bread and some impeccable
butter, with perhaps, the addition of a
little fruit. This is breakfast enough for
any civilized person at this season. It is
materially satisfying, and if the ae'*eitori*
Iki tasteful, as, for instance, a hunch of roses
for tho centre of the table, some fresh green
leaves about the fruit plates, and a bright
ribbon here and there, ft is artistically grati
fying as well. Clara Lanza.
Phillips’ Digestible Cocoas
Makes a very delicious and nourishing drink. It
is particularly adapted for persons of wank di
gest lon. differing therein from all other cocoas
in the market. In half round and rive-pound
cusus. kept by all druggist* and grocers.
ONE CENT A WORD.
ADVERTISEMENTS, 15 Word* or
i nnre, in this column inserted for ONE
CENT A WOUD , Cash in Advance , cac/i
Everybody who has am/ leant to supply,
anything to buy or sell , any business or
accommodations to seen re; indeed,any urish
to gratify , should advertise in this cohnim.
PKU i \AU
| > ATS.—Tt KSDAY. 1:80. STAR.
HELP \N ANTKD.
V\ r ANTED, salesmen for notions, hosiery a?ul
▼ ▼ domestic doiMiitimnita; must have exj>ori
ence in first class houses. Apply, with refer*
enoes and full particulars, to SUPERINTEND
ENT. at Qufttare Kckiteio St Cos *s.
VITANTED, ft bookkeeper at once who unde
▼ ? stands his business thoroughlv None but
first -clans need address BOOKKEEPER, caro
11 r ANTED, at once, young man as assistant
▼ t bookkeeper and cashier; must bewellrec
ommended. Address DKY GOODS, care News
\V T ANTEP a wotnnn to cook and do general
▼ ▼ housework for a family of three Apply
18a Taylor street, Monday inoruing
\\T ANTED, white girl to cook and assi*£ fn
▼ ? light housekeeping. Address HOUBE
KEEPER. Morning News.
VET ANTED, several experienced dress goods
'▼ salesmen; also salesladies and cash boys.
Appl> i >A. R. ALTMA S Ett & C< >.
\\T ANTED. cook and steward. Apply to
▼ CA PTAIN on boanl steamer, St. Nicholas.
\\ 'ANTKD, two first-class Horseshoer*, at P.
M - troad street.
I\KU(IS.- Relief clerk wanted from Aug. Ist
/ jist. Ad lress J 8 M News of
\\ r ANTED, six agents to represent the *‘Na
▼ ▼ tional Library Association;" lileral pay; no
I>nnk canvassing. For particulars address P. O.
boi 805, Atlanta, Ga.
1 A A AGENTS WANTED AT ONC R
Ip'bu New article for ladie* only. You can
make $25 a day. Mas. IJ. F. LITTLE, Chicago,
EM PLOY M ENT W A NTED.
11 T ANTED, work of some kind by a strictly
? ▼ soberand industrious young man of e< iireet
habits, has had several years experience in bus
iness. W ill do anything honest to make a living.
Good reference, satisfaction guaranteed. Salary
no object. Address K.. can* Morning News.
\\ r ANKD, situation in cotton, naval stores or
y ? mercantile house, by young man who has
a thorough commercial education. For purlieu
lars and references address BUSINESS, care
\V r ANTED, a situation in a wholesale house
f ▼ by a young man; references given if re
qulred. Address G. S., cure tliir, office.
MI8( ELLA \ EOUB \\ A NTS.
WANffF.I), rooms; three unfurnished rooms
hnLidii and wife without children; give
terms anr location. Address ROOMS, News
lIT ANTED. 1 wish a teacher teach me the,
▼ ▼ English Address ENGLISH,
WANTED, south room, unfurnished. Ad
tv A., 57 Gordon street, Monday ami
——— ■!■— - “
VI r ANTED. ntuAn to perform on bun jo, and
▼ ▼ mesiuca/e anyoiiy, in advertising medi
cine from staled iu street. Address E., News
office. „ . ,
\YTANTF.II to correspond with reliable Tur
▼ V peutine Operator; object explained by
correspondence. Address A. J., Sumner, t la.
1 IrANTED;.l r ANTED;. Isn Association stock. Call
>Vf during forenoons at our office, 74 Bay
street, .1 8. W(>OD & BRO.
Hi K>HH TO RKNT •
I\>R RENT, one large lied mow on parlor
door, nnt’i vanished. 'Fable boarders wanted.
At % Congress street, corner Abercom.
T7MJR RENT, m-atly furnished small size
1 room; suitable for a gentleman; terms
model ite HIM '-ng!e- - :
|PC>R KENT, 1 wo southern rooms, cheap, with
I us#* of bath room; splendid locality. Ad
dress X. Y. V... this office.
TT'OR RENT, two handsome Hate, jwirlrtr and
1 second floors. Reasonable. Address BULL
STREET, this office.
IT'OR KENT, nicely furnished south rooms
with every convenience; $5 and SB. 41
IV)R RENT, large and small south front
rooms, furnished or unfurnished, at 5b
17H)K RENT, furnished froom cheap to gentle
men. single beds, 151 York street. Mas.
I.X)R RENT, two or three nicely furnished
rooms. Apply at 14h Hull street.
RENT, large, cool rooms, with board.
50 Barnard street.
ilorsKS AM> STORKS JFOlt RENT.
IX)U KENT, three story brick house; eleven
I rooms; water, gas. etc.: brick outhouse
and stables; rent %■£, month; locution very cen
tral; possession given immediately. DAVIS
I .''OR KENT, house 30 York street, between
llalici'Hhnrri and price. Apply at office Mc-
Donough A iiallauiync, or 58 Bryan street.
H< d;r V, AIUUCK.
17*011 RENT, the two new houses on Harris,
1 next to the comer of Tattnall street. Ap
ply at No. 40 Whitaker street, Guards' Armory.
17'OJl KENT. new liuilt houmj, V i!h modern
pa* fixture*, rooking no I pest,
hot mid cool water; rent rruxirnib, bALOiION
RKNT, two-story hoiiKo* on Hull strt-ot.
r fourth wost of l'Ji-it, Hroari: liir>;n yards;
oveu room, on li. Inquire on premlitoa. sl2.
ITtOH KI£NT, Am;. Ist. :i sovtui room hotnm.
r A;n>ly at LOUIS V'OOEL S Store, JelTeraou
and w uiTUmv lane.
iTtoit RENT, store ISOonitren street; pome.
slon given Immediately. Apply to K.
IT'OR WENT from Oct. Ist, three story brick
r home, No Hall J. C. KOWLANb.
KKNT. liouse. Apply to \\ M. UOIHIAN,
I lluntlnydoti and Mercer derei-t*.
|7OR KENT, LEASE OR SALE, those* two
I double tenement. Nos. IS an 115 Halier
sham street; four stories; brick building.-., and
larjte outhouses; water and exs tUrouallout.
W. J. IIARIT.
IAOR KENT, from Ist Octolsr nent, brick
1 store No. 11U UrouKhtou street; threo
st.vrles on cellar; ,'ktxllO feet distp. H J.
TH ( (MASSON, in H yiir,. near Drayton street.
I,V)K RENT, house on Tattnall, between Harris
* *o4Liberty,treet,i, with all modem tm
provemaws. UEO. W. PAItIBU, No. I'M At.
IAOR ItlfctiT. two deslrablo brick dwellings,
convidllrntly located. Apply 53 Harris
r pO RENT, house, Jones street, near Abereorn;
1 house and store, Hryan street, near Mont-
Komery; two stores, 71 and 7-! Itay street; throe
floors and cellar; one store with engine, boiler
and shafting J. H KUWE.
KENT, 140 Hull, on nortliwe.t coriear of
J Whitaker. Apply to Hit. I'UlttSE, l ldUborty
FOU H4iN 1 MM LLI.ANEOUS.
IAOR KENT, two nice Plano.; Plano, and Or-
J nans moved at bottom price*. DAVIS
A.i/pYILL BURCHABK a Cow andTcaTf;
—' " :Ia Htnr to i••lit .!< >H N(. .*• Mn il
I7VJR RALE, f’art. Corner Montgomery and I
Henry stre*t. lane. _____
I7K)R RALE, at, private sale. tbcisbH*k of Cloth-
I I rig, itc., contained in t4re northeast cor
ner of tteuth Broad aud Jeffcrirou. C. U. DOR- i
MILCH COWS A few choice milkers for sale
at Dt p (’ox. Stai.les.
\f.\TCH PONIES. Pair ivd bay ponies, well
j 1 broke to harne.sa, rafe for anyone to drive,
at COX’S STABLES. Also, pair unbroken iron
/ CAROLINE and Kerosene Rtoves. No heat;
no danger; pure gasoline. A. H. OLIVER,
11>2 Broughton Htrcet,
TTORBKB MULES Largeat and i
I 1 Texas Horses over tuilpped here; gentle
Htock; also lot Mules, at COX n STABLES.
LX)R SALE. ROSEDKW Lou, 80 feet on
I Frout str****t along the river and 500 f(*t
d66p, at $125, payable $25 cash and sl2 50 ev*ry
nix mouths, wit h Interest. FI NT’. ACRE liOtsilithe
TOWN of UOSEI>E\V, with river nrivilegea, at
SIOO, payable S2O cash and ssevery three montlw,
with interest. Apply to Du. FAI.LIGANT, 151
South Broad street, ' to 10 a. m. daily.
8U MM ER R ERORTB.
NEW YORK CITY VISITORS can And cool,
newly furnished rooms, with or without
hoard, at 11 West Eighteenth street, between
Fifth and Sixth avenues; moderate prices.
i E MARKILLIE
/j. *1 PER DAY. T.aige! elegantly furnishbd
O rooms aud unexeeptlonanlc table; Cent ral
location: fine surroundings; Southern reference.
160 East Twenty lirgt street, Gramercy Pfitrk. C.
F, HUDSON ‘
QTRICKLAND’g SPRINGS HOTEL -J-arw
grove; cool, quiet. Take Air lino Bell I.
N. STRICKLAND. Duluth. Ga.
CPECIAL I Kt; PHOTOGRAPHY PHchb
reduced Petite* $i 50, Cards j'2. Cabinet
$d ]>er dozen, and larger work in the same pro
J. N WIIJ3ON,
21 Bull street.
\ r OU will save money by buying Trunks at,
I M< h INK'S TRUNK 'FACTORY, Lincoln
and Broughton streets Repairing a hjmvlaity.
All work delivered free and satisfaction guaran
(TL( >THI NG eUsined, repaired, braided, altered
J and dyed: new suits cut and made in latest
styles; charges moderate; satisfaetjrvn guaran
teed. A. GETZ, tailor. 11 Jefferson street.
SEASICK? No need to lie. If you are going
to sea, get a bottle of PORTER’S Remedy
for Sea Sieknew, and Is* happy. Ouly fifty
rents. 1 2 ! ilroughton street.
I F .tini want your Clothhig renewed,
repaired, braided, dye i. remodeled, aItCW
to suit your taste go t<> S. WHITE'S, cqruer-Jof
ferson and State streets.
r rBUNKS. TRUNKS, TRUNKS. SAVANNAH
I TRUNK FACTORY is rbo place to get a
good Trunk clffiap. 88 Whltakdf stteet.
l ni MoBRIDI Mpntgomery
el • street. Estimates on House, thru, and
Decorative Painting furnished upon application.
IT 1 LEG ANT SARATOGA TRUNKS made t*>
j order at two day’* notice at SAVANNAH
TRUNK FACTORY, State and Whitaker.
I>RICKL\ HEAT IND ( U kFING A sure
cure is “Boroeitie,” a superior Toilet Pow
der. Sold by all druggists.
IT'OR SALK CHEAP, Trunks, Bags add Va
Hsch; also Straps and Keys of all kinds. 83
M ADAME a. A. SMITH wants everybody to
know that she has not left old Savannah,
but has changed her residence to No. GO Price
street, southeast corner of McDonough.
\\ r ANTKD. Trunks for all kinds of repairs;
Imvß of work guaranteed. SAVANNAH
\NENV lor of Chamois Skins at 5c.; extra nice.
LIVINGSTON'S PHARMACY, Hull and
~ LU DDKN A H ATES S. M. 11.
The Longest Pole
Knocks the Persimmons
\\7E OFFER BETTER INSTRUMENTS,
LOWER PRICES and EASIER TERMS
than can offered by any other house In our
line, and iu consequence we are flooded with
orders and correspondence requiring
Knights of Labor
Days of Toil
to keep up with the runh. Can it lie possible that
in this hilt weather* with the theruibmeter so
high as toendfttiger its safety, that) people are
really purchasing Pianos and Organs?
YEA. VERILY YEA!
If you have any doubts os to Uys, call In and
lot uh show you indtsputahto pribOfs of wjjat wo
say, and convince you that order* at hoitw- and
from abroad are ACTUALLY CROWDING UG.
We offer you a Buperb lino froln which to
Mason & Hamlin,
Bent & Cos.,
and Arion Pianos.
Mason & Hamlin, Packard and
Bay State Organs.
Organs $24, Pianos $2lO
Second Hand Pianos and Organs
Almost Given Away, to Make
Room for New Stock.
Lutldcn A Calcs Southern Music House,
■" - —... ■ ■"
Proposals for Culverts and Ditches.
umcK of the City flruvEYo®, (
Savannah, (Ja., July 15th, IMK7. (
I )KOPOHALK will I**/Hfeelvwl until WJSDNEB
- D.VY NIGHT, Julv 27th, at t oehxk,
dfrn*uf to Mr. V. K. K#* Fairer, Clwk of Con noil
of tin? city of Savannah, for the ftirmshnu: of
inatorliils ami ImildiiiK forty-one feet of fbrty
inch Italf round culvert, and forty one feet
of ihirty slx Inch together with niu h
buikheuiU and eaUli-lwwiriM nn may 1h) r*<|uinxJ.
Alw. for the fllgffla# thrao huuilnpl and
Klxty -om* of ditch, two amt omvfrltlf f***t
wide at the bottom, eoven with* at th top
and live foot deop: and.aUto, Moventy-five feet of
ditch. two feet wide at th*j |*ottoru, live feet wide
at t he top and four feet ftoep.
Plan:i and HiKs iflQations may l wen at the
office of the City Hdrveyor.
The city nittervea the to reject any or all
All Wd* must be signed by two miretfen. before
a Notuiy, for the faithful jierforrnanee of the
work. J. ukBKUYN KOPS, C. K.,
Proposals for Sewers and Culverts.
Omni or Title City Sprvryor, I
Savannah, Ua.. July ISth, IBW.I
fIROPOSALH will l,<- received until WEDNKS
-1 PAY NKIMT, July 37th. lit R oVlock.
directed to Ur. K. K. ltntiaror, (i<-rk nf Council
of Hus city of Savannah,for furnishing nmter
lalM aud budding three hundred and sixty onp
feet of forty-two luch sewer, seventy-fho feet
of thirty Inch sower, forty-one font of
sixty Ini'li half round culvert, together with
sundry catch-basins aud bulkheads as may he
required. The said sowers, culverts, bulkheads
and catch Danins to lx) built on the Waters ltistd,
near the property of Mr. John Schwarz.
Jlan.. and sissilflcutlons may be seen at the
offlDß l if the City Surveyor
Tho cjty reserves the light to reject any or all
All bids must bo signed by I wo sureties, before
a Notary, for the faithful iierformancc of the
wuv-K J. mJJKUYN KOPB, C. E.,
Acting City Surveyor.
DRV GOODS, ETC.
B. F. McKenna & Cos.,
137 BROUGHTON STREET,
Will close out the remainder of
their Spring and Summer Stock
of White Goods, Table Linens,
Towels and Napkins, Marseilles
and Honey Comb Quilts, Ladles’,
Gentlemen’s and Children’s Un
dervests, Ladles’, Gentlemen’s
and Children’s Hosiery, Para
sols, Embroideries and Laces.
N. B.—The reductions in the prices <*
these goods will lie worth the attention of
parties wanting the same.
CLEARING OUT SUE.
To Make Room for Fall Stock,
I will offer Special Inducements iu
MY ENTIRE STOCK,
With exception of my Empire State Shirt.
r PHE following goods will be sold cheaper than
1 ever offered in Savannah:
Summer and India Silks.
< team. White and Light Shades of A’batross.
Colored and Black all Wool Dress Goods.
Black Camel's liair Grenadines at 85c.; 40 inch
Printed Linen at less than cost
Real Scotch Ginghams at kiss than cost.
Black Henriettas at $1 40 and $1 75; sold at
$2 and $2 25.
Ladle*' and Children's Silk and Lisle Thread
Hose m black and colored.
Ladies' and Children's Undervests; best good*
in the market
Linen Sheeting and Pillow-Cane Linen.
Cream and White Table Damask.
ii-4 White Damask at $1; former price $1 50.
Napkins and Doylies in cream and white.
Linen Damask Towels in white and colored
Linen Huck in white and colored bordered
Pantry Crash Doylies at great reduction.
The above goods will bo oLcred at prices to
insure quick sale.
J. P. GERMAINE,
Next to Furber'g, 182 Broughton street.
For liont, from Oct. Ist,
TholiyKe and commodious houae lately oocu
nleTl fvJii&ce EmonrJjpeer, fronting Pulaski
ntuuuuiAntVcornur Bull aud Taylor, the chuicoat
location lu town.
An eichtrJ-oom house iu same location.with all
Iho into itnproveuuuits toward* pleasure and
For particular* refer to
JOHN LYNCH, Grocer,
Whitaker and Taylor.
KOK SALE. ~
WO 11 S ALE
©N SOUTH HILL STREET,
Anew six-room house, with all modern Improve
menu); four-acre lot. graahd, and luwn In grass;
gas, cold and hot water it every room; fountain
In frrfht of house; line b#rn anil servant houses;
new wimi mill; good water; house well fur
nished, and will lie sold with or without furni
ture. ami wUI he sold at a bargain if sold this
month. Write or call on
J H. KKITH, Griffin, On.
' I I" — ■——
CITY MAitwr.Vl/S sack!
I TNDKK a resolution [visaed in Council July
I. 13th, 11W7, I will olfor for sale, at public
outcry, in Trout of the Court House, in the city
of Savannah, ('lmtham county, Georgia, on
TUESDAY, the ,’d lnv of August, lftfT, Lot
Numlx-r 81 Wailey ward. Minimum uppralsod
valde, nine liurslred dollars Conulllons,
that purchaser shall erpt [inrinunent liuprore
ments thereon within one year from date of
sale equal to oiie haß of the purchase price of
Terms-Onodhird oasli, the balance payable
in one aad two yearn, with interest at the rate
df seven <“) l'r cent, per annum. Ihirehasers
paying for titles. BOUT. J. WADE.
Savannah, Jply 16th, 18S7.
IN TIME OF PEACE pfIEi’ARE FUK WAIL
In this Hot Weather think of the Cold to come,
and confer with
Cornwell & Chipman
About, keeping Warm next Winter.
Wo are Agents for the famous BOYNTON
FURNACES, HEATEKH, Etc., the Iwst In ths
world, aud we don't charge anything extra for
manhood. etc. I will send a valuable troa'UM(nc.tl.nh
containing full particular* for home cur©, free ad
<*•. 0. ITU CMr