Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1872-01-24
How Fisk Didn't Make FIVE Hundred
Millions.

How Fisk Didn't Make FIVE Hundred
..ll l5tstT - W -r'ilz3 ~ 3l1- d l- GIl
Oliver Dyer tells the following anee-
dote illustrating the bopndless audAe.
/ ity Of Fisk: -----.- 80
He went South in the winter Of 1854
and 1856 to buy cotton, and az the Con-
federacy began 10 weaken under the
pressnr of Grant and Sherman, he
saw the surrender OF Lee looming in
I the distance, and then taking the
whole situation into the account, he
conceived one of the greatest financial
I schemes that ever came from the
brain of man. The Confederate
bonds were then selling At eighty dol,
| lars on the one hundred in London.
Fisk saw that the moment the news
/ Of the collapse Of the COnfederaey
should reach that city the bonds
would tumble Indefinitely and what
prOdigious opportunities that might
afford. .--.ssl.L ga
''If 1 could only get man into
London q few days ahead of all COM
petitors, " said he to himself, nafter /
knew the Confederaey had gone up.
what a haul l could make selling
those bonds short r
He at once came to New York
took few other capitalists into his
confidence, and unfolded his plans to
them they saw the point, and agreed
to furnish all the money that should
be necessary in addition to what Fisk
had himself, aud told him to 20 ahead.
Mr.. Fisk Immediately purchased
the fastest ocean steamer .afioat man
ned her with a skillful captain and
trustworthy crew, sent her to Halifax
with orders to bank her fires and
have steam on ready to shoot from the
wharf at a moments notice placed
on board of her trusty and capable
agent, from whom the captain was to
receive his orders to start, aud who
was to work the scheme in London
made such arrangements with fifty
miles of telegraphic wire that no one
could get the news ahead Of him, and
then awaited the result of the fight
ing down in Virginia. For thirteen
days the fires of atsteamer in Half-
fax were kept banked, with ever man
at his post, and everything IN readi-
ness for instant departure. At last
the death-blOw of the Confederacy
was struck.
l.t-1.llzs HGO.U r-- o74ro
was the word that the lightning hurl-
Ell at Fisk's agent in Halifax and
away went the steamer, without q
soul on board Except the one conf
dental mani having the slightest
inkling Of the news which was already
beginning TO set the western eOnti-
nent ablaze.
There was no Atlantic cable in
those days, and so, fortune faVorfng.
the swift gliding steamer would arrive
in Liverpool long way ahead Of any
other craft which could bring the
news. The steamer crossed from
Halifax in six, days and q half and
reached Liverpool five days in ad-
vance of the arrival Of the first steam
er that left New York with the news.
What could not have been done In
those five days But, alass tone Door
Did weak-kneed associate, unbeknown
to Fisk, had telegraphed to ihe agentat
Halifax not to 60 beyond five millions.
IN his London sales of Confederate
bonds. This knocked Fisk's gigantic
scheme square IN the head. The
lgent sold five millions of bonds short
u the rates then prevailing in The
London market. Before the day of
came about, the news of the
all of Richmond and OF Lees surren-
Ter arrived, and the bonds tunlbled 10
wenty two dollars on the hundred.
The London brokers OF course paid
he difference (as, for the benefit OF
eaders not familiar with such trans
,etiOns, we will state is the eustOmsl
,etween the price they had agreed
o pay and the actual price for which
he bonds were selling on the day OF
delivery, which difference Amounted
D over two million OF dollars. The
irofit on the speculation was there
Dre a handsome one, after deducsiug
Il expenses, but it was a mere drOD
\ the bucket IN .eOmparison with
that it would have been had. the eth
r parties to the enterprise been as sa-
acious and plucky as Colonel Fisk
'as. His plan was to. sell COnfeder-
te bonds short IN. London as long as
nybOdy would buy them; and to fol-
w the market clear down to Zer0
4 course the bonds would never have
cen called for, and the buyers wOaiil
ave had To pay the differences
Lad Fisk not been betrayed, as We
ave stated, he would probably have
leaned out London, and male live
updred millions OF dollars
When Fisk heard OF the trick which
ad been played him, he was prObaly
ie maddest man on the American
ointment, with the single exception
T Old Hickory Jackson when he
card anything said against the char
ter Of his wife.