The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-09-04
WALL STREET NOTES.

A STOCK EXCHANGE sToRY-wHY JAY GOULD
''UNLoADED' VANDERBILT ION
HIS GUARD BUSINESS FAILURES.
heretofore unwritten of the recent Western
Union ''slump," and the tactics connected there
WITH makes interesting chapter of Wall street his.
tory. 1t is both curious and interesting
1t starts with the that the late telegraph
pegotiations Jay Gould proposed to Frank Work thu
plan of consolidation between the Western Union and
the Atlantic and Pacific Telegraph companies
As the latter gentleman was repued
heavy holder of Western Union. he wm
solicited to arrange meeting with Commodore Wander
bilt which accordingly done. In further
of this plan and against the well
known antipathies Of the veteran Commodore, whose
opinion Of the famous Erie operator Is already ON
record in his testimony before the Erie Committee
the meeting took place. Ii of course and
few men knew of the contact OF the two men whs
came together like spntercd lghtnings lone IRON tia
warm South the other from the gid Pole" The 70
suit was sort OF armed neutrality.
After the CONVEX sation Commodore Vanderbilt said
TO old friend IL am willing To treat with this
but | shall be always guard Mr.. Gould Ia
ported to have proposed that IL Vanderbilt would con-
sent to on fair terms for telegraph business,
all overland business should 90 over the Lake Shore
and New York Central railroads which his Union Pacific
route could control The Commodore
probably induced to consent, us thu
bonded Indebtedness of the Lake shore
alone amounts to S53 600 and according the last
statements the earnings Of the road would be suf
ncent to pay the interest this vast sum, to say moth
ing OF the common stock.
Amer this curious meeting II Is said that Mr. Gould,
in order not belle his traditions, quietly, calmly
considerably and without passion sold out the bulh
OF his Western Union stock his friends and the
nding public. At this juncturc his representative
the Atlantic and Pacific Telegraph Board suddenly dis
covered that his companys line worth S3, 900 600
instead of 81, 800 600, and the negotiations with the
Western Union broken OH. This Is the latest
story OF the trckery OF Mr. could which Is banded
from mouth to mouth about the stock Exchange.
BUSINESS FAILURES.
The failures during the past week, beyond those Of
Union adams Co. and Lee, Shepard \ Dillingham;,
have not been important
Juan c. DE Mcir has given liens upon tho valuable To-
comove works which lac owns at Trenton also upon
his residence up town, Tor tho purpose OF tding over
his difficulties.
Richardson Merriam 4 Co., prominent WOOD. work.
ing machinsts, OF Worcester, Mass having branch in
New York, are understood TO have suspended. There
seems To be considerable embarrassment in Worcester
among the machine men.
george Is. Newton n Co., Of No lSs Walnut street.
Philadelphia should not be COMPOUNDED with the firm oil
George d. Newton Co., shippers of COAL at No. 30s
Walnut street good deal OF trouble has been
stoned by mistakes on this point
Commercial advices from California do not as yet in
dictate any actual failure. Numerous kilograms have
strngcncy IN money and difficulty In renting for
turing engagements. No serious default however, has
yet occurred SO lar known There Is great deal OF
anxiety among the hardware men 10 their cOrre-
spOndents IN California but thus far they appear 10
have stood up TO the scratch much better than might
have been expected n view OF the large lock up oi
money on the Pacific coast