The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1875-06-29
Especial correspondence of the Troy Times.l
THE HERMIT's LETTER.
Something About Panics and the Stock Board
old wall Street speculators---How They
Come and Go, Rise and Fall---Jay Gould
the Present King---The Way he Operates.

Come ana 10, MISC anu uouau
the Present King---The Way he Operates
fI New YORK, June 20.
This heated term is felt severely in Wall
street, and yet the stock market continues
far more lively than might be expected. |
Even admitting that only one-quarter of
the reported sales are real the aggregate of |
the transactions is immense. The fact is
the only kind of gambling which man
can indulge In without decided loss OF
caste is found in the stock market, and, as
mankind generally has a love of this kind
of amusement, the stock board is never
destitute of patrons. Such is the fascna-
ton attending this kind of speculation that
an old business man tells me that to resist
the inclination has caused him an incessant
conflict ever since he entered trade. Inc
occasional examples of dazzling success
are sufficient to keep up strong attraction
and wher any one has made lucky hit he
will continue as long as dollar is lett
THE WALL STREET KINGS.
Ten years ago the Wall street king was
noted for his youth, his audacity, his
frauds, and his punishment. At present
the king is noted for years, for experience,
for self-possession, for prudence and for
success Such is the difference between
Ned Ketchum and Jay Gould. To go
lack ten years farther, bringing us to 1850,
the king of the street was Ned Robinson,
former partner of Daniel Drew, the firm
being Drew, Robinson & Co. His reign
was brief, being cut short by death in 1865.
He succeeded Jacob Little, who was the
lii ho otvaa for a
any other man, his reign being prolonged
to more than twelve years He became
bold and defiant operator, and made large
wealth. Such was his power over the
market that he was in the habit of making
contracts to keep specified stocks up to
given price, Name to him the mark
which stock should rule for the length #
time required and pay him his fee, and you
could then operate with confidence. After
years of brilliant success, Little became
over-confident and entered into a bull
movement of immense extent. Matters
took change; stocks went down and the
public as thrilled with he failure OF the
ruler of stock destini :. His pride was
humbletl. but his spirit was not wholly
broken. He renew d his efforts and made
another str Ike, bur was again disappointed.
He then Seemed conscious that fortune had
finally deserted him, and this preyed SO
deeply upon his spirits that he did not long
survive Jacob Little was at the time of
his death about fifty-five. His faculties
were perfect, and il is evident that he was
victim of disappointment. Having made
millions, he died poor.
THE SENIOR JACOB.
Prior to Jacob Little, the financial en-
pire was in the hands of Jacob Barker,
whose name still lives in memory. He
was great in his day, but, like other great
operators, came to sudden grief. How
ever, he was too much Quaker to be al
fected like other victims of disappoint-
ment LIE sought another field, where he
partially retrieved his fortune. Wall
street men of the present day little imagine
the battles which have been fought in the
streets, nor the panics which have original
ed there. Wall street has been battle
ground ever since have known the place,
which is now more than third of CEN
tury, and when l entered its precinct
heard many traditions of early struggles
which are now forgotten. When ! came
to Wall street the great panic of 1886 was
as fresh in Its destructive consequences as
the panic of 1873 is at present. A panic
and pressure are very different; the ont
being the consequence of the other.
panic of a months duration may eav,
"a pressure which shall last two years.
Panicsar generally preceded by some sud
den and unexpected failure, which occas
ions distrust. The panic of 1886 wa,
opened by the failure of the Josephs.
Jew banking house of great repuie. Thu
panic of 1857 was opened by the failure o
the Ohio life and trust company, wbil
that of 1873 was wrought to its highes
pitch by the collapse of Jay Cooke & Co
Each of these panics was followed by
severe, as we now learn by painful expert
ence.
HARD TIMES LONG AGO.
When came hlther and hired out as
clerk at one dollar and fifty cents week
it was the best pay that a stout boy of six
teen could earn. Such was the pecuniary
embarrassment that this great city wa
compelled to stop the progress of CrotoI
aqueduct, (then half finished,) becaus,
funds could not be raised. A land agent
told me that the great Brevoort estat,
could hardly collect enough rent to NEE
taxes, and yet that property was ther
worth nearly million. Real estate wa
at that time almost unsaleable, even a
figures which now seem ridculously low
and many men were ruined by purchases
which, could they have held them, wOul
have ensured great wealth. The pressur
following the panic of 1886 lasted unit
1843. Its effects were felt all over tn
union. 1t was powerful agent in tn
defeat of Van Buren,, just US the panic o
1873 led to the defeat of Dix. Such wa
the financial arrangement that it cos
twenty five per cent to send money b.
draft to this city. The bonds of the stat
of Illinois were sold at 10, and dull at that
but were afterward paid in full. ANON
the quotations of produce in this marke
were nine cents for good dairy butter, an,
five cents for best Herkimer count
cheese. i merely allude to these rates il
order to illustrate the pressure. We ar
now called to 90 through similar ordeal
and must face its exigepcies with all poss
BILE nerve and endurance.
QUAKERs ROUND WALL STREET.
have referred to Jacob Barker as on
of the Wall street kings, and it may b
said that he was the only member of thi
society which attained this distinction
The Quakers, however, have always wielt
ed an immense power in the street. Afte
Barker had abdicated the financial throne
old Sammy Willetts rose to marked dil
tinction. He was a leading member of
family which for half century has pun
sued money making with great success
Amos and Samuel Willetts were hardwar
merchants, and also heavy dealers in wha
oil, and their example has been folloWe
by large family of honorable young mer
who now succeed them. Sidney Willet
was one of the best fnanciers that ev,
wore broad-brimmed hat. His counter
ance was calm and impassve; his raimel
was plain and even seedy; his speech wi
simple; his mind was absorbsed with bus
ness; trade was recreation; honesty wi
constitutional, and to make money WI
only destiny. But the hour of erucifixic
of pride was to be met, and during one
the pressures the firm suspended. 1t W
bitter day for Sammy, but he bore it al