The sun. [volume] (New York [N.Y.]) 1833-1916, 1877-08-20
JAY GOULD's mo FI0HT.
Tren endou. Operations In Telegraph stoeh-
How he ha. Euchred his Opponents.


To THE EprroR or TIE suN-!Sir: The
his,,rv If law tiould's fight with Western Union
il a .urious one. For years he has been a heavy
.,.o.,,lo,,r In ,,lc.rnnh stocks nppenring alter.
.' ,.. ,,,,, IAN and l.,or sid. In I'M, manic
natrV on inc uull anu wal s'"o' i" NV p""''
of 1873 he sold il heavily on the start. and when
il Lrnkc down from 96 to 49,. he covered his
- -, t...,..t, 49,, ,,,,r,.,,s, lin ~ sharca
sn"''7 .', "'ut", ",' ,'''',,' ''io ", .''
which he disposed OF in the subsequent rise tn
ST. At all times it has been favOritc Of his to
,.a,i,',ia,, ,,, ,is 1,orn,,,,. ho,, ,cc, c,p.
nl"h'l"'' "u' us 'Pi"'''i'7 nav "
ductcd with an ultimate view OF obtaining
control
H. ,s7s N,;orA eol,vor osccrtoinino TINT
ia 100 ""l"r A. ~ N'''N'I, Nv V'.''''''H ''''
Gould was heavily short at 20 ana 30, maze up
a pool Of California capitalists. and. Ivy loading
',,. -. ,,......,,., -, .b,rcs su.no,,,od A,
""n many ''""9'"'7 " g - Nm. - -, ~
marking the price up to 30 d y. Mllls was IN
tho nool and nj one time. it looked IA II Mr.
~ III, ~, ,.,,I ., .,,.,r. Ian, n,on,ioI
you" ""u" W. l"'''u '" '''' ""' IMAM u"
troubles in San Francisco. eliminating IN the
s,ttur,. ,f tn, Rank of California ncccssitnt,d
thr WilHhI"N" VI s'N'i"l va III" ""l' Vp'u"'"rs
MAJOR Sclovcr was left in the breach. and. after
s,r'H I',',' " s"s''''' w, '',u nv "'s co','.
pe''u =" 'V' Eo MS Er.p' Western Union wont
down 10y the run. and the Mayor sold out his
stock at "A loss of 1900 600 and went into bnnk
" ~ ~
ruptcV'
In the spring Of last year Mr.. Gould put out
lin, nf shorts lint his defiant in Pacific Mini in
"" ~ ''''7' ""' NO uV''"' VI avn wan 'n
lurcu MS prestige. ana learning. 10y intercept
Ing several kilograms. that n strong pool was
holm, formal in San Frun.iseo Ia nm, m mo
~ - ~ w W.
IrN', ~ covered us shoris IN single day. and
Wait.l lnr u more favorable opportunity TO car
~, "ut hls schemes
latr IN ~" lall. Whcn the price was standing
Nv ~ hul ~. ne renewed ,nls snort me and
op"n"d IRE upon W stern Union by Large re
duruon IN rat.s by Atlantic and Pacific. But
s'r'ns phr,l,- III NnIl street had been Watching
lls movements, AND the price remained stead .
II appears lhai MAJOR Srluver, who had gone
Co. san Francisco after hl~ failure. enlist.
cd some wealthy operators there with -
Wow OF cat hing Mr.. Gould whenever he
became hraNily short pool WIS formed
To buy l23uVO shares. ami at the proper mo-
mont lo take them out oi n" street. the great
,,rrar was Needing puzzled at the strength ol
western | mon. ana Tor long time could gtt
no accurate information a. to the parties oppos-
ing him. lie. however. kept on steadily sup
pying all bids Tor the stock and for consid-
cradle tim" the pool was unable to advance the
prire beyond " and 49, In this way the short
Inc OF Mr. Gould incrrsrd until II figured up
about lOu.OO shares. Then he found out who
the partirS wrr" opposing him. and after buy
ng in about $4,000 shares for c3 sh and putt rs.
them out seller sixty days. he gave the mark Il
la the mean time, j i'm kecne and MAJOR Solo
ysr nhd arrived. AMI und.r large purchases
Western Union went up IN the most lively man
nor. Gould. instead ~ trying To check the r 50
10y short Sa's. worked about among large out
side holders of Western Union. and induced
them in many instances to throw their invest
m"nt stock IN IN" market. Prominent among
the parties who sold out ON the rise WIS Com
modOrc &. X. Garrison who unloadrd 10000
shares on the pool. Several OF the Western
Union directors also took advantage Of the ris,,
To- market stnak In .pita nt rvrrvthiuy how
ever the quotations steadily advanced until in
January they were about 7G. Here the price,
lies ihtrd somewhat. Tn" manipulation II the
pool Was = VI. Mills and the main reliance was
placed upon Jim kcenr who i was expected
would furnish money o. take up the stock and
retire il from the street.
But Gould WIS laying plans 70 thwart this
scheme Major S"lONpr "a I Hi H. tho zoo hotNttt n