The Rutland daily globe. [volume] (Rutland, Vt.) 1873-1877, 1877-04-05
From the New York Sun OF Wednesday,
TRENOR W. PARKS LOSSES.

A Grudge that Jay Gould Nursed after no
Lost $1,500,0 00-Constsrnation Among
Wall Street Operators-The Sut pension Of
One Broker and the Impending suspension
of Other Operators.
The Sun Of yesterday called attention to
the fact that desperate struggle had been
begun between Jay Gould and Trenor w.
Park on Panama and Pacific Mail. The
events of the day proved the correctness Of
the assertion. The reasons for the fight
between:the two great operators are both
personal and financial. In January of last
year Pacific Mail was quoted at 40 in the
New York stock exchange. Jay Gould
held about one-half of the capital stock,
and while he was quietly sapping the value
of the corporation to benefit Union Pacific,
he worked zeslously to keep its credit good
in the street. As long as Pacific Mail was
run in the interest of Union Pacific, it Of
course injured the business of the Panama
railroad. Trenor w. Park, the president
of the latter corporation, understanding
the situation, sold Pacific Mail heavily
short, and after an exposure Of the con-
dition of the company, the price of the
stock broke 30 rapidly that Gould was un-
able to market his shares at anything like
the top figures in fact, the quotations
weakened at euch rate that the last Of his
stock went much below so, and his losses
amounted to 81 500, 900.
Park made great deal Of the money
that Gould lost, and the price of the shares
before the bear movement was at an end
touched 16t. Here Park stepped in and
bought stock enough to give him the con-
troll. The price worked up to %, and at
the succeeding election Jay Gould was as
tonished to learn that the Panama interest
had secured the Pacific Mail. Gould was
very angry. and in his anger he threw co.
900 shares upon the market. Not only was
he injured by the previous decline in Pacific
Mail, but when it became known he had
been beaten by Park his prestige in Wall
street suffered. Operators took courage,
and combinations were formed in Western
Union, Lake Shore and other stocks oppo-
sing his interests.
From that time forward Gould had only
one object, and that revenge. Nothing has
interested him 80 much as information con-
corning Parks movements no labor has
been too severe that would enable him to
thwart them. The first opportunity Gould
saw of bringing his antagonist to terms pre-
sented itself some weeks ago in an affilia-
ton with Keene, and In that he broke Wes-
| tern Union. Keenes friends had been for
| some time on intimate terms with Park,
nj hoI 81 l.
Heene went over 10 Gould his friends went
over too, and Park was left to fight out his
battles alone. Not only this, but Gould
found out where his loans on Panama and
Pacifc Mail were made, and by various
| means contrived to injure his credit.
In addition to the Pacific mall stock held
by Park personally, on margin, he sold
"puts" from 20 to 25 in large numbers. He
was too heavily handicapped, and yester-
day he was obliged to throw up the sponge.
The amount of his outstanding "puts" run
| up to many thousand shares. The average
loss on them at the market price yesterday
was not far from 10 per cent. He could
not, or did not respond. The holders of
his privileges ran about all day half dis
| tracted with their losses.
| After attending tho Panama meeting
yesterday, Park was visible at his usual
places OF resort. He had bought up the
greater part of Panama stock, which for
more than gear had ruled at 120@125.
Yesterday II broke from 100 to 80, and in
deed could not find any market for large
blocks.
Several banking institutions hold large
OTIS of the stock ssddled upon them by
Park at about 90, Park putting up the
difference between 90 and 100, the price at
which it had been quoted in the stock ex-
change.
There was CONSERVATION in all quarters
in the street after the break, as 1t was ap-
pretended that stocks that had been sold
short would not Ego out" as the Wall
street term is. Just before o'clock these
fears were realized, John Pondir,a broker
we'll known In the street for many years
past, announced his suspension. He had
failed by reason of the shrinkage In Pana-
ma and Pacific Mail. Late in the day sew