The weekly herald. [volume] (Cleveland, Tenn.) 1876-1888, 1880-01-29
TEN TONS OF GOLD.
What the Missouri Pacific Railway Neus
the GarrisOns.

- N 1E@
New York bank, who was passing
through Pittsburg to a reporter at
the Union depot, where they met by
chance, they having been friends to-
gether in the metropolis in former
years.
How do You come TO know so mu,h
about the matter2' queried the reporter.
jay Gould keeps one OF his accounts
n bank, icing on intimate terms with
our cashier aud other employees about
the bank. We hear many items Of
financial gossip
He told Us that Russell Sage, who,
with Sidney Dillon, are Gould's closest
business associates, had first called one
evening at Commodore @. X. Garrison's
private residence in relation to the pro-
posed purchase OF his (Garrison's) Mif-
souri, Peci6c railroad stock. Although
the investment was a good one, and had
paid Garrison handsomely, he was will
ing TO sell providing be got his price
for il.
The Garrison Brothers had purchased
O three. fourths interest in the stock Of
the road some six years before for $780,
900, and had in addition purchased O
large proportion of its bonded debt at
prices ranging from thirty. eight to fifty
cents ON the dollar. The property was
universally admitted to be a fiue one,
and capable of developing an enormous
business. but its management had fallen
into the hands Of st. Louis politicians,
and the inevitable result followed.
Everything was at skies and sevens; the
revenues were dissipated, the road was
unable to meet its floating indebtedness
and bad also defaulted on it's bonds.
At this crisis the Garrisons bought,
and, once III control, the commodore
placed his brother in charge Of the st.
Louis office, and he himself took charge
OF the fiscal Office in New York. The
same wonderful business talent he dis
played in the management Of tho
Chicago gas speculation, where he laid
the foundation stone Of bis colossal for
tune, he brought to bear on the affairs
of the Missouri Pacific railroad, and the
result was speedily apparent. Its affairs
were ju%diciously, carefully and economi.
managed; its business was given
free opportunity to expand; its earnings
were safely gsrnered and honestly APP
piled to the payment Of its operating
expenses.
Gould having several lines competing
with this to Kansas City and for the
general trade OF the West, ran the Mis-
souri Pacific very close at times and
even went to the extent OF putting rates
SO low as to compel all lines to lose
money. 1t is not an even fight, Gould
afterward explained, because, said he,
while Garrison only has TO lose money
on one line / have to lose on four or
FIVE. 1t is cheaper for me to buy him
out, wen If I have to pay him a high
price.
Il will sell you our stock in Missouri
Mr.. Sage, for $4,000, 0OO,' said
the commodore.
'Preposterousl Tho price is beyond
all reason; why you only gave $500, 900
for that stock six years ago, said Russell
Sage, who, by the way, is SO mean and
avaricious that he will not buy his fam
lily decent marketing, Notwithstanding
the fact that he is worth his millions.
1T makes little difference to you. Mr.,
Sage, what / gave for that stock said
The commodore, rather nettled at his
tone, my price is three millions three
hundred thousand for it, and you will
never be able TO buy it for any less; but
when that door closes after you tonight,
the proposition will be cut by it and my
price will advance a half million dol
Russell Sage asked Mr.. Garrison
10 give him a t~wezty-four hour option,
in view of the magnitude OF tho transao-
ton, which was reluctantly granted.
Thinking to scare the commodore into
submission, Sage foolishly allowed the
twenty.four hours to expire. Gould,
returning home from a short visit at this
lime, was told of the matter by Sage.
He hastily drove TO the commodore's
house and endeavored to secure the
stock at the offer, as the twenty-four
hours had then only expired a short
line.
Mr.. Garrison was inexorablel
THAT option is as a tale that is told,
Mr.. Gould. 1t is like the summer flow
RS that have faded and passed away.
You can never buy that stock as cheaply
lgain, but if you want a new PROPOSE
ion from me I will give you one. You
nay have our stock for $3, 800, DOOR
Gould said: Hang it, commodore, I
lont want you to Jump another half
million on US, 80 I'll take itl
He at orce handed him @ certified
heck on u bank, and wrote ont
mother OF us, then and there, for eight
hundred thousand dollars, which he
,assed over to the commodore.
Next morning, when We were notified
Il the transaction, and the checks were
presented for payment, we were in a
errible splutter, l can tell you.
'Wby?' asked the reporter.
I'VE had no greenbacks on hand, aud
I course had to transfer gold coin,
which involved the labor Of counting il!
t took our force hat was put on the
Oh five days to count the money.
You astound mel said the reporter.
| never realized that SO. 800, 900 re-
uired 80 much labor to handle
well, if You will calculate its weight
GU will find that it amounts to about
tons of gold, or equal to ten dray
,adsi'
Commodore Garrison got that amount
I gold for his stock alone, and he still
Odds the bonds, on which the interest
paid regularly, and they are worth
yer parl'