Green-Mountain freeman. [volume] (Montpelier, Vt.) 1844-1884, 1881-01-12

JAY GOULD AS A BEAR jay Gould had
S3O,OOOOUO in money September L, 1919
md lhpn prepared to hammer the market
,own-to send chilling fear through all
the list. On the 5h of September he APP
peared in the rxchang and began work
He first attacked gold; S200,O00,OOO was
sold in one day 10y himself and associates
The price tell seven cents, giving Gould
AN enormous profit. lie locked up his
profits and his capital and turned his at
IGNITION to the list of stocks that had al
ready weakened from 5 to 10 per cent In
sympathy with his daring raid on gold. !
Distrust became general, small holders
were shaken ont, timid ones sold out, AMI
many strong operators ranged themselves
ON he "bear' side under Gould leader
ship Western Union WAS the next object
Iof assault. He sold 10000 shares short,
and down it went, tumbng 10 cents In
one hour. clearing Gould "A halt million In
90 minutes. This was en- the 18th OF Sep
Ilrmber. and by noon Jay Cooke failed.
Then came riot and ruin. On the next
dav the steudost stocks dropped like lead,
= Iaud the staunchest house collapsed. by
3 p, NJ. there had been loss OF SlOO0oo,
600 in value since morning, and money
vas worth per cent day Gould
Aittpd like a vulture, through the black
and sickrning scenes battering mel cllessly
! anv stock that showed signs OF vitality.
y / ne ueXl day the banks suspended, ana III
. y @ clock the stuck exchange closed
=, doors and the panic had settled upon the
=, country. Il seemed Impossible to I'LL
>, prices There WIS money enough but nc
" confluence The government relssueo
~ $500, 600, 900 of greenbacks There were
H. our millions of bales OF cotton III the
- south and one thousand millions of bushels
- of wheat in The west, but there was nj
, confidence and everything Jagged Fol
=. over three years there was depression II
-, everything, stocks would rise a bit ant
~ then fla lower than ever until April, 1871
-, bed rock was reached. 1t was then
estimated that the shr!nkage IN The lead
pr stocks in the streets was $500, OOO,OOO
aud over 900 millions of railway values
n had zone INTO the hands of receivers. Ih
NO. lowest point was reached in May, 1877
and then began the upward movemen
us thai has perched old stocks on such dlzz.
ed heights
That Jay Could has been feeling tn
market Tor another break for the pas
ho six months is well known, He has los
led heavily in raiding stocks that still had
IN, rise III them, but has always been shrew
los enough to draw out before he was badl
damaged. 1t was recently rumored tn;
oI' he had been caught by Vanderbilt in sci
are INC northwest sholt and settled by payin
Vanderbilt 81 100000. He bides his tim
IIec4p now command 500 000, 900, whel
'r in 73 he got together only $30,00O,00
its A friend OF his told me the other day tn
hat he had a cash balance in the banks of $l4
c,n O00,OO0. He is equipped for destructic
AZ never mun was before. With his va
Vt" system OF roads, competing with almo
two nyerv leadinc line, he can open war, G
rates aud let slip havoc-with his Amer
IL; can union telegraph company he has {
''U' ready hammered the life out of the weste
iOO union. and can tumble it when he please
ven. With his newspapers he can create appr
,ber hens ion In 1878, almost entirely alol
ia and in disrepute, he now has hosts
uiil friends and followers.
VIZ ~ That he believes the time is ripe f
h WI havoc, can be tod from the facts. Uni
ia, Pacific. which he created and ma
'i'h valuable, is now selling 20 cents high
~ then il was when he sold out of II pi
!pol sumably believing that 1t had then reach
"a is Top value. Lake shore is now SELF
a i, so per CEN higher than it was when
'',n, was selling II short; implying there
,,,au that he thought it then too high so
,ou', St. Paul and northwest He believ
" ' they were too high months ago,and bolc
-, ~ sold them Shorthand yet they are nj
r. 40 10 so per cent higher then they we
,,a then. lie will strike them soon with
' ,'n, bls force, aud then see the spinters fly
Ne,D York Letter w 81 LOUIS Repu6ttd"