Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1882-12-08
a STOCK GAMBLER,S END,


John TObin, cX-prcsident of the Hudson
River railroad, and at one time power in
Wall street, was arrested on Saturday even
ing near the Staten Island ferry for drunken
ness. Formerly millionaire and man
whose operations set the Stock Exchange in
anuproar and influenced speculation all over
the country, lie has become an utter wrecl,
physically as well as financially. In the days
OF his prosperity lis speculative schemes were
on the scales of ,hos. of Cornelius Vanderbilt
and Daniel Drew and he dealt in shares by
The hundred thousand. Now he is little bet
than bcegir, and the police say that he is
rarely sccn sober.
John Tubn was one of the best known
men in Wall street during the war. He was
wholesale wine and liquor merchant in
Beaver street before he became prominent in
speculation. His operations first began to at
tract attention in 1861, and they became
more extensive year after year until they
reached climax in the famous Hudson Riv-
er and Harlem railroad CORNERS" Mr.
Iobin, like all other spectators had varying
fortunes, but lis gains were vastly in excess
OF his losses until the last year of the war
Addison G.. Jerome was his principal broker
and associate in speculation during his early
operations, and he afterward entered into
some important affairs with Leonard w.
jerome, then bold and dashing spcculator
OF the tirst-class. Tobin was at one time the
sO-caed "leadcr of the street." but it was
only for a short time ard he never attained
anything like the extended reputation of
such noted speculat"r AS Daniel Drew
Iobin and Drew were on the same side of
The market in big dealings in particular
stocks, but they were never allies for any
proraclcd. operations. They had some
rugged fighting ccc 'slonaily Drew was
heavy loser IN tue Harlem corner" by
which ,robin piodlcd Largely. When at the
height OF his succ, sscs Tubin WAS estimated
TO have about - 900, 900 One of his freaks
caused good d, al Of talk in the street and
throughout the city. At the close of one of
his most brilliant and lucrative campaigns he
made up his mind to draw out his "bal-
anccs' in brokers Offices aud in banks and
to convert the amounts into cash. He also
determined TO take The cash and all the secll-
rites which he had to his home up town. 1t
was said in Wall sllcct thai as the result of
this ''realization' ui his assets he carried to
his house the conf rtahlc sum of 81 500, 0O0
in grecnbaCks, in addition to large sums in
securities. His house was carefully guarded
while this treasure was kept at home, but il
employing AL his resources at the Stock En-
change again. He was an extensive opera
tor in gold at various times and especially in
1866, when the price arose on account of the
war between Prussia and Austria. He made
good deal Of money on the advance.
But probably Tobn's largest gains in any
single operation or series of operations were
made in the famous Harlem Corner" In
1860 Harlem stock was quoted at only So or
80 per share, and Commodore Vanderbilt
absorbed mass of it at these figures. In
the beginning of 1868, the Commodore
then beiug president of the company,
the stock was at $50 in July of the same
year it was up to .J2. In the following
month the 'cornci" reached its elimination.
1t onord w. jerome, John Tobin and their
associates had II grip that could not be shak-
en- on all the stock available for speculative
purposes, and the unfortunate men who were
short" of the stock were forced to settle
their contracts at 10. Daniel Drew, as al.
ready stated was the largest loser, and he
was caught in the same way the following
year, when Commodore Vanderbilt forced up
the same stock. OF couise after the settle
mcnt of the Jeromc-Totin corner the stock
had great fall. In January 1864, it was AT
30; III June Commodore Vanderbilt had
marked II up to 23j, and at that price Daniel
lTcW anu MS lcilDW sufferers were COmpcll-
ed to settle their obligations. Drcw's revenge
ON the Commodore came when tens of thou
sands of Erie shHtcs, fresh from the printing
press, were sadilcd ON the railway king who
was trying to corner Eric, an attempt in
which he failed llmrnnbly.
John TObn was large holder of Hudson
River railroad s,O, k in 1862 and 1868, and
was president of the company in 1864, when
Commodore Vanderbilt bought controlling
interest in the stock at ncar'y TAR and turned
out Tobin from the pr, sduncy. The latter
was never II railroad manager of any special
ability. lie was u cauatOr pure and sim
| pie, and had nn market executive force. He
was full of the gambling spirit, and startling
stories were todd in ihr Sock exchange of
lns high play at cards ia thecv, ming. Always
convival in his habits hr became II hard
drinker after his wealth had been swept
away. Ills riches were reduced from 1866
to 1860. lie seemed tn have lost his nerve
and again and again suffered Icvcrscs which
might have been turned into trlumphs if his
old audaciiy aud res ilutiOn had not been
lacking BLACK Friday gave him the fin
ishing blow and since then he has never been
of importance in Wall street. lie continued
to speculate in n trivial way until of late he
| has become utterly broken from destination