Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-11-30
A Former Railroad King Arrested for
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New YORK, November 29.---John Tobip,
ex-president of the Hudson River railroad,
and at one time power in Wall street, was
arrested few days ago near the Staten lei,
and ferry for drunkenness. He was locked
up in the First Precinct, and next day was
taken before Justice Morgan at the Iombs
Police Court, who discharged him with
reprimand. Formerly a millionaire and
man whose operations set the Stock Ex-
change in an uproar and Influenced specula-
ton all over the eouptrt, he has become an
utter wreck physically as well as financially.
In the days Of his prosperity his speculative
schemes were on the scale of those oil Cor
nelius Vanderbilt and Daniel Drew, and he
dealt in shares by the hundred thousand.
Now he is little better known than
beggar, and the police say that he
Is rarely seen sober. John Iobin was
one OF the, best known men in Wall
street during the war. He was a whole
sale wine and liquor merchant in Beaver
street before he became prominent IN
speculation. His operations first began to
attract attention in 1861, and they became
more extensive year after year.. until they
reached a climax in the famous Hudson
Biver and Harlem railroad corners" Tohln
was at one time the so-called Leader OF the
street." but only for short time, and ne
never attained anything like the extended
reputation Of such a noted sPeculator as
Daniel Drew. d'obin and Drew were on the
same eide OF the market in big dealings IN
particular stocks, but they were never allles
for any protracted operation When at the
hight OF his successes, Tobin was estimated
to have about S5,000,O00. One OF his freaks
caused good deal of talk In the street and
throughout the city. At the close OF one oil
his most brilliant and lucrative campaigns
he made up his mind to draw out all his
balances in brokers's offices and banks, and
10 convert the amounts into cash. He also
determined TO take the cash and all the Sc
curities which he had to his home up town.
1t was said 10 Wall street that, as
the result of this realisation of his
assets; he carried to his home
the comfortable sum Of $l,6O0,0OO in green
backs, in addition TO large sums in securl-
ties. But probably Tobin's largest gains In
any single operation or series OF operations
were made in the famous Harlem corner"
In 1860 Harlem stock was only IS or ~ per
share, and Commodore Vanderbilt absorbed
a mass OF it at those figures. In the begin
ming of 1868 the stock was at $50; in j uly
of the same year it was up TO S92. 10 the
following month the corner" reached lis
culminston. Leonard w. Jerome, John
Tobin aud their associates had grip that
could not be shaken on all the stock which
was available for speculative purposes, and
the unfortunate men who were short" OF
the stocks were forced TO settle their con-
tracts at S179. John Tobin was a large
holder of Hudson River railroad stock in
1862 and 1865, and was president OF the
company in 1864, when Commodore Wander
bilt bought a controlling interest in the
stock, at nearly par, and turned out Tobin
from the presidency. Always convivial in
his abits, he became hard drinker after
his wealth had been swept away. His riches
were steadily reduced from 1866 to 1869. He
continued 10 speculate i'll a trivial way, until
OF late he has become utterly broken down
from dissin sfion