Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1882-12-08
And Bet that Everything is Going to
the DemnitiOn BOW.WoWs
WHATONE THINKS OF VANDERBILT
Frittering Away His Colossal Fortune
in Gambling Operations.
MENTION OF SOME LEADING BEARS
Many Of them Rich, But All Poor in
Mental EndOwments.
lSpecial Telegram to the Globe.

the New York stock market for the past
three weeks is confined to that considera-
bic, yet hardly numerous element which
CANDLES habitually and which presents
something to gamble with. The excite
ment is something more than that which
follows in Europe the breaking of some
notorious gambling bank at Monaco or
Badin, by little combination of chaps
who have formed an audacious conspiracy.
and supported it with an unusual quantity
of money. do not venture the state
ment, but I have heard that even a faro
bank at Saratoga was beaten by the
players last year, and came out $4,000
short on the season. This information
was not given to me by any of the gam
blers, but came from one of the hotel men,
who called my attention to the sober,
heavy faces of the proprietors, who were
by no means as frisky as had generally
seen them at the. close of season.
There are in stocks as in faro gambling,
a bear, I need hardly say-a man who
looks at the blue side of life, and bets that
things are going to be worse than they
now are; that prices will presently be low
or; that the stock in your pocket you will
not be able to sell month or two from
this time for what you can market it for
to-day in Wall street. There arc
men in this city who have
been years and years specializing
on Wall street, yet hardly ever changed
their bet that everything would fall off in
price; that nothing would 60 up; that
there would be a coming down, liquida-
tion, a day of vengeance, as they express it.
VANDERBILT.
Twas in the house of an accomplished
man, whose only weakness is his business,
two weeks ago. He is q broker on the board,
but in other places he has fine mind and
kind, rather lofty character, We had been
talking with some gentlemen on various
subject where he showed unusually good
sense, till we came to speak of the fortunes
and power of Vanderbilt and Gould. My
friend said: Il will make
a wager that in three years
Vanderbilt will have wasted his enormous
fortune.'' We Gall smiled, knowing that
the remark was merely an emanation from
one of these constitutional bears, man
who, however successful in Wall street, is
out of his moral element there, and who
does not like to see men prosper who have
no refinement nor any traits or character
istics in common with his own intellect
ual self.
Said 1: "How do you venture to say that
such a fortune as Vanderbilt's can be
lost?"
"Why," said he, SPY gambling. That
man bought the Nickel Plate road few
days ago for $13,OOo,OOO, lifting the money
out of his government bonds to pay for
it. If he will spend $13,-
100000 this week, something else will
be presented to him absolutely
necessary for him to buy to cover his other
properties next week or next month. You
never suppress competition by buying it
up. When the Western Union Telegraph
bought the Atlantic & Pacific Telegraph,
there was hardly an interval before the
American Union Telegraph company was
eoming forward, and when that had been
also acquired the Mutual Union shows it.
self on the horizon. The fact that Mr..
Vanderbilt had to buy thelNickel Plate
road, shows the weakness of the system
that his father left him. His father left
him the advice to buy. nothing outside of
the state of New York. The old man had
got into trouble by buying a line
from the Lake Shore railroad to
Pittsburgh and the oil regions.
He said: "My son have all your property
under your eye within the state of New
York" But the next thing we find Mr..
Vanderbilt buying the Michigan Central
railroad entire, at such an enormous fig
ure that he had to dispose of great block
of his stock in the New York General road.
What has been the result? Is the Michigan
Central railrod such superb property that
it has been his warrant to go into that
state and incur all the responsibilities Of
unpopularitiy and adverse legislation far
from his legal base of support! After he
gets the Michigan Central he advances into
the Northwestern railroad. Consequently
he is going to be embroiled" continued the
broker, Gin rate-cutting war which VI
anticipate will break out every day
! AZ sAO ANoA IA Ooss WA0A0 WIG 0o6O WAeu
which q railroad can be built and the stu.
Penduous size Of crops invite competition
from half dozen great competitors all
unwilling to tolerate rivalry, and managed
by mon who acquire after a tune tho na
ture of these boss politicians, that they viii
not brook advice nor rival. The grai1
field of the Northwest" continued tn,
broker, sis really the principal object .
railroad competition now. Minnesct,
turned the scale several years ago as tn,
chief wheat producing state. The whea
belt is extending west of Minnesota, ant
will presently cover most of Dakota, ant
the Canadian regions adjacent are splendi'
for wheat. Wm.Vanderbilt will have to tax
care of the Northwestern railroad. It ha
competitor over a part of the way il
the Milwaukee & st. Paul, and then to tn
west the great railroads, like the nlinoi
Central, the Rock Island, ETC., want