New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-11-27
JOHN TOBIY IN A POLICE COURT
FALL OF A ONCE FAMOUS sPECULAToR.

DESCENDING FROM THE CONTROL OF MILLIONS TO
POVERTY AND DRUNKENNESS.
John To5n ex-presilcnt of the Hddson River
Railroad and at one time power in Wa-st., was
arrested Saturday evening near the Staten Island
ferry for drunkenness. lie locked up in the
First Precinct Station and yesterday was taken
before Justice Morgan at the Tombs
Police Court WHO discharged him with
reprimand. Formerly a millionaire and
a man whose operations set the Stock Exchange in
an uproar and influenced speculation all over the
country, he has become an utter
wreck physically as well as financially.
In the days of his prosperity his speeu-
aive schemes were on the scales Of those of Corne-
lus Vanderbilt and Daniel Drew and he dealt in
shares by the hundred thousand shares. Now he
is little better than beggar, and the police say
that he Is rarely seen sober
John Tobn was one of the best known men IN
Wall street during the war; He was whole
sale wine and liquor merchant i'll Beaver-st.
before he became prominent in specula-
ton Ills operations first began to attract
attention III 1861. and they became more
extensive year after year until they reached cli-
max In the famous Hudson River and Harlem Kali
road corners" Mr. Tobin, like other speculatOrs.
had varying fortunes, but his gains were vastly III
excess of hs losses until the last year Of tho war;
Addison u. jerome was us pIlnclpai AZ
sociate in speculation during his early operations,
and he afterward entered into some i'm
portant affairs with Leonard W. Je-
rome, then Dold ana uaShlhg
speculator of the first class, Tobn was at one time
the socalled "eader of the street." but it was only
for q short time and he never attained anything
like tue extended reputation Of such noted specu-
lator AS Daniel Drew. Tobin and Drew were on the
same side Of the market in big dealings in partic-
ular stocks but they were never allies for
any protracted operations. They had some
rugged fig ting occasionally. Drew was heavy
loser In tho Harlem corner" by which Tobin
profted largely When at the height of his sue
cesses, Tobin estimated to have about
S5,OO0OOO. One of his freaks caused good deal
of talk In the street aud throughout the city. AT
the close of of his most brilliant and lucrative
campaigns he made up his mind TO draw
ont all his "balances" in brokers' offices
and IN banks and to convert the amounts
into cash. He also determined to take
the cash and all the securities which he had to his
home up town. 1t was said i'll " ali street that as
the result of this realization" OF hls assets he
carried TO his house the comfortable sum OF
81 GOO 600 in gTeenbacks, in addition to large
sums in securities. His house was carefully
guarded while this treasure was Kept at nome,
but il was not long before Mr.. Tobn was actively
employing all his resources at the stock Exchange
again. He was an extensive operator in gold
at various times and especially IN iooo wren t9e
and Austria. lie made good deal OF money on the
Bnt 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, $s or 50 per share,
mass OF 1t at those, figures. In the be-
ginning of 1868, the Commodore tlen being
the president of the company, the stock was at
$50 in July of the year 1t was up to S92 In
following month
| mination. L onard w. jerome, John Tobn and
ne m ASSOCIATES @ had gP tSat cou n0t be fT saken
| uative purposes, and tue unfortunate men
who were snort OF the stock were
| Dancl Drew, as already stated, was the largest
| loser, and he was caught III the same way in
| the following, year, when Commodore
| Wand -rbilt forced up he slme stock. OF ure,
after the ttlcInrnl the JerOmeIObin corner the
stock had great Iali. In January 1861, IT WAS at
80; In June Commodore fanderDlit had nrkedlt up
TO 2s5 and at that price Daniel Drew and his fellow
sufferers comp cileIto settle their OblI2atons.
DrrW's revenge OH the Commodore came when tens
of thOus lnds of EIIe shares flesh rom The printing
press were saddled on the railway king VINO was
trying TO corner Ere, an attempt III which Ae falled
lamcntably.
John ToDin was large holder of Hudson River
Railroad stock in 1862 and 1868, and
1854 TSj Rsu'nct %hsn comm"dero Vanderbilt boug
| par and turned out TObn from the presi-
| deucy. The latter was never rdll-
| road manager OF any SPECIAL aDlllty
| lie was "A specuatOr pure and simple. and had no
| marked executive force lie was full of the gam
| bng sprit, and startling stories were told IN the
Stock Exchange of ms high play at cards III the
evenings Always convivIa III his hab Is he became
hard 0rn kcr after his wealth had Dcen swept way
Ills llcncs were steadily reduced from 500 TO 1863
| He seemed TO have lost ms nerve and again and
apaiu suifeIed reverSes which might have been
turned iuto trumphs If his ola aUdacly and resolu-
uou Ina not beeu lacking. Black trday" gave
hun the finishing blow. and since then lie Dts never
been OF Importance III " all street. lie continued
to speculate in a trivial way until of late ne has be-
come u tcIly broken Gown from dissipation.