Daily globe. [volume] (St. Paul, Minn.) 1878-1884, 1883-01-01
GATH GOSSIP.

| sion to involve the Mutual Union company
in litigation, that it was a piece of weak
ness, turns out to be true. The other com
pany has turned the tables on the more
powerful one, and the last dividend of the
| Western Union had to be Struggled out, SO
as to get to its stockholders in view of the
decision against the company. A prominent
Western man remarked to me yesterday;
MIR. Gould is now too weak to attack
on account of his large possessions. When
he had nothing to speak of, and was aggres-
sive through all the legal vehicles he could
control, he was in much stronger posi-
tion than now, when he has huge
amount of property, the price of which ne
is striving to put up, when the weight of il
falls back his hands. 1t would not sur
prise me-" said this Western lawyer, who is
well-known in Cincinnati, ''If Gould would
be much annoyed for some years to come
by caourts and shysters, and he has made
it warm for other properties which he
wanted to buck against. A few years ago
there were judges in this city who would rem
der any decision requested by some of the
railroad companies, through collision be-
boss,some fiscal source, like a lawyer and a
| Judge who had been created out of
raw material and had the audacity to sell
his law. But the close examination made
into the courts by the lawyers, who are
themselves afraid to speak out, but who
go and inform the newspapers, has made
it hard to get decisions by any of these
spectators. The day for bought decis-
ions has passed by"
was talking yesterday to a weu-known
Turkish baths up town sometimes, where
he goes to get refreshed. He will talk to
you, however, on financial things, even
there"
''What is Gould's position" said I Sin
Wall street today" >
'He is 10 longer the leader" said my
broker friend.
"Who is the leader then ?'
Nobody"
"Well, then, Gould has not been entirely
supplanted ?"
ono, but he cannot any more carry out
his programmes. He has made fervid
effort to driv cup his telegraph and other
stocks and they will not go up.'
"Why is that 20
because the street is encountered with
two much property. There have been
listed at the stock exchange in the past
three years more property on paper than
the entire national debt of the United
States, taking out the amount
paid off of the debt. Not
even this country can stand up under such
an accumulation of securities. There is
bound to be panic in Wall street, and we
have barely escaped one twice during the
present winter
when do you expect that panic to
happen?"
''It will be within three months. The
whole market is bound to break down, be-
cause there is no general public any longer
dealing in the street. Considerable orders
are given by these rival spectators, but
they play backward and forward and the
general public no more catch the step
than set of three card monte men were
to open game in smoking car and ev-
cry other person went to sleep, or was
deaf"
''How do you consider Jay Gould as to
the future?"
81 think he has passed his prime, and
that his course from this time onward is
apt to be retrograde one. He has ex-
hausted the means of exciting interest in
his various performances. His newspaper
adventures have been among the weakest
things he ever did. Wash Conner, and
people of that class send up word to
Gould's chief vehicle that they want the
third column on the first page, or the fifth
and sixth columns, not only putting in
what they want, but giving the very place
where they want to print it. Of course
such editing as this becomes jest. Every
energy that Gould possesses has been used
to drive his telegraph and other prop
erty up, and it does not do
any more. 1t takes every strain he can
give to make the stock stand where it has
dropped to instead of going further down."
"Do you think that Bennett is going to
build those two cables?"
"There is no doubt of it whatever Ben
nett and Garrett make quite team. Gar
rett's telegraph system is now consider
able one, reaching the frst-class Western
cities and coming right out to New York,
and Bennett can connect his cables imme-
dlately with it. Bennett says he is going
to build his cables without watering the
stock, or taking any money out of the
general public. He is much
more consistently engaged in that
form of business than in sending expedi-
tons to the north pole, or even into Africa.
The press is entitled in this country to ca
bic facilities removed from the interests
of spectators or the monopolies which
have devoured the whole Atlantic telegraph
system"
eff business has fallen off in Wall street,
why should not the price of seats in the
stock exchange fall oif?"
Because, for every nian who wants to
sell a seat in the STOCK exchange, there is
another one, or perhaps two more, want
ing to get seat there. There are now
LOO stock brokers in the exchange,