Savannah morning news. [volume] (Savannah) 1868-1887, 1885-07-30
TWO MIGHTY MEN IN STOCKS.
The story of Vanderbilt and Cammack's
Deal Together.
From, me Neao York Worza.

From, the Nelo York Wor1d.
The understanding in Wall street is that
Addison Cammack, the bear leader, was
long Of the market and made about $780,
coo In the last upward turn in stocks.
The remarkable thing about it all is that
the money was made almost entirely in
The Yanderbilts, which ''old Cam" as Mr..
Cammack is called, was short Of during
last winter and spring.
1t Is now regarded as certain that there
has been an alliance between him and
William Il. Vanderbilt for months back.
Mr.. Vanderbilt, however, has denied all
along that he has been operating with Mr.
Cammack. The conviction that they
have been is general in the street.
A well-infOrmed operator said that his
understanding of the deal was that they
tried the short side last spring, and SIr
Nanderbilt, in order 20 help stocks on their
downward course, discouraged any SET
tlement with the West shore and frowned
upon the proposition 10 sell the South Penn
sylvania and Beach Creek railroads TO the
Pennsylvania. They labored in vain IN
the street, but New York Central would
not descend the scale. They would throw
heavy blocks Of stock on the market, but
the object OF their attack would only sink
little under the pressure and at once re-
bound. Lake Shore was kept up by SYM
patty with the New J Ork Central. IL
was plain that the support was IN
New York Central. II did not take long
for the interested ones to come 10 the con-
clusion that the support came from the J.
Pierrepont Morgan and the English inter
ests, who held it up to protect their large
holdings.
Baffled on the short side, the big ope-
rators turned to the long SIDE and began
to buy. They bought quietly for Il long
time, until they had secured good line
-Four weeks ago. when they had got
enough stock, they set their brokers howl
ing for the stock. and the Vanderbllts
began to climb. The higher they went
the more general the buying became, and
the first thing the two big men knew
stampede to the bull ranks WAS in pro-
gress.
To make sure that there should
be no failure of the movement
on the long side, Mr.. Vanderbilt
turned about and gave his personal as
surance OF desire 10 make terms with
both the Pennsylvania and West Shore
roads. The information that he favored
settlement was quietly let out just after
the brokers received their orders To begin
booming operations.
While MIR. Vanderbilt was in Europe,
IN May, MIR. GOuld endeav0red to settle up
the trunk line fight and bring about "a re-
st0ration Of rates. The comfort that he
received from the Vanderbilt roads was Of
the cold kind. The inference that he was
left to draw wasJtDat Mr.. Vanderbilt was
going to fight it out on his line if it took
two summers. Ii is said that while run
ming up his own stocks Mr.. Gould EN-
braced the opportunity to 20 short OF the
Nanderbilts with the ultimate IDEA of
smashing things and realizing on his
shorts. tits likewise said that hesettled
privately on his Vanderbilt shorts last
week
Cammack used to live at the Windsor
hOtel. When he came back from Wash
ingtOn in the spring he took up his resi-
dence at the Langham, across the street
from Nanderbilps house. Under the
Langham is a brokers office, where Mr..
Vanderbilt spent good deal of time when
IN town. For some time past both Mr..
Vanderbilt and MIR. Cammack have been
in Saratoga.
Mr.. Vanderbilts losses on the bull side
during the heavy decline that set in in
1881 have been computed ashigh as $40, U00,-
! 600. The last rise is estimated to have made
him all of $500, 900 better OFF than before
it began, counting both his actual profit
and the increased value of old holdings.
There is not so much in Mr.. Vanderbilt's
gain to excite interest as in Mr.. Cam
Mr.. Cammack has always been regard
ed as an unregenerate bear. Although he
has been great bear he has known when
TO rum That is, il he saw that the mar
ket was going against him he would cover
his shorts at a loss and get out. He goes
on his Judgment, and starting in with moth
ing be mas rolled up fortune OF 1000, 600
on that alone. The belief in the street is
| that Mr.. Vanderbilt has for the past two
| months relied more on Mr.. Cammack's
/ judgment than his own, and been guided
| almost entirely by the latter. In the
fall of stocks at the time OF the panic of
/ 1873, Mr.. Cammack made 81 100000, and
! the last great decline beginning in 1881,
showed profit of s., 900, 900 for him. Mr..
I Cammacks almOst-unvarying success
caused Dir. Vanderbilt 20 lean on him, it
/ is supposed. Mr. Vanderbilt operated
with Mr.. Gould until the latter landed
/ him twice at fearful cost. Mr.. Gould
| went TO Mr.. Vanderbilt TO interest him
the third time, but the latter had acquired
wisdom from experience, and could not
be enticed again.
/ IL is not expected by Wall street men
that Mr.. Cammack will be found on the
| bull side any longer than he sees profit
/ there.
| Both Mr.. Vanderbilt and Mr.. Cammack
/ sustained some losses while they were on
the short side Of the market but in
amount nothing like their gains.