St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-07-26
Gould and Sage.

HFot1 the brooklyn OnlOn-
Washington E. COnnor attends to the exc
eution of Jay Gould's stock orders, and is, in
/ fact, the lieutenant of Gould in all stock
operations. Russell Sage is the one whom
| Gould seeks when inneed of money. 1t is
nothing for Sage TO let Gould have 81, 000,-
600 lover night" l dare say Gould has had
as much as SO, 600, 600 or So. 900, 600 of
Sage's money at one time. Sage and Con-
nor are not friendly. To be exact, Sage
does not like COnnOr. / was told the story
of their falling out the other evening at the
| Windsor hotel. Things do not always go
as Gould plans to have them 90. and long
time ago Gould calculated that the old issue
of Manhattan railway stock would suffer
decline. He accordingly went short of it
in the market. \ court decision. think it
was, put a different aspect on the matter,
/ and rise in the stock was inevitable
Gould was obliged to ''cOver" his short in
/ tereSt. Common was equal to the emergency.
lie knew that Russell Sage held great deal
/ OF the stock. He rushed into Sage's office,
and, as if doing Sage favor, told the latter
to hurry up and sell his stock because il was
| going all to pieces. ConnOr bought all that
Sage sold to cover" GOuld'S shorts. When
/ the delivery was made of course Sage found
/ 1t out, and he was hopping mad, but he
could not help himself. Sage probably
made Sl5,5OO. 600 by his connection with
Gould, the latter letting him into schemes
that brought him large profits. Sage helped
Gould at time when the latter sorely
needed money. and afterward Gould showed
his gratitude by putting the former in the
way OF adding immensely to his fortune
| Gould, however helped himself to large
slice OF Sage'S fortune last year during the
/ rfnFars Il
| bought enormous numbers of puts of Sage,
and the drop in values made the aggregate
profit to Gould. l think, according to the
streets" understanding. about 81, 900. 900.
Sage lost altogether last year, it is esti-
mated, $4,000, 600. He is still a very
wealthy man, but his losses have made him
very cautious. He is, i'm fact, so cautious
that he is doing no business nowadays TO
speak of. He writes very few privileges,
and now that he does not feel sure, will not
entail loss. He takes no chances. He
ceased TO be a power in the street" and
nobody who knows him believes that he
will ever again acquire anything like his old
temerity. lie is thoroughly frightened. The
prospect of loss even a small one. is ter
rOrizing. Sage will probably degenerate
into what in the street is known as
coupon clipper" He win buy bonds bear
ing sure rate of interest, collecting the
interest when it falls due. He will not dare
risk his money on the rise and fall of values.
He has, so far as he has been able, disposed
OF his trash, by which is meant securities
OF uncertain worth, keeping only those
whose value cannot be affected by the mu-
tatiOnS of the market. He has bought no
bonds or stocks. The money that he has
obtained from his sales is locked up in the
Importers and Traders Bank. of which he
is vice president. and it will be apt TO stay
there until he sees sure investment for it.
| was in his Office the day before Yesterday.
1t was deSOlate looking place. When
Sage was doing an active business his office
was filled with messenger boys and put and
call brokers, and was lively place. Now
he has only an office boy and clerk. and
their principal employment is finding some
means to pass the day.