Savannah morning news. [volume] (Savannah) 1868-1887, 1885-10-05
WALL sTREETs GREAT BEAR
Interesting Events in the Career of
Henry n, smith.

Interesting Events in the Career of
Henry N, smith.
The New York Times gives an interest
ing account of Fridays failures in Wall
street. with respect to Henry n. Smith
it gives the following account OF his rath-
er remarkable career:
Two of the most entertaining stories
that went the rounds among the interest
ed brokers related TO the real cause OF the
failures. 1t was admitted on all sides
that SmIth's non-prOyisiOn of funds to
protect his holdings was the cause Of the
smash-up OF the Heath people. The Heath
failure was chiefly interesting for two
things, one that a house long established
and having a well earned reputation for
conservatism should have been Overtaken
by such disaster, and the other that
Heath Il Co. have for years been credited
with standing high IN the good
graces Of Jay Gould. A notable
thing, indeed, has been the fact
that the houses which fail most
frequently are those which have enjoyed
confidential relations with Mr.. Gould
himself or some one of his clique. This
was what gave an extra interest to
the failure the other day Of SOutter & Co.
But even a more Interesting story than
this, which was promised on the well
worn theory OF Gould's duplicity, was
listened to and given confidence. That
used the name OF William Ii. Vanderbilt.
Mr.. Smith began his business career in
Buffalo as wholesale clothing merchant,
amassing a competence while still very
young. In 1860 he left Buffalo and came
TO New York, and in a small way began
TO operate in the stock market. His
operations were from the start sue
cessfuI, and when, after the beginning of
81.
article, he transferred his operations to
the gold market, his ventures being enor-
nous and characterized with dash that
made his name a famous one in the street.
He at this time formed a partnership with
Jay Gould, under the name of smith,
Gould Il Martin. Toe house became the
Wall street speculative firm of It's day.
A half dozen of the big corners OF the
time when 1t was in existence were con-
cocted by the estlmable gentlemen who
composed the firm. Erie's famous manipu-
lations in the day Of Fisk were ordered in
the office OF Smith, Gould Il Martin. The
gold corner and Black Friday were
their contributions to history, too. And
in the end, after fleeing all the lambs
that were within reach, the good part
ners fell out over corner in Northwest.
Mr.. jay Gould was on top; under him was
red moustaohed, pOrtly Mr.. Henry n.
smith. That was l6 years ago. Much OF
Mr.. Smiths property, something like
$4,000, 900, WAS swept away by Mr.. GOuld's
trickery. From that day on Smith and
Gould have been pronounced enemies,
though again and again Wall street deals
have necessarily placed them somewhat
in the position of allies. Gould saw Smith
badly wOrsted in a combat with old Com
mOdOre Vanderbilt Just after the old firm
of Smith, Gould II Martin had been dis
solved.
The Commodore sought the control of q
| Western railroad, and Smith was bent on
defeating the project. Smith succeeded
but it was at tremendous cost. Gould
had helped the Commodore, and secrets
that Gould possessed had been Of immense
value in embarrassing Smith though moi
/ quite potent enough to effect what Com.
modore Vanderbilt most desired. Wander
| bilt watched and waited. He patched
up truce with Smith, they
| became intimates. The Commodore
/ gave Smith information that melted
him handsome profits, but one morning
| In 1878 Henry N. Smith awOke to dis
cover that the advice OF Cornelius Van
| derbilt had in the end cost him far 10,
| dearly. Under the Vanderbilt tutelag,
he had become a rampant bull. He wal
long OF every Vanderbilt stock. He haC
thousands OF shares of Western Union
And the bottom had suddenly fallen on
Of everything. The panic was at hand
He was a bankrupt. Every penny
worth of his property was gone, save q
little matter Of 100000 or 100000 WORT
Of real estate in his wife's name.
Smith was plucky. He did not stop his
visits down town. People who used q
bow TO him as MIR. Smith got into the habit
of familiarity calling him "Hen," and old
sufferers from his shrowdness though
they saw the thread OF Providence run
ming through life. Smith became
/ skirmisher. He was found In ever
| deal, big and little. He had enough o
secrets TO make him still a power Of
certain sort, and little by littll
/ his bank account swelled into comely pro
portions even TO the Wall street eve. A
! couple Of years ago he went over to Eu
1 rope for a little trip. He had not lost bis
memory and he wore abundant smiles OF
his face when he came across CommodOr,
/ anderbilts estimable grandson, william
| *. In his persuasive way he opened M
10 the gaze OF young Mr.. Vanderbilt beau
tiful visions OF fortunes to be doubled ant
/ quadrupled by following one or two sim
pie little rules. William X. was cap
tured. One Of the simple little rules wa
10 put boundless trust in Mr.. Henry n
| Smith. William came home bankrupt
AAhHA 80 hAMh u AHb NNNANAM AMAWA
scOop suffered ut the hands OF the ole
Commodore was avenged. Mr.. william
II. Vanderbilt assumed his sons obliga
tons, and put the young man--so Wal
street says--on a pension Of $4,000 q
year. But William VI. Vanderbilt is onl'
human, and II is not strange, says Wal
street in its palliating way, that Mr.
William ii. Vanderbilt should look for
ward 10 using a bit of the whip himself
wnen the proper time came. That tim,
is believed 10 have arrived yesterday
when Mr.. Smith a second time went top
ping Over--once Knocked over by Corne.
Illus, aud now Knocked over by Cornelius
son, the father OF William X.
For long time Henry n. Smith hal
been one u the most conspicuous beal
leaders IN Wall street. Addison Cam
mack and the German irm Of Woeris
hotter alone have divided the honors will
him for the most prominence In this al
rectiOn. Cammack. WOerish0fer, an,
Smith have been close partners, an,
things financial have been iu such shahb,
shape generally that they have largelj
fashioned the course OF things IN mi
street 10 their own liking. But not lonl
ago Messrs. Cammack and WoerishOne
saw the error Of their way, and when thl