The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-05-27
FINANCIAL POT-P0URRI.
HOW MEN ARE TRlPPED UP IN
WALL STREET.

NEW YORK, May 26.-Henry Willard is
making steady progress towards his finan-
cial rehabilitation. He is now spoken of
as the next president of the Oregon Trans
Continental Company, of the big corpora
tions Of the Northwest, and he may yet be
come as great power as formerly in tho
Northern Pacific. 1t does not seem to be
generally known, but one of the real causes
of his downfall was his undue confidence in
"Baron" oerishoffer. to whom he revealed
all his plans, all his hopes and fears, and
the weak points in the Northern Pacific
railroad giant the Goliath that was to be
struck down by little financial David with
an Iscariot strain in his calculating nature.
When, in other words, Woerishoffer saw
that the Northern Pacific was top-heavy,
with a mountainous load of monetary diff
culties, he opened fire upon it in fierce
bear campaign, selling thousands of shares
short" with a daring that was only
matched by his treachery and finally the
price came down with a crash, and Henry
Willard, the newspaper correspondent, who
had climbed high in the financial world,
was practically ruined man. He selects
his friends with more discretion now. They
are mostly Berlin bankers, who have formed
what is practically trust for the buying OF
railroad securities His experience demon
strates the folly of trusting Wall street
Spectator.
One of the old time figures of Wall street,
who still lipger superfluou on the stage, Is
now man somewhat advanced in years
and known as California Parker. His eX-
perience was somewhat similar to that of
Mr.. Willard. In 1863 he was bulling Erie
and carrying heavy load of the stock. He
was obliged to buy so much to keep the
price up that he finally found himself in
financial difficulties. He went to Daniel
Drew, then one of the giants of Wall
street, and showed his hand, he was carry
ing SO much stock; the price could easily be
advanced, but he must have a loan of 81, 600
600
"Why. that looks first rate" said Uncle
Daniel, as he was called, and his face wore
the benignant expression of good old dea-
con welcoming a new convert to the church.
"That looks first rate; seems as though that
| 'ere scheme was a good one. l calculate
| can get YOU the money my son. Como
around tomorrow" And Uncle Daniel.
| who, when he was worth millions still
| looked like an old farmer in ''store Clothes"
| dismissed the young speculator rs with
| beneiiction Elated by the prospect of
| securing the necessary re-inforcements for
| a prosecution of the fight, the young oper-
and bought %, 00G or 80, 900 shares more of
Erie. The sun was shining and the skies
were blue in the finarcial armament; the
| atmosphere was rose-tinted.
Promptly at 10 o'clock the next morning
he waited upon Uncle Daniel and said
"Well, Mr.. Drew, I've come around to get
that loan of $4,000 600"
''Oh," said tho fnancier after a pause as
if to recall the circumstances, "Tlmes is
ha IN | is MIGHTY
slleerce. can't get that 81, 100000 for you,
my son."
The fatherly-look had changed for some
| thing that suggested the venerable chaFac-
| ter i'll Paradise Lost"
The young man realized in an instant his
position. He had showed his hand. The
| gosling in trouble had gone to the fox. The
young man turned from the financial preci-
pice on which lie stood, and his fierce lndig-
| nation said:
"Why, you old scoundel, I've good mind
to kick you as | would dog. You d
old rascal, | ought to shoot you in your
| tracks and there was more of a somewhat
sulphurous odor that cannot be repeated.
and which made the clerks stare with
| amazement and horror.
"Uncle Daniel listened to it with the old
benign expression as of a presiding elder,
| listening to the delectable discourse of a
| younger brother. After tho young man
had left, Uncle Daniel tnrned to his con-
fidential clerk, Groesbeck, and said plac-
idly:
"Grozy, the young man seems excited"
"By that time Daniel Drew had "paStered
thestreetn with his short sales of Erie, based
on the revelation that the young man had
foolshly made to him of the big load he was
| carving and of his financial difficulties
Uncle Daniel literally stole the young mans
stock by selling it short AMI driving do vn
the price to point where his victim was
forced to throw it over. 1t was a case of
highway robbery in Wall street. The name
of Henry Willard and his very similar ex-
perience with Baron Wosrishoffer recalled
it. The lesson will apply to all kinds of
business. Beware how you expose your
financial wounds.
The other day | noticed slightly built
man, somewhat under the medium height,
about As years of age, and Of rather dark
complexion, entering the palatial Mills
Building in Broad street. He might have
been taken for a prosperous banker or
broker. 1t was the Duke of Marlborough.
He led gay" life for years and is DIVORCED
from his wife, but it is asserted that he is
now settling down to exemplary living.
He is quiet, unasSuming aad courte Gus III
manner aud is far more Intelligent than the
average Englishman who visits this ccup-
try He has given not a little study to
can rascaitles i'll railroad finauce have
disguised British investors and he thinks
that there should be an Independent audi
torship of railroad reports TO keep a check
ON railroad companies, that, as every we'll
informed American knows issue official
falsehoods and habltually deceive the pub
lie.
The Duke of Marlborough is under So
ciaI cloud i'll England hut New York is morl
lenient an / he is b9iug handsomely ter
tanned 10y some OF the Wall street ban kers
He has far greater ahili les than his brother,
Lord Randolph Churchill
The original Duke of Marlborough, by
the way, died 100 years ago, and his remains
| lie in thatm9Jestlc mauusoleum to which
Addison and Irving have glvep an ad2ei
| grandeur and impressvenc " cstmiusJer
| Abbey. One Of the foremost military fig
ucs of history, the admiration or Turenne,
the head of the British army, the hero OF
Blenheim and many another bloody field,
one of the handsomest Englshmen of his
| time, n marvel of avarice, "a Machavolli in
politics an accomplished courtler, once vir-
tually regent of England, he was long re-
membered as a notable figure on the stage
Of European politics. Alter the battle of
Blenheim the Parliament bestowed upon
him the estate of Woodstock and the Queen
caused the palace Of Bleuhoim to be built
for him, and there the present Duke resides,
though the building has naturally been
greatly improved in accordance with mod
ern ideas of comfort. The first Duke &C.
| cumulated an immense fortune and the