The daily state chronicle. [volume] (Raleigh, N.C.) 188?-1891, 1890-11-25
THE WIZARD ON TuP.
HOW Jay GOULD CONFINED RE.
VENICE AND PROFIT.

An insight into the Causes of Current |
Events in Wall Street and Other Fl. |
nancial Centres---Making Money |
scarce by Withdrawing the Circu.
lating Medium and Thus Causing
Lower Prices.
There's nothing the matter with his |
health, and he is in Wall street once
more, as large as life and twice as vim
dictive. After each of his retirements |
be has reappeared at critical moment |
to tOmahaWk those who had incurred |
his enmity, but never has he dangled at |
his belt so many scalps as on the present |
occasion
1t now becomes clear that for a long
time past be had been accumulating
money His friends claim that he has
an incoma of some 800, 900 per month.
This, of late, has not been reinvested,
but kept on hand. and in addition he
has raked and scraped together cash
from every possible quarter, foreseeing
that money was soon to be much scarcer
and more valuable than securities.
HOarding the Needful.>
Moreover, it is contended that the dis
appearance of various large sums from
the banks, as indicated by their weekly
statements some time ago, were with
drawn by him and locked up until he
| should be ready to use them. Aside
from this sort of thing, however, he and
his friend Russell Sage, personally and
through the financial institutions in
which they are interested, control a vast
amount of money.
While ''the Wizard" was heaping up
cash, "the street, was in debt for the
mass of stocks and bonds it was carrying
on money borrowed from banks and
trust companies, and the debt was being
constantly Increased b. the necessity for
taking up and carrying the securities
that were being constantly sent over
here from Europe, where la honte finance
knew of the difficulties of the Barings.
Money was meanwhile flowing away to
the West and South in a steady stream;
lenders exacted highest rates; it began
to be difficult to carry stocks; prices fell
under forced sales; failures occurred;
distrust reigned supreme, and finally, on
Saturday last, came the news that the
Barings were in trouble-and that Europe
consequently would not be in posi-
ton to help that market for long time
to come.
Now is the Time.
Now was ''the Wizards" opportunity.
What did he want? Certain properties
which he had formerly attempted to con-
troll, but from which he and his son had
been contemptuously (as he thought ex
cluded.. He wanted these properties
much, but he wanted revenge still more.
He wanted revenge first of all on Gen.
Sam Thomas, G. S. Brice and their as
sociates in the Richmond Terminal com
pany. "Tbe Wizard" more than year
ago bought more than one Thousand
shares of this company for his son George
aud 10 600 shares for himself, and en-
tered it's directory He was not permit
ted to have his own way, and soon re-
signed, saying that the directors dellb-
erations were too much like town meet
, ings, and his dicta were not received
with reverence.
, Pacific Mail Too.
Again it was the Brice- Thomas party
which in con- urction with Mr.. q. P
, Huntington last May acquired a majority
of Pacific Mail Steamship Company's
shares and deposed George J. Gould
7 "the Wizards" son, from the Presi
! dency. Here was another grudge. Still
e another old score was that against Presi
9 dent G. T. Adams, of the Union Pacific
}, Railway. AS it happened, the "Littl
q Wizard desired to control each of thes
properties and thus be had gloriou
g chance to kill two birds with one stone
/, crafty his personal hatred and at tn
q ,me time get hold of enough stock t.
t. put him in power. The Terminals line
y touch his railway system at the Missis
h sippi, the Union Pacific is most impOI
" tant factor in transcontinental traffic, an
20 the Pacific Mail is natural competito
4. for freights to the Pacific co st and th
east.
Here, then, is the secret Of the devil
tattoo that has been beaten on all tn
stocks carried by the Brice- Thomas part
! until unable to Withstand the depre
a sion. Somebody in that party the othe
~ day surrendered a big block of the Ricl
~ mond Terminal to the Little Wizard
IN in at sacrifice price-enough, as Pres
"a dent Inman admits, to entitle him
~ name three directors Here was vi
IA tory for the wizard"
sh Victory Number Two.
do Meanwhile he has been pressing ?
is cific Mail until it sold on Wednesday
mp % l 2 as against 49 not very long ag
it. and a hint was dropped that "the Lit
ro- Wizard" would put it down to 20.
ng the same time, in order to more easl
to depress that stock, others which tho
nat il control of the Pacific Mail were carr
di- ing were depressed to frightfully l(
7ill figures. Of course this sort of thing "
be made possible only by the demorallz
pie condition of the general MARKET
ith body having courage and cash to b
and money almost impossible to get
mixed collateral; the time was Cheerful
chosen. The result OF this squeez'
: process we recorded yesterday; the
rea ignations Of the president and two
rectors of the company were tender
ese and accepted, and Geo. G. Gould
s. installed as president and his father
Russell Sage as directors. Another
the tory for "the Little Wizard"
the Still Another Victory.