The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-02-04
PRICES START TO WEALTH.
A Telegraph Operators Blunder Made
the Senator-Elect a Fortune.
hon. fbe Chicnoo Herald


From the Chicago Herald.
year or SO after Mr.. Calvin S. Brice
rad been made attorney Of Fosters rail-
road the Fosters concluded that, as the
road didn't pay. they would extend it down
through Fostoria, their own town, to a
iunction with some trunk line, and then
nv and sell it out. They did this, but the
Construction Of the road nearly swamped
them. They built it with bonds and stocks
sacured by their individual credit. and by
tbe time they got to FoStoria the Foster
shin was carrying a frightful load Both
stocks and bonds were listed on the New
York Stock Exchange, and both were
nearly worthless. The stock sold as low as
81 per share.
Matters ran along a few months. when
all at once things began to boom in north
western Ohio. Oil was discovered, the
Hooking Valley coal fields came into prom
inence, new aud great resources began to
reveal themselves, and right at the same
time railway values all over the country
took a sharp rise in Wall street. The Ohio
roads were all very strong. and Fosters de-
preciated securities went up with the rest.
The owners of the road made q calculation
that if they could unload their huge blocks
of stock at $40 they would get out whole.
The stock had got up from 81 to S11, and
though it seemed like forlorn hope. they
sent Attorney Brice to New York with a
trunkful of securities and orders to watch
the market and feed it out whenever the
upset figures were reached. The boom
lasted over q month and finally the stock
in the Foster road got up to $40 and $50,
with stiff demand. Brice then teIegraphed:
'Stock is up to 500, but l think going
higher. What shall do?
t'NOW here is where the finn cOrnes in -
continued the friend of Mr.. Brice. Gust
about this time Charley Foster was setting
ND deal in Stark county to knock out the
democrats in that district, and Foster had
sent Gen. Gibson up to Canton to arrange
the details. On the very day that Eos er
got Brice's telegram from New York about
the stock he also got one from Gibson, which
read: Can do nothing without you. Better
come up day. Foster, who was then in
Columbus, went into the Neil house to reply
TO the dispatches. To Brice he wrote: Sell
'em all out quick as you cam To Gibson
he wrote: DO nothing more till come
Now, the amiable lady operator at the
Neil house-she is not here now, for she
afterward got 5000 for her blunder-got
these messages mixed. Gen. Gibson was
fabbergasted to get message instructing
him to sell out anybody or anything, and
would not reply to the message, but started
for home, muttering that if Charley Foster
wanted any dirty work done he could do it
himself. Brice, in New York, who got the
message DO nothing more till | come OF
course sat down and waited. Meanwhile
the Wall street movement increased in i'm
portance, and the whole market seemed on
the rampage.
''The stock that Brice was watching and
had trunkful to throw on the market kept
on climbing. Brice heard no more from
EOSfar and the loftor 81
Brice was obeying orders and selling. He
was doing nothing of the kind; ne was
waiting for Foster to come.
Matters ran along for a week or ten
days, and the Foster stocks were quoted at
81. Brice then telegraphed: 'Think it is
time to let go. Are you coming onP To
say that Foster was puzzled and astonished
doesn't express it. Then followed a tele-
graphic correspondence which explained
everything, and Brice began to unload. The
deal was so strong, though, and the boom
had been so admirably worked, that he sold
nearly three-fourths of the capital stock of
the road at from S37 to S45. It was a great
piece OF financiering. Not only did the
fosters clear themselves but they netted
something like $2,0OO,00O besides. And that
deal was worked by their young 1,OOO-a-
year attorney, Cal Brice
And what did they do for the Young
IL
That is another thing that has never
been published, but it was very handsome.
Charley Foster went-and bought $500, 900 in
"a per cent bonds, had them registered in
the name of Mrs. Calvin S. Brice and sent
them to the lady, with his compliments,
But Brice was spoiled then for the law. He
liked finance. he liked railroading: he felt
he was intended for great enterprises. But
he was hampered; he had no money. His
fortune, or rather his wlfe's, was of no avail
to help him in his ambitious shemes
Zone day he said to Mrs. Brice: INV
dear, $500, 900 the way we have it is about
as good as cents. Let US sell those bonds
and let me do something with the money!
Mrs Brice made tremendous kick. Mr..
Brice coaxed and leased. and finally Mrs.
Brice went TO Charley Foster and begged to
know what to do. Eos er winked to him
self, and with a grave face told her it was
wife's duty to obey her husband. Be
Sides said Mr.. Foster, there is a little
scheme on foot by which think we can
make some money, and L don't want Cal to
be left out for lack of means You had
better let him have the bonds. | don't
think he will lose Them And so he got
them, and the whole amount and half as
much more borrowed money, went into the
Nickel Plate DEAL ana out of that deal Cal
Brice made 81 500 600