The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1892-12-08

ready. and lie perfected in his quiet study
project that shook The financial center of the
nation. he determined to send gold up to go.
Friday. september a. forever memorable as
Black Friday. came. The plan was for the
clique to call for the ss001O.oUo bought on op-
ton. lock UP the 9 old in the stock exchange
vaults. and Then force the bears, whose short
interest WIS estimated at s:59.0OO. 600 to settle
as best they might The Tenth national bank
was controlled by The clique. and was
ready 10 certify their checks 10 any amount
! to facilitate the shifting of the gold.
Albert Speyers bought for them S25 OO0 O01
AS the prize jumped Gould.s agents We're
, forcing the li,nid bears into settlement VIII
liam Heath bid $50 for million. The crowd
hesitated: no one dared accept the Offer. as the
price was on the upward bound Meanwhile
Gould pariners We're settling up millions and
millions with tie thoroughly frightened bears
and pandemonum ragged the length OF the
street. While Goulds agent was bidding 100
16i and 1862 for millions Could other agents
were selling all the gold they could privately at
l:}5 and l4e. During all the excitement and
uproar Gould was CAIN and collected. Never
did he ha We such drain on his nerve as this,
but he net the demand with a full supply.
When the price touched 1921. some one called
out: ''Ciovernnent is selling this ten millions
1t great shock. a great relief. In ten
minutes the rate was l;5 and with bewi.Gered
brains ana pallid faces hundreds OF ruined op-
orators rushed into the darkness Of their pri-
vate offices TO weep and wall over the wrecks
of their fortunes
The ruin wrought by the speculation cannot
be overes tir.aled Failures and suicides tol-
lowed hard 'on each other, ard nothing but the
vigorous efforts Of Vanderbilt and Drew, aided
by the wise assistance of the government,
sterlmed tie tide that babe fair 10 bear the
soundes, into bankruptcy Goulds willy sales
of gold al the tire his agents were forcing up
the price tied him immense sums
AT one tine Could cast his eye on Pacific
Mail and hammered the price down some y
per cent. He had MADE some large contracts
for delivery. and when the time came secired
the stock a. low rates and cleared several mil
lions Oh the differences He also made largely
by a 40 per cent. rise il Union Pacific
Mr.. Gould's connection with the Western
Union Telegraph Company began in the early
part of 1881. For d number OF years, with the
aid of the American Union and the Atlantic and
Pacific telegraph companies. which he con-
troiled, he Was able TO advance and de-
press the stock Of the Western Union at viii.
He was simply playing q great game with
his larger rival and waiting the chance when
he would take possession and unite all the lines
In 1881 Mr.. Goulo and his associates had prac-
tlcally secured control OF the Western Union.
The stock of the Western onion Telegraph
Company was a. once ''watered $40. 600. UO0. or
81 per cent, and Mr. Gould became the leading
spiTlI III INA. company, directing lis dualFS
from mis- offices. which were in thar building.
Nothing Mr.. Gould ever did in his life 50 ar
rayed public sentiment against him as this.
creation OF the Geographic monopoly. Event
ually the Western Union acquired the Balti-
more & Ohio telegraph, which Robert Garrett
was glad TO sell in order to get money TO help
the Baltimore Chic railroad out Of the diff
Guilty into which il has fallen
Goud's fortune was on the verge Of ruin dur
ing the second week OF Nav 1854 that period OF
wild financial dread and distrust following the
failure OF Grant (, Ward He was nearer being
"broke then than at any period since
Black Friday Then he threw the burden
by WY manipulation on his opponents,
combined 10 compass his undoing If it were