The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-03

w hen the market did open there was
large crowd in the board room and for a
time there was considerable offerings of
Gould stocks, notably Missouri Pacific,
Western Union, Manhattan and Aechison
stocks, and they were sold to considerable
extent. but they only broke tractionally.
Missouri Pacific made the greatest decline
Ia per cent. to 81, but recovered In the first
fifteen minutes to 55. The market then
steadied somewhat There was very little
excitement at the opening Of the market.
MORE ACTIVE AFTER MIDDAY.
The market was decidedly more active
after midday, while prices were strong.
One OF the factors of strength was the de-
velopments at the Brussels conference to-
day, foreshadowing a repeal OF our silver
purchase law. Even Missouri Pacific and
Western Union rallied sharply from
their early declines. In Burlington, Louis
vile and Nashville, Atchisou and other
lately demoralized stocks, there we're ample
signs OF covering. Sugar was about the
only weak stock, closing e per cent. lower
under some unloading. In the last hour a
strenuous effort was made to break the
market, using Reading as the target. The
bears sold fully 20. 900 shares of the stock in
the afternoon, and at the same time offered
wagers that the interest on the income was
paid with scrip.
CLAIMS OF INSIDERS.
With regard to the assertions about the
interest payments insiders said the income
bondholders would receive their interest in
cash. New England was a feature Of the
afternoon, advancing sharply and closing
8 per cent. higher on buying by some big
houses. The buying was based on report
that an agreement between the New York
and Northern, Manhattan and New England
roads had been made and would probably
be announced to-day. The closing was at
about the best prices OF the day. The ad
vance ranged from Is TO 3 per cent. aud
next TO New England Western Union was
the most conspicuous. The sale were 426,-
S35 shares.
WON'T AFFECT THE MONEY MARKET.
WASHINGTON, Dec. 2.-Ths death Of Mr..
Gould was the universal subject Of discus
sion in official circles this morning. Secre-
tary of the Treasury Foster voiced the
opinion Of the administration when he said
the death would have little or no effect on
the money market OF the United States;
that his death had been discounted, and
from the fact that he had withdrawn from
active participation IN Wall street for sew
eral years bis death could not now disturb
business.
ITS EFFECT ONLY TEMPORARY.
PHILADELPHIA, Dec. 2-The death Of
Mr.. Gould was the one topic OF conversation
in Philadelphia financial circles to-day.
The consensus OF opinion among leading
bankers was that while his death might
have a temporarily depressing effect upon
the market, it's influence would soon be
spent
A TEMPORARY SLUMP IN LONDON.
LONDON, Dec. 2.-Partioulars Of the ef-
feet Of Mr.. Gould's death upon the markets
here show that for the moment the news
caused thorough disorganization, and Mis-
souri, Pacific, Kansas, Wabash and Union
Pacific stocks were especially pressed for
sale. There was a sharp decline, instantly
succeeded by reaction. under which stocks
almost entirely recovered from the decline.
This rapid recovery was attributed to the
effect Of the earlier cable dispatches prspar~
ing the people for his death, 80 the news
when 1t came, did not take them altogether
by surprise.
Jay Gould's career has been the object of
SO many newspaper articles that the public
is already tolerably familiar with his life.
For the past ten or twelve years there has
hardly been a day that some operation in
railroad or other stocks has not been cred
tied TO him, though his direct connection
herewith could not be traced. He was a
native Of New York state, having be en- born
at Roxbury, Delaware county, fifty-siX
years ago. His father was a farmer and
the early years of the future wizard" of
finance was not different from the lives of
other farmers soas. Until he was Ia years
old he hunted calves 10 the morning and
split kindlings in the evening just like a
boy with an ordinary future before him.
At that age he entered Hobart Academy,
New York. OF his studious disposition and
the difficulties he underwent at
that time to crafty his desire
for knowledge many fanciful and
many doubtful narratives have been writ
ten. Suffice it to say, however, that he i'm
proved his natural mathematical talent and
learned surveying, which was the basis
upon which he built his fortune, for it
was with money made upon maps of certain
parts Of New York state that he 'got bis
START During his surveying tours Mr..
Gould necessarily learned considerable local
history, which he turned to account by
compiling and publishing history Of Della
ware county, which is about the sum total
of his literary achievements. His next en-
terprise was tannery, which he built as
the copartner Of Zadock Pratt. The tan
merry incident, from which Mr.. Gould
emerged with considerable profit to himself
has been too frequently written up to re-
quire repetition here. How much ready
cash the tannery brought him Is not
definitely known, but he had sufficient to
go into the market after the crisis of 1857
duo DuJ a AnboTeSb bu6
Stroudsburg Pa bank, and the bonds Of
the Rutland and Washington railroad at 10
cents on the dollar. Shortly after this rail-
road bond purchase, his first, be abandoned
every other interest and put every cent he
possessed into railroad securities. And
ever since railroads have been the chief OBJ
iects of his attention, though be has been q
power In other stocks and at time of his
death controlled the greatest telegraph sys-
tenn in this country and probably the great
est in the world. His advent into the finan-
cial world OF New York was made in 1859,
when he established himself there as bro
ker and captured the Erie road. OF which
he was president until 1872. Erie made Jay
Gould famous as well as rich. His next big
deals were in Union Pacific, Wabash, St.
Louis and Northern. Missouri Pacific, ETC.,
and every stock be touched seemed to be q
spigot to pour out wealth upon him. While
making a speciality of railroads, as men
toned before. be did not turn aside
from other inviting schemes, but
invested heavily in the Atlantic and Pacific
Telegraph Company and American Union
Telegraph Company, both of which were
subsequently merged into the Western
Union Telegraph Company, to Mr.. Gould's
profit. In 1881 he became interested in the
elevated railway system of New York city
and offered to assume certain liabilities. A
doubt having been cast upon his ability TO
do 80, he convinced the doubters by exhibit
ing to a select committee securities valued
at $30, ,000, 900, and offered to produce more
~ II not tbonpht nanaeaarV