New-York tribune., 1905-02-19

w
turned he haggard than ever, and he died
penniess afterward in cheap boarding house
A friend paid the expenses of his funeral SIC transit
gloria nundi y
Iohn NJ Tobin who had been a ferry gate-keeper
for Commodore Vanderbilt, on Staten Island, figured
largely as speculator in the Gold Room, and also
a stock operator, during the two years of the Morse
campaign, and many ups and downs. He began
to loom up still after Morse sank below the hori-
zon in 1904. He was known to be the agent OF Com
modore Vanderbilt in cornering Harlem stock, and
shone in Vanderbilts reflected light although he was
a large operator on his own account.
The Harlem corner a memorable event. Through
the winter of 1864 the stock had been selling at
about Co. and Vanderbilt director and large stock
holder and moreover determined to make what he
called a. big thing" out of it. The road, however
considered generally of little account, except for
CARRYING milk. So, in connection with his street
railway projects for improving its value, he engineered
the stock up to III. He counted upon getting
charter from the Common Council; but its members
trcked him. and after passing favorable resolution
they sold the stock Short and then resCnded the
luton, and fell to II. So they made money at his
expense.
He then applied to the Legislature at Albany for
Harlem franchise to lay rails Broadway; and the
legislators that there for stock specu-
laton in this. They made a favorable report bill
granting Vanderbilt's application, and on this Harlem
stock sharply to $50. Then they and their friends
including the New-York Common Councilmen, sold
it short largely thinking that they had sure thing
and Tobin bought for Vanderbilt all that offered
On March IS, 1904, by prearrangement, they voted
against the bill, and Harlem stock fell to
The sellers of Harlem rejoiced, for they had large
profits on paper but Tobin still continued buy the
stock, and under his purchases it rapidly recovered
The Commodore determined to punish them
Within ten days Harlem up to SO again. A week
later it touched IS5, and thereafter, for ten days
fuctuated between IT'S and 200 Daniel Drew sold
calls 1t for thirty thousand dollars, thinking could
not stay up long, and the professional SPECTATORS
both in and out of the Stock Exchange took hand in
selling it short the same theory. The Morse panic
swept it in April; but still it stood up, like
pyramid in the desert and Tobin still continued
buying for Vanderbilt
In May the price of Harlem was put up to 800
1t stood at 2S5 the day fifteen thousand shares
had be delivered and they were settled for at
this price Daniel Drew compromised by paying one
million dollars to Tobin in settlement of his Har
lem shorts; but the claim against him million
hundred thousand dollars. However, he threat
ened suit for conspiracy Tobns share of the profits
of the about two millions, and this made
him worth three.
Commodore Vanderbilt chuckled, and disposed of
the Harlem road by leasing it at eight per cent. on
the stock, the New York Central & Hudson, when
he got control of it. So Harlem proved a bonanza
to him till the end and still is one of the splendid
assets of his descendants After the corner Tobn
buled gold a tremendous scale in the face of the
Union victories that terminated the He bulled
it from IoS against the short interest, the
beginning of 1865, and then it broke him so heavily
that he lost than million and half After that
he met with a succession of disasters in the stock
market, and lost every dollar he had besides running
in debt with his brokers. He then retired live
with his sister a farm Staten Island, and never
again seen in Wall Street He saw ups and downs
with vengeance. So did his contemporary of the
open board, E. A. Coray, who made and lost about
much.