Evening journal., 1910-08-04
NEW NEWS OF YESTERDAY
The Man Who Refused to
Associate With Jay Gould
By "HOIIand."

One of the great bankers and finan-
ciers of Boston, indeed, of the entire
country, a generation ago was John
Dun, who, as | told yesterday, saved
the credit and solyency OF the Union
Pacific Railroad during the panic of
1878 by pledging over three hundred
thousand dollars worth of his own
private gilt-edged securities for a like
amount OF money with which 10 pay
the coupons Of the roads land grant
bonds then due. That was hardy
act on Mr.. Duff's part, coming as II
did when the country was In great
financial turmoil; yet It Yas not Mr..
Duff's only hardy deed, las to-days
anecdote will prove.
II was about 1866 that Mr.. Dun
became q director of the Union Pacific,
and for about seven years thereafter
he was a power In the affairs OF that
company. Towards the end OF that
period he began TO suspect that Jay
Gould was attempting 10 secure con-
troll OF the Union Pacific. Mr.. Dun
had very vivid recollections OF the
manner in which Mr.. Gould had Sc
cured control of the Erie Railroad
some years before, and OF Mr.. Gonlds
part in bringing about the famous
Black Friday panic, and be was great
IL concerned over the Little WIZ
ards" apparent desire TO get the Union
Pacific under his wing.
with a man OF that character said
Mr.. Dun, with all the positiveness or
his nature, 10 his son-in-law, DR.. VII
liam H. Billiard, who had personal
knowledge OF many OF his father-in-
laws important business transactions,
Il will have no business dealings what
ever. have had none in the past
and ! will keep clear of any IN the
future, no matter what comes TO pass.
/ should be afraid of my own reputa-
ton II ! were associated with man
who tried to make a fortune by wreck
ing railroad properties Mr. Gould 5
fayorite method OF obtaining control
of a railroad property was 10 depfess
the value of its stock, and acquire the
property during the period of depres-
sion; and Mr.. Dun, in common with
many other men Of his time, looked
upon this method of doing business
as railroad wrecking.
Gradually the signs became more
and more certain TO Mr.. Dun that Mr..
Gould was doing all he could to secure
control of the Union Pacific. Finally,
there came day when Mr.. Dun felt
fairly we'll satisfied, as far as his per-
sonal and unofficial knowledge went
that Mr. Gould had accomplished his
object, that a majority Of the stock
of the Union Pacific rested In his
hands. And one morning not long
thereafter. Mr.. Duff received from the
banking house OF Morton, Bliss q
Company. in New York, a telegram
which read practically as follows
"will you accept the president OF
the Union Pacific Railroad, or will you
accept the vice-presidency. with full
power TO act?''
Mr.. Duff did not doubt the author
ity of the banking house to make these
offers; Il was the Official banking
house Of the Union Pacific. But before
answering the telegram, he determined
to learn suthoritatively. whether or
not. as he firmly believed, Jay Gould
had secured a majority OF the roads
stock This within the course OF a
few hours he learned to be the fact,
and then. as DR.. Billiard recalls II,
his father-in-law sent this answer;
II decline to accept either PROPOSE
ton. because refuse TO stretch hands
across a directors table 10 take the
hand Of a man whom l believe to be
a thief"
Mr. Duff's next act was to resign as
a director of the Union Pacific, as he
said he would do II jay Gould secured
control OF the Union Pacific; and from
that day he had nothing more TO do
with the property whose credit and
solvency he had once saved by pledg-
ing a good part Of his own personal
fortune.
Copyright, 1910, by e J. Edwards.
All rights reserved)