The Wizard of Wall Street and His Wealth; or, The Life and Deeds of Jay GouldWhite, Trumbull
History
The Wizard of Wall Street and His Wealth; or, The Life and Deeds of Jay Gould
White, Trumbull
Businessmen -- United States -- Biography; Capitalists and financiers -- United States -- Biography; Gould, Jay, 1836-1892
Mr. Adams did not have this report before him when he wrote his
“chapter.” His record closes in 1868, soon after Mr. Gould had been
elected president of the road. This had been brought about in the
following manner: While Gould was engaged in “fixing” the legislature,
and the courts were filled with Erie suits, the various parties in
interest got together and effected a compromise. Vanderbilt got rid
of the useless stock he had bought at high figures. Drew pocketed his
profits and returned from exile in Jersey. The Boston, Hartford and
Erie crowd which had figured in these transactions, having got all
they could out of Erie for the benefit of their own bankrupt road,
withdrew. All litigation was stopped and injunctions revoked. Bills
were rushed through the legislature favorable to both Vanderbilt and
Erie. Drew resigned from the road; Vanderbilt relinquished his ambition
for control, and the property was turned over to Gould and Fisk. Drew
may have thought that by this time the poor old road was a squeezed
lemon, but if so he was mistaken, for Gould and Sage found that the
property had not yet been worked for all that was in it. What their
administration cost the road is very plainly set forth in the testimony
given before the Hepburn Committee of 1879, by J. W. Guppy, assistant
general superintendent under Gould, and for many years connected with
the road into whose service he first entered as a telegraph operator.
When Gould was ousted from the control in March, 1872, the total stock
was $86,536,910, the funded debt $26,395,000 and the floating debt
$2,517,301, a total of $115,449,211, an increase during the time of
Gould’s identification with the road of $64,383,268. Yet Mr. Guppy
testified that not a dollar of this vast sum was represented by any
additions to the road.
At the time that the Gould-Fisk ring was sucking the life-blood of
Erie, the Tweed-Sweeny ring was plundering the city of New York. The
two were really one. From Mr. Gould’s testimony just quoted and from
other facts here presented, it will be seen how closely allied they
were. Tweed was one of the executive committee of the Erie and was
paid large sums for so-called “legal” services. This was a great day
for the spoilsmen. It was a long feast of corruption. Dishonesty walked
openly in the streets, bribery influenced elections and controlled
legislatures, and plundering was a fine art. Great as was Tweed at this
time, his prosperity was soon to end in flight, capture, imprisonment,
disgrace and death, but Gould survived the exposure and lived to enjoy
his wealth and power.
CHAPTER VII.
GOULD’S VICTORY AND FINAL DEFEAT IN ERIE.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account