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
There was more fighting in the courts over Erie. Justice Sutherland
vacated Barnard’s order making Gould receiver, and Noah Davis was made
receiver. Barnard stayed Sutherland, and Sutherland granted a motion
to show cause why Barnard’s stay should not be vacated. Gould and Fisk
sued August Belmont for $1,000,000 damages, and Frank Work and Richard
Schell for $429,250, paid to them at the time of the settlement with
Vanderbilt. Gould and Fisk even went to the United States District
Court, and on a petition of one of Gould’s clerks, Henry D. Whelpley,
a stockholder, Judge Blatchford appointed Gould receiver, and directed
the Erie company to place $8,000,000 in his hands to protect the rights
of the plaintiff, Whelpley, who protested that he had been injured by
certain issues of stock.
The marvelous business acumen displayed by the manipulators of these
properties was aided by the blind zeal of certain foreign investors
for American securities then as prevalent as now. The wonderful
financial operations of the Drew and Gould regimes in Erie could not
have been possible but for the extraordinary fascination which the
stock possessed for English capitalists. While Americans looked with
more than suspicion on the Erie securities, England was possessed of
an irresistible craze to get as many of them as possible. English
capitalists would not take the United States bond even when selling
below par, but they bought with avidity every share of Erie they could
get hold of. At last, however, the eyes of the English stockholders
were opened to the true condition of affairs, and under the lead of
James McHenry they organized to get the control of the property. At
this time Gen. Daniel E. Sickles, one of the heroes of Gettysburg, was
Minister to Spain. He was engaged to lead the anti-Gould forces against
the Erie strongholds. He did his work well, and it is said was paid a
very big fee for his labors. He obtained a leave of absence from Madrid
and returned home to conduct the operations in person on the ground.
This was the last of the Erie wars.
Public-domain text, read in full here on John Shaqi.
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