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
In March, 1872, the blow was struck. A man named Archer had been
elected vice-president in place of Fisk, and with his aid the
revolution was accomplished. Gould had made him vice-president with
the view of conciliating the opposition. Nine members of the Board of
Directors had been won over to the opposition. These wrote to Gould,
asking him to call a meeting of the board. As Gould did not respond,
Vice-President Archer called the meeting. The revolutionists assembled
at Barlow’s house and prepared to carry the Grand Opera House by storm.
Gould had this barricaded by his men, with instructions to permit no
one to pass in. But the revolutionists succeeded in passing the picket
line and passed in, and Mr. Archer called the meeting to order. Then
ensued an extraordinary scene which lasted all night. Gould ordered the
“conspirators,” as he called them, to leave the building. They refused.
Gould at this time had the benefit of the legal advice of David Dudley
Field and Thomas G. Shearman. Mr. Field was long one of the leaders of
the New York bar. One of his brothers sat on the Supreme Court bench
of the United States, and the other, Cyrus W. Field, was the father of
the Atlantic cable, and soon one of the closest of Gould’s business
associates. Mr. Shearman, who afterward became famous in the defense
of Henry Ward Beecher, had before this time published an article on
the corruption of the New York judiciary, which attracted widespread
attention, but he was now counsel to a man who owned two or three
Supreme Court judges and a few months later publicly admitted the
distribution of a corruption fund.
Space will not permit the telling of all the incidents of that night.
Shearman appeared with forty policemen and ordered the revolutionists
to leave, but they shut themselves up in their rooms and refused to
do so. Gould obtained from Judge Ingraham a temporary injunction to
restrain Archer and the other directors from acting, but they calmly
proceeded to elect new officers and directors. Field and Shearman
declared that Gould’s legal position was absolutely perfect, but
notwithstanding this he was finally obliged to give in. The opposition
elected Gen Dix as president and Gen. McClellan as one of the directors.
The _World_ of March 11, 1872, thus describes this memorable night:
“The scene at the Grand Opera House was one to be remembered. Gould
and Eldridge, with their counsel, in one room and the newly chosen
directors in another, the doors of both rooms barred, opening to no one
but an avowed friend, each fearful of orders of arrests being served on
them, every spare room in the offices filled with blue-coated officers
of the peace, sitting in all the chairs and on all the tables and lying
on the floors, and an intense sense of subdued excitement pervading the
heavy air of the place.
The only communication between the two hostile parties was by means of
Peter B. Sweeney, who acted as go-between.
Public-domain text, read in full here on John Shaqi.
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