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. Gould’s smartness was never made more apparent than in his manner
of pretending to restore the money which he had misappropriated. He had
to make restitution of this stolen money--“stolen” is the word used
by the Hepburn Committee. After he had left Erie, the new management
sought to ascertain how large was the plunder carried away by Gould.
This information could be obtained with complete accuracy only from
Morosini, the auditor of the company, and he refused to make up the
accounts, leaving Erie to join his fortunes with those of Gould.
Morosini now became inseparable from Gould and a notable figure in
Wall street. He was a tall, athletic Italian, shrewd and faithful, an
ideal private secretary. He had served with Garibaldi in the wars for
Italian liberty, and was proud of his service under the great Italian
patriot. He had been a sailor, too, and had a wide experience with
the world, which, while not making him overscrupulous in his methods,
made him invaluable to a man like Gould. When the firm of W. E. Connor
& Co., of which Gould was a special partner, was founded, Morosini
became partner, and when the firm dissolved, and Morosini retired from
business, Gould said that his private secretary was worth $2,000,000 or
$3,000,000.
A way was opened, however, by which the new Erie management gained some
proof of Gould’s wrong-doing. Gould, in company with Horace F. Clark,
had engineered a corner in Northwestern stock, one of the most famous
and successful corners in Wall street history. In after years, Gould
gave a unique account of this corner to a legislative committee which
was investigating corners. “I was interested,” said Mr. Gould, with
that charming frankness which he sometimes assumed, “in the Chicago
& Northwestern corner. The stock was selling at seventy to eighty. I
considered it very cheap,” so he bought. He soon had bought a great
deal more than there really was to deliver, and the shorts were
cornered. The price went up to $250. “I was induced,” said Mr. Gould,
with most exquisite humor, “to part with some at that price.”
Among the shorts caught in this famous corner was Henry N. Smith, who
only a short time before had been Gould’s partner in the firm of Smith,
Gould & Martin, and who had supported Gould in his great conspiracy
to corner gold. Smith is another noted Wall street character, whose
life is linked in that of Gould. He was something of an “exquisite,”
and had the reputation of wearing corsets, but he was for many years
remarkably successful in Wall street. After renewing his relations with
Gould he became chiefly distinguished as one of the bear leaders, and
was thus continually in antagonism with Gould. Woerlshoffer, Cammack
and Smith were a trio that once nearly drove Gould to the wall, but
the latter lived to see one dead, the second his associate in certain
speculations, and the third involved in irretrievable bankruptcy.
Public-domain text, read in full here on John Shaqi.
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