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
The conspirators were early in the street, and the offices of Smith,
Gould & Martin, Fisk & Belden and William Heath & Co. were the center
of enormous excitement. William Belden, who was Fisk’s partner,
played a conspicuous part in this day’s history. He was a man cool
and daring--the fit companion of such men as Gould and Fisk. The day,
however, left a stain on his record that could never be obliterated,
and when, in 1888, Belden formed a co-partnership with a member of the
Stock Exchange, the governing committee of the institution stated that
unless the member severed his partnership with Belden he must leave the
Exchange.
Gould, Fisk, Belden and their brokers held a counsel of war and laid
out the work of the day. Heath was to look after this, Willard was
to attend to that, Belden was to direct this and Fisk was to direct
that, while “Gould”--the language of the Congressional report is now
quoted--“Gould, the guilty plotter of all these criminal proceedings,
determined to betray his own associates, and silent and imperturbable,
by nods and whispers directed all.” “I determined,” said Mr. Gould
afterward, “not to open my mouth that day, and I did not.”
What a study for a dramatic painter Gould would have made that day!
There was undoubtedly some secret understanding between Fisk and Belden
to which Gould was a party, by which all the orders given that day
could be repudiated if the market went against them. A ready tool was
found in Albert Speyer, who accepted verbal orders from Belden in the
presence of Gould and Fisk to buy, and who went into the board-room and
did buy immense quantities of gold at the highest prices. The street
was filled with the wildest rumors. Prices rapidly advanced to 165.
The shorts trembled before the rising tide that seemed about to sweep
over them. Many were frightened into covering their contracts. Gould
continued to sell. Fisk and Belden continued to buy. The excitement
rose point by point to the wildest pitch. Old operators lost their
heads, men rushed hatless and half crazy through the streets, their
eyes bloodshot, their faces pale with anxiety, their brains on fire.
There came rumors of contemplated selling of gold by the Treasury,
and the street went mad. Where these rumors started no one ever knew,
but they were the forerunners of actual fact. James Brown, the Scotch
banker, appeared in the board and began to offer gold at declining
figures. Then the earthquake started, and the golden edifice built by
Gould began to tumble. Soon the Treasury order to sell $4,000,000 of
gold appeared, and then the terrible collapse. Prices fell from 165
to 133½. The board-room was the scene of contending furies. Albert
Speyer completely lost control of himself; his hair is said to have
turned white that night after he went home a ruined man. Wall and Broad
streets were filled with men wild with excitement. Infuriated mobs
surrounded the offices of Fisk & Belden and Smith, Gould & Martin.
Threats of violence were made.
Public-domain text, read in full here on John Shaqi.
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