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 feelings can easily be imagined. He knew that Fisk’s
reckless management would bring the government upon his shoulders,
and he knew that unless he could sell his gold before the order came
from Washington he would be a ruined man. He knew, too, that Fisk’s
contracts must inevitably be repudiated. This Thursday evening he sat
at his desk in the Erie offices at the opera house, while Fisk and
Fisk’s brokers chattered about him. ‘I was transacting my railroad
business. I had my own views about the market and my own fish to fry.
I was all alone, so to speak, in what I did, and I did not let any of
those people know exactly how I stood. I got no ideas from anything
that was said there. I had been selling gold from 35 up all the time,
and I did not know till the next morning that there would probably come
an order about twelve o’clock to sell gold.’ He had not told Fisk a
word in regard to Corbin’s retreat nor his own orders to sell.
“When the next day came, Gould and Fisk went together to Broad street
and took possession of the private back office of a principal broker,
‘without asking the privilege of doing so,’ as the broker observes
in his evidence. The first news brought to Gould was a disaster. The
government had sent three men from Washington to examine the bank which
Gould owned, and the bank sent word to Mr. Gould that it feared to
certify for him as usual, and was itself in danger of a panic, caused
by the presence of officers, which created distrust of the bank. It
barely managed to save itself. Gould took the information silently,
and his firm redoubled sales of gold. His partner, Smith, gave the
orders to one broker after another--‘Sell ten millions!’ ‘The order
was given as quick as a flash, and away he went,’ says one of these
men. ‘I sold only eight millions.’ ‘Sell, sell, sell! do nothing but
sell!--only don’t sell to Fisk’s brokers,’ were the orders which Smith
himself acknowledges. In the gold-room Fisk’s brokers were shouting
their rising bids, and the packed crowd grew frantic with rage and
terror as each successive rise showed their increasing losses. The
wide streets outside were thronged with excited people; the telegraph
offices were overwhelmed with messages ordering sales or purchases of
gold or stocks; and the whole nation was watching eagerly to see what
the result of this convulsion was to be. All trade was stopped, and
even the President felt that it was time to raise his hand. No one who
has not seen the New York gold-room can understand the spectacle it
presented; now a perfect pandemonium, now silent as the grave. Fisk, in
his dark back office across the street, with his coat off, swaggered
up and down, ‘a big cane in his hand,’ and called himself the Napoleon
of Wall street. He really believed that he directed the movement, and
while the street outside imagined that he and Gould were one family,
and that his purchases were made for the clique, Gould was silently
Public-domain text, read in full here on John Shaqi.
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