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
“Pooh, pooh!” said Sage, and he went back and reported to Mr. Gould.
The next day Gould went himself and told Garrison that he would
take his stock at $2,800,000. The commodore replied that the stock
had advanced in price to $3,800,000, and it would continue to go up
$1,000,000 a day. Gould closed the bargain on the spot, giving Garrison
his check for $3,800,000. The Missouri Pacific stock subsequently
became very much depressed in the stock market, and a great many
weak stockholders were obliged to let go. Gould was always ready to
buy. After a while he consolidated the Missouri Pacific with the
Iron Mountain and the International and Great Northern, and Missouri
Pacific stock went up rapidly. The Iron Mountain was a first-class
money-earning road. This consolidation gave Mr. Gould a southwestern
railroad system of more than 5,000 miles, which he subsequently
extended largely.
Gould’s testimony in regard to this portion of his career, before the
Senate committee, was as follows:
“The next great enterprise, if I may call it great, that I engaged in
was the Missouri Pacific. I bought it one day of Commodore Garrison, or
rather the control of it. I had a very short negotiation with him; he
gave me his price, just as we are talking here, and I said: ‘All right;
I will take it,’ and I gave him a check for it that day. At that time I
did not care about the money made; it was a mere plaything to see what
I could do. I had passed the point where I cared about the mere making
of money. It was more to show that I could make a combination and make
it a success. I took this road and began developing it, bringing in
other lines which should be tributary to it. I developed new parts of
the country--opened up coal mines, etc., and continued until, I think,
we have now 10,000 miles of road.
“When I took the property it was earning $70,000 a week. I have
just got the gross earnings for the last month, and they amount to
$5,100,000, and we have accomplished that result by developing the
country; and while we have been doing this we have made the country
rich, developing coal mines and cattle-raising, as well as the
production of cotton. We have created this earning power by developing
the system. All this 10,000 miles is fully built. The roads pass
through the states of Ohio, Illinois, Michigan, Iowa, Missouri, Kansas,
Nebraska, Arkansas, Texas, Louisiana and the Indian Territory, and we
go into Mexico.”
“Are there other railroad enterprises that you are connected with?”
“I am director in various roads, but I put my whole strength into this
system. I don’t like to scatter around.”
“What you do you do well, or try to?”
“I certainly try to do all things well.”
“What other business enterprises of the country have you now or
formerly had connection with?”
“I am a director in the Chicago and Northwestern road, Chicago and Rock
Island, Delaware, Lackawanna and Western, New York and New England and
a good many other small roads.”
Public-domain text, read in full here on John Shaqi.
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