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 men who chiefly profited by the great decline were Charles F.
Woerishoffer and Addison Cammack, the leaders of a small but powerful
bear party, which for several years had been preparing for this
depression, and by all the bear tactics, of which they were masters,
assisting in the downward movement. They were two men of mark.
Woerishoffer was the superior in mind and nerve. When he died in 1886,
while under forty years of age, he was worth, it is said, $8,000,000 to
$10,000,000, the result of his daring speculation. He was probably the
ablest stock speculator Wall street has ever seen, not excepting Gould,
whose principal success, it should be remembered, was in operations
outside of the street. Woerishoffer was by birth a German, and was the
son-in-law of Oswald Ottendorfer. Some of the most successful men in
Wall street, it may be remarked, are Germans or of German descent, as
for instance Villard, who after his collapse in 1884 had recovered in
1888 the ground he had lost; August Belmont, the banker, the Wormsers
and the Seligmans. Cammack was a man of much coarser nature than
Woerishoffer. He came originally from the South, and the Wall street
tradition was that he had been a slave-driver by profession. Gruff
in his manner, uncouth in his language, he yet had qualities as a
speculator which made him a power in the street. These two men, with
their following, are believed to have very nearly driven Gould to the
wall in 1884, and the story is that Gould might have gone down if
Cammack, of all men, had not relented. This story, like many others
told in Wall street, probably has a mixture of truth and fiction. In
1887 and 1888 Cammack was very evidently in alliance with Gould in
stock operations.
Public-domain text, read in full here on John Shaqi.
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