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. Connor was not only faithful, but quick and shrewd in his
judgments. Upon him rested nearly all the details of the best
operations of the house. These operations often required the assistance
of fifty or sixty brokers. Often these brokers did not know that they
were working for the same client. Sometimes they were ignorant even
of the fact that Gould was their client. The prime necessity in great
stock operations is to conceal one’s movements. Sometimes a part of the
brokers might be selling and a part might be buying. Gould and Connor
alone held the strings of the intricate operations. One of the first
great successful movements the house undertook was in Kansas Pacific
in 1879. The stock within a period of a few months shot up from 8 to
97, and the bonds from 10 to 110. Gould cleared nearly $10,000,000 by
this operation. The most brilliant feat accomplished by the house was
performed when Gould acquired Western Union. Mr. Gould for a long time,
as has been related, had been an uncompromising bear on the stock. The
whole street was aware that he and his firm were heavily short of the
stock. Suddenly the stock began to rush up. Gould was caught for once,
it was said. The truth was that Connor had engineered the movement and
Gould had not only bought in all his shorts but purchased enough stock
to give him control of the company. It was also this house that pushed
Western Union up from 78 to 91 and pushed Henry Smith and other bears
to cover their shorts at a heavy loss. It also handled the elevated
railway deals.
While Gould and the Beldens were in partnership at No. 80 Broadway,
Connor had a small office in the rear. He was bright, sharp, sagacious,
reticent and nearly as well informed as Gould himself. Gould was
drawn to Connor naturally, and when the former fell out with the
Beldens he and Connor formed a co-partnership. Mr. Morosini for many
years had been Mr. Gould’s man Friday, and was invariably seen with
a large canvas bag following his employer to the safe deposit vaults
and protecting him against any repetition of the Selover attack.
Morosini went into the new firm, whose limitation only ran from year
to year. Connor and Morosini put in $100,000 each, and Gould, as
special partner, $250,000. George Gould was admitted in 1881, but
without paying in a cent. Although the nominal capital of the house at
all times has been $450,000, the actual capital, at times of great
activity on ’Change, ran up into the millions.
Public-domain text, read in full here on John Shaqi.
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