Page:The Wizard of Wall Street and his Wealth.djvu/173

 CHAPTER XI.

GOULD AND THE TELEGRAPH MONOPOLY.

The manipulation of values and the methods of running the railroad and telegraph systems of the United States effect more nearly the personal interests of every individual than do any of the other great enterprises of the country. It is for that reason that Jay Gould's actions in his railroad properties and his telegraph companies are such an important factor of interest in the events of his life.

Mr. Gould's connection with the Western Union Telegraph Company began in the early part of 1881. For a number of years, with the aid of the American Union and the Atlantic and Pacific telegraph companies, which he controlled, he was able to advance and depress the stock of the Western Union at will. He was simply playing a great game with his larger rival and waiting the chance when he would take possession and unite all the lines.

One example of Mr. Gould's finesse in connection with the Western Union will show his methods. By 1880 his American Union company had become a constant menace to the other company. Rates to every competing point had been cut, and his lines reached to the Pacific. Western Union at one period was up to 116. The wires of the Western Union