Page:The Wizard of Wall Street and his Wealth.djvu/191

 hands of the Manhattan company, and in the latter part of October the Gould-Field-Sage party entered into an agreement in behalf of the three companies by which the Manhattan stockholders were to receive only 6 per cent. dividend on their stock instead of 10 per cent. Next came an order from Judge Westbrook taking the Manhattan company out of the hands of the receivers, and that corporation, which was absolutely under Gould's control, proceeded to rivet its hold upon the entire elevated railway system of this city. Immediately following Judge Westbrook's action the Manhattan stock went above 52, and on November 9th, the day that Jay Gould was elected president of the company, the stock was quoted at 55.

The steps which Gould and his associates took to "freeze out" the original stockholders of the Metropolitan company were exposed by the New York Times in a series of articles beginning in December, 1881, and continuing until the Legislature ordered a special investigation into the matter in April, 1882. Specific charges were made against Hamilton Ward, as attorney general, and Justice Theodoric R. Westbrook of the Supreme Court for their part in the elevated railroad proceedings, and the Judiciary Committee of the Assembly spent several weeks in taking testimony. Jay Gould and others were examined, and letters and telegrams from Judge Westbrook to Gould's lawyers were produced in evidence, showing that Westbrook had a very friendly understanding with Mr. Gould. It was also proved that on two