Page:The Wizard of Wall Street and his Wealth.djvu/192

 occasions Judge Westbrook exercised his judicial functions in Gould's private office. The committee was divided in its conclusions and Westbrook just escaped impeachment. The effective lessons of the exposure and the official investigation, however, put a stop to further "freeze-out" tactics in dealing with the honest stockholders of the Metropolitan Elevated Railroad Company. Those who had refused to be shaken off by the bearish assaults on the property finally received satisfactory compensation for their property from Mr. Gould and his associates.

After obtaining full control of the elevated railroad system, Gould and his associates voted to double the capital stock, making it $26,000,000. In opposing the reduction of the fare from 10 cents to 5 cents, they argued that a 5 cent fare would not enable them to pay dividends on their $26,000,000. A member of the Senate committee suggested that they might reduce their capitalization. Mr. Field became identified with all of Mr. Gould's properties, but gave most of his attention to the development of the elevated roads. In 1886 he inaugurated the big bull movement in Manhattan stock. He "boomed" the stock in every possible way, and bought immense quantities, and publicly predicted that it would sell at 200. He succeeded in pushing the price to 175. Like almost all artificial corners this movement collapsed suddenly and Mr. Field was nearly buried in the ruins. Many believed at the time that this collapse was precipitated by Gould and Sage. It might have come about by