The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1882-09-07
sToCKJoBBING GOVERNOR
Jay Gould on the Way Gov. Cor
nell Managed a Blind Pool.

The war of the New York stock job
hing Republican officials and politicians
continues with unabated ylgor. Inc
Cornell party accuses COnkllng and
iOuld of attempting to bribe the Cover
nor TO sign the Elevated Railway tax
bill, which would have let Gould on in
payment of $4,000 overdue taxes. The
COnkling- Gould party accuses the Gov,
ernOr of being Wall street shark, ana
using his office to promote jobs In when
he had pecuniary interest. The New
York Herald of Saturday prints an inter
view with Jay Gould, in which that
ViFtuous pirate exposes Gov. COrnelPs
operations in what is called q blind
pool" species of speculation not dis
similar from a "blind" in General
Schenck's great American game OF
poker. This is the interview:
THE GOVERNORS "BLIND POOL"
Reporter-HaVe you had no connec-
tiOn with him in any stocksT
Mr., Could have an unsettled &C
count with him in connection with what
is known in Wall street as "the Cover
nOr's blind pOOP in American District
Telegraph. 80,
HWhat is a blind pool, Mr.. GOuldw
"a blind pool is combination OF par
ties taking certain interest in tran
saction and leaving the purchases and
sales in connection with the transaction
entirely to the party who gets the pool
mp and in whom they all repose conf
'Did Governor Cornell get up such a
pOOlP"
"Yes."
"Was this before or since he became
Governor"
at was since. 1t was during the stock
IN n
Of General Garfield"
"What was the history of the transac-
tiOn, Mr.. GOuld?"
~You must go to Governor Cornell for
that. | only know what he told ne. He
came to me and asked me to take an in
terest In his blind pool. l at first de-
clined. but he was very urgent, saying
that he could not make success unit So
would lend him my name and get those
of Mr.. Russell Sage and Mr.. Sidney Dill
lon. He said that if would do this l
would be doing him the greatest favor
/ could possibly do him. Being thus
pressed reluctantly consented to take
an interest, and induced Mr.. Sage and
Mr.. Dillon also to take an interest In II"
'HOw did it turn OutT
"The Governor has not yet rendered
an account of his stewardship. Common
report saws that he has made some hun
dreds of thousands Of dollars out of the
pool, so that lam expecting good round
check by way of dividend, unless, in
deed the Governor wants me TO accept
his veto on the Elevated Railroad bill as
my dividend"
Here Mr. Gould very good naturedly
laughed"
"How is it supposed the Governor has
made the large sum of money you men
tiOn?"
HOW THE GAME WAS PLAYED.
"Why, of course, the Governor, having
this agreement signed by US and giving
him authority to buy, he let that fact
quietly leak out in the street among his
friends. They naturally concluded that
if the Governor was going to buy so large
an amount of the stock 1t would be a
great purchase, and they had better slip
In and take some, thus making a large
market. The Governor very shrewdly
went the other way, which, under the
agreement, he had a right to do, and
made very large sales at high prices"
$50 the Governor made the prices and
then made the sales?"
Certainly; and of course, largely
through his intimate friends"
What happened next?"
"Why, after he had got out his line
and sold his stock he abandoned the A.
D. T., of which he had been the main
pillar up to that time. ThereupOn
Presto, change A new company came
on the scene. The Mutual District Tele
gragh Company appears-a company
gotten up by the managers of the A.. D.
7. under Governor COrnell-and they
knocked the prices of A. d. I. from
about 10 down to 3d."
$50 that the Governor made both
ways?"
$50 it would appear, but we have not
yet got his account of his stewardship"
"Then Governor Cornell is an expert
enced Wall street OPERATOR"
Mr.. Gould laughed and said: 81 think |
you will admit that if he had been be- |
ginner this operation would have shown |
very precociOus skill.