Savannah morning news. [volume] (Savannah) 1868-1887, 1882-08-24
CORNELL'S BLIND POOL.
Jay GOuld's Opinion OF Cornell as a
Wall street Operator.
NSto York Heruld.

"You see it is intimated, Mr.. Gould, tha'
GoverEor Cornell was really Influenced IL
his action by certain speculations in thu
stock OF the elevated road. Do you know
anything about thst?"
mo. know nothing of his transactions
in the stocks of the elevated roads"
"Have you had any connection with hin
in any stocks?"
81 have an unsettled account with him IL
connection with what is known in Wal
street as the Governors blind pool in Amer
ican District Telegraph"
"What is blind pool, Mr.. Gould?n
"a blind pool is combination of parties
taking certain interests in a transaction, and
leaving the purchases and sales in cOnnec-
ton with the transaction entirely to the
party who gets the pool up, and In whom
they all repose confidence"
pool ?''
"Yes."
'Was this before or since he became Gov
ernor?"
sit was since. 1t was during the stock
excitement, some time prior to the death of
General Garfield"
Mr.. Gould ?"
"YOu must go to Governor Cornell for
that. onsy know what he told me. He
came to me and asked me to take sn inter
est In his blind pool l at first declined,
but he was very urgent, saying that he
could not make a success unless | would
lend him my name and get those Of Mr..
Russell Sage and Mr.. Sidney Dillon, He
said that If would do this would be doing
him the greatest favor l could possibly do
him. Being thus pressed, Reluctantly con-
sented to take an interest, and l induced
Mr. Sage and Mr.. Dillon also to take an
interest"
Chow did It turn out?"
"The Governor has not yet rendered an
account OF his stewardship. Common re-
port says that he has made some hundreds
OF thousands Of dollars out of the pool, so
that am expecting a good round check by
way OF dividend, unless, indeed, the Gov
ernor wants to have me accept his veto of
the Elevated Railroad bill as my dividend u
Here Mr.. Gould very good nsturedly
laughed.
Chow is It supposed the Governor has
made the large sum Of money you men
tion?"
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, ifthe Gov
ernor was going to buy so large an amount
of the stock, it would be great purchase,
and they had better slip in and take some,
thus making large market. The Governor
very shrewdly went the other way, which,
under the agreement, he had 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 bad been the main pillar up to
that time. Thereupon, presto, change A
new company came on the scene. The
Mutual District telegraph Company ap-
pears-a company gotten up by the man
gers of the A. D. T. under Governor Cornell,
and they knocked the prices of A. D. T.
from about IS down to 35."
80 that the Governor made both waysPD
$50 it would appear; but we have not yet
got his account of his stewardship"
"Then Gov. Cornell is an experienced
Wall street operator?'
Mr.. Gould laughed and said: ''I think
you will admit that If he had been q begin
ner this operation would have shown very
precocious skill"