The sun. [volume] (New York [N.Y.]) 1916-1920, 1918-08-10

financial AFFAIRS in New York thirty
years ago or more that Jay Gould
came into possession Of the majority
of the stock of the elevated railroad
system in New York because he was
able by subtle skill, great strategy
and his capacity for handling to his
own advantage affairs Of the utmost
consequence to obtain a great block
of stock in the elevated railroads OF
which Cyrus w. Field had been be-
fore that the possessor.
Not until this publication has an
accurate report been made Of all the
circumstances which led up to the
transfer of Mr.. Fields stock to Mr..
Gould in 1886. Instead of having been
the aggressor or the manipulation Of
markets or the remorseless master OF
q situation whereby It was possible to
drive Mr.. Field from his great IN
terest in the elevated railroads. Mr..
Gould, on the contrary, came to the
rescue Of Mr.. Field at a moment when
severe. even dangerous, financial en-
barrassment threatened Mr.. Field
This embarrassment would have ex-
-ended TO an important bank in New
York and would have involved a num-
Der of brokerage houses.
Cyrus w. Field had enjoyed dis
tinguished honors in the United States
and in a trip around the world, due to
his Identification with the Atlantic
cable.
At that time science and invention
had demonstrated that 1t was feasible,
both from the commercial and the
engineering point Of view. to build
structures over the public streets or
avenues Of New York city which would
be strong enough to bear the weight
The lower part of the city of New
York was becoming congested. and
liltlt Wdo ilipNloblNO hSSb Ava SiSoeiy
enlarged passenger transportation IA
cilities to and from the lower part OF
New York as far as the upper end
Of Manhattan Island and ultimately
into The Bronx beyond the Harlem
River.
A man OF inventive turn of mind
had established upon one of the streets
near the Hudson River and for a
short distance an overhead structure
upon which cars were moved, whose
propelling energy was impelled by an
endless cable. OF itself this method
was Of no great avail. but 1t con-
tanned the germ of the idea upon
which was based the construction OF
the elevated railroad systems OF New
York.
Mr.. Field returned from his tour
around the world in time to share in
the public interest which was &C.
casioned by the proposition that con-
tinuous bridges or viaducts construct
ed over the north and south streets
of New York city strong enough for
the operation OF railway trains bs
built The plan appealed to him
greatly. He saw in it an opportunity
certainly 10 add to the prestige which
he had gained as the man who was
identified with the conception Of and
afterward the successful laying Of the
Atlantic cable.
No doubt Mr.. Field also saw in the
this kind from the ground floor ur
opportunities for considerably in
creasing his fortune, although tina,
was then presumed to be large. He
therefore with his accustomed energy
and characteristic shrewdness became
interested in the construction and
operation of the first of the elevated
systems of New York. That interest
began in the year of the Presidential
election of 1876.
on the other hand, Jay Gould was. as
findncier and railroad leader at least
not at all interested at first in the
elevated railroad proposition. Very
likely he took the interest which al
intelligent citizens OF New York did
in the proposition, but this was purely
the interest OF citizen. Mr.. Gould
had in mind other and very important
undertakings, among them the build
ing up OF the monumental consolida-
ton OF various independent telegraph
lines in the United States.
Russell Sage, who had been fol-
years and was then and afterward in
intimate association with Jay Gould
became enthusiastic about the clcvatet
railroad proposition.
Incidentally, il may be reported here
that Mr., Sases enthusiasm was JUST.
fed by the event. lie was u firm be
lever in the commercial practicabilItl
that lay in the Improvement OF pas
sengcr transportation facilities upor
the island OF Manhattan, At one time
he said that II there were Il street rail
way line economically constructed and
wisely operated upon Broadway II
would prove to be as valuable an in
vestment as many of the gold mines OF
tho United States had been. Inter
ested as he was in the railroad
proposition, he Mt last endeavorcd "a
PERSUADE Mr.. Gould to take - IKE in
terest, and IL is fact that cannot he
denied that Mr.. Gould's entry into the
railroad properties of New York wa.
in way at least forced upon him by
Russell Sage.
The New York Elevated Company
owned the Third avenue and the Ninth
ananna Iinau Tho MatrnnnIitnv I'Ia.