One day in the 1880s, Arthur T. Hadley, the distinguished American economist who would later be president of Yale University, was visiting his lawyer’s office on Broad Street near the New York Stock Exchange. “Well, what do you think of that?” said Hadley, looking out the window at the busy scene below. “There’s Jay Gould standing across the street, and, for once, he has his hands in his own pockets.”
Poor Jay Gould. During his life, he suffered from a terrible public image. Professor Hadley, an astute and not unkindly man, was merely reflecting the prevailing opinion of the day. Newspapers routinely referred to Gould as the “Mephistopheles of Wall Street.” Cartoonists depicted him as a pirate, a Shylock, a hangman, and worse. Joseph Pulitzer, who knew Gould personally and pursued wealth quite as vigorously, described him as “one of the most sinister figures that has ever flitted bat-like across the vision of the American people.”