244 A SAGA OF THE SEAS 
abled ‘Tilden to buy a large block of elevated stock at a bar- 
gain, but naturally wished him to hold it until success was 
assured. 
In 1879, when Field was in Europe, Tilden’s premature 
sales of elevated stock on the Exchange broke the price, and 
Field had to buy heavily in order to give market support and 
allay destructive rumors. In the language of Wall Street, 
Tilden “unloaded” his shares to the extent of a million dol- 
lars, and Field had to buy to bolster the price. He maintained 
that Tilden had given his word not to sell. Naturally when he 
returned from Europe, he was no longer a friend to his neigh- 
bor, who he considered had betrayed him. There is a statue 
of ‘Tilden today on Riverside Drive in New York. 
This loss was a severe blow to Field financially. Although 
he was a multi-millionaire, a good part of his fortune was “‘on 
paper,” that is, in securities that might depreciate in price. 
His conscientious efforts to hold up the price of elevated 
shares in the face of litigation, “watered” stock, and evil ru- 
mors were to have a still more tragic sequel. He was an ex- 
ception among the experienced and ruthless capitalists of the 
financial district, who operated in that period according to 
cut-throat methods. 
Since the completion of the cables, Field had varied his 
investments by buying coal-mining and railroad stocks, from 
both of which he made profits. One of his most profitable 
investments was in the Wabash Railway, of which he served 
as president for several years until he resigned in 1880. While 
working for the completion and organization of this railroad, 
he was associated with the well-known financier, Jay Gould, 
sometimes styled “‘the little wizard of Wall Street,” although 
he was also called other names. 
Gould impressed Field, who admired action, and the two 
cooperated in organizing the elevated system. The “‘wizard”’ 
gradually acquired large holdings of elevated stock. In 1882 
the public were surprised to see that the Manhattan Company 
