Abstract
In 1884, a committee of dissenting bondholders for the Wabash, St. Louis and Pacific Railway entered a federal district court in Illinois to complain that St. Louis Federal Judge David Brewer had, at the request of the notorious robber baron, Jay Gould, thrown the road into receivership prior to default. Judge Walter Gresham (whom the Populists would try to recruit for their 1892 presidential candidate) listened sympathetically and put the eastern division of the road into a separate receivership. For the time being, a key link, in Gould's national system was broken in two. Soon, however, the courts and bondholders capitulated, and Gould succeeded, at the expense of the sanctity of property and contract, in revolutionizing the corporate doctrine of receiverships to assimilate huge national systems.
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