The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1883-09-13
HOW GOULD GOT HIS GOLD.
Tho Great Speculator Gives u Sketch OF
his Career.

his Career.
NEW YORK, September J.-Mr Ja
Gould wns the principal witness to da
before the committee of the Senat
committee of education and labor
There was q large attendance of person
curious To see and hear him, and his ex
animation occupied nearly the who'll
day, covering q great variety of topic
more or less closely relating to the labo
question. He was first asked to give
sketch Of his life and business enter
prises. and he complied. giving an out
line of his business life from boyhooc
from his first start tending cattle on his
fathers farm, through several expericn
ces ~ maker Of sun dia!s fer farmers
~ surveyor, tanner, railroad supcrintcn.
dent, speculator and director.
His first railroad connection, he said
was AZ superintendent of what is now
part Of the Rensselaer, and Saratogs
Railroad during the panic of 1859. lie
bought in large amount Of the stock of
this railroad at low figure, and after.
wards sold it at handsome profit. lie
next interested himself in the Cleveland
and Pittsburg, which he afterwards
leased to the Pennsylvania Railroad
lie told of his connection with the
Union Pacific, which he had taken up
when 1t was on the point of being placed
IN the hands of n receiver. lie after.
wards sold the stock of this railroad
aud it was now in the hands Of more
than 1000 investors and represented the
capital Of many widows and orphans.
II was now higher than when he sold il.
His next venture was the building up OF
the Gould Railroad system in the South
and West, beginning with the purchase
Of the Missouri and Pacific.
AT this time, he said, he had passed
the point where money making was an
object, and his idea in carrying out tho
system was to see what could br done BY
combination. His system was now ex-
tended, he said, through Ohio, Illinois,
Indiana, Michigan, Missouri, Arkansas,
Texas, Louisiana, Indian Territory and
Mexico, and its construction WAS COM
pleted Inst year. 1t embraced 10000
miles of road. When he took possession
of these lines their earnings aggregated
about $4,000 month. The earnings
for the past month were $5,500,O00. He
said he was now director in the Chicago
and Northwest. Chicago and Rock Island,
Delaware, Lackawanna aud Western,
New York and New England and sew.
ernl smalle- companies.
His telegraph connection, lie said, was
incidental to his railroad interests, the
Two being intimately related. He had
been instrumental in starting the Amer.
lean Union TO compete with the Western
Union, but finding this impossible had
uff t,> h.l, g
tho Western Uninn. His object in 30
curing control of the Western Union
WAS to make his friend, Gen. Eckert,
business manager of the Western Union
Company. He said its value was nearly
equal to lis capitalization. He thought
Z per cent was fair estimate of the
earning power Of the company. The
value of its franchises could not be es,i
mated by nny known means. Its con.
tracts with railroads had been made un.
der varying circumstances. It's stock
WAS distributed all over tho country, $50,
600, 900 of it being held by investors, and
he thought that within two years every
share Of this stock now upon the market
would be absorbed. There might be
water in the Western Union, but tho
same could be said of all kinds of prop.
erty which had increased in value.
In reply TO a question of Senator Blair
witness said it would be impossible for
him to give an approximate estimate of
the value of the Western Union Com
pany's property. He judged of the
value of property by it's earning power.
MIR. Gould disapproved of tho postal
telegraph system on the ground that tel.
egraphing required experts, and Govern.
men: control would subordinate efficiency
to partisan considerations.
He believed that labor got its fair
share of the product of labor and capi.
tai, and that returns for capital were
constantly growing less. The cause of
the present discomfort of the laboring
classes was that there was q surplus Of
labor in this country owing to the large
immigration and The stopPag5 Of railroad
building. The surplus immigration was,
however, plncing itself in the Northwest
on government and railroad lands. 1t
was to the interest of the railroads to get
small farmers on these lands. 1t would
be contrary to the interests of railroads
TO sell large tracks of land to private
speculators. He thought the animosi-
ties and grievances of the laboriDg class.
es had been fostcred and exaggerated by
the societies to which they belonged.
The only safeguard for society was the
education of the masses. and any legisla.
tion in the interests of labor should have
this in view. The legitimate field of
trade orga nizations was, he thought,
confined TO benevolent institutions.
In answer to questions presented by
Senator Call, Mr. Gould said he did not
think it just for The Government to at.
tempt to limit in any way mans cape.
city to acquire wealth, and that wealth
should certainly not be limited by the
amount 70 be obtained in farming.