The daily gazette., 1883-09-06
JAY GOULD'S LIFE STORY
BEGINNING AND NDiNG WITH
WATERING STOCK.
A VERY INTERESTING RECITAL
A wall Street Shark Telling How He
Rose From Poverty to POwer-A Warn
ing to Young Men.


meeting Of the Senate Committee, the chair
man read resolution directing the com
mittee to inquire into the relations between
capital and labor and then asked Mr.. Gould
to give his experience of the affairs Of the
country growing out of his connection with
1t. The committee also desire to get an
outline of his career. The first sentence In
reply was almost entirely inaudible and the
chairman asked him to show some consider
alton for the press, look 'ng smilingly at the
reporters table. "Oh, yes" said Mr..
Gould, turning around his chair. With a
broad smile he surveyed the reporters and
the audience. The sight seemed to fill him
with reserve and he proceeded rather slowly
de said he was born in Roxbury, Delaware
county, in the State of New York, on the
9th of May, 1886. His fua1Ser kent a ANAL
farm and dairy with % cows
sis 1t necessary that proceed with these
small particulars % he asked.
"Oh, yes" replied the chairman, who was
listening attentively; "they are not only in
teresting as an example, but very important
in the scope of our inquiry"
"Then | will give the details unresery-
edly," said the witness. He said he assisted
his sisters in tending the cattle and one day
he said TO his iather he would like to 90 to
school. The father replied that he was to
young, but" said the witness, 81 was de-
termined to secure an education, as / was
then fourteen years of age. At last, !" said
the witness, with a smile, 81 fell in with a
blacksmith and as l could write good hand
l told him could keep his books. He con-
sented and that was the first occupation
that brought me remuneration"
He had taste for mathematics, used to
get up at 3 O'Clock in the morning and
study till six and in this way prepared him
sell for start in life. The witness paused
at this point and seemed disinclined 10 pro-
coed iurther in that connection, as he did
not like parade himself before the public.
"Thc details are most interesting, Mr..
Gould, J" replied the chairman, "and il will
do no harm for the American people to
know them. Meanwhile, as your voice ia 80
low, will ask the reporters to come inside
the railing, so as to be near you. This testi-
mony is more important "han perhaps Won
have any idea of In the public interest"
The witness then proceeded to say that he
heard of man in Ulster county who was
making map of that county and having a
great taste for surveying he (the witness)
went and offered his assistance. He was
thereupon engaged at $50 per month, but
his work proved SO unsatisfactory that his
employer told him the work he performed
was a silly lot of stuff. ''After that" said
the witness, II had not the heart next day
to ask anybody to give me dinner" He
finally went to quiet place, where nobody
could see him, and had good cry. He then
went to his sisters house, where he went
up stairs and prayed, after which he felt
better. After that he resolved not to 90
home again, but TO go ahead and die in the
last ditch. He returned to his task of com
pleting the map and made similar SURVEYS of
Delaware and Albany counties, from which
he realized S5, 900, which was his first capital.
After the panic of 1857 he came to New
York and, owing to the depreciation Of
values In property, he was able to buy on
credit the bonds OF the Rutland and Wash
ington Railroad for ten cents on the dollar,
tie took charge OF the railroad and was its
president, treasurer and general manager.
He conducted the road until its consolida-
tion with the Rensselaer, and Saratoga Road.
when he was able to sell out his interest at
a large profit Subsequently he took a
friends interest in the Cleveland
and Pittsburg Road and held it until he was
able to sell it to advantage. He became a
large owner of Union Pacific stock in con-
sequence OF misunderstanding with
parties interested and also owing to
the illness of Mr. Horace +. Clark ia
Chicago. The road was then in bad way,
the stock going down u 15, aud the only
thing he could do to save himself was to
hold on to what he had, while at the same
time he still kept buying. He made up his
mind to stick to the road and build IL up, and
he persevered till it at last paid dividends.
Before The road became success a great
clamor arose that il was Jay Gould road ,as
though that was u dangerous thing He was
then engaged in selling out his stock, whi IA
was soon liz the hands II 900 investors,
the earnings OF many WIDOWS
and orphans. This ended his cunncrIi IN
with the Union Pacific, and the stock was
now higher thar when he sold it.
The next venture was the building up of
the Gould railroad system in the South and
West. 1t began with the purchase of he
Missouri and Pacific IRON Commodore Gar
rison Other road were purchased aud con-
nections were made to different points. Mr..
Gould said that he had at this time passed
the point where money making was an OBJ
ject and his only idea was in carrying out
the system to merely see what could be
done by combination. The lines now epread
through Ohio, Illinois, Indiana, Michigan,
Arkansas aud Indian Terri
tory, Texas, Louisiana and Mexico.
There are central connections at
st. Louis, Chicago and New
Orleans. All the construction of this sys-
tenn of roads was completed last year and
about 10000 miles of road. The
earnings of the lines when he took possess
sion Of them were about $4,000 a month.
The earnings for the past month were
65, 5000 In building up this system the
Southwest has been opened up and the
country thrown open to civilization. Mr..
Gould stated that he was director In the
Chicago and Northwest, Chicago and Rock
Island, Delaware, Lackawanna and Western
New York and New England and several
other lines.