The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1883-09-06
The Story of a Speculator's Career-From
Poverty to the Possession OF Many
Millions of Money.
His Views as to the Railway and Tele-
graph Interests of the Country.
ostal Telegraphy Not Desirable-Nothing
Unfair in Stock SpeculatOn-The
Workm an and His Reward.
-gJAY GOULD,s HISTORY.
He Gives an Account of Himself to the Sem
ate Sub Committee.

He Gives an Account of Himself to the Sem
ate Sub Committee.
New YORK, Sept. 5.-Senators Blair and
Call waited patiently for Jay Gould to ap-
pear before them this morning to testify as
to the relations of capital and labor. A large
audi ence was in attendance. AS Mr.. Gould
delayed his appearance the committee heard
statement from Geo. W. Weston, lawyer
of this city, who appeared in opposition to
the theories of Henry George and Moody.
Just as the witness was beginning his testi-
mony Gould entered Weston merely stated
that the tendency to monopolize land was
| not so great now as it was one hundred
years ago in this country.
Mr.. Gould then took the stand, and on
being sworn Senator Blair requested him to
give history of his early life and first bust
ness adventures, and then go on and give the
story of his progress to his present condition.
| Mr.. Gould seemed to be somewhat staggered
at the request, but turning with smile to
the reporters table began in low voice:
Il was born at Roxbury, Delaware
county, New York, May 81, 1886.
My parents had a small farm and kept
| attended school about fifteen miles distant
| and when was about fourteen years old OBJ
| tanned situation in a store in neighboring
village. l was much interested in mathe-
MATES, and used to get up at o'clock in the
morning to study until 6, when the store
was opened. | remained in the store for two
years, when 1 made the acquaintance of
| surveyor who was making a survey OF
Ulster county. He took NE into his service
at 500 month. 1 learned that my en-
ployer's credit was not very good
and 1 was to obtain no money for my
work until the map was completed, so
made sun-dlals for farmers at 81 apiece to
| pay my running expenses. 1 made surveys
| afterward in Delaware and Albany
counties, and made in those
contracts about $5,OOO then
went into the taunery business with Mr.
Pratt, of Prattsville, and finally entered into
partnership with Charles M. Leupp, who
committed suicide.
Mr.. GOULD INVESTS IN RAILROADS.
'The first railroad with which 1 had any
| connection was what is now portion of the
Rensselaer, & Saratoga of which was super
| intendent. During the panic of 1859 its
stock went down very low and l was able to
buy in a large amount, which afterwards
rose in value and made handsome profit"
The next road in which Mr.. Gould said he
interested himself was the Cleveland & Pitts
burg, which he afterwards leased to the Penn
| sylvania road Mr.. Gould then rehearsed
| over his connection with the Union Pacific
road. AS he had interested himself in it,
,1+ -E.D Dal- f,l1 IL L.
| mind to carry it through at any cost, though
| it was on the point of being placed in the
| hands of a receiver. Afterwards when the
| road became paving one, and dividends
were declared regularly, there was a great
| cry from the public that it was Jay Gould's
| road, as if this was dangerous thing. He
| said, however, he was then engaged in SELL
ing out his stock, which was soon in
| the hands OF more than Z GOO investors,
| representing the earnings of many widows
and orphans. This ended his connection
with the Union Pacific and the stock is now
higher than when he sold it. His next ven
ture was in the building up of the Gould
railroad system in the South and West. 1t
began with the purchase of the Missouri Pa
ciic from Commodore Garrison. Other
roads were purchased and connections made
to different points. Mr.. Gould said he had
at this time passed the point when money
making was an object, and his only idea was
in carrying out the system to merely see
what could be done by combination. His
lines now spread through Ohio, illinois, In
diana, Michigan, Missouri, Arkansas, Indian
Territory, Texas, Louisiana and Mexico.
There are central connections at Cincinnati,
St. Louis, Chicago and New Orleans All the
construction of this system of roads was
completed last year. and represented about
10000 miles of road. The earnings Of The
lines when he took possession of them were
about SO 900 month. The earnings for the
past month were $5,500000. In building up
this system the Southwest has been opened
ton. Mr. Gould stated that he
was a director in the Chicago & Northwest
ern, Chicago d Rock Island, Delaware, Lack
awanna & Western, New York & New Eng
land, and several other smaller lines. Incl
dental to his railroad interests he had be-
come largely interested in the telegraph bust
ness. This was on account of the intimate
connection between the two industries. He
was instrumental in starting the Amer lean
Union TO make il competing line with the
Western Union but he found that it would
be impossible TO accomplish this on account
of the extent OF the latter's connections. He
then turned his attention to getting control
of the Western Union by buying the stock
when it was low. Finding it a paying in
vestment, he had been constantly increasing
his interest. His object in securing control
OF the Western Union was to make his friend
General Eckeft the manager, as ne had great
confidence in his business ability The rail
road facilities which were now acquired by
the Western Union are invaluable, and it is
impossible to estimate their value.
Can you give us your opinion as to the
practicability of a government postal tele-
graph, which would take the place OF the
present system, Mr.. Gould?'
II think the institutions of this country
are opposed to any such things as that" re-
piled Mr.. Gould. THE telegraphic bust
ness, more than any other, requires to be