The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1892-12-03
SHORT HISTORY OF HIS LIFE.

His Business Career from His Boyhood Days
How Ho Caused "Black Friday"
The history of Jay Gould, from the bare
footed boy who wandered over the rough
hills of Delaware county. New York. to the
railroad king whose wealth was estimated
at from S60, 900 COO TO 500, 600, 900. 10 one of
the most remarkable among America's self
made men. He was born in West Settle
ment. o backwoods village of Roxbury.
Delaware county. New York, May q, 1880
He was the son of John b. Gould, farmer,
who was fairly well to do, and who had
been o deputy sheriff in the famous anti
rent war in the early thirties. Young
Gould was also cousin of Alfred Gould,
the inventor of the chain we'll pump. and
was closely connected with the Mores. q
prominent Scotch family, and others well
known in the county. His mother died
when he was an infant.
Mr. Gould left home with 80 cents in his
pocket. and studied at Hobart Academy, in
nelghboring town. Here he turned an
extra penny by keeping the books of the
village blacksmith, eventually enjoying @
brief partnership in the business. He was
fond OF mathematics, and. on leaving
school. found employment in making sur
veys for map of Ulster county, at o SAL
ary of $50 per month. The correctness of
the work attracted the attention of John
Delafield. who applied to the Legislature
to authorize O map of the State to be made,
in which Mr. Gould would have o promi-
nent part of the work. The work failed,
owing to the death OF the promoter, and
Mr.. Gould. having gained three or four
thousand dollars throug gh his previous maps
and surveys. wrote History of Delaware
County,"
After an unsuccessful attempt to push
the sale of patent m0use-trap which be
had invented Mr. Gould entered into part
nership with Zadoc Pratt in the tannery
business, In Pennsylvania. at place
known as Gouldsboro. In 1866 the patent
was sold, and Gould came TO New York
with quite IN addition to his fortune. He
entered INTO business with Charles ID.
Leupp, leather merchant. In the panic of
1857 Leupp's capital was wrecked, but
Gould managed to come through without
severe loss Gould's father-ln-law, Mr..
Miller. initiated the young financler into
the railroad business. and sold him q num-
Der of shares in the Rutland & Washing.
ton railroad at 10 cents on the dollar. Mr..
Gould showed so much interest that he
was coon elected president and general
manager of the road. and finally consoli-
dated it with the Rensselaer, IL Saratoga
railroad. When the stock went ND Gould
sold ont at a handsome profit.
MANIPULATIONs IN WALL STREET.
In 1859 Jay Gould entered Wall street as
broker. He established o small private
Office and made money fast. The following
year be entered the firm of Smith s. Mar
tin, and became an expert in the. handling
of railroad securities. During the civil
war Erie railway stock went down to bed
rock and Gould bought it for q song He
allied himself with Daniel Drew. and pre-
vented Commodore Vanderbilt from cor
ncriug the Erie interest. Gould rapidly
became the leading spirit Of the Erie Rail-
way Company. In July. 1867, Gould was
made President of the road. He also pur-
chased controlling interest in the Ten tn
National Bank. Erie shareholders
brought suit to restrain the directors
from issuing any more stock. The CON-
plainants asked for the appointment or y
receiver. This request was granted by the
appointments of Jay Gould himself. With
the consent of Judge barnard. Gould
bought and cancelled eco 600 shares. A
corner was engineered in Erie stock about
this time, and IN one day it's price rose
from 30 TO 60. A panic was ayerted by the
action of tEe Secretary of the Treasury,
who releas ed enough money from the sub
treasury to relieve the strain. Erie imme.
| diately fell from 60 To 40 and it. wal
| thought Gould was ruined but he WAS able
| to weather the storm. Continued efforts