Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1892-12-03
THE WIZARD OF WALL STREET

Ahb UIZ4nD VI WALL SIhEEI
One of the most remarkable careers
which the world of finance has evel
witnessed ended yesterday with the
death Of Jay Gould at his palatial
home in New York City, at the com.
paratively early age of So. Like so
many of the men who have achieved
distinction in this country during the
past half century, in literature, politics
and finance, he was born upon farm,
and the years of his youth, though not
years of hardship or deprivation, were
years Of labor for his own support He
early acquired taste for mathematics
aud surveying, and his first employ
ment after leaving school was in
making surveys for map
of Ulster county, New York. For sew
eral years he was engaged in making
Typographical surveys in various parts
of the state, being 80 successful as to ac-
eumulate several thousand dollars, with
which he engaged in the numbering
and milling business with Ladock
Pratt in the western part Of the state.
He afterwards bought Mr.. Pratt's in
terest, and conducted the business
alone until shortly before the panic of
1857, when he sold out the entire plant
and engaged in banking at Stroudsburg
Pa. His remarkable career as a railroad
speculator began shortly after the crisis,
when he purchased the bonds of the
Rutland and Washington railroad at
ten cents on the dollar and elected him
self president, treasurer and general
superintendent Of the company. In |
1859, after bringing about a consolida-
ton of Rensselaer, and Saratoga road
he moved TO New York City, estab-
lished himself as broker and invested
heavily in Erie railway stock. For
twelve years he was a director and
president of the company until the re-
organization in 1872. His next railway
ventures were in the Union Pacific,
Wabash, Texas & Pacific, st. Louis q
Northern, Missouri Pacific and Mis-
souri,, Kansas & Texas stocks,
all of which he manipulated
50 as to bring him immense
returns. In 1880 he controlled
10000 miles of railroad, or more than
one-ninth Of the total mileage of the
United States. Since then his opera
tions in the st. Louis & San Francisco,
Atchison, Topeka & Santa Fe, Atlantic
d Pacific and Southern Pacific so in
creased his holdings that at the
time Of his death he was in virtual con-
troll of upwards of 5000 miles. He
was also largely interested in the ele-
waited railroad system of New York
city and controlled the Western Union
Telegraph company. His vast fortune
is estimated at $3.50, 100000. The worlds
history affords not another instance of
such enormous individual accumula-
tons in the life time of one man. Years
ago the holiness of his operations and
the wonderful genius displayed by him
In planning and executing the gigantic
deals which brought millions to his
Golfers and ruin to others gained for
him the title Of the "wizard of Wall
Street." whose magic wand has long
been the symbol Of greater power than
the scepters of most kings.
Anarchists, communists and caIam-
ity howlers generally will probably re-
joice at his death, though It can profit
them nothing. The world will wag
along in the same old way. The vast
enterprises that his genius created and
fostered viii not be suffered to languish
and there will be no great potlatch of
the tribes Of Jonathan called for dis
tribution Of the millions he has left.
The same old problems in addition, sub
straction, multiplication and division
viii continue to engross the attention
Of rich and poor. Such wonderful OPP
portunities for the requirement Of vast
wealth az Jay Gould so clearly saw and
improved TO such remarkable adj
for himself no man