Indian chieftain. [volume] (Vinita, Indian Territory [Okla.]) 1882-1902, 1892-12-08

The history OF Jay Gould from a bare footed
boy who wandered over the rough hills OF Della.
ware county 10 tho railroad king whose wealth
was estimated at fi6), ,O00olO Is one OF the most
remarkable among Americas self-made men.
Leaving homo when but boy, practically pen
niless and on foot, he rose to the acknowledged
position Of tho wealthicst and most powerful
railroad magnate in the world.
Jay Gould was born In West Settlement O
backwoods village OF RoIbury, Delaware coun.
~, New York, In May, is3d He was the son OF
J. b Gould. farmer, who was fairly well tc
do and who had been deputy sheriff in the
famous antrent war in the early sos Young
Gould was also a cousin OF Alfred Gould. the
inventor Of the chain well pump and was close
y connected with the Morcs, q prominen,
Scotch family and others well known in this
county. Ills mother died when be was an In
FAINT He left home with 50 cents In
his pocket, and stuffed at Hobart acad-
cmy IN q neighboring town Here he
earned 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 found employ
ment In making surveys OF Ulster county at a
salary OF go a month The correctness OF the
work attracted the attention q John Delaneld,
who applied TO the legislature 10 authorize a
map OF the state TO be made The work failed,
owing TO the death Of the promoter, and Mr.
Gould, having gained i300o or 1900 through
his previous maps and surveys, wrote His
tory Of Delaware County"
After on unsuccessful attempt to push the
sale Of patent mouse trap which he had In.
vented, Mr. Gould entered into partne rshir
with Zadoc Pratt IN the tauneTy business IN
Pennsylvania, az uiace known as Goulds
borough In 'bjs the patent was sold and Mr.
Gould came TO New York with good addition
70 his fortune lie entered into business with
Charles Leuihar. q leather merchant In 1857.
In he Tawflarsa enrffu1 NJ al
but Gould managed TO pull through without q
severe loss
Gould's father. in-law, Mr. Mitchell, initiated
the young tnaaccr into the railroad business
and sold him number OF shares In the Rutland
& Washington railroad at ID cents on the dol
lar Gould showed 50 much interest that he
was soon elected president and general man
1ger OF the rold, and finally consolidated Il
with the RensBelaer 4 Saratoga railroad
When the stock went up he sold out at q hand
some profit
In ls9 Jay Gould entered Wall street as
broker. He established a small private once
and made money fast The following year hs
on tered the arm Of smith & Martin and became
an expert in the handling OF railroad securities,
During the civil war Erie railway stock went
down 10 bed rock and Gould bought II for q
song. lie allied himself With Daniel Drew AMI
prevented Commodore Vanderbilt from corner
ing the Erie Interest Gould rapidly became
Co. In July, 1881, Gould was made president o
the road He also purchased controlling in
terest In the Tenth National bank Erie share
holders brought suit 20 restrain the Director
from issuing any more stock The eOmpl. In
ants asked for the appointment OF q receiver
This request was granted by the appointment
Of jay Gould himself With the consen
OF Judge Barnard Gould bought and can
coled 2OOO shares A corner was en-
gineered In Erie stock about this tim
and In one day its price rose from
% 10 3d. A panic was averted by the action o
the secretary of the treasury. who release,
enough money from the sub-trcasury 10 rclicyl
tho strain. Erie i'm mediately fell from 90 10 ie
and il was thought Gould was ruined. But h'
was able TO weather this storm Continued ef
| forts were made By Gould's opponents TO GUS
him and his faction from Eric control and b,
was deposed from the presidency and John A
Dix elected in his stead Gould still remained
| one OF the directorz
An attempt was made by Gould IN 1859 tC
corner all the gold In the country. Fifty mil
lions Of dollars was the price aimed 90 Ths
prico Of gold In March OF that year was Ti.3Jil
the lowest In three years Gould bought 5000.
900 worth at i.S2 and put up the price 10 tiio
A few days later gold rose 10 tL44 On Sepiem
Der "a. the famous Black Friday" Gould IN.
loaded his holdings and sold large part Of his
gold at sl6L
little before noon an order came from
Washington to sell s4O.OOJj OF the gold from
the sub-treasury. The corner collapsed aud
hundreds Of business men and spectators were
ruined.
Mr.. Gould commenced buying Pacihe railway
stocks In 1873 and soon acquired q controlling
Interest and assumed the management In is7t
he bought the Kansas Pacific, Texas Pacific,
Wabash and other stocks He also invested
largely In the Atlantic & Pacific Telegraph Co.
snd finally acquired control OF the Western
Union TELEGRAPH Co few years ago be re,
Tired from Wall street. and has since only ap-
pcared there when he considered Il necessary
10 protect his interests"