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

SKETCH OF HIS CAREER
The history Of Jay Gould from bare-footed
boy who wandered over the rough hills Of Della
ware county to the railroad king whose wealth
was estimated az sl6), 10000 is one Of the most
remarkable among Americas selfmade men.
Leaving home when but boy practically pen.
niless and on foot he rose to the acknowledged
position of tho wealthiest and most powerful
railroad magnate in the world.
Jay Gould was born in West Settlement, q
backwoods village OF Roxbury, Delaware coun'
tY, New York, in May lsSd He was the son Of
j. Il. Gould, farmer, who was fairly well 70
do and who had been o deputy sheriff ia the
famous antrent war in the early 'SOs Young
Gould was also cousin OF Alfred Could the
inventor Of the chain well pump and was close
y connected with the Mores a prominent
Scotch family, and others well known in this
county, His mother died when be was an In.
fant lie left home with 80 cents in
his pocket, and stuffed at Hobart acad-
omy in neighborlng town. Here he
earned an extra penny by keeping the books OF
the village blacksmith, eventually enjoying q
brief partnership IN the business He was fond
OF mathematics and on leaving found employ
ment in making surveys OF Ulster county at q
salary OF so n month. The correctness OF the
work attracted the attention o< John Delaneld,
who applied to the legislature to authorize q
map Of the state to be made The work failed
owing to the death OF The promoter and Mr.
Gould, having gained $4,000 or $4,000 through
his previous maps and surveys, wrote His
tory Of Delaware County"
After an unsuccessful attempt 10 push the
sale of patent mouse trap which he had in
vented, Mr. Gould entered into partnership
with zadoc Pratt ia the tannery business in
Pennsylvania, at place known rs Goulds
borough In 1850 the patent was sold and Mr
Gould came to New York with a good addition
-. d 10 INT. .fth
Charles Leuther, a leather merchant In 1877,
in the panic, Leuthers capital was wrecked,
but Gould managed TO pull through without a
severe loss.
Gould's father. in-law, Mr. Mitchell, initiated
the young lnancler into the railroad business
and sold him number OF shares In the Rutland
& Washington railroad at 10 cents on the dol
lar Gould showed SO much interest that he
was soon elected president and general man
with the Rensselaer, s. Saratoga railroad
When the stock went up he sold out at hand.
some profit
In 1879 Jay Gould entered Wall street as
b roker. He established a small private once
ana made money fast The following year he
en- tered The firm 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
song. He allied himself with Daniel Drew and
prevented Commodore Vanderbilt from corner
ing the Erie interest Gould rapidly became
the leading spirit OF the Erie Railroad
Co. In July, 1851, Gould was made president OF
the road He also purchased controlling in
terest In the Tenth National bank Erie share
holders brought suit TO restrain the directors
from issuing any more stock The complain
ants asked for the appointment OF a receiver
This request was granted by the appointment
Of jay Gould himself With the consent
Of Judge Barnard Gould bought and can
ce'ed 5000 shares corner was en-
gineered in Erie stock about this time
and in one day its price rose from
% to o. A panic was avertcd by the action OF
the secretary Of the treasury, who released
enough money from the subtroasury to relieve
the strain. Erie immediately fell from 20 to -,
and 1t was thought Gould was ruined. But he
was able to weather this storm Continued ef-
forts were made by Gould's opponents TO oust
him and his faction from Erie control and he
was deposcd from the presidency and John A.
Dix elected in his stead. Gould stll remained
one OF the directors
An attempt was made by Gould IN 1860 10
corner all the gold in the country. Fifty mil.
ions of dollars was the price aimed al The
prlco OF gold in March OF that year was Fi.3JL,
The lowest in three years Gould bought q. .000,-
40 worth at i32 and put up the price 10 u4o
A few days later gold rose 10 SL44 On Scptem-
Der a. The famous Black Friday" Gould un
oaded his holdings and sold a large part OF his
yold at sl6l.
little before noon an order came from
Washington to sell $40 O,0J) OF the gold from
he sub-treasury. The corner collapsed and
hundreds OF business men and spectators were
uned.
Mr. Gould commenced buying Pacific railway (
tocks in 1873 and soon acquired a controlling /
interest and assumed the management In 1873 /
le bought the Kansas Pacific Texas Pacific, |
Wabash and other stocks He also invested /
argely in the Atlantic s Pacific Telegraph Co, |
nd finally acquired control OF the Western |
Jnion telegraph Co few years ago he re-
ired from Wall street. and has since only ap- /
'eared there when he considered il necessary |
o protect Ills interests"