Morning journal and courier., 1892-12-03
JAY GOULD.

The Great FtnancIer Dead-A Farm
-er's Son - Early Business Assoeia-
lions - Beginning OF His Railroad
Observation-Disclosures Wall Street.
Estimated Wealth.
NEW YORK, Dec. 2.-Jay Gould, the
great figure in the history of Wall street,
died at his home, Forty-seventh street and
Fifth avenue, at 9:15 to-day.
The cause of his death was pulmonary
consumption. ALI night long the members
of Mr.. Gould's family were at his bedside.
Early last evening it became known that
his death was only a matter of hours.
He had never rallied after he had hem
orrhage of the lungs on the day before
Thanksgiving. He had another hemorrhage
two days later, and still another on last
Wednesday.
This announcement was a surprise to all
but the most intimate acquaintance Of
Mr.. Gould.
1t has all along been supposed that he
was suffering from nervous dyspepsia.
From an early hour last night Mr.. Gould
began sinking rapidly. DR.. Mum, his
physician, had Dr. Janewsy in consultation
but they said that nothing could be done
but make Mr.. Gould's last hours as COM
Portable as possible.
When the end came the members of the
family who were in the house were: Mr..
and Mrs. George Gould, Mr.. and Mrs. Ed
win Gould, Miss Helen Gould, Howard
Gould, Harold Gould and Miss Annie
Gould.
Mr.. Gould was born in West Settlement,
a back woods village of Delaware county,
N. Y, nday 81, 1886. He was the son of
John B. Gould, a farmer, who was fairly
well to do and who had been a deputy
sheriff in the famous anti-rent war in the
carly '30s. His mother died when he was
an infant. Mr.. Gould left home with fifty
cents in his pockets, and studied at Hobart
academy. In a neighbo1ing town. Here he
books of the village blacksmith, eventually
enjoying a b1.ef partnership in the busi-
ness. He was fond of mathematics, and
on leaving schcol fornd employ ment in
making u17eys for a map of Ulster coun-
ty at salary of $50 Per month. The cor
rectness of the work attracted the atten-
ton of John Delafeld, who applied to the
legislature to authorize map of the stato
to be made, in which Mr.. could would
have prominent pa1S of the work.
the work failed, owing to the death of
the promoter, and Mr.. Gould, having
gained So, 600 or $4,000 through his pre-
vious maps and surveys, wrote history
of Delaware county. After an unsuccesg-
full attempt t. push the rale of patent
mouse trap, which he had invented, Mr.
Gould entered into partnership With Zadoc
Pratt in the tsnne1J business in Pennsyl-
vanis, at place known as Gould's Dor
ough. In 1856 the patent was sold and
Gould came to New York with quite an
addition to his fortune. He entered into
business with Charles D. Leupp, leather
merchant. In the panic of 1857 Ieupp's
capital was wrecked, but Gould managed
to come through without severe loss. His
fathef-in-lsw, Mr.. Miller, initiated the
young fnsncier into the railroad business
and sold him a number of shares in the
Rutland and Washington at 10 cents on the
dollar. Gould showed go much interest
that he was soon eleoted president and gen.
eral manager of the road, finally consoli-
dating it with the Rensselaer, and Saratoga.
When the stock went up Gould sold out at
a handsome profit.
In 1859 Gould entered Wall street as a
broker; the beginning of a period of his
history frsught with such momentous con-
sequences 10 hundreds of his fellow men
in business, He established small pri-
vAts Office snd mf1 lie money fast. The fol-
lowing year he entered the firm of Smith
& Martin, and became an expert in the
manipulation of railroad securities.
The period of the civil war was Mr..
Gould's OPP ortunity. he regarded Its de-
feats and succesce s from cold financial
dollars to his Golfers. Erie railway stock
went dowl to bed re ok and Gould bought
it for song with far-eseing faith in its
recovery. He allied himself with Daniel
Drew and prevented Commo lore Wander
bilt from cornering the Erie interest. The
tactics of the combined fnanciers stirred
up such opposition that they were COM
PEELED to expatriats the Erie and incorpor-
ate it as a New Jersey company to save its
existence. Gould rapidly became the lead
ing spirit of the company. He took $780,
900 to Albany and used 1t in influencing
legislation that would favor his plans.
While in Albany he WAS arrested and com
PEELED to give bonds in the sum of $780,
900, but later fresd himself from the legal
tolls. In July, 1867, he was lmade presi-
dent of the road. He also purchased q
controlling interest in the Tenth National
bank.
No two estimates agree as to the amount
of Mr.. Gould's fortune. The most con-
sentative figures place 1t at about $50, 000,-
900, while some pc ople in Wall strest figure
that he must have gotten together $780,
600, 900. His known holdings of securities
are about as follows: 1922, 000, 900 of West
ern Union Telegraph, and 10000, 900 of
Missouri Paciso. He is supposed to hold
in the neighborhcoi of $4,000, 900, prob
ably more, of Manhattan railway stock.
His holdings of all these stocks have been
larger than this, but he sold them, either
to invest the money in new issues or bonds
of the Missouri Pacific and Manhattan
companies, or to finance these companies
until bonds could bs issued. Excellent in
formation Is that he holds about one third
of the bonds Issued on the Missouri Pacific
system, which would be about $50, 900, 600.
His estate holds over $12, 000, 900 of Wa
bash railway stock, which shows a loss of
between $4,000 900 and 5000, 1000. As
long ago as 1884 Mr.. Gould was known to
hold about So, 900, 600 of first class railway
mortgage bonds upon roads other than
those controlled or managed by him.
Besides these items he had large invest
ments in great number of properties con-
corning which the general public knows
little or nothing. His holdings of Union
Pacific and Kansas Pacific bonds, which
have never besn stated, must be large, but
it is not believed that he owned of late
years much, If any, Union Pacific stock.
From the foregoing figures, which are ap-
pIOAlmhtcly COIEeSt, ~ rs cnsJ w ASufo 4
| in the neighborhcod of ST, 200, 900. OF
late his fortune has increased rapidly,
| owing to his enormous income from his
holdings of Western Union and Manhat
tan stock, to say nothing of his invest
ments in bonds. His income from these
| three sources alone cannot have falleI
under 50, DOC, 900 year, and has probably
exceeded that amount.
DR.. Paxton said that the funeral of Mr.
Gould would take place on Monday, eithel
at 10 o'clock in the morning or at in thu
afternoon. The services will be held a
the house and will be conducted by DR.
Paxton, assisted by the Rev. DR.. Henry III
McCracken, chancellor of the New Yorl
university, and perhaps by the Rev. DR.
frederick Terry of the Reformed Presby
terrain church. The body of Mr.. Goul,
will be placed in the family mausoleur
nearIrvington, beside the body of his wife
who died about four years ago.
AMI