The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1892-12-14
LAY GOULD DEAD.
The wizard of Wall Street Passes Away.
AmAssEp sIoo.ooo.ooo FoR-
TUNE.

AMASSEO SiOOsOOOsSOc IN
TUNE.
Jav Gould died at his home IL New York
city. Al els o'clock Friday moEnins- Toe
direct cause Of his death was C ctnsunpii n
H end was very peaceful. Up to within a
few minutes bef1rs h.s death be was perfect
" conscious. He called ali the meslbsis OF
his family around his bedside and spoke to
each one Of his s,ns and daughters indiyid-
ually. He became unconscious just before
his death.
HISTORY or HIS LIFE
The history Of Jay Gould from the bare
footed boy who wandered over the rough
hills Of Delaware county to be the railroad
king, whose wealth was estimated at S60,-
10000 is one ofthe most remarkable among
our self-made men. His Ii e for the past
few months has been q constant battle
a ainst the inevitable and all means that
medical skill and the interest Of friends and
reletives could suggest were employed TO
prolong the fnaucier's life He was taken
about in luxurious private cars to places
where a milder air and the absence OF basi-
ness excitement might be expected to work
a recuperaticn Of his energies. Frequent
reports during the past few weeks as 10 bis
fees,le condition were received, but were
either deprecated or denied by those who
we're near him. Mr.. Gould was born in
West Settlement, 4 backwoods villa Of
Roxbuy, Delaware county, New York,
May p, 1886. He was the son Of John B.
Gould, farmer. who was fairly well to do
and who had been deputy sheriff in the
famous anti-rent war in the early '40s. His
/ mother died when be was an infant Mr..
Gould left home with fifty cents in his pock-
ct and studied at Hobart academy in a
neighboring town. Here he turned an ex-
ira penny by keeping the books of the viii
lage blacksmith.
Nj. Gould subsequently entered into part
nership with Zadoc Pratt in the tannery
business IN GOuldsboTo, Pa In 1856 Gould
came to New York city, with quite sn.ad-
] dition to his fJrtune. Later he entered into
business with Charles Leupp. leather meTch-
ant In The panic Of 1857 Leupps capital
was wrecked Gouid's father-in-law, Mr.
Miller. initiated the young hnancier into
the railroad business and sold him number
Of shares in the Rutland and Washington
! rsilroad st ten cents on the dollar. Gould
showed 50 rlach interest that be was soon
elected president and general manager of
the road and finally consolidated it with
the Rensselaer, and Saratoga railroad. When
tie stock weat up Gould sold out at hand
some profit.
In 1889 Jay Gould entered Wall street as a
broker; he established small private Office
and made money fast The following year
he entered the firm ofsmith & Martin and
became an expert in the manipulation of
railroad securities. The period of the civil
war was Jay Gould's opportunity; Erie rail-
way stock went down to the bed rock and
Gould bought it for song, with far seeing
faith in its recovery. He allied himselfwith
Daniel Drew and prevented Commodore
Vanderbilt from cOrnering the Erie interest.
Gould rapidly became the leading spirit in
the Erie railroad company. In July, 1867,
be was made p, esident Of the road. He also
purchased g controlling interest in the Ten tn
National bank. An attempt was made by
Mr. Gould in 1863 10 corner all the gold in
the country. Fifty millions ofdollsrs as the
prize aimed at. The price Of gold in March
Of that year was 23o4. the lowest in three
years. Mr.. Gould bought 100000 worth
at I32 and put ~ the price to 40. A few
days later gold rose to IA On Sepiem Der
| p, the famous Black Friday" Mr.. Gould
determined 70 unload his holdings as quick
ly as possible. Without the knowled. e of
his associates, he sold large part ofhis gold
u his own friends at lGO. A little before
noon an order came from Washington TO
sell s.. 900 600 Of gold from the sub-treasury.
The corner collapsed and numbers of bust
ness men and speculators were ruined.
In 1851, Mr.. Gould turned his attention TO
the pet enterprise of his former associate,
Cyrus w. Field. of the New York sy.te m
Of elevated roads. Watering stock and
numerous suits agsinst the companies con-
trolling the elevate lines cheapened the
stock and Gould was declared to have hand
in the process OF disintegra:ion, which left
the property in shape TO be easily acquired.
At this point, in 1881, be bought con-
trolling interest in the roads at sixteen cents
on the dollar. The stock soon rose to sixty
| five. As soon as Mr.. Gould obtained con-
troll he doubled the capital stock making it
| S26,O0o0 900. Mr.. Gould invested deepy
in the stock of the Atlantic and Pacific
telegraph company and in 1876 oTganiz-
ed the American Union Telegraph COM
psny, which in 1850 was merged into the
Western Union company. In 1888 he ac-
quirCd control of the latter corporation,
doubled its stock, and has since been a
member Of its executive committee, and his
son George Gould, and his business as.o-
ciateS, are members of its directory. The
total assets said TO be controlled by the
Gould interests in this corporation amount
TO about sl2c 100000.
Ia appearance, Jay Gould was little man
OF slight weight bald, slightly bent shold-
ers snd sharp piercing eyes looking out
from a coantensnce whose outlines which
were expressive Of the quiet bat intense
nervous energy which could on occasion be
called into action He wore fail beard
and dressed unOssentatiously NJ. Gould
married shortly after coming to this city.
in 1856. Miss Ella Miller, daughter ofa
wealthy New York citizen, aud had five
children: thres.sons, George J., Edward and
Howard Two daughters, Miss Helen and
Miss Hannah Gould. His eldest son, George,
who has succeeded to most of his faith
er's business interests, was married about
six years ago 10 Miss Edith Kingdom and
has several children. The next son, Ed
w4Id, married daughter of Dr. Sehrady.
The other children are unmarried. In politics
M Gould vas republican.
No two estimates sgree as to iheamount cf |
his fortune. The most conservative figures
place it at $4,000, 600, while some people in
Nall street figure it ct fully sIOO,O0o, ,OOo
OF late years his fortune has increased rap
Idly. His income from Western Union and |
Manhatien stock, and Of his investments in |
bonds, has been about s. OO0 600.
Fifty Years Ago
Uncle Sam was not so hard pressed as To- |
day. The mail carriers were few, the post
age upon single letter was 25 cents. When
o,,s -raS recs;,-s.l a. E,,,;f 4. -, /, i