The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1892-12-03
JAY GOULD.


denly at last that few people have had time
to think out his obituary. He has filled a
large space in the financial history of the
century. and no record of the age will be
complete which does not allot him consider
able space.
To people IN general he was simply rich
mana multi millionaire. But 10 those
who look beneath the surface the manner
in which be acquired his wealth is far more
interesting than lis mere possession. Any
man who lives frugally. saves money and
| puts it into land or lots near his home is
sure to die rich, if lie lives long enough
his fortune implies the possession of none
of the qualities which command the admit
ration of the world. 1t was otherwise with
Mr.. Gould. BE made himself millionar
when he was little over thirty; and though
| his habits were always simple, and be was
saving man, he had not lived long enough
| at that time to have made large accumula-
| tons by tie mere process Of aceretion. He
owed his fortune to the possession of
| foresight more extended than that Of any
| other man of his vicinity, except perhaps
| Commodore Vanderbilt.
1t was his gift to be able to see farther
into the future than others; 10 discern the
coming drift OF trade aud population, and
to reckon accurately The effect Of that drift
on the enterprises of the day. Every dol
lar be accumulated was made by buying
property-chiefy railroad and telegraph
stocks-when the public wanted TO sell, and
selling back that property when they wanted
to buy. He learned at a very early age the
value ofconsolidation; The method by which
two properties OF small value are con-
yerted into one property Of great
value by being combined. This was
the secret OF the fortune which he
brought TO New York in 1853, having con-
solidated the Rensselaer, and Saratoga road
with the Rutland and Washington. BY the
same process ETastus Corning. il his day,
and after his day Cornelius Vanderbilt.
made vast fortunes out of the New York
Central. By adEering to Ills policy MI
Gould realized as large profits out of the
consultations of the Fort Wayne with the
| Pennsylvania. of the Atlantic and Pacific
i telegraph with the Western Union and of
| the Texas railroads into one system The
millions which he derived from The Union
Pacific also in part sprang from a eonsoli-
! dation with the Kansas Pacific; though in
this case the actual merits of a property
which the public did not understand were
the chief secret of the success of the opera
| ton.
| worth million when operated separately
AMI to consolidate them so as to make them
| worth five millions, that was the task Of
! Mr.. Gould's life. 1t required the highest
| order Of ability, discernment 10 make sure
| that consolidation would have the desired
| effect, diplomacy to convince the parties in
| interest thai it would. thorough kHowl-
| edge Of the money world TO guard against
| wreck from financial storms. far-sghted
! horoscope Of the future to detect obstacles,
| an Intimate acquaintance with the wants
| OF trade, 10 insure a successful career for
the consolidated enterprise. Ali these MI
Gould possessed.
The public have formed very erroneous
| Idea of the man. People not only here but
| even in New York have fancied him as a
| stock Spectator making turns in tie mar
ket. and wrecking every one who stood in
| his way. In fact, though he always specu-
! lated, it never WAS anything but his pas
time. he almost always lost money. He
bought when he should have sold, and sold
when he should have bought. But his legti-
mate income from his wholesale operations
was so large that his losses in his retail
! ventures never counted When a man has
million month. lie can afford to lose fifty
thousand now and then in fliers.
| AbOtHeE popular lallacy ABOUT Mr. Gould
has been that he was hard, cosefisted,
| grasping man, into whose clutches it was
unwholesome to get. AS a matter Of fact,
he cared little about money. What be
wanted was to succeed in his schemes. If
he failed he was an unhappy man-whether
the failure involved large or small loss. As
to his being hard, it is believed that he
never pressed debtor in his life, though
he must have had thousands OF them If
people could not pay him he just wrote of
| his claim to profit and loss, and thought no
more OF the latter bis name has never
| been conspicuous among the supporters of
public charities; but his daughters ara to
| be found everywhere In New York where
money can relieve distress. and it is COM
mon talk that their purse is like the cruise
of Elisha, absolutely exhaustless.