The Iola register. [volume] (Iola, Allen County, Kansas) 1875-1902, 1892-12-09


condition known.
SKETCH OF HIS CAREER
The history OF Jay Gould from a bare-footed
boy who wandered over the rough hills of Della
ware county TO the railroad king whose wealth
was estimated at SI6l0J0,0O IS one CT the most
remarkable among Americas self-inade men.
Leaving home when but boy, practically pen
niless and on foot, he rose TO the acknowledged
position Of the wealthiest and most powerful
railroad magnate in the world.
Jay Gould was born in West Settlement, a
backwoods village of Roxbury, Delaware coun-
tt, New York, in May, 1885 He was the son of
]. B. Gould a farmer, who was fairly well 10
do and who had been deputy sheriff in the
famous anti-rent war in the early '30s Young
Gould was also a cousin OF Alfred Gould, the
inventor of the chain well pump and was close
" connected with the Mores, a prominent
Scotch family, and others well known in this
county. His mother died when he was an in
FAINT He left home with 30 cents in
his pocket, and studied at Hobart acad-
envy in a neigh5oring town Here he
earned an extra penny BY keeping the books of
the village blacksmith eventually eLloving
brief partnership in the business. He was fond
of mathema tics and on leaving founc employ
ment in making surveys Of Ulster county at a
salary OF so a month. The correctness Of the
work attracted the attention of John Delafield,
who applied TO the legislature TO authorize a
map OF the state to be made The work failed,
owing TO the death Of the promoter, and Mr.
Gould, having gained 1900 or 1900 through
his previous maps and surveys. wrote His
tory Of Delaware County.
After an unsuccessful! attempt TO push the
sale of patent mouse trap which he had in
vented. ar Gould entered into partnership
with Zadoc Pratt in the tanneTy business in
PENNSYLVANIA. at q place known Goulds-
borough II 1870 the patent was sold and Mr..
Gould came 10 New York with good addition
- his fortUnc He entered into business with
Charles LeUIhaT. leather merchant In 1887,
in the panic Leuiher's capital was wrecked,
but Gould managed 10 pull through without a
severe loss.
Gould's father-ir-lav, Mr Mitchell, initiated
the young hnanc or into The railroad business
ana sold MIN a number OF shares in the Rutland
* WASHINGTON railroad At ID cents on the dol.
lar. Gould showed so much interest that he
was soon elected president aEd general man
ager o. the road. aad finally consolidated it
with the Rensselaer, " Saratoga railroad
When the stock went up he sold out al a hand
some profit
In 9 Jay Could entered Wall street as q
broker. lie esiabl. shed small private office
ana made Tac.cv fast; The following year he
entered The inn Ct smith * Martin and became
ar expert Ia ihe handling OF railroad securities.
During Tie civil VAR Erie railway stock went
Gown 10 bed rock and & )uid bought il for a
song He allied himself with Daniel Drew ana
prevented Commodore Vanderbilt from corner
inc the E-ie interest Could rapidly became
the leading spirit 81 The Erie Railroad
Co. IN july. 1906. Could was made president OF
the road. He also purchased a controlling in
terest il the Tenth National bank. Erie share
holders brought suit TO restrain The directors
IRON issuing any more stock The complain
ANS asked for the appointment of receiver.
This request was granted by the appointment
of Jaw Could himself. With the consent
Of Judge Barnard Gould bought and can
ceed .D.OO shares = corner was en-
g.aecrcd in E-ie stock about this time
sad in one day lis price rose from
4bto g.. A panic was averied by the action Of
the secretary Of the treasury. who released
enough money from the Sub-trcasury 10 relieve
the strain. Erie immeGiatel7 fell from 90 10 -,
and i was thought Gould was ruined But ne
was able 10 weather this storm. Continued eff
forts were made by Gould's opponents 10 Gust
him ana his faction from Ere control and he
was depoSed from the presidency and John A
DIX elected IL his stead. Gould still remained
one OF The directors.
An attempt was made By Gould in 1869 TO
Gorue- all tie gold IL the country. Fifty mil
lions o. collars was The price aimed At The
price OF -od IN March OF that year was sl.3Jlz
The lowest = three years Gould bought 5000
OJG worth st l.S2 and pot up The price 10 $40
= ter. DAYS later gold rose 10 Sl.44 On Ssptem-
Der "a The famous Black Friday Gould IN
loaded his holdings and sold a large part Of his
gold at Sl6A
= little before noon an order came from
Washington 20 sell $40 0O)l Of the gold from
the sub treasury. The corner collapsed and
hundreds Of business men and spectators were
ruined.
AIr. Gould commenced buying Pacific railway
stocks in 1873 ana soon acquired a controlling
interest ard assumed the management In ls76
he bought the kansas Pacific, Texas Pacific,
10 al ed
largely N the Atlantic Pacific Telegraph Co,
ana finally acquired control OF the Western
Union telegraph Co A few years ago he re-
tired from Wall street aad has since only ap-
peared there when he considered il necessary
10 protect his interests