The Princeton union. [volume] (Princeton, Minn.) 1876-1976, 1892-12-08

Survey by Jay Could
Gouldsboro, Pa, was named after the
subject Of this sketch, who, in his early
manhood. formed partnership with Col.
Zadock Pratt in the tanning business, at
that place. Pratt was busy, prating poll.
ttcian, and 1t is said that his most popular
speech was the work Of his young partner,
to whom he had paid 500 for the produc-
ton. At Gouldsboro Gould fell into trouble
with the authorities by persistently defend
Ing his possession Of an old building, from
which he was finally expelled by the MILL
tary. He managed to get clear of what
threatened to be a serious scrape, and dur
ing the last period of his tanning expert
ence was proprietor Of the business. Mr..
Gould removed to New York city in 1850,
ana began business as q broker. He had no
ordinary vices and showed clear-headed
perception In availing himself Of the. condi-
ton OF the country, before and throughout
the war, during which 4
He Became u millionaire.
When he entered into the railroad business
IN connection with the Erie, that corpora
ton owed him .$4,00O,O0O. With his skillful
handling OF Erie stock began his greatness
as a railroad king. 10 detail Mr. Gould's
operations In Cleveland and Pittsburg stock,
his gigantic Investments in Union Pacific,
his dealings in the stock Of Wabash, Kan
sas and Texas and other roads, would be a
tedious task were it practicable. He owned,
it is said, several influential newspapers.
The most careless reader will remember Mr..
GOuld's organization and manipulation Of
the American Union Telegraph company,
whereby he obtained control Of the Western
Union company. Mr.. Goud's bride was Miss
Ellen Miller, daughter Of q well known New
York merchant. He has several children, Of
whom the eldest, George j., is in business
on Wall street. The firm of which young
George is a member started in business with
a capital Of $1,OO0,O0O, one-half of which is
said to have been provided by his father.
Mr.. Gould loved his home, which, whether
made in his mansion in New York or at his
country seat, Lyndhurst, on the Hudson, is
as refined and elegant as wealth and culti-
waited taste can make it. Rare books, works
Of art and curiosities abound in the wealth
of his personal possessions. He bought his
country seat at Irvington for 1885, 900. 1t Is
now worth about half a million. Nearly two
years ago the conservatory, valued at $780,
900, including the plants, was almost de-
stroyed by fire. Jay Gould was fond of SOL
itary rides on horseback. Outside of this his
enjoyments were indoor and those of the
husband, father, and student. -"
His appearance was remarkable, notwith-
standing that he was q small, light man,
weighing not over 12O pounds. He had q;
swarthy complexion, well made features,
and a pair Of black eyes whose searching
glance is not soon forgotten. His manner
was quiet, gentle and courteous, and an ad-
mirer remarks on the ''candid and humorous
information Of his voice." Mr.. Gould had
many admirers and many detractors, as a.
matter Of course. His enemies alleged that
was INSCRIPTIONS and claim that the disas-
ters of "Black Friday" the dark day Of
September, 1869, were attributable to his
schemes. Nobody accused him Of quarrel
someness. He loved retirement and peace,
11,,k Io1 %h0 Po1svy aof1
dertakings. Mr.. Gould was a man who gave
literally without ostentation. y. The widow Of
the late James Fisk has publicly stated her
obligations to him for friendly generosities.
The Grant fund included $25, 900 received
from Mr.. Gould, whose large benefactions
to the yellow fever sufferers Of Memphis,
The ''Wizard of the Street,
was certainly remarkable, man. Those
who profess to be best acquainted with his
affairs fix his wealth at $1OO, 100000, of
which ST., 900, 900 are invested west Of the
Mississippi river. His principal business Of.
fee Is in the second story of the building
No. 80 Broadway, and, though admirably
adapted for its purpose, it is fitted up with
a plainness and freedom from ostentatlous
show verging on severity. Its general ap-
pearance is that Of modest banking estab-
lishment in comfortable country town.
Mr.. Gould's sanctum sanctorum, or special
apartment, is in the very front Of the room,
and he is screened from the view Of the gen
eral visitor by a Partition extending up
about seven feet from the floor; Here, at
stenographer and his clerks, he attended
daily to business transactions involving
hundreds Of thousands and millions Of dol
merchants would make in trade amounting
to. $500. AS may well be inferred, a man
With the tremendous financial responsible
tiles Of Mr.. Gould had but little time, even
tho tQSfQ M
ordinary social, life, but when not actively
engaged in business pursuits Mr. Gould was
one on of the most genial and eompanionablee
OF men. He possessed a wonderful fund of
general information, was entirely free from
pedantry and was a mlrvellously good lis
tener When 1t was worth his while to ex-
erc1se the faculty. His success is due to his
s1ngularly well balanced mind, his acute
judgment and his exquisite financial nerve.
Entered Wall Street.
In 1859 Jay Gould entered Wall street as
broker. He established small private Of
flee and made money fast. The following
year he entered the firm Of Smith & Martin,
and became an expert in the handling Of
railroad securities. During the civil war
Erie railway stock went down to bedrock:
and Gould bought it for song. He allied
himself with Daniel Drew and prevented
Commodore Vanderbilt from cornering Erie
interests. Gould rapidly became the leading
spirit Of the Erie railway company In July.
1867, Gould was made president Of the road.
He also purchased controlling interest in
the Tenth National bank. Erie shareholders
brought suit to restrain the directors from
issuing any more stock. The complainants
asked for the appointment of q receiver.
This request was granted by the appoint
ment Of jay Gould himself. With the con-
sent of Judge Barnard, Gould bought and
cancelled 100000 shares. A corner was en-
gineeeEed in Erie stock about this time and
In one day its price rose from 40 to so. A
panic was averted by the action Of the Sec
rotary Of the treasury, who released enough
money from the subtreasury to relieve the
strain. Erie Immediately fell from 60 to ~,
and 1t was thought Gould was ruined But
he was able to weather the storm. Contin-
ued efforts were made by Goulds oppo-
nents to GUST him and his faction from Erie
control and he was depOsed from the presi-l
dency, and John A. Dix elected in his stead.
Gould still remained one of the directors.
An attempt was made by Gould in 1869 to
corner all the gold in tho country. Fifty
millions Of dollars was the price aimed at,
The price Of gold in March Of that year was
100 Ia, the lowest in three years. Gould
bought $1,000, 00OO worth at 1872 and put IN
the price to lao. A few days later gold rose
to IA. On Sept. "a, the famous .sblack
Friday" Gould unloaded his holdings and
sold large part Of his gold at 100. A little
before noon an order came from Washing
ton to sell $4,OOO,0OO of gold from the SUBJ
treasury. The corner collapsed and h1,n.