The sun. [volume] (Morris, Stevens County, Minn.) 1882-1895, 1892-12-08

and began business as 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
He Became a Millionaire.
When he entered into the railroad business
In connection with the Erie, that corpora
tion owed him $4,0O00O0. With his skiIlful
handling OF Erie stock began his greatness
as railroad king To 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,
1t 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.. Gould'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 member started in business with
q capital of $1,000 900, 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 bis
country seat, Lyndhurst, Oh the Hudson, Is
as refined and elegant as wealth and culu-
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 q million. Nearly two
years ago the conservatory, valued at $780,
coo, 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 small, light man,
weighing not over 120 pounds. He had a
swarthy complexion, well made features,
and q pair Of black eyes whose searching
glance is not soon forgotten. His manner
was quiet, gentle and courteous, ana an ad-
mirer remarks on the "candid and humorous
intonation of his voice." Mr.. Gould had
many admirers and many detractors, as q
matter of course. His enemies alleged that
was INSCRIPTIONS and claim that the dtsass
September, 1869, were attributable to his
schemes. Nobody accused him OF quarrel
someness. He loved retirement and peace
dertakings. Mr.. Gould was man who gave
literally without ostentation. The widow OF
the late James Fisk has publicly stated nef
The Grant fund included $4,000 received
from Mr.. Gould, whose large DeneIacuons
to the yellow fever sufferers Of Memphis
The "Wizard of the Street,
certainly TeHaEhdUlS LhOoO
who profess to be best acquainted with his
affairs fix his wealth at $10O,OoO,o00' OF
which $17, 100000 are invested west OF the ne
flee is in the second story Of the building
No. 80 Broadway, and, though admirably
adapted for it's purpose, it Is fitted up Wltn
a plainness and freedom from ostentatious
show Verging on severity. Its general P ap-
pearance Is that Of a modest banking estab-
iishment in q comfortable country town;
apartment, ans is In the very front Of the room,
and he is screened from the view OF the gen
eral visitor by q partition e extending q up
tended by his secretaries, his telegfapher,
stenographer and his clerks, he attended
daily to business transactions involving
hundreds Of thousands and millions OF dol
lars with far less hustle or noise than many
merchants would make in trads amounting
to 500. AS may well be inferred, man
titles of Mr.. Gould had but little time, even
If he had the taste, for the friyolities Of
ordinary social life, but when not actively
n esf sIa ad r G9Ha
Of men. He possessed q wonderful fund Of
general information, was entirely free from
pedantry and was mar marVelously good lis lis
ercise the faculty. His success Is due to his
singularly well balanced mind, his acute
judgment and his exquisite financial nerve
Entered Wall Street.
In 1859 Jay Gould entered Wall street as
fee 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,
1857, Gould was made president Of the road.
He also purchased O 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 a 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-
gineeered in Erie stock about this time and
in one day its price rose from 40 to CO. A
panic was averted by the action of the Sec
retary of the treasury, who released enough
money from the subtreasury to relieve the
strain. Erie Immediately fell from go to AZ,
and it was thought Gould was ruined. But
he was able to weather the storm. Contin-
ued efforts were made by Gould's oppo-
nents to oust him and his faction from Erie
control, and he was deposed from the presi.
dency, and John A. Dix elected in hts stead.
Gould still remained one of the directors.
An attempt was made by Gould in 1859 to
corner all the gold in the 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 81, 600, ,0O00 worth at 1872 and put up
the price to 140. A few days later gold rose
to 144. On Sept. "a, the famous 'black
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 1900, 900 of gold from the sub
treasury. The corner collapsed and hun
dreds of business men and spectators were
ruined.
In the Pacific railways Gould began buying
Union Pacific stock in 1873 He acquired
200 900 out Of 367, 900 shares and assumed
the management Of the road In 1876 he
bought Kansas Pacific, Wabash, Texas Pa
cific, St. Louis & Northern, Missouri Pacific
and other stocks, taking the Texas road
out of the hands Of receiver, and realizing
in the management of these roads many
millions of dollars. In 1881 Mr.. Gould
turned his attention to the New York system
of elevated railroads The Manhattan Rail-
way company, reorganized in 1889 on it's
present basis, with Mr.. Gould as president
and his son George as first vice president
operates 32.4 miles of road, with assets of
$54 1000, 900. Mr.. Gould invested deeply in
the stock of the Atlantic & Pacific Tele-
graph company, and in 1870 organized the
American Union Telegraph company, which,
company. In 1883 he acquired control of
the latter corporation, and has since been
member of Its executive committee, and
his son George and his business associates
are members of its directory.