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Les diagrammes suivants illustrent la m^thode. by errata ied to ent une pelure, facon d 1 2 3 1 2 3 4 5 6 32X I JAY GOULD IJ ,!« GEORGE J GOULD. 1 LIFE AND ACHIE\TMBNTS OF JAY GOULD THE WIZARD OF WALL STREET —BEING— A Complete and Graphic Account of the Greatest Financier of Modern Times: HIS EARLY LIFE AND STRUGGLES ; BOLD VENTURES AND BRILLIANT ■ JCCESSES; WONDERFUL CAREER AS A SPECULATOR AND RAILROAD KING, VAST OPERATIONS IN WALL STREET; HIS IMMENSE FORTUNE ACCUMU- LATED IN A FEW YEARS. A Remarkable Story abounding in Fascinating Incidents, Thrilling Episodes, and Marvelous Achievements. BY HENRY DAVENPORT NORTHROP, Author of "Earth, Sea and Sky," Etc., Etc. EMBELLISHED WITH NUMEROUS FINE ILLUSTRATIONS. R. A. H, MORROW, ST. JOHN, NEW BRUNSWICK. CoPVKir.iir, 1S92, This and ach road ki iant cart in Wall His e, but he re out wea] namp h'la the great He wa "nd sudd every e UK operation as the Wi This Cci account o veyor, anc| Jiis com in; cesses as " BIac^. 'street, pleaded fir] mystery J jwatched. land journ( pe had be( This fai 's a com I PREFACE. This volume contains a grapliic account of the life and achievements of the o-reatest fmancier and rail- road kin investments, his deals, even his health vere chronicle ici journeys were c he had been a Kino-. by This fascinating work traces his whole career. It [s a complete history of the money Monarch. I| (iii) IV PRKFACE. abounds in facts anu incidents which cvrryhody is eager to read. It picUires his home hfe, his eh*gant mansions, his majj^nificent works of art, and jjives a detailed account of the i(l. It is a striking coincidence that young Gould and his two partners in the map business were sued by the man who first employed the former in the project, and they placed their case in the hands of Lawyer T. R. Westbrook, who succeeded in having the suit dis- missed. Westbrook afterwards became (and this is the coincidence) the Supreme Court Judge who years after scandalized the legal profession by holding court in Jay Gould's private office and issuing an order in one of the Manhattan Railway litigations, a'wk I EARLY LIFE OF THE GREAT FINANCIER. 39 r county JLD, ioULl). " Jason," bout this I'as ever 1 Jason's jooks in surveys, is now. ng map. : ' Look ntempo- rbed in m in life lis anibi- 1 and his 1 by the ect, and sr T. R. suit dis- 1 this is lo years \g court )rder in I Personal Apin'jiraii<*c». Jay Gould was a short, spare man, with piercing; black eyes and a sallow face, the lower part of which was hidden behind a full black beard. Those who knew him best said that it was through his eyes that the man revealed himself. They were a remarkable pair — searching, firm, cold and all but inca- pable of changing in any way that might be- tray his feelings. He seldom lost his temper or was excited. His methods, if his friends analyze them correctly, led him to discern public move- ments before his rivals did, and to follow rather than to lead theni. Thus he got the great influence of natural forces to add to his power and weight in many important railway specu- lations. In others he created conditions to suit his speculative intentions, and* there were no means he would hesitate to adopt in order to succeed. Many who knew Mr. Gould intimately are in the habit of assertincr that his oriorin must have been Hebraic. No one pretends to say how many genera- JAY GOULD. 40 LIFE OF JAY GOULD. tions back the Jewish blood was in the family, or that Mr. Gould was aware of its existence in hi ni. But l)(Hh his names — Jason, or Jay, and Gould — served to strenothen this belief in those who held it. The twisted form " Goidd " was suspected of being changed from "Gold," which is a common prefix in the names of inanimate and natural objects which certain Jews in Europe were compelled to adopt as surnamt s in one period of their history. His habits of thought and his extraordinar)' intellect were both Jewish, these persons assert, with how much or little basis in the actual fat t of his origin no one can ever decide. Mr. Gould was certainly American in the character and extent of his self-creation and success. Born of poor parents on a poorer farm, he began to make money to pay his way through school, and he was a partner in. business enterprises while yet a lad. He got richer and richer by the fairest means and by means that caused him to be the man most cordially disliked by the public of all the conspicuous men of his day. He died worth many millions of dollars, inheriting none and marrying none that united in his vast estate. mily, or that 1 him. But I — served to ■Id it. The :ino- chanoed n the names rtain Jews in ami s in one Lioht and his liese persons ,e actual fac t :he character 3. Born of ran to make nd he was a t a lad. He ans and by ost cordially uous men of of dollars, united in his WILLIAM H. VANDBRBILT. 1 1 II JAMES FISK. JR ^ iff * CHAPTER III. Story of the Tannery. Mr. Gould next became a tanner, and his expert ence in this business, which occupied him only a short time, forms one of the most interesting chapters of his eventful life. While surveying in the interior of New York State he became acquainted with Zadoc Pratt. He related the incident himself and the events which followed it to the Senate Committee as follows : •' At that time, while I was carrying on these surveys, I met a gentleman who seemed to take a fancy to me — one Zadoc Pratt, of Prattville, who owned one of the largest tanneries in the country. I had done some surveying for him. He had a beautiful place at Pratt- ville, and he proposed to me to go into the tannery business with him. I consented, and on the next day started for Pennsylvania. I found that the Delaware, Lackawanna and Western Railroad had just been com- pleted and had some large tracts of hemlock timber for sale. I told Mr. Pratt what I had found, and he sent me back to purchase this tract. I made all the con- tracts myself and, returning, got from fifty to sixty men and with them started the works. It was ri^^ht ^Hit in the woods and I cut d^wn the first tree. (4P M T^. II 42 LIFE OF JAY GOULD. "We got Up a saw mill and put up a blacksmith's shop, and I slept in that on a bed make of hemlock bark. So we went on and it became the larofest tan- nery in the country. I finally bought Pratt out, and afterwards sold it in New York to a firm at the head of which was a Mr. Leupp. About that time the panic of 1857 came, and of course everything was very much disturbed — confidence was gone in almost every kind of business, and money was almost impossible to get. I thought once or twice that we would fail, but we went through. Mr. Leupp afterwards committed suicide. That left the property in such a condition that litigation grew out of it." Tanner and Politician. It is to be regretted that Mr. Gould was not so full and explicit in his account of this part of his career as he was in his statement of his earlier years. Zadoc Pratt was a famous man in his days — a man of ability, push and ambition. He was not only the biggest tanner in the country, but he also was a power in the politics of the State. He served ten years in Congress, and at least one of his speeches attracted widespread attention. He was one of the earliest advocates of cheap postage, and he moved the establishment of the Bureau of Statistics, which has since developed into the Department of the Interior. He also moved the first survey oi^ the Pacific Railroad line. When he ceased his Prattville tannery in 1845 ^^^ estimated that in twenty years he had used 150,000 cords of bark. STORY OF THE TANNERY. 43 smith's emlock ist tan- ut, and 1 e head e panic IS very t every ■ ■'^'" sible to • ail, but ■l imitted ndition so full career Zadoc ability, )iggest in the igress, spread cheap )f the d into ^d the len he :d that bark. and wood, had employed 30,000 men, had cleared 1 2,- 000 acres of land and tanned over one million sides of sole-leather. He was, however, nearly seventy years old when he interested himself in Gould. The latter was fortunate in obtaining the confidence of this man. The histor) of his association with Pratt, and later with Leupp, is not contained in legislative and law reports, as are other portions of Gould's career, but there are several very circumstantial accounts extant based on the testi- mony of eye-witnesses, some of whom may still be living. A Big- Coiicerii. Pratt was doubtless taken with young Gould's snap and energy, and considered him just the kind of material to use in pushing a new enterprise. Pratt furnished all the capital and Gould conducted the active operations. The capital of the firm w^as $120,- 000, and the tannery at Gouldsboro, Pa. — for the place was named after Gould — became the biggest concern of its kind in the country. Gould threw the whole energy of his being into the enterprise. As he has related, he cut with his own hand the first tree. He carried a portable saw-mill wnth him into the woods, and in a day or two a blacksmith's shop was erected. As already stated, Gould slept and ate in that shop until the tannery was completed. Pratt made occasional visits to Gouldsboro, but the business was left practically in Gould's hands, and it grew rapidly. But after a while Mr. Pratt became •^ , •' 44 LIFE OF JAY GOULD. dissatisfied with the condition of affairs. Appar . .itly a rushing business was being done, from which there was no adequate return. The books seemed to be so mixed that it was quite impossible to ascertain just how the firm stood. Gould soon saw that his partner was becoming suspicious, and determined to be ready for him. On the growth of the business Gould had, of course, occa- sion to frequendy visit New York, where he became acquainted with most of the merchants in the " Swamp," then, as now, the centre of the leather trade. All Old New-Yorker. Among others, he became acquainted with Charles M. Leupp, a merchant of the old school, honorable and correct in all his dealings. He was a man of great refinement and of poetic temperament, and possessed many literary and artistic tastes. He was a man of wealth and owned a fine mansion on the corner of Madison avenue and Twenty-fifth street. This mansion is still standing, but has been altered into an apartment-house. In Mr. Leupp's time it was probably the handsomest and best constructed private dwelling in the city, and cost about ^150,000. It was an evil day for Mr. Leupp when Gould came to him and proposed that he advance the money to purchase Mr. Pratt's interest in the tannery. That was the beginning of Mr. Leupp's troubles, but at that time he considered the proposition an advanta- geous one and he consented to advance the cash. ^ , -^ STORY OF THE TANNERY. 45 ppar . »itly lich there led to be irtain just becoming him. On irse, occa- e became s in the e leather h Charles honorable I man of lent, and He was on the th street, altered me it was ^d private )uld came money to y. That s, but at advanta- the cash. ^ ■^ Gould never seems to have had at any period in his career any difficulty in interesting the wealthiest and most powerful men in his schemes. He himself said that it is just as easy to obtain the acquaintance and secure the friendship of the most powerful as of the most insignificant if only one will set about it in the right way. Well, Gould returned to Gouldsboro with Leupp's backing. He found Pratt looking over the books and puzzled by their intricacies. He discovered that Gould had started a private bank at Stroudsburg in his own name, and he became suspicious that the firm's funds were used in the bank. An Explanation Demanded. Pratt then demanded an explanation and finally threatened to close up the tannery and dissolve the partnership. Gould protested that this would ruin him, when Pratt said that he must buy or sell. This was what Gould was waiting for, and he offered Pratt $60,000 for his interest in the business. Pratt ac- cepted the offer and Gould drew on Leupp for the money. This made Gould a partner of Leupp with full powers. He continued with Leupp the policy he had begun with Pratt. He branched out in many speculations in Leupp's name, but without his knowl- edge. It is said that he bought another tannery, attempted to get up a "corner" in hides and in other ways entered into many hazardous enterprises. He continued to draw on Leupp for money and to dis- 5 I* 46 LIFE OF JAT GOULD. play his incapacity as a bookkeeper until Leupp be- came suspicious, just as Pratt had. Meanwhile the panic of 1857 had swept over the country and unsettled all business operations, and when Leupp discovered the extent in which he had been involved in Gould's speculations he thought that he was ruined. He went to his magnificent home one night and, in a fit of despondency, shot himself dead. It is not certain but that Gould's schemes would have turned out all right, and to Leupp's, as well as to Gould's advantage, but it is a fact that Leupp's part- ners and heirs have always felt very bitter against Gould, and could not help believing that he was indirectly the cause of Leupp's sad and untimely end. "Who Killed Leupp? " It is related that in the excitement and passion of Black Friday, when a mob surged through Wall street, a voice was heard above the tumult shouting the awful question : " Who killed Leupp ? " And the answer is said to have come from a hun- dred throats : ''Jay Gould!" Mr. Gould then negotiated with Leupp's daughters for the control of the tannery. It is stated that they demanded ^60,000, thv^ amount Leupp had originally advanced. Gould agreed to this, but proposed a plan by which the payments should extend over a term of years — $10,000 cash and a like amount every year until the entire indebtedness had been liquidated. Story of the tannery. 47 ^eupp be- over the :ions, and ch he had ought that home one iself dead. ;ould have well as to ipp's part- cr against It he was imely end. passion of /all street, uting the om a hun- daughters that they originally sed a plan a term of ;very year iquidated. When the papers were drawn up it was found Gould had made no provision for paying interest. Negotiations were broken off, and Mr. Lee, a relative and former partner of Leupp, hastened to Gouldsboro and took possession of the tannery in the name of Leupp's heirs, taking the precaution to hire a lot of men to help him barricade and guard it. Gould arrived a day or two later and determined to capture the tannery at all hazards. Gouldsboro was a village of about three hundred inhabitants, situated some distance from the railway station, and besides the tannery the most important building was the hotel. Mr. Lee, who, like Mr. Leupp, is described as an honorable, warm-hearted man, but with more courage and grit, had the tannery guarded by about thirty or forty men whom he had hired at Scranton. Gould, as soon as he arrived, began active operations. He interested nearly the entire population of the place in his behalf. They knew him and Lee was a compar- ative stranger. A Battle for the Tannery. Gould told every one he met that he owned the tannery, that Lee and his cutthroats were endeavor- ing to get it away from him, and that if they suc- ceeded the business would go to wreck and ruin and the place would suffer a big loss. He had soon an armed gang of about 150 men around him prepared to fight for him. They were a tough-looking set of men. He took them to the hotel, where he gave them an oyster supper, and then mounting an empty box he 48 LIFE OF JAY GOULD. addressed his forces, telling them to use no unnecessary violence, but to '• be sure and get the tannery." This was probably the first and only speech that Gould ever made in all his life. Filled with oysters and whiskey, the men made a determined charge; on the tannery, Gould directing everything, but prudently keeping in the background, for he heard that Lee had a loaded musket ready for him. The battle was fierce but short. The barricaded doors were battered in and Lee's men were driven from the tannery. Two men were badly wounded. One of Lee's party was shot through the breast. Warrants were issued for the arrest of all concerned. Many of the men fled from the place never to return. Those arrested were afterwards released on bail. Gould was left in possession of the property, but it did him little good. Lee began legal proceedings against him and Gould brought counter-suits, and this litigation was continued until the business was destroyed and the tannery abandoned. Gould's ready resources were so ex- hausted that it is related that he had to borrow the money to pay his railroad fare to New York. It is probable that no man in this or any other country has ever been a party to so many law-suits as Gould. From the time of the contest over the map business there was scarcely a day during his whole life that he did not have some litigation on his hands. We give below the graphic account of the battle to secure the tannery which was published in the New STORY OF THK TANNERY. 49 icessary -ch that; oysters argc on rudcntly Lee had rricaded e driven I'ounded. 1 breast, mcerned. o return, on bail. ty, but it d Gould ontinued tannery 2 so ex- )rrow the rk. It is untry has s Gould. business fe that he the battle the New York Hera Id Hi the time, prefacing it with a statement of the circumstances which led to the exciting combat. Another Aocouiit. Like other men of active brain Mr. Gould had a fancy for a tan yard. He had become familiar with the favorite tanning regions of New York and Penn- sylvania, and he knew the hemlock forest in the counties of Luzerne and Monroe, in Pennsylvania, as well as the travelled wilds of his native county. It occurred to him to establish a town and tannery on the Lehigh bordering on the counties above named. He fixed on the site, sought Zadock Pratt, an exten- sive New York tanner, formed a firm (Pratt and Gould), laid out the village of Gouldsboro, and in one hundred days after the first tree was felled in the previously unbroken forest the works were in full operation. A post-office, schoolhouse, church, plank road, bank and stage route were very soon added to the conven- iences of the village, and Mr. Gould was postmaster, of course. After a while Gould bought out his partner, obtain- ing the needed capital from Charles M. Leupp, a hide and leather merchant of this city. They became partners, but the daring ventures of Gould, who was the resident partner, alarmed the New York firm of Leupp and Lee, and after considerable distress of mind Mr. Leupp sent his bookkeeper to Gouldsboro to investigate the accounts. The bookkeeper found himself in a quagmire of undecipherable figures. He 60 LIFE OP JAY GOULD. was puzzled and confoiiiKUni and could make nothin<| of thcni beyond tiic tact thai die concern was badly involved and that it was probable that the New York house was likewise involved. Gould had crone into corners in hides and other tanneries, which might or might not have turned out well, but the old-fashioned notions of Mr. Leupp were shocked, and when he found that his partner had bought not only all the hides then in the market, but all that were to arrive in the ensuing six months, he literally lost his reason and shot himself after a stormy interview with Gould, who remained imperturb- ably cool, and simply turned on his heel and left the office. Mr. Leupp lived in what was then called the Barretta mansion, corner of Twenty-fifth street and Madison avenue, which cost in low price time $150,000 to build, and which was filled with costly furniture and rare products of pencil and chisel. A Hard Fij-lit. On the death of their common partner Gould and Lee made a dash for the property in Gouldsboro. Prior to the fatal shot Gould had arranged with Con- gressman Alley, of Massachusetts, to take the works and thus relieve Leupp and Lee : but the suicide of the senior partner stopped the final consummation of this plan, and, Gould always insisted, stopped the way to a profitable continuance of the works. Both Gould and Lee were men of nerve, and both determined to get and hold the tannery. Lee reached it first and garrisoned it with the employes. Information was STORY OP THE TANNERY. 61 received that Goukl intended to use force, and prepara- tions were made to receive and repel him. In the Herald o{ March i6, iS6o, the battle is thus described : — TANNKKV INSURRECTION IN PENNSYLVANIA. liattle between the forces of the swamp leather dealers — The Leupp and Lee tannery, in Gouldsboro, attacked and defended — Sides of leather used for breastworks — Insurgents two hundred strong — The tannery tak^n — Flight of the defenders — Wounded four. About half-past ten o'clock on Tuesday morning the lock was wrenched from the stable, the men having been concentrated into the tannery, and the stable beinor uno^uan' :d. A little past twelve the tannery itself was attacked by a mob variously estimated at from i8o to 250 men, armed with axes, muskets, rifles and other weapons. Without a demand of possession or summons to surrender the doors were beaten in, and but a few blows had been struck by the assailants before they began to fire ball and buckshot through the building, raking it in every direction. As vigorous a defence was made, by a force of fifteen men in the story attacked, with tannery sticks, stones and four re- volvers, as was possible against such overwhelming odds. The tannery was finally carried on all sides, and those who did not escape were violently flung from the windows and doors, while the assailants rushed through the buildings, yelling like Indians, pursuing the fugitives with their guns in every direction. In the action many contusions were received and four 52 LIFE OF JAT GOULD. gunshot wounds, and had it not been for the large number of sides of leather hung in the lofts, very few of the defending party would have escaped without wounds. Mr. Jay Gould, in his version of the affair, in which he endeavors to exculpate himself, says : — "I quiedy se' icted fifty men, commanding the reserve to keep aloof. I divided them into two companies, one of which I despatched to the upper end of the building, directing them to take off the boards, while I headed the other to open a large front door. I burst open the door and sprang in. I was immediately sa! ited by a shower of balls, forcing my men to retire, and I brought them up a second and third time and pressed them into the building, and by this time the company at the upper end of the tannery had succeeded in effectinof an entrance and the firincr now became general on all sides and the bullets were whistling in every direction. After a hard contested struggle on both sides we became the victors and our opponents went flying from the tannery, some of them making fearful leaps from the second story." s large ery few without n which ng the ito two I upper off the re front I was :ing my )nd and and by tannery le firing ts were mtested and our of them CHAPTER IV. The Wizard in New York. On his visits to New York Mr. Gould used to put up at the Everett House, and here about this time he met the lady who shortly became his wife, as will here- after be related. The impression is that after the ^ tannery episode Mr. Gould was pretty thoroughly im- poverished. However that may be, his marriage put him on his feet again, for his father-in-law was a wealthy merchant, and though it is said that he op- posed his daughter's marriage with the hero of Goulds- boro, yet he soon became reconciled and evidently aided Mr. Gould in the operations into which he then entered. At this time he bought his first railroad, and Mr. Gould's own account of the transaction, oriven in his extraordinary narrative to the Senate committee, from which extracts have already been given, will be inter- esting. " About that time," he said, " the panic of 1857 came on and everything was very much disturbed. Rail- road values after this time went down very' low and the first mortgage bonds of the Rutland and Washing- ton Railroad were selling at 10 cents on the dollar. I bought all the bonds at that price, borrowing the (53) 54 LIFE OP JAY GOULD. money to pay for them. I took the entire charge of this road and learned the business, as 1 may say. I was President, wSecretary, Treasurer and Superintend- ent, had sole control, and I formed what was known as the Saratoga consolidation. The first road was sixty-two miles long. I had gradually drawn the road up and I kept at work until finally we made the present Rensselaer and Saratoija consolidation. Meantime the bonds became good and my stock also. A Ijiioky Vol I til re. "A friend of mine came to me one nigrht and said that the next day he must fail. He had bought Cleve- land and Pittsburg, but could not pay for it. He bought it at 60 and it was down to about 40. I told him, 'I will take half of what you have at diat figure.' He agreed to this, and that was the way I became the owner of the Cleveland and Pittsburg. As soon as it 4 was found that there was some one there who could take care of it the stock went up to 120. I took the road and it was very successful. It paid dividends from the start, and finally I sold it to the Pennsylvania road," His profits from the Rutland Railroad speculation 4. were very large, and Gould was now fairly on his way to his colossal fortune. At this time his attention was turned to Wall street, aiid, though friends warned him against entering into the whirlpool of blasted hopes and ruined fornmes, his inclinations in that direction were too strong to be resisted. Gould was a born speculator. It is true that his great fortune was created s. f. V 'J. A ^!U ge of ay. I ntend- cnown d was e road resent I n time d said CI eve- . He I told ioryre.' lie the in as it 4 could )k the dends Ivania ilation 4- is vvav )n was d him hopes ection born reated X r. y 5(3 LIFE OF JAY GOULD. mainly in hazardous enterprises outside of Wall street, ^ and that in stock speculations pure and simple he was not always so successful or so infallible as many have supposed, but by nature and habit Gould was at this time of his life a commercial gambler, and it was as natural that he should enter Wall street as for a duck to take to water. In Wall Street. It was in 1859 or i860 that Gould firs^ entered Wall street. It was not very long before he stepped to the front rank. WHiat a long list of brainy and courageous men do Gould's contemporaries in the street make ! With most of them Gould has been at sword's point, with a few he has been an ally, with some he has been both ally and enemy. Most of them are no longer powers in the speculative world. Some of them are dead. Not a few have been overwhelmed in the swift, resistless torrent of stock speculation. Three or four yet remain with power in their hands and millions in their vaults. The Vanderbilts — the Commodore, his son and grandsons — Daniel Drew, James Fisk, Jr., the Beldens, Commodore Garrison, Henry N. Smith, James R. Keene, William Heath, George I. Seney, General Thomas, Calvin S. Brice, D. O. Mills, Horace F". Clark, Alfred Sully, Addison Cammack, C. F. Woerishoffer, the Rockefellers, S. M. Kneeland, C. J. Osborn, D. P. Morgan, H. S. Ives, C. P. Huntington, Russell Sage, Cyrus W. Held, John W. Garrett, Robert Garrett, J, P. Morgan, the Seligmans, Brown Bros., Jay Cooke, 11 street, )k e he was ,ny have i at this t was as r a duck red Wall ^d to the i rag eons It make ! I's point, has been o longer hem are the swift. ;e or foil r illions in son and Beldens, imes R. General F. Clark, rishofft-r, rn, D. P. ell Sage, arrett, J. y Cooke, CYRUS W FIELD. I RUSSELL SAGE. THE WIZARD IN NEW YORK. 67 Hugh J. Jevvett, Lathrop, Little and Austin Corbin, Henry Clews, Washington E. Connor, Burnham, Gen- eral E. F. Winslovv, Edward S. Stokes, S. V. White, Wm. Dowd, Solon Humphreys Wm. R. Travers, CORNELIUS VANDERBILT. Rufus Hatch, Samuel Sloan — these were some of the men identified with various Wall Street interests with whom Gould has been allied or at enmity, or both, during his long career in the street. A Born Leader. That he has been able among all these financial MlkMHi^^dUH 68 LIFE OF JAY GOULD. UNITED STATES SUB-TREASURY, WALL STREET. criants to make himself the leader is the hiofhest evi- dence that can be given of his genius in speculation and railroad financierinof. As we read some of these names there arise before our eyes the visions of murder, of suicide, of bankruptcy, of the debtor's prison, of the felon's cell, of ruined fortunes and blasted reputations. Others of the men have achieved wealth TIIK WIZAKD IN NEW YORK. 59 Ik t evi- lation these ns of btor's lasted vealth and honorable names. It is interestinir to note that at the time (iould first entered the street one of his ft'llow-boarders at the Everett House was James Gor- don Bennett, the elder, with whose son and successor he became engaged in such bitter business and per- sonal antagonisms. Gould not only gambled in Wall Street, but he de- ^ fended the operation. " People," he told a State Senate Committee which was investicjatinof into stock and grain corners, '* will deal in chance. Your min- ister, doctor and barber all have the same interest in speculation. Would you not, if you stopped it, pro- mote oramblinir ? " No young man should get the impression that suc- cess in life depends on trickery and a shrewdness that borders on rank dishonesty. Many of Jay Gould's , transactions have been almost unanimously con- demned. There is enough to admire in the man with- out applauding his tricks, his cunning schemes, his un- scrupulous dealings. Whether any man can honestly make as many million dollars as he did is a question which most persons would answer by an emphatic no. It is not the aim of this story of the great money- maker to uphold the saying which must be familiar to all, " Make money — honestly, if you can — but make? '1 it." The man who takes this in its full meaning for his motto is a knave. If he is outside the peniten- tiary he is not getting his deserts. The only proper place for such a rogue and thief is under lock and key. CHAPTER V. Inside History of the Erie Railroad. Mr. Gould, in his sworn autobiography before the Committee on Labor and Education, while careful to give minute details about other periods of his history, significantly preserved an entire silence as to Erie and Black Friday. There is.no intention to speak maliciously of Gould. Beside an open grave charity and forgetfulness stand guard on either side. But the lesson of Gould's career would be lost if even at this time the facts were not plainly and openly told. Fortunately the record of Erie, notwithstanding Mr. Gould's silence, can be told from authoritative testi- mony. In his famous " Chapter of Erie," published in the North American Review \x\ 1869, Charles Fran- cis Adams gave a thrilling account of Erie from the time Daniel Drew engracred in his famous war with Commodore Vanderbilt to the time when the unfortu- nate road was in complete control of Jay Gould and James Fisk, Jr. Mr. Adams's history stopped short in the middle of the story, but the record of Erie from 1869 till Mr. Gould was driven from power in 1872 is given in the reports of the Legislative inquiry in 1873 and of the Hepburn investigation in 1879. (60) INSIDE HISTORY OF THE ERIE RAILROAD. 61 id. J fore the ireful to , history, Erie and f Gould, ss stand I's career vere not diner Mr. ;ive testi- )ublished es Fran- from the war with unfortu- ould and ed short rie from n 1872 is nn 1873 Power of Money. It is a curious fact that years after writing this " chapter " Mr. Adams, having become Pn'sident of the Union Pacific, sat in the same Board of Directors with Mr. Gould, but only for a comparatively brief period, and Mr. Adams never repudiated or recalled his early history of Gould in Erie. It is a striking illustration, however, of the power of millions that Gould should live to sit in the same board with the representative of the aristocratic Adams family, which furnished two Presidents to the United States ; that after involving the administration of President Grant in the disaster of Black Friday, he should in after years be joined with him in business enterprises ; that after having been denounced in a Congressional report written by James A. Garfield, he should be sousfht for to render aid to secure Garfield's election as President, and that, though not seeking to join the social circles in which the Astors are leaders, he was able to induce John Jacob Astor to sit with him in the Western Union Board of Directors. After Mr. Adams wrote his " Chapter of Erie," he was himself President of the Union Pacific, and it must have given Mr. Gould the keenest satisfaction to have been the occasion of his retirement from that position. The railway was in a bad way financially — had a big floating debt — and Mr. Gould and his friends stepped in, gained control of the property the second time, retired Mr. Adams from the Presidency and se- cured an adjustment of the floating debt. dd LIFE OF JAY GOULD. Mr. AdaiiiH Ketires, It was su i>f < If e steel to Mr. Gould at this time that he might write a " Chapter of Union Pacific," covering the history of the Adams administration. But whatever there may have been lacking in administrative vigor in Mr. Adams's presidency, he retired without any blot on the family escutcheon. When Gould entered Wall street ^rie was one of the most active stocks on the list of the Stock Ex- change. It was natural that he should drift into its speculation, and his connection with the Cleveland and Pittsburg led him naturally into Erie. His old ac- quaintances were surprised to hear one day that he had become a director and a controlling spirit of this great road. This was in 1867. But now let us quote a little plain language from Charles P'rancis Adams in order to get into the atmos- phere of Erie at this time : " Yet freebooters are not extinct," he wrote. " They have only transferred their operations to the land, and have conducted them in more or less accordance with the forms of law, until at last so great a proficiency have they attained that the commerce of the world is more equally but far more heavily taxed in their be- half than would ever have entered into their wildest hopes, while outside the law they simply make all comers stand and deliver. . . Gambling is a business now, where formerly it was a disreputable excitement. Cheating at cards was always disgraceful. Transac- tions of a similar character under the euphemisdc I that he iring the vhatever ve vigor any blot I one of .tock Ex- . t into its iland and s old ac- Ly that he it of this tore from le atmos- '* They and, and nee with oficiency world is their be- ir wildest make all business citement. Transac- phemistic JAMES FISK, JR. (63) 64 LIFE OF JAY GOULD. names of ' operating,' ' cornering ' and the like are not so regarded. . . . No better illustration of the fantastic disguises which the worst and most familiar evils of history assume as they meet us in the actual move- ment of our own day could be afforded than was seen in the events attendingr what are known as the Erit* wars of the year 1868." A Famous Verummt PeddUir. In these wars Gould was an active *spirit, and here, for the first time in Wall street, showed his consum- mate ability. Before his entrance into Erie Gould had become ac- quainted with James Fisk, Jr., and the former, with that unerring judgment of men which was always one of the elements of his success, soon perceived in Eisk the ^ qualities which supplied his own deficiencies. Fisk was the son of a Vermont peddler and followed the calling himself for some time, and in it learned the ereat art of driving a hard and shrewd baro-ain. Wholly uneducated, his natural ability in the line of making money was very great. Gould was timid and shrank from publicity. Fisk was bold and loved notoriety. Gould had many re- finements of mind and was of a domestic nature. Fisk was coarse, sensual and fond of display. He be- came the colonel of a militia regiment, and with great delight used to put on his uniform and ride in the front of his command. He used to create a sensation by riding in a carriage with six horses in questionable female company. He considered it one of the choicest i 4 INSIDE HISTORY OF THE ERIE RAILROAD. 65 i not astic ilsof love- seen Eric here, isu ni- ne ac- h that me of pk the -^ Fisk d the d the .rgain. ne of Fisk my re- uiture. ie be- arcat le front jion by Ion able hoicest prerogatives of his position as Vice-President and Comptroller of Erie to direct the theatre that adjoined the railway offices in the Grand 0[)era House, While Gould did not have the inclination or courage to do these things, he did not hesitate to use Fisk in every available way and to hide his own personality behind that of his partner. In those days P1sk seemed to play the more prominent part, and Gould, in pubhc estimation, was a secondary character. When any- thinof was done it was Fisk that bore the brunt of popular criticism and indignation. Yet the facts as they are now known show that Gould was the master "• mind ; F'isk was simply his right arm. " With Gould to plan and Fisk to act," said General Francis Barlow, in 1872, *' they were a strong team." Uiifl<' I>aiiiel l>re\v. At the time Gould and Fisk entered into Erie Daniel Drew was the master of that great trunk line. Drew was one of the most extraordinary characters in Wall street history. He was a Director and Treasurer of ' Erie, and used these positions simply for speculative purposes. He was known in his day as " the great speculative director." His biggest piece of " financierinor " was to fret him- self apparendy cornered in Erie stock, and then to appear in the street widi a block of stock which had been converted from bonds issued witli an obscure provision entitling the holders to convert them into stock. Gould later on repeated this trick with suc- cess, both in Erie and Jersey Central. 6Q LIFE OF JAY GOULD. Soon after Gould and Fisk entered Erie Drew be- came engaged in his celebrated contest with Commo- dore Vanderbilt and in this contest he had their able assistance. The first and erreat Vanderbilt was cast in a larger mould than Drew. The latter was simply a speculator. Vanderbilt was a creator of property. He was the first of the line of railroad kings. Laying the foundations of his irreat wealth in the steamboat and steamship business, he soon drifted into railroad operations, clearly seeing that in the development of the crreat inland commerce of America there were larger and quicker profits to be obtained than in the export trade. Gij^antio Stock Operation. Vanderbilt had obtained control of the Harlem and Hudson River Roads: he now aimed at the owner- ship of Erie. Space will not permit the telling of the story of this famous contest. It is a story of extraor- dinary stock operations, of millions lost and won ; of securities issued by the bushel and with little or no re- gard for law or equity: of large and intricate litiga- tion ; of judges bought, legislators bribed ; of direc- tors defying injunctions and fleeing to another State to escape arrest. Vanderbilt, having been defeated in other efforts to get his fingers on the Erie road, resolved if possible to buy a controlling interest, and his brokers were set at work on this difficult job. Drew resolved to let Van- derbilt have as much stock as he wanted, but entered into a bargain with Gould and Fisk by which the rail- ni INSIDE HISTORY OF THE ERIE RAILROAD. 67 w be- mmo- r able s cast simply )perty. - Laying imboat ail road lent of •e were 1 in the lem and I owner- icr of the extraor- Kvon ; of or no re- :e litiga- lof direc- .er State iftbrts to )ssible to ire set at let Van- It entered li the rail- road king should be defeated by issuing and marketing an unlimited number of new securides. So Drew sold and Vanderbilt bought. The latter, having in remembrance Drew's famous convertible stock trick, resorted to the courts to prevent him from issuing any more stock. Injunctions were issued enjoining Drew and all the directors of the road from issuing any stock. Counter- injunctions were obtained by the Drew-Gould party. One judge would issue an order commanding certain things to be done which another judge sinmltaneously commanded should not be done. Judges in New York, Brooklyn, Albany and Binghamton issued contradictory injunctions. Such a legal pandemonium has never been seen before or since. In ♦"lie meantime, regardless of injunctions. Drew and his aides calmly proceeded to carry out their care- fully matured plans to issue new stock. It was agreed that 50,000 shares of new stock should be delivered to the Wall Street firms of which Gould and Fisk were members. Without croino- into the details of the intrigue it is sufficient to say that it was, at least for the time being, successful. When the 50,000 shares were thrown on the market the price of Erie fell from 83 to 71. Vanderbilt found that he had bought at high figures a lot of Erie stock, but that he was no nearer control than ever. Drew raked in about $7,000,000 of Vanderbilt's money, and Gould and Fisk shared in the profits. Then orders were issued to arrest the Drew directors ""-^ " IT 68 LIFE OF JAY GOULD. for contempt of court. Receiving- intelligence of this, they hastily packed up their papers and securities, and, thrusting them into their pockets and valises, they VElFAi V,. SWr.ENY. beat a hasty retreat to Jersey City. Over J6,ooo,ooo in securities were carried in one coach. Among this company, of course, were Gould and Fisk. ! <' insidp: historv of the erie railroad. 69 -^?\;-, -%.= ,,000,000 ong this In Jersey they were safe from the o[Jcrati()n of New York law. They cahnly proceeded to have the Erie Incorporated as a New Jersey institution, at the same time laborino- to o^et the New York Leoiskiture to pass a bill to leo^alize the issue of 50,000 shares of stock.- *' Poor Krie." It was not conscientious scruples which caused the Legislature to hesitate to pass this bill. It was simply a question of cash. Vanderbilt w'as still in the fight to protect his interests, and it was a question of who had the biggest pursv- Meanwhile Peter B. Sweeny — the brains of the Tweed ring — had been made, tem- porarily, receiver of the road, and though he never actually did anything in that position, Judge Barnard ordered that he be paid ^150,000 for his services. Poor Erie had to foot the bill. It was necessary that the Drew party should have a trusty representative at Albany to look after Erie legislation there, and Gould was selected as the fittest man to act in this capacity. Gould now appears on the scene as a lobbyist. First giving out tliat he is go- ing to Ohio, Gould quietly slips up to Albany with $500,000 of Erie cash in his pockets. Here in a day or two he was arrested but released on :• GO Q ^^ t> O r in Jc J hi INSIDE HISTORY OF THE ERIE RAILROAD. i:\ Eh IS o < CO p 8 ►-3 a J ' way has been alone in the corrupt use of money for the purposes named ; but the sudden revohition in the direction of this com})any has laid bare a chapter in the secret history of raih'oad management such as has not been permitted before. It exposes the reck- less and prodigal use of money, wrung from the i peop]>:^ to purchase the election of the people's repre- sentatives and to bribe them when in office. Accord- ing to Mr. Gould, his operations extended into four different States. It was his custom to contribute money to influence both nominations and elections." Mr. Adams did not have this report before him when he wrote his '* chapter." His record closes in 1868, soon after Mr. Gould had been elected Presi- dent of the road. This had been broui^ht about in die followinnf manner: While Gould was encra2fed in "fixing" the legislature, and the courts were filled with Erie suits, the various parties in interest got together and effected a compromise. Vanderbilt got rid of the useless stock he had bouQ^ht at hiofh figures. Drew pocketed his profits and returned from exile in Jersey. The Boston, Hartford and Erie crowd which had figured in these transactions, having got all they could out of Erie for the benefit of their own bank- rupt road, withdrew. All litigation was stopped and injunctions revoked. Bills were rushed throueh the legislature favorable to both Vanderbilt and Erie. Drew resigned from the road ; Vanderbilt relinquished his ambition for control, and the property was turned over to Gould and Fisk. Drew may have thought 71 LIFE OF JAY GOULD. tliat by this time the poor old road was a squeezed lemon, but if so he was mistaken, for Gould and Sa^^e found that the property had not yet been worked for all that was in it. Kii<»riiit. What their administration cost the road is very plainly set fordi in the testimony given be- fore the Hepburn Com- mittee of 1S79 by J. \V. Guppy, assistant general superintendent under Gould, and for many years connected with tlu! road, into whose service he first entered as a telegraph operator. When Gould was ousted from the control in March, 1872, the total stock was $8 6, 5 3 6, 9 10, the funded RUSSELL SAGE. ^j^^j^^. ^6^26,395,000 and the floating debt ^2,517,301, a total of j^i 15,449,21 1 ; an increase durincf the time of Gould's identification with the road of $64,383,268. Yet Mr. Guppy testi- fied that not a dollar of this vast sum was represented by any additions to the road. One of the first achievements of Gould and Fisk when they assumed entire control of Erie was to I n I INSIDE UISTOUY OF TIIK EKIE KAILROAD. 75 eezcd [ Sage ed for I > s very > in the n bc- n Com- by J. ssistant tendent and for nnected id, into he first leorraph n Gould -om the ch, 1872, )ck was c funded 000 and 449,211 ; tification Dpy testi- )resented and Fisk e was to I corner their old associate, Danit^l Drew. The latter, after a sliort retirement from the street, returned to speculation and naturally drifted into Erie, but this time froni the outside. He was caught just as many times he had caught otht^rs. And Gould repeated, only in a more aggravated way, his trick of issuing new stock and tlooding Wall street with it. This new stock was issued by Gould and Fisk with- out even iioinof throu'di the form of consultation with 4^ the other directors. I\Ir. Adams calls this " the most extraordinary feat of financial legc:rdemain which history has yet recorded." Too Slirt'wd I'or Drew. Drew found that even he, old and experienced in all the tricks of his trade, was no match for Gould. Me appealed to the courts for relief, but Mr. Gould fought him in the same way. Realizing that he had no other avenue of escape, Drew actually called on Gould and Fisk one night and appealed piteously to be permitted to get out without loss, though his com- panions in loss might be squeezed to Gould's heart's content. Gould and P'isk bowed their ao^ed associate out without satisfaction and smiled as they closed the door on the old man. Drew lost $1,500,000 in this transaction. Gould at this time posed as an anti- ^ mo opolist before the public. All his extraordinary acts as President of the Erie were defended on the ground that he was endeavoring to protect the system against consolidation or affiliation with other trunk lines. r m I fl 76 LIFK UF JAY (iOL'LD. The wonderful I'lnancial operations of the Drew and Gould regimes in Erie could not ha\<' been pos- sible but for the extraordinary fascination which the stock [)Ossess(Hl for l-'ni^dish capitalists. While Ameri- cans looked with more than suspicion on the Erie securities, EnL;land was possessed of an irresistible craze to get as many of them as jjossible. English capitalists would not take the United States bonds even when selling below j>ar, but they bought with avidity every share of Erie tlu^y could get hold of. At last, however, the (;)es of the luiglish stock- holders were opened to the true; condition of affairs, and under the lead of James ]\IcIIenr\- the)- organized to get the control of the property. At this time Gen. Daniel ¥.. Sickles, one of the heroes of Gettysburg, was Minister to Spain. 1 le was engaged to leael the anti-Gould forces against the bh'ie strongholds. I le did his Vi'ork well, and it is said was paid a ver)- big fee for his labors. 1 le obtained a leave of absence from Madrid and returned home to conduct the opera- tions in person on the ground. This was the last of the Erie wars. It should be recorded at this time, however, that the famous partnership oi (iouKl and 1 isk had been dis- solved by death. I^'isk, late in 1S71, had l)Cen shot by lulward S. Stokes, and after a few da\s had died from the wound. He and .Stokes had at onr. time been friends, but had ci[uarrelled over business matters and i I -y^xeif Drew :n pos- . lich the Ameri- [\c Erie jsistible English ^ bonds ;ht with id of. h stock- 1" affau's, r-'anized me Gen. ;tysburg, lead th(; ds. lie •ery big absence ic ope ra- le last of that die )een dis- n shot by lied from me been tiers and I ^J m ■I (77) 78 LIFE OF JAY GOULD. about a woman — the beautiful, but notorious, Josle Mansfield — and the quarrel led to the murder. The 3lnrie. Fisk was l*<>]>iilar. "The feeling against Gould," said Gen. Barlow at INSIDE mSTOUV OF THE ERIE KAILROAD. '0 ;, Josie history Ltions a issued Stokes acrreed. deoree Davis. \ppeals, TJuer in s in Au- k, where intimate [ahfornia em com- and Fisk of the an inter- former cnt and uld acted may be -mi- liar man ould did the time of the anti-Gould revohition, " o^rew in cjreat / part since Fisk's death. Fisk was always popular with the people of the road and in the oftice. Had he been alive we should have had more trouble or perhaps the move would never have been made." Besides Barlow, (jcn. Sickles had other efficient aid, and the anti-Gould movement was strengthened by such names as Gen. John A. I)ix, who in the same year was elected Governor of New York ; Gen. George B. IVIcCIellan and William R. Travers. In March, 1872, the blow was struck. A man named Archer had been elected Vice-President in place of Fisk, and with his aid the revolution was accomplished. Gould had made him Vice-President with the view of conciliating- the opposition. Nine members of the Board of Directors had been won over to th(i oppo- sition. These wrote to Gould askinir him to call a meeting of the board. As Gould did not respond \'ice-President Archer called the met^ting. The revolutionists assembled at Barlow's house and prepared to carry the (jrand Opera-House by storm. 'J1iis building- is located at the corner of 8th Avenue and 23rd ..treet, and was occupied b)' the offices of the lu'ie Railroad. Gould had this buiUling barricaded by his men, with instructions to permit no one to pass in. But the revolutionists succeeded in passing the picket line and passed in, and Mr. Archer called the meeting to order. Then ensued an extraordinary scene which lasted all night. Gould ordered the " conspirators," as he called them, to leave the building. They refused. ( 80 LIFE OF JAY GOULD. Gould at ibis time had the benefit of tlie lecial id- vice of David Dudley Field and Thomas G. Sliear'iian, Mr. Field was lonr one of the leaders o'i tiie Ne'v York Bar. One of his brothers sat on tiie Suprenv:; Court bench of the United States, and the other, Cyrus W. Field, was the father of the Atlantic cable, and soon one of the closest of Gould's busi- ness associates. Mr. Shearman, who after- wards became famous in the defense of Henry V ard Beecher, had before this time pub- lisiied an article on the corruption of the New York judiciary which attracted widespread attention, but he was now counsel to a man who owned two or three Supreme Court CYRUS w. FIELD. Judges and a few months later publicly admitted the distribution of a corruption fund. A Stormy Scone. Space will not permit the tellings of all the incidents of that night. Shearman appeared with forty police- men and ordered the revolutionists to leave, but they sliut themselves up in their rooms and refused to do be parti( as q( Fi,i to Ofl perioj a pill] Idispii jattemi I INSIDE HISTORY OF THE ERIE RAILROAD. 81 1 ad- )rem'3 other, cable, of tl.e sbusi- ,. Mr. ► after- famous f Henry •r, bad ne pub- c on the ^he New which espread l,e was o a nian two or ne Court a few tion of a so. Gould obtaiiitu from Judge Ingrahani a temporary injrnction to restrain Archer and the other directors from acting, but tlv y cihnly proceeded to elert new officers and directors. Field and Shearman declared that Gould's legal position was absolutely perfect, but notwithstanding this he was finally obliged to give in. A Xijiiit to 1; » Keinoiiibrrcrt. A daily paper of March 1 1, 1872, dius describes this memorable ni^ht. "The scene at the Grand Op(.Ta-House was one to be remembered. Gould and Eldridoe, with their coun- sel, in one room and the newly chosen directors in another, the doors of both rooms barred, opening to no one but an avowed friend, each fearful of orders of arrests being served on them, every spare room in the offices filled with blue-coated officers of the peace, sitting in all the chairs and on all the tables and lying on the floors, and an intense sense of subdued excite- ment pervading the heavy air of the place." The only communication between the two hostile parties was by means of Peter B. Sw^eeney, who acte ' as go-between. Finding that he was defeated, Gould then resorted to one of those bold strokes with whicli at different periods in his career he has surprised die public. In a public letter he offered to leave all the questions in dispute to arbitration by Horace Greeley. Thus he [attempted to place himself in favorable light before the public. But it should not be supposed that Greeley 'jI 82 LIFE OF JAY GOULD. was in any sense a friend of Gould. On the contrary the Tribune of that day shows how severely he criti- cised Gould. The battle lasted one nieht and then Gould sur- IIOKACK (GREELEY. rendered, I le remained as a director for a time, but his power was gone and Erie passed out of his hands forever. The propt^rty has never fully recovered from the condition into which it was thrown by the Drew- r rj il INSIDE HISTORY OF THE EUIE RAILROAD. 83 atrary I criti- id sur- L time, but If his hands )vered from the Drew- Gould regime. Though one of the most iniportant systems in the country and enjoying an imnvMise business, it is crip[)led with its enormous stock and bond liabilities, and not until 1891 did it pay a dividend. For many years it remained in the hands of a receiver. The testimony of J. W. Gupi)y before the Hepburn Committee, already referred to, gives some interesting details of Gould's mana'j"ement of the Vaic. Among the roads which r>ie leased were tlu! Chemun<> Rail- road and the Canandaifruaand Mhnira, These leases were very profitable to Erie, but (iould, as an in- dividual, after quietly purchasing a majority of their capital stocks, as President of luie refused to pay the rentals, thus abrooatiuL:' th*^ leases. New IOiit<'r|>ris<'S. Then he sold the roads to the Northern Central of Pennsylvania at a big profit. Gould and P'isk organ- ized a number of auxiliary companies whose plant was usually paid for by P^rie. Among thes(; compan- H ies was the National Stock Yard Company. 'Phe land, was purchased and the improvements made bv P^rie. The Erie Emigrant Company, the Jefferson Railroad Company, the Blackford Company and the Greenwood Coal Company were the names of some of the coin- l)anies practically saddled upon P>ie, but v*-hose stock was issued to Gould and Fisk without consideration. Auirustus Stein, who made an examination into the records, told the Plepburn Committee that the amount of Gould's transactions in Erie was about ^12,000.000. ft After he had left Erie the new management sougrht 4 4 84 LIFE OF JAT GOULD. Ut to ascertain how large were the profits carried away by Gould. This information could be obtained with complete accuracy only from IMorosini, the auditor of the company, and he refused to make up the accounts and left Erie and joined Gould. A Notable Italian. IMorosini now became inseparable from Gould and a notable figure in Wall Street. lie was a tall, -^ athletic Italian, shrewd and faithful, an ideal private secretary. Me had served with Garibaldi in the wars for Italian liberty, and was proud of his service under the gr(?at Italian patriot. I le had been a sailor, too, and had had a wide experience with the world, which made him invaluable to a man like Gould. When the firm of \V. E. Connor & Co., of which Gould was a special, was founded, IMorosini became partner, and when the firm dissolved and Morosini retired from business Gould said that his private secretary was worth iiu tciliii!; !riiiiniM.ciiCcs. How Foi'tiiiios Shift. Amonor the shorts cau^jht in this famous corner was Henry N. Smith, who only a short time before had been Gould's partner in the firm of Smith, Gould & Martin, and who had supported Gould in cornering g^oid. Smith is another noted Wall Street character, •^-"^ ■■ --■-'■'^-- 80 LI IE OF JAY GOULD. wliose life is linked in that of Gould. He was some- thing of an " exquisite," and had the reputation of wcariuLj corsets, but he was for many years remarkably successful in Wall Street. After rencwinLT his rela- tions with Gould he became chielly distinguished as one of the bear leaders, and was thus continually in anta Gould's ted and rnished. actually Btitution ^corded, months, lan who owed his position mainly to Horace V. Clark, who, as has been seen, was in intimate relations with Gould. Clark undertook to arrange a compromise between / Watson and Ciould, and all three evidendy united to " rig " the stock market by the operation. One day it was reported that Gould intended to make restitu- tion, and the price of Erie advanced with a bound. A day or two later a denial of the report would come, and down would go the price. Great Talk of ICestitution. This was repeated two or three times, and Gould, of course, bought at the low figures and sold at the top, and the profits must have been big. iMually the restitution, so-called, was announced with a flourish of trumpets. On the face of the agreement Gould made over to Erie an immense amount of property, and all suits were withdrawn and Gould released from all criminal responsibility. A clause in the agre(;ment said that in making this transfer of property Gould expressly stipulated that it should not be considered as an admission of wronu-doini^. The Opera House and adjoining buildings and other real estate, w^ith the exception of Gould's Eifth Avenue mansion, were made over to the Erie, and, in addition, a mass of stocks of the par value of about $6,000,000. As a matier of fact most of these stocks were worthless. J. G. Guppy told the Hepburn Com- mittee that he would not give $200,000 for the endre lot. Among the securities were $1,000,000 of United States Express stock to be issued, and which Gould ■I V] ^ /y. 'a. 7 J'i J #1 ^# A »>. IMAGE EVALUATION TEST TARGET (MT-3) 1.0 I.I 11.25 |5 = I. I. ^ 2.2 [2.0 1.8 14. 11.6 Photographic Sciences Corporation n WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 V /. {/ <. * "^ fA fA 11 88 LIFE OF JAY GOULD. If '■ ill Wli — Tr^flffe^l]' JAY GOULD S NEW YORK HOUSE, WHERE HE DIED. guaranteed to be issued, but which, as a matter of fact, never was. When Hugh J. Jewett became receiver of Erie he made a final settlement with Mr. Gould. \f^ k 7CF- % m HE DIED. atter of fact, me receiver [r. Gould. en nl CAPT. J. W SHACKFORD OF THE ATALANTA f ii-S: iff ^ ,: i In' + mi : -; i Hi 1 j 1 1 ill ^\ ^ '11 1 ^^^^^-^"""^^^^""■^"^^^^-^v^,,^ CHAUNCEY M. DFPEW. m r CHAPTER VI. Ho'vV Gold went Up and Down. The gold *' combine " of 1869, now famous In the history of Wall street, was investigated in 1870 by 3 Committee of Congress of which James A. Garfield, afterwards President, was Chairman, and S. S. Cox, a member. The report of the Committee, with the ac- companying testimony, is one of the most absorbingly ''interesting books in existence. It was one of Mr. Gould's peculiarities that he rarely entered into any large speculation without fur- nishing the public with a plaurible reason for assisting him in his operations. This was certainly the case in tiiv. gold conspiracy. The plausible reason was in this case suggested to Mr. Gould by James McHenry, who was then training with Mr. Gould in Erie. The latter spared no pains to dress the reason up in the best shape and give it to the public. Mr. Gould argued with much apparent force that an advance in the price of gold would benefit the Western farmers in giving them a bigger price for their grain, and Mr. Gould backed up this theory with many facts and figures. Gen. Grant had just become President. His Sec- retary of the Treasury was George F. Boutwell. The key to the situation was the financial policy of the (89) ■' ,■«■■ m 90 LIFE OF JAY GOULD. -I Government. No successful corner in gold could be established if the Treasury should sell gold with a liberal hand. It should be explained that the war had caused a lively speculation in gold which continued after the war, until the resumption of specie payments made the greenbacks equal in value to gold. Specu- lation in oold was carried on in the o[old-room, an in- stitution separate from the Stock Exchange. Roping" ill the Acliiiiiiistratioii. It became essential to the success of Mr. Gould's plans that the Grant Administration should either be- come a party to the speculation or else an honest be- liever in his crop theory. Failing in both of these, the public must at least be impressed with the idea that the Administration was in the deal whether it was or not. So Gould began to lay sN'stematic siege around the Administration. He seems to have entered alone into this speculation. It was only when he was unable to carry the burden alone that he took in others, and it was not until late that Fisk entered. Gould found a brother-in-law of President Grant a convenient helper in his operations. The name of this brother-in-law was A. R. Corbin, who had been something of an operator all his life. Gould unfolded enough of his plans to Corbin to enlist him in his service and to bind him by Interest to the speculation. Gould bought for Corbin $1,500,000 of gold, and promised him that all the profits should be turned over to him. Every rise of I per cent, in the price of gold made Corbin $15,- 000 richer. Corbin claimed to have great influence h i be ith a • had nued lents pecu- in in- ould's ler be- st be- 56, the lat the jr not. nd the ne Into ble to and it Dund a helper r-in-law of an of his to bind jaht for that all ery rise in $I5»- ifluence '1^ (91) n I h im IS'' tNi li m LIFE OF JAY GOULD. with the President, and Gould evidently placed much reliance in him. "I am ricrht behind the throne," said Corbin to Gould at one stage of the proceedings. "Give yourself no uneasiness. All is right." Gould Good to liis FriciK^s. The hrst step after the purchase of a large quantity WALL STREET, NEW YORK:. of gold was to secure the appointment of the right sort of man as Assistant Treasurer at New York. Though nominally a subordinate officer and having now GOLD WENT UP AN!) DUWN. 93 ced much 3ne," said )ceedings. e quantity :a [<^. mi lilt ?^s; )f the right Mew York, and having no original authority, the Assistant Treasurer draws the salary of a cabinet officer and his influence is large. Corbin undertook this part of the scheme and secu/'^d the appointment of Gen. Butterworth, who seemeci to give great satisfaction to Oould. Butter- worth was afterwards exonerated by Congress of all guilty connection with the affair, but Gould purchased for his account sf^i, 000,000 of gold. But then Gould also had the presumption at one stage of the negotia- tions to buy $500,000 of gold for Gen, Porter, the President's private secretary, which that gentleman promptly declined. It was said also that $500,000 was purchased in the name of Mrs, Grant, but she never received any of the profits and had no connec- tion with the " combine." Butterworth secured, it was necessary to make an, impression on the President. Through Corbin, Gould secured an interview with Gen. Grant, and later, when the President made a brief visit to New York, he was given risk's private box at the Opera House, and on his way to Newport was honored with a big banquet on one of Fisk's Sound steamers. Fisk and Gould were both there and were supported by Cyrus W. Field and otlier " solid " citizens. At dinner an at- tempt was made to extract from the President the lines of his financial polic3^ Gould obtained little satisfaction. A remark by the President' in reply to a question by Fisk that there was "a fictitiousness about .''he prosperity of the country and the bubble 4 •^ •■-- -r^imm .Ji. . I . Ji.^ 94 LIFE OF JAT GOULD. tllll u , I i('' might as well be tapped " threw a wet blanket on Gould's schemes. -r^^- "«kVw\.vs;vCl=g BROADWAY NORTH FROM EXCHANGE PLACE IN 1 869. However, Gould was already in, and he was not a man to back out as long as he saw any chance for HOW GOLD WENT UP AND DOWN. 95 }i *5uccess, and he finally succeeded in really impressing on the President's mind that in order to move the crops it was necessary that gold should sell at 145. Gould's first purchases had been made as low as 130}^, which was about the normal price. PresUU'iit Ciraiit Iniprossod. But it should be said at the outset that there is not a particle of evidence that Gen. Grant was ever per- sonally concerned in the speculation or that he winked at members of his official household beinij so. On the contrary, the evidence is all the other way. Grant never seemed to like Gould. When the latter suc- ceeded in getting his first interview with the President, Gen. Grant reprimanded his servant for allowing him so easy an access to his person. How different was Gould's position in 1892 \vhen he was a specially invited guest at the White House of President Harrison, making the journey to Wash- ington in his private car, attended by his daughter Helen, whom he had just introduced to society at a big reception at his own mansion in Fifth avenue. Grant's apparent conversion to the gold theory was brought about by persistent agitation, and he finally wTOte to Secretary Boutwell that in his opinion it w^ould be unwise to force down the price of gold at present — a suggestion which, of course, the Secretary considered the same as an order. This was the position which Gould desired the administration to maintain. He did everything to give the public y . I V > iiiii t 96 LIFE OF JAY GOULD. i In i '^■' ■i; i: 'U the impression that the Government was behind the "deal." The Odor of Wall Street. An article written by Corbin was published as an editorial in the Times and attracted attention, as the editor, John Bigelow, had just had a conversation with the President and was supposed to speak with authority. Notwithstanding the authorship of the article, it is just to say that the Times detected the odor of Wall Street about it and quarantined the article before making it public. Its effectiveness for Gould was much lessened. Gould wrote to Boutwell with a view of obtaining an official statement from him, but received a reply that said litde and that diplo- matically. Meanwhile Gould had been buying millions in gold and had formed a pool that bought millions more. That the movement was fictitious is shown by the fact that the impression on prices was compara- tively small. Fisk looked on incredulously. " The country is against you," was his criticism of the scheme. The members of the pool sold out, but Gould con- tinued to buy. " I had to buy," testified Gould after- wards, " or show the white feather. The other fellows deserted me like rats." Gould had the material aid of the Tenth National Bank, an institution which he owned and which he used as an adjunct to his specu- ladve operations. The extent to which he used it in the gold movement was shown by the fact that it in one day ovcrcertified Gould's checks to the amount of 11 now GOLD WFNT UP AND DOWN. 97 con- fter- lows aid 11 he lecu- lit in one It of $7i5oo,ooo. Garfield called this bank " a manuf-ctory of certified checks." An Excitiii{j^ Battle. As Gould bought, the bears sold •• short " and the battle became intensely exciting. At this point Fisk was drawn into the scheme. He took no stock in the crop theory, but the idea of making the Administra- tion a partner in the enterprise seems to have attractetl him. Fisk was drawn into the movement when his aid was most needed. This corner was a glittering edifice built on a weak foundation. It could not long stand. The most that Gould and Fisk could do was to frighten the "shorts " into covering before Gi^nt awakened to the realization of how he was being used and issue orders to sell gold. Wall street was soon filled with rumors that the Administration was in the deal and the excitement ran high. The magnitude of the movement is shown by the fact that before Black Friday Gould had employed fifty to sixty brokers to make his purchases, and $50,- 000,000 to Ji6o,ooo,ooo of gold had been bought by Heath & Co., Woodward, H. K. Enos, E. K. Willard and others of the brokers. He required all this to advance the price of gold from 135^^ to i^o^i. Grant Says *« All Right." Fisk's entrance into the game was a powerful help to Gould, for it not only furnished another purchaser for gold, but directed public attention from himself to Fisk. The ex-peddler loved to bask in the sun of 7 111 I A- i mi dd LI^E O^ JAY GOtLB. H '' ■ M fl i i^^^B r^^H ■ '':l; '( -IH! ■« ! 1 1. II public notoriety. Gould was timid, but Fisk had brazen courage. At last the denouement came. A last attempt was made to still further involve the President in the scheme. Grant was then at a little town in Western Pennsylvania off the line of a railroad. Corbin wrote him a long letter calculated to elicit a response and Fisk sent his special messenger to deliver the letter. He succeeded in handing it to the President, and, after waiting until he had read the contents, asked if he had anything to say. The President replied " All right," and the messenger so telegraphed to the conspirators. These interpreted " all right '' to mean a favorable answer to the letter, and they were much elated. But the President, supposing that the messenger was only a clerk from the Post-office, had said "All right" merely to indicate that he had received the letter and required his presence no longer. His suspicions were aroused after the messenger had left, when he ascer- tained that he had brought the letter at post haste all the way from New York. That night Mrs. Grant wrote to Mrs. Corbin a note stating that the President had heard that Mr. Corbin was engaged in Wall street speculations, and if it were true he desired that he should immediately dis- sociate himself from them. This letter filled Gould with consternation. He and Corbin sat in the latter's house all night reading and rereading the note and endeavoring to grasp the meaning between the lines. " If you show that note," said Gould, finally, " I am i 1 fiOW GOLD WENT UP AND DOWN. 99 had t was 1 the astern wrote je and letter. I, after lie had right," rators. ^orable i But as only right " er and s were ascer- aste all a note Corbin Ind if it [ely dis- Gould latter's lote and le lines. "I am a ruined man." Corbin said he must obey orders and leave the street, but he insisted Gould should first take up the gold held in Corbin's name and pay him the profits, '^orbin had already received a check for ^2 5,cxxD. But Gould had already all the gold he wanted, and after standing for a while in silence by the door, his brow black with mystery, he left the house. The game was up. One stroke of a woman's pen had punctured the dazzling bubble. A word from the President was sufficient to collapse the biggest corner on record. How to save himself? That was the question which, with knit brow and lips compressed with hidden excitement, Gould debated as he returned home that night His mind labored for himself alone. He soon reached a conclusion. While there was yet time he would dump his heavy load of gold on the market, and let others take what he could not carry. His only capital now was the early information he possessed of the President's aroused suspicions ; of his change of purpose. He did not tell even Fisk of Mrs. Grant's letter ',o Mrs. Corbin, but let Fisk con- tinue his purchases in ignorance of the real situation. He only remarked to Fisk that Corbin was getting weary and wanted his profits, or something to that purpose. Thursday — the day preceding Black Friday — Gould began his dumping process. " I sold that day," he testified afterwards, " and only bought enough to make the street think I was still a bull." 4 ■I'fi :in l4 •'* !■ I i^ MMMUPpi .1 i! Ill ft'.' li i '! J' * / ; V '■ CHAPTER VII. The Story of Black Friday. In the month of September, 1869, one of tlie most gigantic attempts to run up the value of gold ever made was attempted by a powerful combination of Bulls, whose only object was to made money. Their scheme came near attaininof a success which would have broken the market utterly, liave unsettled values of all k'iids, and have precipitated upon the whole country a financial crisis of the most terrible propor- tions. Nothing but the interfi^rence of the Secretary of the Treasury at a critical moment averted this disaster. As it was, the losses were fearful. Men in Wall Street were ruined by the score, and for several days the best houses in the street were uncertain as to their exact condition. An account of this formidable transaction is inter- estinor as revealino- the method of conducting^ the great operations of the street. On the 22d of September, 1869, gold stood at 137^.^ when Trinity bells rang out the hour of twelve. By two it was at 139. Before night its lowest quotatipn was 141. An advance of three and a half per cent. in five hours. At the same time the Stock Market exhibited tokens of excessive febrility, New York (ICO) r > 1^3 ^^^ ^ ^^ ^p 2 '^ HI ^ '^ < M. ' m JN El t most i ever ion of Their would values whole propor- cretary ^d this Men in several rtain as s inter- ne the It 1375^ ve. By Liotatipn )er cent. Market IVY York u. i'i V 102 LIFE OF JAY GOULD. Hi Central dropping twenty-three per cent, and Harlem thirteen. Loans had become extremely difficult to negotiate. The most usurious prices for a twenty-four hours' turn were freely paid. The storm was pal- pably reaching the proportions of a tempest. Nevertheless, the brokers on the Bear side strove manfully under their burden. The character and purposes of the clique were fully known. Whatever of mystery had heretofore enfolded them was now boldly thrown aside, and the men of Erie, with the sublime Fisk in the forefront of the assailing column, assured the shorts that they could not settle too quickly, since it remained with, the ring, now holding calls for one hundred millions, either to kindly com- promise at 1 50 or to carry the metal to 200 and nail it there. This threat was accompanied by conse- quences in which the mailed hand revealed itself under the silken oflove. Millions of Money Involved. The movement had intertwisted itself deep into the affairs of every dealer in the street, and entangled in its meshes vast numbers of outside speculators. In borrowing or in margins the entire capital of the former had been nearly absorbed, while some five millions liad been deposited by the latter with their brokers in answer to repeated calls. When Thursday morning rose, gold started at 1415^, and soon shot up to 144. Then the clique becran to titjhten the screws. The shorts received peremptory orders to increase their borrowing mar- arlem ult to y-four ,s pal- strove :r and latever ts now ith the olumn, tie too lolding ly com- nd nail conse- itself ip into tangled ulators. of the rne five h their rted at t clique eceived le mar- THE STORY OF BLACK FRIDAY. 103 gins. At the same moment the terms of loans over- night were raised beyond the pitch of ordinary human endurance. Stories were insidiously circulated exciting suspicion of the integrity of the Administration, and strenoftheninor the belief that the National Treas- ury would bring no help to the wounded Bears. Whispers of an impending lock-up of money were prevalent ; and the fact, then shrewdly suspected, and now known, of certifications of checks, to the amount of twenty-five milHons by one bank alone on that day, lent color to the rumor. Many brokers lost courage, and settled instantly. The Gold Room shook with the conflict, and the battle prolonged itself into a midnight session at the Fifth Avenue Hotel. Great Excitement. The din of the tumult had penetrated to the upper chambers of journalism. Reporters were on the alert. The great dailies magnified the struggle, and the Associated Press spread intelligence of the excite- ment to remote sections. When Friday opened clear and calm, the pavement of Broad and New streets soon filled up with un- wonted visitors. All the idle population of the city and its neighborhood crowded into the financial quarter to witness the throes. of the tortured shorts. Blended with the merely curious were hundreds of outside speculators who had ventured their all in the great stake, and trembled in doubt of the honor of their dealers. Long before 9 a. m. these men, intensely interested ■I* iiitWfiil'ir -£2 i ' 104 LIFE OF JAY GOULD. In the day's encounter, poured through the alley-way from Broad street, and betwev.*n the narro^v walls of New street, surging up around the doorways, and pil- ing themselves densely and painfully within the cramped galleries of the Room itself. They had made good the fresh calls for margins up to 143, the closing figL. re of the night before. The paramount question now was, How would gold open ? They had not many minutes to wait. A Startling Shout. Pressing up to the fountain, around which some fifty brokers had already congregated, a Bull operator with resonant voice bid 145 for twenty thousand. The shout startled the galleries. Their margins were once more in jeopardy. WouM their brokers remain firm ? It was a terrible moment. The Bears closed round the ao^gressors. Yells and shrieks filled the air. A confused and baffling whirl of sounds ensued, in which all sorts of fractional bids and offers mingled, till '46 emerged from the chaos. The crowd within the arena increased rapidly in numbers. The clique agents became vociferous. Gold steadily pushed forward in its perilous upward movement from '46 to '47, thence to '49, and, pausing for a brief twenty minutes, dashed on to 150^^. It was now considerably past the hour of regular ses- sion. The President was in the chair. The Secre- tary's pen was bounding over his registry book. The floor of the Gold Room was covered with 300 agitated dealers and operators, shouting, heaving in masses ley-way vails ot cind pil- lin the id made closinnr [uestion lad not :h some Dperator nd. The ere once tin firm ? d round air. A in which ^led, till thin the clique upward pausing 0%. It liar ses- Secre- ok. The agitated masses ^n I SIDNEY DILLON. til o Q O O O Eh CO Q ID o < .mn4*.y I l^ O Q O o PQ O CO o (105) j, .tj^ J ,-y>^.^.-^<.._^.^., . I! 106 LIFE OF JAV GOULD. IJ against and around the iron railing of the fountain, falling back upon the approaches of the committee- rooms and the outer entrance, guarded with rigorous care by sturdy door-^'^^pers. Many of the principal brokers of the strc ., »/ere there — Kimber, who had turned traitor to the ring ; Colgate, the Baptist ; Clews, a veteran government broker; one of the Marvins ; James Brown ; Albert Speyer, and dozens of others hardly less famous. Bedlam Let Loose. Every individual of all that seething throng had a personal stake beyond, and, in natural human estimate, a thousand-fold more dear than that of any outside patron, no matter how deeply or ruinously that patron might be involved. At 1 1 of the dial gold was 1 50^^ ; in six minutes it jumped to 155. Then the pent-up tiger spirit burst from control. The arena rocked as the Coliseum may have rocked when the gates of the wild beasts were thrown open, and with wails and shrieks the captives of the empire sprang to merciless encounter with the ravenous demons of the desert. The storm of voices lost human, semblance. Clenched hands, livid faces, pallid foreheads on which beads of cold sweat told of the interior anguish, lurid, passion- fired eyes — all the symptoms of a fever which at any moment might become frenzy were there. The shouts of golden millions upon millions hurtled in all ears. The labor of years was disappearing and reappear- ing in the wave line of advancing and 'receding prices. With fortunes melting away in a second, with five M THE STOUY OF BLACK FRIDAY. 107 I tain, ittee- )rous cipal had lews, vins ; thers lad a mate, atside »atron int-up :ed as of the 3 and ■ciless esert. nched ds of ssion- it any houts lars. pear- )nces. h five hundred millions of gold in process of sale or pur- chase, with the terror of yet higher prices, and the ex- ultation which came and went witli the whis[)ers of fresh men enterincf from Hroad street bcarin*'- con- fused rumors of the probable interposition of the Government, it is not hard to und(jrstand how reason faltered on its throne, and operators became reckless, buying or selling without thought of the morrow or consciousness of the present. A Groat Hid. Then came the terrific bid of Albert Speyer for any number of miUions at 160. William Parks sold in- stantly two millions and a half in one lot. Yet the bids so far from yielding rose to 161, 162, 1623/2. For five minutes the Board reeled under the ferocity of the attack. Seconds became hours. The agony of Wel- lino-ton awaitinof Blucher was in the souls of the Bears. Then a broker, reporte'l to be acting for Baring & Brothers, at London, so d five millions to the clique at the top price of the day. Hallgarten followed ; and as the shorts were Qfatherinij couraofe, the certain news that the Secretary of the Treasury had come to the rescue sv/ept through the chamber, gold fell from 160 to 140, and thence, with hardly the interval of one quotation, )o 133. The end had come, and the exhausted operators streamed out of the stiflino- hall into the fresh air of the street. To them, however, came no peace. In some offices customers by dozens, whose margins were irrevocably burnt away in the smelting-furnace 108 LIFE OF JAY GOULD. of the Gold Board, confronted their dealers with taunts and threats of violence for their treachery, hi others the nucleus of mobs bet,^an to form, and, as the day wore off, Broad street had the aspect of a riot. Muf^^e masses of men gathered before the door- way of Smith, CiOuld, Mai tin &. Co., and I leaiii & Co. Fisk was assaulted, and his life threatened. Deputy-sheriffs and police officers appeared on the scene. In Brooklyn a company of troops were held in readiness to march upon Wall street. A Kc'iiiiirkable Si^lit. When night came, Broad street and its vicinity saw an unwonted sight. The silence and the darkness which ever rests over the lower city after seven of the evening, was broken by the blaze of gas-light from a hundred windows, and the foot-fall of clerks hurrying from a hasty repast back to their desks. Until long after Trinity bells pealed out the dawn of a new day, men bent over their books, scrutinized the Clearing- House statement for the morrow, took what thought was possible for the future. At the Gold Exchange Bank the weary accountants were making ineffective efforts to complete Thursday's business. That toilful midnight, at the close of the last great passion-day of the bullion-worshippers, will be ever memorable for its anxieties and unsatisfying anguish. Saturday brought no relief. The Gold Board met only to adjourn, as the Clearing-House had been incapable of the task of setding its accounts, compli- cated as they were by ever fresh failures. The small THE STORY OF BLACK FRIDAY. 109 '» 'i brokers had gone under by scores. The rumors of the impending suspension of some of the lan^est houses of the street gave fresh grounds for fear. The Stock Exchange was now tiie centre of attraction. If that yielded, all was lost. To sustain the market was vital. Values Pluiigfe Headlong;. But whence was the saving power to come? All through yesterday shares had been falling headlong. New York Central careened to 148, and then re- covered to 185^. Hudson plunged from 173 to 145. Pittsburg fell to 68. Northwest reached 62 J/^. The shrinkacre throuofhout all securities had been not less than thirty millions. Would the impulse downward continue ? The throncfs which filled the corridors and overhung the stairway from which one can look down upon the Long Room saw only mad tumult, heard only the roar of the biddings. For any certain knowl- edge they might have been in Alaska. But the financial public in the quiet of their offices, and nervously scrutinizing the prices reeled off from the automaton telegraph, saw that Vanderbilt was sup- porting the New York stocks, and that the weakness in other shares was not sufficient to shadow forth panic. It soon became known that the capitalists from Philadelphia, Boston, and the great Western cities had thrown themselves into the breach, and were earning fortunes for themselves as well as grati- tude from the money-market, by the judicious daring of their purchases. The consciousness of this new ii 1)1 s ■ 110 LIFE OF JAY GOULD. clement was quieting, but Wall street was still too feverish to be reposed by any ordinary anodyne. A BROAD STREET ON BLACK FRIDAY. run on the Tenth National Bank had commenced, and all day long a steady line of dealers filed up to the counter of the paying teller demanding their THE STORY OF BLACK FRIDAY. Ill ml i ^ I 2fe balances. The courage and the ability in withstand- ing the attack which were shown by the president and his associates deserve something more than praise. Freaks ot* Mad 3Ieii, The Gold Exchangre Bank witnessed a similar scene, angry brokers assaulting the clerks and threat- ening all possible things unless instantaneous settle- ments were made. The freedom with which the press had given details of the explosion had been extremely hurtful to the credit of many of the best houses. In a crisis like that of Black Friday the sluice-gates of passion open. Cloaked in the masquerade of genuine distrust, came forth whispers whose only origin was in ancient enmities, long-treasured spites, the sound- less-depths of unquenchable malignities. Firms of staunchest reputation felt the rapier-stroke of old angers. The knowledge that certain houses were large holders of particular stocks was the signal of attacks upon the shares. Despite of outside orders for vast amounts, these influences had their effect upon securi- ties, and aided to tighten the loan market. One, one and a half, two, and even four per cent, were the com- pulsory terms on which money could alone be bor- rowed to carry stocks over Sunday. On Monday the 27th the Gold Board met, but only to be informed that the Clearing-House was not yet ready to complete the work of Friday. Important accounts had been kept back, and the dealings, swollen •I I \l 112 LIFE OF JAY GOULD. iJBiii in sum total to five hundred millions, were beyond the capacity of the clerical force of the Gold Bank to grapple with. A resolution was brought forward proposing the resumption of operations Ex-CIearing- House. The measure took the members by surprise, for a moment quivered between acceptance and rejec- tion, and then was swiftly tabled. It was an immense Bear scheme, for no exchange can transact business where its dealers are under suspicion. All outstand- ing accounts require immediate fulfilment. Failure to make good deliveries would have insured the instant selling out of the defaulters " under the rule." A Measure of Kelief. As the majority of brokers were inextricably in- volved in the late difficulty, the only consequence would have been to throw them into bankruptcy, thus bringing some $60,000,000 under the hammer. The market could not have borne up under such an ava- lanche. It was decided that the Room should be kept open for borrowings and loans, but that all dealings should be suspended. One result of this complication was that gold had no fixed value. It could be bought at one house for 133 and at other offices sold for 139. The Board thus proved its utility at the very juncture when least in favor. Such is a picture of Black Friday, a day of days, a day more exciting and terrible than ever dawned on the financial world before or since : The scene during the conflict almost beggars de- scription, and exceeds anything ever before witnessed THE STORY OF BLACK FRIDAY. 113 [the k to ward rini;- prise, rejec- aensG siness stand- lure to nstant bly in- quence :y, thus The an ava- ekept ieaUngs )hcation bought [for 1 39- iuncture days, a rned on rars de- ktnessed on Wall street. It was a tussle of enormous masfnl- tude, fierce and desperate. It was a day long to be remembered and not easily forgotten by those who witnessed it, or were caught in the maelstrom that carried everything before it. The operators were early in the street, and the offices of Smith, Gould & Martin, Fisk & Belden, and William Heath & Co., were the centre of enormous excitement. William Belden, who was Fisk's partner, played a conspicuous part in this day's history. He was a man cool and daring — the fit companion of such bold speculators as Gould and Fisk. The day, how- ever, left a stain on his record that could never be obliterated, and when, in 1888, Belden formed a co- partnership with a member of the Stock Exchange, the governing committee of the institution stated that unless the member severed his partnership with Bel- den he must leave the Exchange. The Silent Wizard. Gould, Fisk, Belden and their brokers held a coun- sel of war and laid out the work of the day. Heath was to look after this, Willard was to attend to that, Belden was to direct this, and Fisk was to direct that, while Gould, by nods and whispers, directed all. " I determined," said Mr. Gould afterwards, " not to open my mouth that day, and I did not." What a study for a dramatic painter Gould would have made that day ! Albert Speyer, who accepted verbal orders from Belden in the presence of Gould and Fisk to buy, 8 !« u n; h 114 LIFE OF JAY GOULD. !: ^V went into the board-room and did buy immense quan- tities of gold at the highest prices. The street was filled with the wildest rumors. Prices rapidly ad- vanced to 165. The shorts trembled before the rising tide that seemed about to sweep over them. Many were frightened into covering their contracts. Gould continued to sell. Fisk and Belden con- tinued to buy. The excitement rose point by point to the wildest pitch. Old operators lost their heads, men rushed hadess and half crazy through the streets, their eyes bloodshot, their faces pale with anxiety, their brains on fire. There came rumors of contem- plated selling of gold by the treasury, and the street went mad. Where these rumors started no one ever knew, but they were the forerunners of actual fact. Jam.es Brown, the Scotch banker, appeared in the board and began to offer gold at declining figures. The Earthquake Comes. Then the earthquake started, and the golden edifice built by Gould began to tumble. Soon the treasury order to sell $4,000,000 of gold appeared, and then the terrible collapse. Prices fell from 165 to 133^^. The board-room was the scene of contending furies. Albert Speyer completely lost control of himself; his hair is said to have turned white that nieht after he went home a ruined man. Wall and Broad streets were filled with men wild with excitement. Infuriated mobs surrounded the offices of Fisk and Belden, and Smith, Gould, and Mardn. Threats of violence were made. Speyer went about saying; "Some one has threatened to shoot me. Let him irl (( a vvl I THE STORY OP BLACK FRIDAY. 115 ^uan- was J ad- rising f^any 1 con- point heads, itreets, .nxiety, ;ontem- 2 street ne ever lal fact. in the ares. n edifice treasury ,nd then io 133/^- cr furies. self; bis after he d streets Fisk and ireats of saying : Let him shoot.'* The Gold Exchange Bank was obliged to suspend operations. Its clearances that day amounted to over ^300,000,000 of gold. Trading was stoppt^d in the gold board. Fisk and Belden suspended and their contracts were repudiated. The fortunes of hundreds were swept away in that (hiy's battle, Several firms were driven to the wall and announced their failures. The Administration was involved in suspicion which it took years to re- move. The nation was disgraced and its credit was broken. But Gould went home saved. What he made or what he lost in that struijorle is unknown, but thouofh he had involved others, he had saved himself from overthrow. In his sworn autobiography delivered to the Com- mittee on Labor and Education, Mr. Gould omitted all mention of Black Friday, but when ?s a witness before ^lie Committee on Corners, he was asked about the Black Friday panic, he calmly said that it was the " result of over-trading," and that its real cause was " the fluctuatio.is in the price of gold caused by the war !" It is a singular coincidence that exactly twenty- two years after Black Friday, on the very anniversary of the day in 1891, Gould caused another big ^urry in Wall street. After several years of depression, a •*boom" in stocks was in progress, when the sudden announcement was made that the IMissouri Pacific, of which Gould was president, would pass its dividend. The announcement caused a revolution in prices and the " boom " completely collapsed. if i I ''s; " '\i\ It j! !■» CHAPTER VIII. The Famous Wall Street, and Stock Exchange. Frequent reference has been made to Wall street. This will be understood by residents of New York and many others who are familiar with the city. Some readers may not fiilly understand what goes on in Wall street, and the talk about L;"old- rooms, stock, boards, broker's offices, etc., is to them mysterious and puzzlin^r. Before proceeding, therefore, with the narrativ^e we will give a full description of this cele- brated street and some account of the great financial transactions which go on there. Wall street begins on the east side of Broadway, opposite Trinity Church, and terminates at the East River. It Is about half a mile from the extreme southern end of the island, and about the same dis- tance from the City Hall. It is a narrow street, about fifty feet in width, and slopes gradually from Broadway to the river. It is lined on both sides with handsome brown stone, yellow stone, granite, marble, iron, and brick buildings, and the Treasury and Custom-House rear their maonlficent fronts about midway between the termini of the street. They are diagonally opposite each other. The buildings are covered with a multiplicity of (116) .^ ! lange. street. f York Some 5 on in , stock, iterious vith the lis cele- inancial Dadway, le East extreme me dis- street, y from des with marble, ry and s about They are licity of ll THE DREAM OF A SPECULATOR. (117) 118 LIFE OF JAY GOULD. . sig^ns, rivalling the edifices of Nassau street in this re- spect. Scarcely a house has less than a score of offices within its walls, and some contain at least three times as many. Space is valuable, and rents are high in Wall street, and many of the leading; firms in it have to content themselves with small, dark apart- ments, which a conscientious man would hesitate to call an " office." The rents paid for such quarters are enormous, and the buildings yield their owners large incomes every year. The streets running into Wall street, on the right and left, are also occupied for several blocks with the offices of bankers and brokers, and are all included in the general term •' Wall street," or •' The Street." Wall street first appears in the history of the city as a portion of a sheep pasture which was used in com- mon by the inhabitants of New Amsterdam. Its natural condition was partly rolling upland and partly meadow of a swampy character. Origin of the Name. The name of the street originated thus : About the middle of the seventeenth century, the English in the New England colonies began to press heavily upon the Dutch in New^ Netherlands, and kept the worthy burghers of New Amsterdam in a constant dread of an invasion. Influenced by this feeling, the city authorities resolved to fortify the place, and in 1653 constructed a wall or stockade across the island, from river to river just beyond the line of the village. This wall passed directly across the old sheep pasture. . WALL STREET AND STOCK EXCHANGE. 119 IS re- -e of three ; high i in it ipart- ite to arters wners r into :upied s and [ term city as n com- n. Its pardy out the , l\ in the y upon worthy •ead ot le city n 1653 d, from e. This Dasture. Citizens were forbidden to build within 100 feet of the stockade, tiiis open space being reserved for tile movements of troops. It soon became a promi- nent highway, and the eastern portion has since re- mained so. The anticipated attack on the city was not made, but the wall was kept in good condition. Houses crept up close to the wall on the city side, and began to appear on the opposite side just under the wall. Thus a new street was formed, through which ran the old stockade. The open space along the wall was originally called T/ie Cingel, signifying " the ramparts." Soon after the town reached the limit of the military reservation, persons residing here were spoken of as living "long de Wal," and from this the street came to be called " the Wall street," which name it has ever since borne. The wall, having fallen into decay, was demolished about the year 1699, and its stones were used in the construction of the old City Hall, which stood at the intersection of Wall and Nassau streets, the site now occupied by the Sub-Treasury of the United States. The old building was used for the various purposes of the city government until the close of the Revolution. It contained, besides the council and court rooms, a jail for the detention and punishment of criminals, a debtor's prison, which was located in the attic, a fire- engine room, a cage and a pillory. A pair of stocks was set up on the opposite side of the street, wherein I i n 120 LIFE OF JAY GOULD. I ^111 criminals were exposed to the indignant gaze of a virtuous public. Old Fcdciiil llalL At the close of the Revolution the City Hall was enlarged and improved for the use of the General Government. It thus became the first capitol of the new Republic, and was known as Federal Hall. The first Contjress of the United States assembled within its walls in the year 1789, and upon its spacious portico, in the presence of an immense multitude, George Washington took the oath to support and defend the Constitution as first President of the United States. Wall street was originally taken up with priva:e residences, and the old views represent it as well shaded with trees. Even as late as 1830 it presented a very rural appearance between Broadway and Wil- liam street. Prior to the Revolution, the lower part of the street had been built up with stores as far as Front street, and had become the centre of mercantile affairs in the city, the row of stores on Wall street being the first erected beyond Water street. About the year 1792, the old Tontine Coft'ee House was erected on the northwest corner of Wall and Water streets, and this become the favorite rendezvous for the city merchants, by whom, indeed, it was erected and controlled. In 1791 the Bank of New York was located at the corner of William street, and marked the first encroachment upon the strictly private por- tion of the street. It was also the first effort to make WALL STREET AND STOCK EXCHANGE. 121 of a . was neral f the The vithin Lcious itude, t and Jnited )nva ;e s well nted Wil- part far as antile street About e was Water us for erected rk was arked [te por- make se r this locality the centre of the financial optn-ations of the city. Other institutions and private bankers soon followed, and the character and architecture of the street bei^an to undergo a change. The work of im- provement went on steadily, and the Wall street of to-day is the result. Wall StnM't Celebrities. Famous lawyers have also had their offices in this street. Alexander Hamilton's siofn miirht once have been seen here, not far from where his humble monu- ment now stands in Trinity churchyard, and the name of Caleb Gushing is still tu be found near a doorway just below Broadway. The street fairly began its present career in the days of Jacob Litde, " the great bear of Wall street." He opened an office here in 1822, and by dint of such labor as few men are capable of performing, placed himself at the head of American operators. His credit was good for any amount, and his integrity was unimpeachable. He could sway the market as he pleased, and his contracts were met with a punctuality and fidelity which made '* his word as good as his bond." Efforts were made to ruin him, but his genius and far-sightedness enabled him to defeat all his enemies with their own weapons. His gains were enormous, and so were his losses. The civil war brought upon him disasters which he could not surmount, and he died poor in the early part of 1861, leaving behind him one of the names of which New York is proud. I '.'J ^,; 1 iJ OBBBEE 122 LIFE UF JAY GOULD. At the corner of Nassau street, and looking down into Broad street, is the Sub-Treasury of the United States, a haudsonK.' white marble edifice. It is built in the Doric style of architecture!, and its massive llij^dit of steps ami imposing portico give to it a striking ap- pearance. It is constructed in the most substantial manner, and has a rear entrance on Pine street. (jrov<>i-iiiii< lit Vaults. The interior is handsomely arranged, and tasteful but secure iron gratings protect the emplo)ecs from surprise and robbery. The vaults are burglar proof. This is the principal depository of the Federal Gov- ernment, and millions of dollars are always in its vaults. The buildinijf was erected for, and was used for some years as, a Custom House. From the steps of the Treasury one may enjoy a fine view of the entire street, and of Broad street also. About the hour of noon the scene is busy and exciting. The roadway in Wall street is full of struggling vehi- cles, and long rows of cabs bland in waiting in Broad street for the busy operators within the Exchanges. The sidewalks are crowded with an eager, hurrying thronof. The steps and street around the Stock Exchange, in Broad street, are black with men who are shouting, pushing, and struggling in the effort to turn the trans- actions of the day to their advantage. Overhead is an intricate maze of telegraph wires, along which flow the quick and feverish pulsations of the great financial heart of the country. The sunlight falls brightly and I o > ?3 5i Wi Hi* o iown nited built nii^ht antial asU;ful s from proot. .1 Cov- in its IS used ;njoy a ;et also, xcitiiv^-. Iicr vehi" n Broad bhanges. lurrying xhange, Ihouting, ke trans- rhead is IVich flow financial ditly and ' 11 ]24 LIFE OF JAY GOULD. cheerily over it all, and at intervals the clear, sweet chimes of old Trinity come floating down the street high above the noise and strife below them. Famous Buildiiijj^K. Diagonally opposite the Treasury, and at the corner of William street, is the Custom House, which occu- pies the irregular square bounded by Wall street. Exchange Place, William street, and Hanover street. It is one of the finest and best arranged edifices in the city. Just below the Custom House is the handsome marble building of Brown Brothers, one of the model houses of New York, as regards both the firm and the edifice. The Messrs. Brown are regarded as the most reliable and accomplished operators in the street. The Drexels occupy and own the handsome white marble building at the corner of Broad street, oppo- site the Treasury, and there conduct the New York branch of their enormous business. A few years ago they purchased the ground on which their building stands, paying for it the highest sum ever paid for real estate in any of the great cities of Europe or America. Other firms, of more or less eminence, fill the street. Some have fine, showy ofiices, others operate in dark, dingy holes. The Stock Exchange. The Stock Exchanofe is located on the west side of Broad street, just out of Wall street. It is a fine white marble edifice, with a portico of iron, painted flashily in black and gold. It extends back to New jweet street :orner occu- 3treet, street. in the dsome model ind the le most pt 2 white , oppo- V York irs ago ►uilding for real merica. street. n dark, side of a fine painted to New WALL STREET AND STOCK EXCHANGE. 125 Street, with an entrance on that street. It contains the " New York Stock Exchange," the " Mining Board," and the " Government Board." During the spring and summer of 1871 the internal arrangements of the building were very much im- proved. The refitting cost the brokers ^60,000, but they now have the handsomest establishment of its kind in the world. The main entrance is on Broad street, and from this the visitor passes into a room, the larger portion of which is separated from the Broad street end by an iron railing. This is "The Long Room," and during the day it is almost always filled with a noisy and not over-nice crowd. It is the scene of the irregular sales of stocks. Any one who can raise ^50 can purchase a season ticket to this hall, and once admitted can sell and purchase stocks without being a member of the Regular Board. Beautiful Apartments, This arrangement has nearly put an end to the sales of stocks on the sidewalks, and has given a tinge of respectability to the class known as " Curb- stone Brokers." A dozen or more different stocks may be sold here at once, and the sale may be con- tinued as long as the seller sees fit. There is no reg- ular organization of the brokers operating here, though these men control the bulk of the sales made in the street. They are noisy and seem half demented in their frantic efforts to make sales! The " Stock Exchange " occupies the main hall, r 126 LIFE OF JAY GOULD. ^f , ; which is on the floor above the Lena- Room. This ^^^^^^^^^^^^^^Si-Hl:- hall is one of the most ^^^i5^^^SS8Sii beautiful apartments in the city. It is sev- I enty-four feet lone, I fik\'-four feet wide, and fifty-two feet four in{:h(?s high. Its lofty ceiling is arched and t decorated with bright red and buff pencil- ing upon a sky-blue ■j' ground, while the l^g walls are relieved by broad square pilas- ters, painted in bril- liant bronze, with tall :^ windows and arched tops rising between, WM tind other spaces be- twetn the columns ~fc covered with drapery pm^ in more subdued col- Efe^ ors. Up to a few feet from the floor the painting is in a dark-hued bronze. The coloring is in the Moorish style, and the THE STOCK EXCHANGE. effect of the whole is very fine throughout. ftA^. , This most nents 3 sev- long, wide, t four s lofty- id and brif^ht pencil- y-bluc the 'ed by pilas- [11 bril- th tall rched tween, :es be- lli mns rapery :d col- a few floor s in a ) n z e . m n the dthe o 7*1 71 'jri O 1— t n H > H o 7) W w (127) f^ I mi l;]f : ! .. i ii III 128 Life of jay gould. At the north end is the platform for the desks of the Vice-President and Secretary, and on each side of this is a black-board for recording- the quotations of the session. On the same platform are the desk and instrument of the stock telegraph operator. At the south end of the hall is a light gallery ca- pable of holding 200 persons, for the use of visitors. In connection with the hall arc several committee, cloak and ante-rooms. In the centre of the ceilincj is a huge ventilator, beneath which is suspended the lighting apparatus, containing 100 burners. A cham- ber five feet in depth underlies the hall and the ad- joining lobby, and in it are laid pipes for conducting warm air. At the base of the walls is an open iron grating covering the apertures of a shaft leading from the engine-room. Through this shaft warm air is forced into the hall in winter, and cool air in summer, thus securing perfect ventilation. Stock Exeliaiij^e Board. The Stock Exchange Board is an Incorporated company, and is the only law ful association in the city for the transaction of business coimected with stocks. It consists of 1050 members, but the control of its affairs is vested in a council of forty members, to- gether with the President, Secretary and Treasurer in their unofficial capacity. The admission fee is $5000, and a seat in the Board becomes the absolute personal property of the broker, who can sell or otherwise dispose of it as he would of his watch or his coat. cs of side Ltions h: and ry ca- ntors, littee, ing is d the cham- le ad- .ictintT 1 iron r from ) n m air IS I iimer, 1 Drated le city tocks. of its rs, to- isurer fee is solute ■1 ell or -1 ;ch or WALL STREET AND STOCK EXCHANGE. 129 Candidates are admitted by ballot and with great care, the object being to secure the exclusion of all but men of known integrity, for the Board requires the most scrupulous good faith in the transactions of all its members. Four black balls will prevent the admission of a candidate whether he wishes to enter by purchase or otherwise. Candidates must submit to a close scrutiny of their previous lives, and must show a clear record. There are two daily sessions of the Board, one in the mornincr and the other in the afternoon. The securities offered at these meetinors are divided into two classes, the Kegular and the Free List. No stock or \ u . can be dealt in until it has been rigidly ex- amined by a committee, and found to be a bona fide security. At half-past ten o'clock in the morning, the Morn- ing Board is called to order by the First Vice-Presi- dent. The Regular List, which is made up in advance of the meeting, must always be called, and called first. The Free List mav be called or not at the option of the Board. The Regular List consists of 1st, Miscellaneous Stocks. 2d. Railroad Stocks. 3d. State Bonds. 4th. City Stocks. 5. Railroad Bonds. Mode of Opcratiou, The session opens with the reading of the minutes of the previous day. Then comes the call of the Reirular List. The call of Miscellaneous Stocks awakens but little excitement. Bids follow quickly I : * il 5*! \\ 1 , !■ ml lit. 130 LIFE OF JAY GOULD. Hi Upon the announcement of the stocks, n.nd the trans- actions, as they are announced by tl ^ cries of the brokers, are repeated by the \'ice-President to the Assistant Secretary, who records them in the journal, and they are also recorded by a clerk on a black- board in full view of the members. Where there is a doubt respecting- a sale or purchase the Vice-Presi- dent decides, and his decision is final, unless reversed by the votes of a majority of the members present. The call of railroad securities brings the brokers to their feet, and the real business of the day begins. Offers and bids, shouted in deep bass, high treble, or shrill falsetto, resound through the hall, and in a few minutes the jovial-looking brokers seem to be on the verge of madness. How they yell and shout, and stamp, and gesticulate. A Roaring' 3Iob. The roar and confusion are bewilderino- to a stranger, but the keen, practised ears of the Vice- President at once recoi2:nize the various transactions, and down they go in the Secretary's book, and on the black-board, while the *solemn-visagecl telegraph operator sends them clicking into every broker's of- fice in the city. High over all rings the voice of Peter, the keeper of the gate, calling out members for whom teleo^rams or visitors have arrived. The other stocks awaken more or less excitement, and when the Regular List is completed, the Free List is in order, and the Vice-President calls such stocks as the members express a desire to deal in. Then, unless trans- )f the o the urnal, black- ere is Presi- /ersed ent. :ers to )ecrins. ble, or a few on the It, and to a Vice- Lctions, on the raph er s of- fice of 1)0 rs for •cr\ ement, ee List ocks as unless .1 i^t m i 132 LIFE OF JAY GOULD. there is a wish to call up some stock hastily passed over on the call of the Regular List, the session closes. At one o'clock the afternoon session is held, and the routine of the morninof is orone over a^2oo,ooo or^ 300,000 The order was given, the stock released, il J;^ P ■1)1 '!. I 142 LIFE OF JAY GOULD. and the day after the consoHdation was effected which made the stock worth its face vaUie, or ^^3,000,000. In 1888 an action was brought by the bondholders through three New York lawyers to compel a restitu- tion of the value of this stock. District-Attorney (afterwards Judge) Martine and his successor, Dis- trict-Attorney Fellows, brought the facts before the Grand Jury, the chairman of which, Mr. Havens, had been a fellow-director of Gould in Jersey Central. The jury, on a ruling by Judge i "owing that the statute of limitations prevented a criminal action, refused to brinof in an indictment. This rulinor was afterwards upheld by Recorder Smyth. The Wizard Disappears. While criminal proceedings were being agitated Gould went away on a long ocean trip, on his yacht, returnino^ after the matter had been settled. On his return he attacked his prosecutors with a virulence which he had never displayed before, and filled the columns of the newspapers with interviews. In one of these he declared that the attack upon him was the result of a conspiracy and blackmail, and that the powers behind the criminal proceedings were "a newspaper" (meaning the Herald), "a cable com- pany " (referring to the Mackey-Bennett Company) " and a woman." The latter was understood to be the wife of an officer of one of Gould's railroads who had brought suit for divorce. This brinorincr of a woman into the case created a ofreat sensation. A few days later Gould made a bitter personal at- GOULD AND THE PACIFIC RAILROADS. 143 which CO. ciders estitu- torney r, Dis- re the IS, had entral. statute ised to rwards ^itated yacht, On his Lilence sd the upon il, and s were e com- ipany) be the ho had voman lal at- tack on James Gordon Bennett, of the Herald, calHng in question his personal and social character, and re- citing incidents unfit for publication. This was the first time in his life that Gould appeared to be thor- oughly "rattled;" the first time that he let down the curtain of mystery with which he had so long covered himself, and the first time that he broke that silence which was his best weapon. How he Did It. This is a good place to quote from Gould's testi- mony before the Pacific Railroad Commission, as it gives an insight into his theory of railroad operations. " I consider," he said, " the past a good thing to judge a road by, but the future more. I have been all my life dealing in railroads, that is, since before I came of age. I always bought on the future; that's how I made my money. The bonds on the first road I bought were down to lo cents. I built up the road and sold them for $i 25. That's the reason I went into the Kansas Pacific and the Union Pacific. But I saw the Kansas Pacific was going to develop faster than the Union Pacific." After Mr. Gould came in possession of the Wabash system, he was impelled by force of circumstances to get control of Missouri Pacific in order to protect his Wabash interests. The Wabash system had been built up by the amalgamation of sixty-eight different railroad corporations, and Mr. Gould was bitterly as- sailed for some of the financial methods with which he worked out his great consolidation scheme. :ii'« •*i'. \¥ 1 1^ 1 1 144 LIFE OF JAY GOULD. ill! : iHi: The Wabash system finally got Into the hands of a receiver, and the hody-contested litigation which fol- lowed the efforts of the security holders to wrest the property from Gould's control, culminated in a strong- anti-Gould decision by Judge Walter Q. Gresham, of the United States District Court. Sudden Rise in a IJailroad. The Missouri Pacific Railroad was owned iti 1880 by Commodore Garrison, who was not friendly to Mr. Gould. The latter sent Russell Saq^e to find out how much the Commodore would take for his interest in the Missouri Pacific. The Commodore said that $2,000,000 would be about right. Sage offered $1,500,000 and Garrison shook his head brusquely. The next day Sage returned and offered to close the bargain at $2,000,000. '* No," said the Commodore, " the price has advanced to $2,800,000." " Pooh, pooh !" said Sage, and he went back and reported to Mr. Gould. The next day Gould went himself and told Garri- son that he would take his stock at $2,800,000. The Commodore replied that the stock had advanced in price to $3,800,000, and it would continue to go up $ 1 ,000,000 a day. Gould closed the bargain on the spot, giving Garrison his check for $3,800,000. The Missouri Pacific stock subsequently became very much depressed in the stock market, and a great many weak stockholders were obliged to let go. Gould was always ready to buy. After a while he consolidated the Missouri Pacific with the Iron Moun- GOULD AND THE TACIFIC RAILROADS. 145 ds of a lich fol- est the strong lam, of in 1880 y to Mr. out how terest hi lid that offered •usquely. :lose the imodore, Pooh, orted to d Garri- )0. The meed in o go up on the • became a ei'eat let go. Iwhile he n Moun- tain and the International and Great Northern, and Missouri Pacific stock went up rapidly. The Iron Mountain was a first-class money-earning road. Coiitroll* r of 5()00 Miles of Itailrojid. This consolidation gave Mr. Gould a southwestern railroad syst'jm of more than 5000 miles, which he subsequently extended largely. In speaking of his development of the Missouri Pacific system to a Sen- ate committee, Mr. Goukl remarked: "I did not care about making money with it. 1 had got beyond that point where I cared about making money for myself. I was chiefly interested in convincing myself and others that I could make an effective and financially success- ful railroad combination." Mr. Gould's policy while in control of the Union Pacific- was such as greatly to curtail the earning power of the Kansas Pacific road, which was a natural de- pendent on the Union Pacific. Consequently the marketable value of Kansas Pacific stock went down to almost nothing. Gould bought much of it. It was then that the consolidation of the Kansas Pacific and the Denver Pacific with the Union Pacific was sue- gested. Mr. Gould was committed to the scheme. Before it was completed Gould had got control of the Mis- souri Pacific, and although still in the Union Pacific directory, he threatened* to build a short line connect- ing the Kansas Pacific with the Colorado Central, and thus, with the Missouri Pacific, forminof a stronof com- peting line to the Pacific coast. -This frightened the 10 1^1 m m • 'm I'l ff' ' iJ 146 LIFE OF JAY GOULD. i1: l!liiiiliiii«iiiiWiiwiW'isiiiwi«i» THE PARK BANK, BROADWAY, NEW YORK. Boston directors of the Union Pacific, and they hast- ened to Gould's house and insisted upon his standing by the consolidation-agreement. GOULD AND THE PACIFIC RAILROADS. 147 ;y hast- tanding " Lost a Good Thiiij?." Gould subsequently testified that he offered the Boston people his check for jjsi, 000,000 to h^t him out of the agreement, but they declined and remained with him until he signed a binding contract to stand by the agreement. In his testimony before the Pacific Rail- way Commission in 1SS7, Mr. Gould ruefully remarked that he lost a o^ood thinof when he abanthined his Mis- sour! Pacific extension scheme, and at the snmn time frankly admitted that the success of that scheme would have resulted in wiping out the Government's claim of $17,000,000 against the Union Pacific. When the Union Pacific consolidation was com[)leted Gould was found to be the larofest holder of the secu- rities of all the subordinate roads. The Kansas Pacific road owed him $2,000,000, he owned $2,000,000 of Denver Pacific securities, and he and Russell Sage were trustees for $3,000,000 of Denver Pacific bonds which had been in the Kansas Pacific treasurv. All of Gould's stocks in the subordinate roads were turned into the Union Pacific consolidation at par and over. Here he reaped extraordinary profits. For instance, on January 17, 1880 (before the consolida- tion), Kansas Pacific stock was worth but $2 or $3 a share. On January 24, 1880 (after the consolidation), it was rated at par. Those Trust Bonds. Some time afterward, when a committee of Kansas Pacific bondholders took hold of that property and reorganized it, they found that the $3,000,000 of trust v\ f m iiiit 148 LIFE OF JAY GOULD. bonds were missing. The Messrs. Gould and Sage gave no other explanation than that the bonds had been released from th trust. By what authority the release was effected v.t b never made known. Suits were brought ao-ainst Gould and Saofe for fraud and larceny, and District Attorney John R. Fellows was appealed to to prosecute them. Mr. Fellows, how- ever, regarded the defendants* plea of the Statute of Limitations as effective, and the criminal char^res were pi^Teonholed. Mr. Gould went to Europe about the time this matter was being agitated. Mr. Gould was questioned about the release of that Js3,ooo,ooo trust fund by E. Ellery Anderson of the Pacific Railway Commission, in 1887, and he said: "I considered that it was the only thing to do, and I stand on what was done. I am ready to take the re- sponsibility for it that day, or this day, or any other day." A Great Kaili'oad Strike. One of the most memorable events connected with Gould's manaorement of the Missouri Pacific was the great Knights of Labor strike in 1885, which disabled the road for a lonof time. An interestincr feature of the strike was a Sunday conference at Mr. Gould's house between him and General Master Workman Powderly, at which negotiations for a settlement were entered into. The foremost representatives of capital and labor thus met to settle vital questions at issue affecting the wealth of the capitalists and the liveli- Sage Is had ity the Suits ucl and vs was s, how- tute of es were out the i of that n of the, 5aid: m' 3, and I t the re- ny other ed with was the disabled ature of Gould's /orkman ent were 3f capital at issue ne liveli- GOULD AND THE PACIFIC RAILROADS. 149 hood of the workingmen. Mr. Gould said to the Senate Committee on Labor and Education : "I have been all my life a laborer or an employer of laborers. Strikes come from various causes, but are principally brought about by the poorest, and therefore the dissatisfied element. The best workers generally look forward to advancement in the ranks or save money enough to go into business on their own account. Though there may be few advanced positions to be filled, there is a large number of men trying to get them. They get better pay here than in any other country, and that is why they come here. My idea is that if capital and labor are let alone they will mutually regulate each other. People who think they can regulate all mankind and get wrong ideas which they believe to be panaceas for every ill cause much trouble to both employers and employees by their interference." To the Concrressional Committee which investiirated the Missouri Pacific Strike he said: "I am in favor of arbitration as an easy way of settling differences be- tween corporations and their employees." ! \\\ *IR^ P CHAPTER X. m r. IMf, I »fi i Gould and the New York Elevated Railroads. Mr. Gould turned his attention to the elevated rail- roads in New York city, early in 1881. The Man- hattan Company was then in control of all the lines as lessee, and to Mr. Gould's keen vision that com- pany presented the appearance of being- on the verge of financial disaster. The Manhattan Company had issued $'13,000,000 of stock — pure water — and had divided the same equally between the Metropolitan and the New York Companies. There was much criticism of the action of the Man- hattan Corporation in issuing so large a quantity of stock, which was wholly unrepresented by property. The Attorney-General of the State, Hamilton Ward, obtained permission from Judge Donohue, May 18, 1 88 1, to begin a suit for the dissolution of the Man- hattan Company's charter and the appointment of a receiver. Other suits were becrun about the same time to restrain the Manhattan Company from paying any dividends on its stock. Of course those suits tended to depress Manhattan stock in the stock market. Mr. Gould, naturally enough, came into control of this great system, which carries 600,000 passengers (160) 'II THE ELKTATED RAILROADS. 151 ■r^i oads. d rail- Man- i lines t com- : verge ny had id had ipohtaii Man- tity of operty. Ward, lay 1 8, Man- nt of a ; same paying se suits 2 stock 1 trol of sengers every day, through a consoHdation and the " water- ing " of stock. As already stated, there were three elevated roads — the Metropolitan (formerly the "(jil- bert," named after the originator. Dr. Gilbert), of which S. H. Kneeland was President ; the second, the New York, of which Cyrus W. Field was President and of which Samuel J. Tilden was once a heavy stockholder, and the third, the Manhattan, of which Jay Gould and Russell Sage were the owners. A PaiKT CoiK't'i'ii. The Metropolitan and the New York were bona- fide companies, actually owning railroads and rolling stock, but the Manhattan was a •' paper " company, havino; a nominal charter and an oro^anization, but not one inch of road. Yet these three companies were consolidated on equal terms, and Gould, Sage, and Field became the owners. Later the control narrowed down to Gould and Sacfe. Saofe, Field, and Kneeland are remarkable' charac- ters in Wall street history, and their names are in- timately identified with Gould's — Sage and P^ield as associates, and Kneeland as an unpurchasable oppo- nent. Russell Sage is one of the richest men of his genera- tion. He came originally from Troy, where he ran a bank, and whose district he represented in Congress before the war for one or two terms. Then he entered Wall street. Money-getting was his passion — not for the power and luxury which money can pur- chase, but for the mere pleasure of acquisition. He ■=n m 152 LIFE OF JAY GOULD. lived, it is true, on Fifth Avenue and gave somewhat to charity, but his habits were economical ahnost to the point of penuriousness, and once a dollar got into his hands it did not ^jasily slip through them. A Powerful Ally. It should be said for him, however, that he was as careful of other people's money as of his own. This was the man who for many years was Gould's most intimate business associate, a director in all his com- panies and a partner in all his schemes. Gould esti- mated Sage's wtjalth at ^50,000,000 and their com- bined capital was thus enormous. Sage was chielly a money-lender in Wall street. I le carried an im- mense amount of ready cash and was of incalculable aid to Gould in all his undertakinijs. It is indeed one of the traditions of the street that Sage saved Gould from 1 in at a time when he was hotly pressed by James R. Keene and other bear operators. Field wa;' a different kind of a man. He liked money, but oidy as a means to an end, and he shared for a time in the enterprises of Gould and Sage. At one time he was worth millions. Field's passion was love of fame. His brothers all ofained distinction in the professions: he sought aiid obtained distinction in commercial life. One of his brothers sat on the Supreme Bench of his country. Another was a leader of the New York Bar. A third was a noted clergy- man, editor, and traveller. :rgy- iin7j^Ai'ii'iri,iii^i!jiiiiiiiiiiiiii,,, '!-fPANIES. 1^7 was elected president of the company. Mr. Gould got into the Western Union Company through the NASSAU STREEl' NEW YORK. American Union Teleqraph Company, which he then controll(Ml, and which he used as a 1 ever to get into .ir i 1' the Western Union Company. Through an outside 1G8 LIFE OF JAY GOULD. agreement, when Mr. Gould's company was taken into the \V(;stern Union Company, four of the directors of Liiis company were also taken as directors of the Western Union. They were Jay Gould, Russell Sage, T. C. T. Kckert and Frederick Ames. " Mr. Gould had been gunning for the Western. Union Company for twenty years. I it! was extremely anxious to get control of it. To do this he first se- cured the control of a dilapidated company known as the Adantic and Pacific Telegraph Company. He; bolstered up the stock of this company and finally got it taken into the Western Union, through a poolin CV ft arrancrement. Gcttiiij;: Ready to Btiy. " He was more successful, however, in breaking down the Western Union stock with the American Union Company. With this company he worked the stock of the Western Union Company so low that he could afford to buy it. As the Western Union went down Gould bought: it quiedy, and when the November meeting of 1881 was held, at which Gould went into the company, it was found diat Mr. Gould held more of the Western Union stock than did William H. Van- derbilt, who was supposed to own more stock in the company than any one else did. " Mr. Gould then controlled f 30,000,000 of the Western Union stock. About five years ago he re- duced his holdings in this company to |^20.ooo,ooo, which he has since held. Mr. Gould always had great fifi SUPREME DICTATOR OF TELEGRAPH COMPANIES. 169 into tors the .age, ;tern. mely t se- \jn as He y g^>^ •oling down Jnion stock could dow\': imber t into more Van- n the )f the he re- lo.ooo, great faith in the Western Union Company, and lie looked upon it as a safe investment stock. A W m m i I' ') . ';h I! 170 LIFE OF JAY GOULD. I^Iltlf were also strained for money. Tlicy wantc d me to increase my margins from lo to 20 per cent. Help in Need. "In view of the situation I went to Mr. Gould, showed him my securities and asked him wha^ I ou^'ht to do. He looked them over and said he would t(^ll me what he thou^dit at luncheon time. At that hour when we met, Mr. Gould put his hand on my shoulder and said : ' Mr. Green, I have arranged for you to borrow $450,000,' naming a certain trust company, 'and as your securities will not quite secure that amount, I will send Geornje over to the office of tlie company this afternoon \.ith ^^50,000 Missouri Pacific bonds and secure the money for tl e loan.' Mr. Gould never asked me for collateral or for interest. It wds a simple loan. " As the manager of a corporation, Mr. Gould was a close man, but when an appeal was made to him he acted most generously. There was the case of the head of a department '-^ the Western Union Company, who, when he present ... his report for a period, accom- panied it with a request of a raise in his salary of from j^2400 to $3000 a year. Some of the directors did not seem to be willing to vote to make the increase, but Mr. Sage said: 'Wait until Mr. Gould comes in and see what he says.* When he reached the meeting- room the case was put to him. Mr. Gould looked over the report carefully and said : 'If that man made out this report he is entitled to the salary that he asks. He is a valuable man.' The salary was voted to him." c r i « t h ii Vi SUPREME DICTATOR OF TELEGRAi'H COMPANIES HI Dr. Green would not ma^.e an estimaie as in Mr. Gould's wealth, but he said : "I know that Mr. Gould held $20,000,000 '>orln o( Missouri Pacific, $20,000,000 of Manhattan 3 le^/ated Railroad, and $20,000,000 of Western Union. He always haa great faith in these companies, and he told me some time ago, that he wanted them to be retained in his estate. He believed that Missouri Pacific stock would go to 120, Western Union to 150, and Manhat- tan to 200. It was always his idea that this part of his fortune should not be dissipated. I do know this in repfard to Mr. Gould: He never carried a dollar's v»^orth of life insurance in his life." , ii: i img- )ked lade Lsks. mi. m m ■ i i\ CHAPTER XII. Important Events in Gould's Career. IV) write an account of Gould's career in Wall street would be equal to the task of writing a history of Wall street itself, and besides, his important Wall street operations w^ere closely allied with his outside enterprises, of which a full account has been given. There remain only two or tliree incidents of com- maudini^r interest out of the mass of material which could b(; used. The most dramatic of these was the pommelling of Jay (njuld by Major A. A. Selover in August, 1877. Selover was a Californian, a six-footer, a blond, mus- cular and vigorous. He first attained prominence in Wall street when James R. Keene came East after his successful mining operations in San Francisco, by which he achieved a fortune of $8,000,000. Keene was a daring, almost foolhardy stock gam- l)ler. He always played for big stakes and took enormous chances. His success in San Francisco had been so orreat that he entered Wall street with the idea uf clearino- all before him. He tackled Gould as the biggest animal in the arena, but found to his sorrow that he had to deal with a man more able than he, scarcely less daring but far more cautious. In a few (172) o en H 6 n O ?1 '^ fe (ram- took 1 CISCO h the Id as 3rrow m he, a few h3 o H I O I— < o '^ O ?1 (173) 4 l'\ m 174 LIFE OF JAY COULD. years Keene's wealth had dwindled away, and early in 1884 he failed, owing hundreds of thousands of dol- lars in the shape of " puts," " calls " and •' straddles." Loses $1,000,000 Yearly. He dropped at the rate of about a million dollars a year in Wall street, and no small proportion of this found its way into the pockets of Gould. Yet Keene at one time was thought to have outmatched Gould. Selover introduced Keene to Gould, and acted as go- between for them in certain operations in which both were interested. Early in 1877 the two men com- bined forces in one deal. That is to say, they joined in one enterprise and fought each other behind each other's back. It was a case of diamond cut diamond. Keene formed a big pool, and beginning to fight Gould, finally went over to him ; being led into this change largely through the instrumentality of Selover. Both Keene and Selover then operated on an un- derstanding with Gould, but soon found, as they charged, that Gould was secretly selling them out. Gould and Keene had a stormy scene in Russell Sage's office, when Keene is sai-^ to have bran- dished a pistol in Gould's face. The deal had been mainly in Western Union, which Gould did not then control, and Atlantic and Pacific, which he did control. Gould's double-dealing not only made Keene very mad, but made Selover very desperate. He hiid placed reliance in Gould's statements and had suffered loss, and resolved upon revenge. IMPORTANT KVENTS IN GOULDS CAliEER. 175 Selover Assaults Gould. Accordincrly, on the 2d of August, 1877, while walk- ing down Exchange place from Broadway, Selover, meeting Gould walking up to the office of Belden & Co., No. 80 Broadway, of which he was then a part- ner, first engaged him in what app^^ared to be an amicable conversation but soon resulted in an assault. Selover tirst struck Gould in the face and then dropped him over an areaway at No. 65 Kxcliange place which was seven or eight feet deep. Mr Gould was a good deal shaken up, but not seriously injured. Selover left to go to his brokers and Gould proceeded to transact his business as usual. Me was assisted from the areaway, singularly enough, by George Crouch, who has been identified with several incidents in Gould's career from the days of Erie and Black Friday to the Kansas Pacific criminal prosecution, and who was one-third artist, one-third newspaper man and one-third speculator. The Selover incident created an immense sensa- tion at the time and the newspapers printed columns about it. Selover became quite a hero, for while there was nothing very courageous in his assault from a physical point of view, as he was more than a match for timid little Mr. Gould, yet to attack Gould was considered by many an act of moral bravery. Reason for the Attack. Selover declared that he had attacked Gould be- cause Gould had been guilty of fraud, lying and duplicity. Gould, he said, had made arrangements ;;}':,;■' I7f) LIFE OF JAV fiOULD. with him to oo short on Western Union, and while he (Selover) was seUinLT accordifit'lv in ltoocI faitli he discovered that Gould was buying lieavily. When he learned of diis he determined to punish him the first time he met him, and so he had charijed him with th(^ fraud and slappc^d his face. "I attacked him on my own account alone," he adiled, "and regardlc..; of the fact that he had played Jim K<;ene the same; trick. He is notoriously treacherous, and this is not the first time he has been punished for die same offence." Poor Mr. Selover never amounted to very much in Wall street after this, thou^^h hr. continued to be seen there daily. Ciould after this incident rarely appeareil in the street unless accompanied by stalwart G. P. Morosini. It is related that not lonof after this Keene came near oettin<' his revenofe on CjouKI. The latter was putting- all his energies into Union Pacific and carry- ing 5(^2 2,000,000 of the stock, mostly in margin^. Keene organized an opposition party and nearly suc- ceeded in breaking- Gould. Saire, however, came- to the latter's assistance with if^2,ooo,ooo of much-ne(ided cash and Gould was saved. Keene's purpose was to drive Gould from the street forever, but ht; not onh' failed, but in a few years he was himself a bankrupt, with Gould more powerful and richer than ever. Startliiij;' Rmnors in Wall Street. Rumors of Gould's death and of his impending bankruptcy were not unfrequently circulated in Wall street. Rumors of death could be easily disproved, witl on the and Mi was .rry- suc- X'. t() IS to only rupt. 'all )ved, IMPOKTANT EVENTS IX GOULDS CAKKER. 1 t ( Lilt once, at least, the street was firnilv convinrrd that (joukl was in financial (lifficiilti(-'s, and (iouKl was obliged to exhibit his wealtli in order to prove that he was solvent. On March 13, 1882. Gould exhibited to Sai^e, lMi, with the revelations which followed of embez; ej % ^f 1.0 I.I 1.25 e IM u us 1.4 Photographic Sciences Corporation 1.6 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 V iV ^9> .V n>' :\ \ fs *> 6^ >> ^"^ .s. "% ?c^^ I I J! ji; 178 LIFE OF JAY GOULD. York and two baiiks in Brooklyn and Newark, caused a panic like that of 1869 ^^^^ ^^7o^ ^^^^^ from the de- pressing effects of which the street did not rally for several years. Gould's fortune melted like snow in the decline of values wdiich accompanied this panic. He came out of it probably ^20,000,000 poorer than when it began. But this loss, it is true, was chiefly on paper. He was able to hold most of his securities, the value of which afterwards increased. But it is believed that he was at one time very hotly pressed. His associate, Russell Sage, lost millions in the decline by his opera- tions in puts and calls. His office was besieged by a mob clamorous for their profits. The old man reluc- tantly paid up, and, badly scared and sick at heart, retired from the street for a while, hoarding the $40,- 000,000 or $45,000,000 which was still left to solace him. Two Notable Men. The men who chiefly profited by the great decline were Charles F. Woerishoffer and Addison Cammack, the leaders of a smJ-. but powerful bear party, which for several years had been preparing for this depres- sion, and by all the bear tactics, of which they were masters, assisting in the downward movement. They were two men of mark. Woerishoffer was the supe- rior in mind and nerve. When he died in 1886, while under forty years of age, he was worth, it is said, ji8,ooo,ooo to J^ 1 0,000,000, the result of his daring speculation. He was probably the ablest stock specu- ecline ack, Iwhich pres- were They supe- while said, aring pecu- IMPORTANT EVENTS IN GOULDS CAREEK. 179 lator Wall street has ever seen, not exceptini^ Gould, whose principal success, it should be remembered, was in operations outside of the street. WoerisholTer was by birth a German, and was the son-in-law of Oswald Ottendorfer. Some of the most successful men in Wall street, it may be remarked, are Germans or of German descent, as for instance, Vil- lard, who after his collapse in 1884 ^"^^^d recovered in 1888 the ground he had lost; August Belmont, the banker, the Wormsers and the Seligmans. Cammack was a man of much coarser nature than Woerishoffer. He came originally from the South, and the Wall street tradition was that he had been a slave-driver by profession. Gould Keported to be in Straits. Gruff in his manners, uncouth in his language, he yet had qualities as a speculator which made him a power in the street. These two men, with their fol- lowing, are believed to have very nearly driven Gould to the wall in 1884, and the story is that Gould might have gone down if Cammack — of all men — had not relented. This story, like many others told in Wall street, probably has a mixture of truth and fiction. In 1887 and 1888 Cammack was very evidently in al- liance with Gould in stock operations. Gould was not a member of the Stock Exchange, thoucrh he was often the bi^^i^est customer the institu- tion had. He was, however, almost always in general or special partnership with some member of the Ex- change and thus obtained all the advantages of ill r,- . ; .. II r ' 1 ■ j ' i! !i If; 180 TIFE OF JAY GOULD. personal membership. After the cHssohition of the house of Smith, Gould and Martin, Gould became the silent partner in the firm of William Belden & Co. This was succeeded by the famous house of W. E. Connor & Co., which lasted about ten years and which engineered some of Mr. Gould's most successful deals. At the time Mr. Gould retired from the firm, in 1886, it was composed of himself as special partner, and of Washinoton E. Connor, G. P. Morosini and George J. Gould, the great operator's eldest son. Mr. Connor was the ideal broker and perhaps the most valuable lieutenant Mr. Gould ever had. Very enterprising in carrying out the interests of his master, he was faithful to the last minute to him. Always True to liis Chief. Tempting offers were made to buy him off at various times, and he might have made several fortunes in be- traying the confidences of his chief, but it is believed he was always true. Like Morosini, he allied his in- terests to those of Gould and profited by the connec- tion. When the firm dissolved, Gould said of his partners: "Both are very rich men. Mr. Connor is worth at least a million, and Mr. Morosini two or three times as much. The new firm will have my heartiest good will in whatever it undertakes. Between Mr. Connor, Mr. Morosini and myself there has never been an interruption of good feeling." Mr. Connor was not only faithful, but quick and shrewd in his judgments. Upon him rested nearly itri IMPORTANT EVENTS IN GOULDS CAREER. 181 all the details of the best operations of the house. These o[)erations often required the assistance of fifty or sixty brokers. Often these brokers did not know that they were working for the same client. Some- times they were ignorant even of the fact that Gould was their client. The prime necessity in great stock operations is to conceal one's movements. Sometimes a part of the brokers might be selling and a part might be buying. Gould and Connor alone held the string-s of the intri- cate operations. Toil Millions by One Operation. One of the first great successful movements the house undertook was in Kansas Pacific in 1879. The stock within a period of a few months shot up from 8 to 97, and the bonds from 10 to no. Gould cleared nearly $10,000,000 by this operation. The most bril- liant feat accomplished by the house was performed when Gould acqu.- jd Western Union. Mr. Gould for a long time, as has been related, had been an uncom- promising bear on the stock. The whole street was aware that he and his firm were heavily short of the stock. Suddenly the stock began to rush up. Gould was caucrht for Oiice, it was said. The truth was that Connor had eno;ineered the movement and Gould had not only bought in all his shorts but purchased enough stock to give him control of the company. It was also this house that pushed Western Union up from 78 to 91 and pushed Henry Smith and other bears to 1 \^f '^ I' %n^ 182 LIFE OF JAY GOULD. tlil cover their shorts at a heavy loss. It also handled the elevated railway deals. While Gould and the Beldens were in partnership at No. 80 Broadway, Connor had a small office in the rear. He was bri^^dit, sharp, sagacious, reticent, and nearly as well informed as Gould himself. Gould was drawn to Connor naturally, and when the former fell out with the Beldens, he and Connor formed a co-part- nership. Mr. Morosini for many years had been Mr. Gould's ri»an Friday, and was invariably seen with a large canvas bag following his employer to the safe deposit vaults and protecting him against any repe- tition of the Selover attack. Iiiinieiise Capital. Morosini went Into the new firm, whose limitation only ran from year to year. Connor and Morosini put in ^100,000 each, and Gould, as special partner, ^250,000. George Gould was admitted in 1881, but without paying in a cent. Although the nominal cap- ital of the house at all times has been 5)^450,000, the actual capital at times of great activity on " Change " ran up into the millions. But Mr. Connor was not Gould's only broker. Charles J. Osborn was for years one of Gould's closest lieutenants and associates, and a more dashing broker never stepped into the Stock Exchange. William Heath, ** the antelope of Wall street," as he was called because of his long legs and slender body, was also long a favorite with Gould. Heath was a master at keeping secrets. None of his customers nirORTANT EVENTS IN GOULDS CAREER. 183 could ever learn what his other customers were doing. His faithfulness, experience and ability, however, availed him little in the end. He assisted Gould on Black Friday and helped him in many a risky transaction. When Heath failed with Henry N. Smith in 1885, Mr. Gould, though, with Mr. Morosini, the principal creditor, did not come to his assistance It was thought that Gould would put him on his feet again, but he did not do so, and Heath — alone, broken in spirit and in fortune — died shortly after in Staten Island, but not until he had been lodged for a while in Ludlow street jail, a prisoner for debt. On the dissolution of W. E. Connor & Co., Dec. 31, 1885, Mr. Gould announced his permanent retire- ment from the str^^et. That perhaps was his intention (though he was as prolific in retirements as Patti), but it was not long before his presence was again felt in the Sfock Exchange. !■«' |a Ls a fijii CHAPTER XIII. The Great Union Pacific Deal. The f^rentcst financial transaction ever consummated in America is believed by many people to have been the creation of the Union Pacific Railway Company by Jay Gould. By a stroke of hnancial genius at once bold and adroit, he consolidated into that corporation other great railroad companies, assuming control of all. It will be remembered that the Union Pacific Railroad Company and Union Pacific Railway Com- pany are two distinct corporations. The former was die original company. It was in 1873 that Gould w^ent into Union Pacific. He bought about j> 10,000,000 of the stock, had it bound into a book and put it in a safe, as he told a friend at the time, " for his wife and family as an in- vestment." In 1878 Gould conceived the idea of a grand coup, and this was carried out so successfully that in sixty days he had made terms which netted him about j^2 1,000,000 in profits. He first ran over to Amsterdam from London, ar- riving there late in the morning. At 10 A. M. that day he notified the Dutch bondholders of the Denver Pa- cific that he would be pleased to meet them at 1 1 o'clock. Prompdy at that hour he met them, and at (184) i > C > t3 i > /2 -3 .n > — < O '^; -H — I '4 —i o > — ( o > "H O > I ':^f fas litl,/- III,: t'i'v '*.'■■ ' \. IP'- ''fill ' ^Vlv''' '^V iii ' !■ p ■'"■Hill ,' I. I „l !i .fM. mi i'l i^i if I tiiK=.vlv)'''!f| ■■..„' 0mm n I iiM'WJiSlfi: I I •.ly'.t'.'-ll' ■ I , ,-,'1 iiiil&i;i^ ""^ 'h •-■'V I'f i!' lI'^l.L \4 ' (185) I! * m 186 LIFE OF JAY GOULD. t| ^1 12 ht left Amsterdam with his gripsack full of the securities of the Dutch bondholders. By this means he captured control of the Denver Pacific. Inside ot ten hours he bouij^^ht out Commodore Garrison's in- terest in the Missouri Pacific. He bought out ex-Gov- ernor Ames's interest in the Central Branch of the Union Pacific, and he had previously formed a pool by which he acquired control of the Kansas Pacific. It Alarmed the Directors. One day the Union Pacific directors awoke to the alarming discovery that Mr. Gould had dropped out of their organization, and was surveying a line from Denver to Salt Lake City. The Kansas Pacific was utterly worthless, the Central branch had not earned any money for years, the Denver Pacific had been in very bad shape ; but when the Union Pacific directors discovered the extent of Mr. Gould's combinations, they lost no time in boarding a special car in Boston and rushing over to New York to see him about it. They went up to Mr. Gould's house and were there gathered in by him on the consolidation of the three roads, all of their stocks being exchanged at par and merged into the new Union Pacific Railway Company as distinguished from the Union Pacific Railroad Company. This incident formed one of the subjects of inquiry committed to the Pacific Railroad Commission in 1887. The members of the commission appointed by Presi- dent Cleveland consisted of Governor Pattison, of THE GREAT UNION PACIFIC DEAL. 187 Pennsylvania ; E. i'lllcry Anderson, of New York, and David Littler, of Illinois. ('oiijfrcss Wiiiits to Know About It. The Union Pacific Railroad and the Kansas Pacific Railroad companies had received Government subsi- dies in bonds and lands. The bonds were received upon the stipulation that the companies would pay at par and accumulated interest upon their maturity, The first of these bonds Vv'ill mature in 1895. -^'^ application had been made by the Pacific railroads to Congress to extend the time of payment, and this commission was appointed to report upon that matter and incidentally to furnish Congress with information relative to these deals which had affected the status of tl.a corporations. The Commission beo^an its sittings in New York at No. 10 Wall street. A large number of railway magnates intimately connected with the Pacific Rail- roads were first examined, including Russell Sage and Sidney Dillon. They were examined particularly with a view to finding out exactly what had taken place when the Union Pacific Railway was created. They seemed to know nothins: about the matter. At everv point the well-directed questions of the inquirers were adroitly turned aside. The witnesses did not know or could not remember. No light had yet been thrown upon the subject under examination. But the great witness of all was reserved for the last. This was Jay Gould. He knew it all, but the great question was, " Would he ■ill 1«8 LIFE OF .lAV (lOULD. tell ? " Nobody believed diat he would tell volun- tarily the facts relating to his connection with the Government interest in the matter, but it was believed that a severe and searchin<^f cross-examination would compel him to divuli^e some of the facts. iitmUl I ill' they sat with open mouths and plainly evinced their astonishment which they saw Mr. Gould giving up the hitherto carefully guarded facts. Nothing more plainly showed the absolute mastery of Jay Gould over all the other railway magnates of the country. Railway Magnates Afraid of Him. Throughout the whole inquiry gentlemen not in the habit of associating with railway millionaires, but shrewd observers of the phenomena of life, remarked as singular the talk and manner of these plutocrats in regard to Jay Gould. They spoke of him with defer- ence verging on awe. The little man with the pepper- and-salt clothes and the ^^nappy black eyes was re- garded by them in the light of a fountain of all knowl- edge and power, and the big magnates made their obeisance before him like Spanish grandees in the presence of an infant king. Mr. Gould was asked why he had bought certain stock and he said that the books would show. Q. Will your books show who the broker was ? A. Oh yes ; certainly, certainly. Q. Did you not buy some of your securities abroad ? A. I bought $2,000,000 of Denver Pacific at 74 cents, I think, from some Amsterdam people. I was in London and heard they wanted to sell. I was afraid to go over because I had very little time, and thought that they would probably take a couple of days to smoke before finding out whether they would sell or not. But I was mistaken. I went over and got to Amsterdam in the morning, washed and had u' ( I e THE GREAT UNION PACIFIC DEAL. 191 my breakfast. I saw them at eleven, had bought them out at twelve and started back. None Could Forget It. E. Ellery Anderson asl^^d Mr. Gould why he re- membered a certain conversation so well. He re- plied that he "had it impressed upon his mind." O. How was that ? A. Well, I remember parting with a lot of stock at lo cents for which I could have got par a few days afterwards. Wouldn't that im- press the occasion on your memory, Mr. Anderson? Mr. Gould and everybody else in the room laughed at this retort. O. According: to the ethics of Wall street, do you consider it absolutely within the limits of your duty while a director of the Union Pacific to purchase another property and to design an extension of the road, which would perhaps ruin the Union Pacific? A. I don't think it would have been proper. That's the reason I let it go. O. Did you consider your duty to the Govern ment? A. I had considered it. O. How would the Government claim have been affected by building a parallel line? A. It would have been wiped out. From the testimony it appeared that after the Ihurman bill had been sustained by the Supreme Court Mr. Gould had a plan to build a road from Omaha to Ogden, just outside the right of way of the Union Pacific, and to give the road back to the Gov- ernment. It would give others, he said, "a chance to li ' \ ! ('; 192 LIFE OF JAY GOULD. mm 1^ ! work ; " that the Government had tried to squeeze more out of the turnip than was in it, and that for $15,000,000 a road could be built where it had cost the Union Pacific $75,000,000. A Smooth Explanation Tliroug-liout. O. You were not devoted to the interests of the Government? A. I wanted to protect them. Their legislative action hurt their own interests and put those of the stockholders in jeopardy. The Govern- ment repudiated their own contracts. Cash was offered to pay the Government the Union Pacific debt. I had the debt reckoned up and offered to pay it. In 1877 or 1878 I "■'ade the offer to the Judiciary Committee, of which Mr. Edmunds was chairman. I made that offer myself The debt was estimated at Ji 5,000,000 or $17,000,000. But the Government would not concede that interest terminated with the bonds. No action was taken on the proposition. Mr. Gould said that he had boucrht the Central Branch of the Union Pacific from Oliver Ames and President Pomeroy, who came on from Boston to New York and induced him to o-o and look at the property. It had cost him $1,826,500. "Ithouoht it was doino- a big" business," said the witness. "Afterwards I learned that they had kc^pt the freight back for a week to impress me. So I saw a freight train at every station when I got there. I bought the road anyway." He was asked about the dividends. " Stock doesn't always depend upon dividends," said Mr. Gould. " I t1 K^ THE GREAT UXION PACIFIC DEAL. 193 paid 750 for my Missouri Pacific — 4,000 at that figure. You pay more for rubies than for diamonds, and more for diamonds than for Qr^ass." Asked in regard to some difference in the accounts in these large transactions Mr. Gould said he did not know where it went exactly; "but it is safe to say the lawyers got the difference," he said, with a chuckle. " Now I'm showino; \'ou my whole hand." He was asked if he had ever ofone to Washing-ton in connection with the road, and Jay Gould said : '' Yes, and I always paid my own hotel bills." Q. Do you know whether anything was spent to influence legislation ? A. No, sir, I know of no such expenditure. O. Where could we find records of such trans- actions? A. I don't think such transactions exist. Many other witnesses gave their testimony before the commission, but that of Mr. Gould was by far the most important of all as regarded disclosures. He spoke in low and indistinct tones, but at times when worked up to a high pitch of interest emphasized his remarks with quick and nervous gestures. 13 *ii N . I CHAPTER XIV. How the Millionaire Lived. 'ill W^i As has already been said, in all his domestic rela- tions Mr. Gould was a model man. He had no habits but that of hard work and home enjoyments. He did not use tobacco in any form. He rarely, if ever, sipped a glass of wine. Social scandal never attached to his name. He loved his home. When not in his office he was with his family. He owned a box at the opera, but when he attended his family always accompanied him. He belonged to no social clubs. He did not add the excitement of the turf to the excitement of the Stock Exchange. On his return from a journey his first questions were of the welfare of his family. He made his home as beautiful as wealth, refinement and purity could make it. He loved his children, the sweet discourse of the fireside, and the companionship of books and flowers. There was no attempt at display, but every- thing he possessed was the best. Neither he nor his wife had any ambition for society distinction. They gave no great balls and rarely were they present at "society events." They had none of the vulgar traits of the parvenu or prejudices of the aristocrat. When his son wished to marry an actress, Mr. (194) traitj J, Mr. HOW THE MILLIONAIRE LIVED. 195 Gould interposed no objection, and even approved the choice, declaring his pleasure that his son had selected a respectable woman who was able to earn her own living. Perhaps his devotion to his family was due in part to the fact that his public career placed him apart from other men, and made him an object of fear and hatred. He was an exile from the sympathies of his fellow-men. But he uttered no complaint, and found in his family full solace for any loss of friendships he may have incurred. The members of his family were his only intimate friends. All Estimable Wife. Mr. Gould's wife was Miss Pollen Miller, whose father, a wealthy New York merchant, was a member of the grocery house of Philip Dater & Co. As already stated, Mr. Gould met his wife while living at the Everett House, before the war. She lived in a house across the street, and a delightful flirtation with the charming young lady, whose pretty face appeared at the window of the house across the way, preceded, it is related, the formal acquaintance and betrothal. She proved a most estimable wife. She made her home her life, and gave her best thouQfht to the rearing^ of her children. Her death was a severe blow to Mr. Gould. Their union was blessed with six children, four boys and two girls. Of the children the eldest boy, George J. Gould, is f' e best known, because he has entered into man's estate and become the business associate of his father. Mr. Gould is fortunate in this son. Whether he Mi «ii 'it' / - ■M\ . r 1 i 196 LIFE OF JAY GOULD. possesses the great ability of his father Is a question which only the future can decide, but he is industrious, sober and faithful. More than that, he has shown himself capable of caring for large interests. He has many of the physical and mental traits of his father. He loves a fast horse, a good play and a swift yacht, but the first law of his being is devotion to business. Mr. Gould early began to introduce his son to the manifold affairs o( his extensive Interests. He bous^ht him a seat in the ^tock Exchange, made him his com- panion in his tours of mspection over his railroads, made him a partner in his broker's firm, and eventually a director in all his companies. Another son, Edwin, has shown unmistakable talent for speculation and is following in his father's footsteps. A Domestic Man. Jay Gould had no social ambition whatever. He was the most domestic of men, and his affection and attention to his own immediate family was so deep as to apparently kave no place for outside social influ- ences. That both he and his wife desired that their eldest son make a match that would be considered sociallv good is a well-known fact, but they accepted the marriage, and Mrs. George Gould was admitted to the affections of her husband's relatives. The death of Mrs. Gould set aside all plans for social diversions, just as the eldest daughter, Miss Helen Gould, was of an age to be brought forward. r\Tr. Jay Gould was one of the box owners of the Metropolitan Opera-House, and he and his daughter m t HOW THE MILLIONAIRE LIVED. 10 wen; regular attendants during the season. INIiss Gould, as a rule, was quietly attired, very often in pale gray gowns, which were always well made. About a year ago cards were sent out by Mr. Jay Gould, which read simply : Mr. Jav Gould and Miss Gould At Home Saturday, Dec. 26, from 3 until 7. As many as 3,000 of these were sent out, and every person in the social set was asked. This was nothing very unusual, as general invitations are frecjuently ex- tended by people of personal prominence in this way. During the first couple of hours of the "at home" there were but few callers at the Gould house, but later they came in a steady stream. Sensible View of 3Iutriinoiiy. The motliers of marriageable youths were very kindly disposed towards Miss Gould. Whether she was to achieve a social success has never yet been de- termined, for almost immediately after the coming out reception she left town with her father, who went away for his health. Social leaders say that with his great wealth Mr. Gould might easily have arranged for his daug-hter's marriage to a man of oreat social rank. But Mr. Gould didn't care to encourage the quest for •iiiPi n H! ,•' i! " ii; fl I ' i' 1 198 LIFE OF JAY GOULD. his daughter'r hand on the part of men of great social rank. This was evidenced by the hearty con- sent he gave to the recent marriage of his son Edwin to Miss Shrady, the adopted daughter of Dr. Shrady. His Ite.sicleuce.s. Mr. Gould had four residences, two stationary and two movable — na lely, his Fifth avenue mansion, his country seat on the Hudson, his steam yacht and his private palace car. In these he spent the latter and best years of his life. His Fifth avenue residence is a massive edifice on the corner of Forty-seventh street, opposite the Wind- sor Hotel. It was formerly the home of ex-Mayor Opdyke, himself once a prominent Wall Street man. It is furnislied in sumptuous style, with splendid pic- tures and other works of art and books in abundance. The pictures include masterpieces by Rosa Bonheur and other famous artists. Back of this house is the residence of George J. Gould and his wife, who was formerly Miss Edith Kingdon, a member of Daly's theatrical company. Mr. Gould's principal residence, however, was his maofnificent country seat on the Hudson between Irvington and Tarrytown. This comprises 500 acres, commanding a splendid panorama of the Hudson. Besides the large and richly furnished mansion con- taining a costly library of about eight thousand vol- umes, there is a conservatory which ranks with the best which this world contains. It is probably the largest private conservatory in this country, and is ,'' 4 HOW THE MILLIONAIRE LITKD. 19» I equalled in England only by that of the Duke of Westminster, at Chester. I'hcre are public conserva- tories which equal or surpass it, but none private. Bewildoriiij;- Floral Bounty. In this conservatory may be found every variety of flower, orchid, plant and fruit in bewildering quantity and beauty. A few years ago the writer had the privilege of a view of this splendid horticultural collec- tion, his conductor being Mr. Gould himself. The great speculator dia not own this collection simply for the pride of saying that he possessed it, but for the real pleasure he took in flowers and plants. He knew the names of the different varieties and could point out the beauties and characteristics of an orchid as well as could his high-priced gardener. The conservatory was burned in iS8o, but another larger and more costly soon rose from the ashes. This is 400 feet long and 32 feet wide. There are also two wings, 80 feet long and 25 feet wide. An- other building, 250 feet long and 18 feet wide, is de- voted to similar purposes. Several years ago there were over four thousand different varieties of plants in the conservatory, and nearly as many more on the ^rounds, and the collection has been added to every year. Every country and every climate is represented in this splendid collection. Famous Steam Yacht. The great steam yacht Atalanta, which cost as much as a first-class ocean steamer and required an annual expenditure nearly equal to the salary of the Presi- .1^ ' r; 1 1 •1 f 200 LIFE OF JAY GOULD. 1/ :- I W' I 'll dent of the United States, was Mr. Gould's third home. He took the greatest pleasure in this magnifi- cent plaything. When, during the summer, he lived at Irvington, it carried him to and from the city every day. On this yacht also he made ^.tent ocean voy- ages to the West Indies, across the Atlantic, and in the waters of the Mediterranean. It was, in fact, a floating palace, but was built not simply for luxury but for speed, and not another steam yacht afloat could distance it in a trial of speed. Mr. Gould was a member of the American Yacht Club, the only or- ganization, by the way, of which he was a member, and of this he was practically the founder. Mr. Gould also owned a private railroad car. He used for many years the Union Pacific car Convoy, but in 1887 had a new car especially constructed for his use by die Pullman Company. It was the longest car ever constructed by that Company, being seventy feet in length, and containing an observation-room, a parlor, a dining hall and sleeping-rooms, besides the porter's quarters and the kitchen. Mr. Gould's Pleasures. The pleasures of Jay Gould's life were simple and few. With vast wealth at his command, he seldom sought recreation away from his immediate home. To a certain extent money-getting seemed to be a pleasure to him. In the many deals engin^eered by his master hand he felt the thrill of a nervy speculator who stakes his money on the turn of a transaction. It was not making money that w^orrled him. It was keeping m He HOW THE MILLIONAIRE I.IVED. 201 what he made and holdin^^ his own in the thousand and one schemes concocted to get the better of him. His Hfe was a continual game of chance, and in this game for many years he found his chief enjoyment in existence. It is not recorded that in the earHer years of his career Mr. Gould ever sought any physical relaxation in the way of sport or pastime. His whole mind, heart and soul lay between Wall street and his uptown home. Finally, however, money-making became an old story. Time and again he had milked Wall street dry, and his fortune had rolled up into the tens of millions. Buys a Country llosidcnce. Then, observing an occasional smile on the faces of other millionaires, and hearing the laughter of light hearts all about him, he began to wonder if there were not other pleasures in the world out-^'de of cent per cent and the dull, eternal rows of fiofur ;s that stood for stocks and bonds. So one day he turned his back on the dingy office that represented his paradise and took a New York Central train for Irvington. Here he met Mr. Merritt and was driven to the residence of the latter, a mile or so north of the old river :own and close to the shore. Mr. Gould was very quiet and very reserved, but his keen eye took in all the possibilities of the place at a glance. When he returned to New York on the evening train he had closed a bargain with Mr. Merritt ; r »>/. ,(fl: I . 'I ii 202 LIFB or JAT GOULD. by which the estate became his for a consideration of a quarter of a million of dollars. The Home at Irviiigton. A small army of builders and decorators and glaziers was employed, and out of the general chaos of bush and bramble arose the minarets of a modern palace, with wide, well-ordered grounds and every comfort one could wish for, Mr. Gould seemed to take great pleasure in planning the arrangements for his future country residence. For a while all but the general detail of his business was put in the background. Every few days he would journey up to Irvington to see how matters were progressing. It may be safely said that these were the first leisure days of Mr. Gould's life. His eyes grew brighter, his step more buoyant and he be^an to look upon these little excursions as a pleasant diversion. Sometimes he would take his younger children with him, and their unaffected happiness was another source of relaxation for the care-worn millionaire. Previous to this time money-making had been Mr. Gould's ex- clusive thouo-ht. Thereafter it became to a certain de- ofree intermittent. He named his new residence Lyndhurst, and erected a short distance away one of the largest and most handsomely equipped conservatories in the country. It covers nearly four acres, and from a distance looks like the fabled palace of Kubla Khan. Here there was another source of pleasure for the weary financier. He employed Ferdinand Mangold, Mr. Merritt's for- ipi HOW THE MILLIONAIRE LIVED. 30S mer g^ardener, to take charge of the conservatory, and gave him carte blanche to procure the rarest tlowers and exotics from all over the world. Mangold per- formed his work well. When the leaves grew yellow around Lyndhurst the autumn following, the conser- vatory contained the finest palm garden on the West- ern hemisphere. The Gnrdeii ol' Karc Palni*^. There are over 250 varieties, from the size of a maidenhair fern to great shadowy trees, thirty feet high, and with leaves as wide as the jib of a pilot boat. They range in value from $20 to $500; but what is money to a millionaire in pursuit of the butter- fly of pleasure ? These palms were brought from Africa, Central and South America, Samoa, the Sand- wich Islands, the heart of India, and from beyond Trebizonde, for the simple purpose of wooing Mr. Gould's pale face into a smile. There were Viridi- foliuvi, HyopJiorbe Aniericanlis, and Plecocomio Assayn- ica palms without number, and Mr. Gould knew every one of them by name. In another apartment was a wilderness of roses, pink and white, and gold and guelder. Burgundy and Austrian in an endless tangle of color, and a delirious, odorous atmosphere that would have enrap- tured the soul of a lotus eater. No wonder that Mr. Gould abandoned care when he entered the portals of his conservatory. He did not have many personal friends, yet surely a man cannot be altogether bad who is a friend of the roses. There must be some If mm r i.t 204 Lit OF JAY GOULD. good in the heart of a man whose eyes grow tender as he bends over a Hly. The conservatory became a hobby with Mr. Gould. Every morning after breakfast he would pay a visit to the h'lcr orlass house to w-ander for an hour or so amons: the plants and flowers. While there he would seem to forget everything but the green, tropical tangle about him. In the eveninij, on his return from the city, he w^ould again stroll through the shadowy aisles of palm and vine, sometimes alone, and at others ac- companied by the members of his family. Orchids Were liis Hobhy. Orchids were IMr. Gould's especial hobby. In this department of his conservatory he had nearly 8,000 orchid plants and over 1 50 varieties. For some of these delicate air-fed and angel-painted blossoms Mr. Gould had paid $300 — half the amount of a poor man's wages for a year of toil. In another apartment were nearly 2,000 azaleas, litde bits of sunset sky cut into the shape of bells. In the fernery were 600 varieties of ferns, giving the entire place the appearance of a soft green cloud hemmed in glass walls. Just the place for Titania and her fairies. It is strange that this appreciation of pure and poet- ical thincrs should exist in the soul of a man of such financial crnmness. But it was doubtless in Mr. Gould's nature before his life took on its acquired thirst for gold. When that thirst was in a measure satiated he turned again to his fundamental instincts and his great conservatory was the result. HOW THE MILLIONAIRE LIVED. 205 Luxuries of Country Life. Yet in the summer months Mr. Gould found much pleasure in his open-air garden. It was a big affair, guiltless of weeds, yet it is doubtful if Mr. Gould ever weeded his own potato patch or hoed his own turnips. There were beds for cantaloupes and watermelon, cucumbers, peas, beans, parsley, spinach, carrots, beets, lettuce and cauliflower, and Mr. Gould knew just where to find everything. For a short time every day he would walk through the crarden, and doubtless dream of his old barefoot boyhood days when he looked after his mother's gar- den, in Delaware county. He was a sort of intermit- tent farmer, and seemed to find a transitory pleasure in everything that pertained to a farm. There was nothing in common, however, between Mr. Gould's luxurious style of farming and that of the everyday, horny-handed knight of the pitchfork and plough. Blooded Stock ou the Farm. His barnyards and meadows, situated some distance from the conservator3^ contained innumerable blooded stock. There were 50 cov/s, 25 horses, a span of oxen, 3 bulls, over 1,000 chickens, 200 ducks and 500 pigeons, besides half a dozen deer. This gave the entire estate a farm-like aspect that was very pleasing to Mr. Gould. Over 250 tons of hay were harvested in the fields of Lyndhurst every year. Mr. Gould took great pleasure in going out to the fields on sum- mer afternoons to lie under the trees and watch the haying. The far-oflf drone of the flying sickle came fit. rgjH ft 1 ],' / ,,H m 'itJi iit. : \ ill <1. 206 LIFE OF JAY GOULD. to his brain as a soporific balm, and the sight of the sun-worn toilers heaving away at the great, slow wag- ons, and the distant songs of the reapers, lulled him to slumber. In Mr. Gould's stables there were fifteen or twenty carriages and conveyances of one kind or another, many of which were not used once a year. To get rid of malaria, Mr. Gould filled in over one hundred and twenty acres of swamp land. Mr. Merritt spent over $1,250,000 in improving the place, and Mr. Gould spent about $1,500,000 in the same endeavor. An Art Lover, Too. Mr. Gould was a great lover of art, and was con- tinually purchasing statuary and paintings. Beyond the carriage archway leading to the outer hall of the Gould castle is a bust of Lafayette ; on the other side is one of Washinofton. On the rio^ht of the inner hall is a bronze Ethiopian woman and a painting by Per- rault. There are many marble busts and statues on ' onyx pedestals scattered throughout the house, most of which were purchased by Mr. Gould. In the picture gallery are innumerable rare paintings. Among them are "A Forest Scene," by Rousseau ; "A River Scene," by Ziem ; " Evening Antique Dance," by Corot ; "A Girl," by Fleury; **A Storm on the Farm," by Jacque ; " Priest and Cavalier," by Meissonier, and " Le Loup dans la berguerie,'' by Loustaunau. Then there are Vernets, Simonettis, Kaemmerers, Constants, Bouguereaus and Troyons innumerable, all HOW THE MILLIONAIRE LIVED. 207 )' of which were purchased, either directly or indirectly, by Mr. Gould. This was in the earlier stages of his home-making and before he had the fever of the farm and conservatory upon him. Mr. Gould was not a great admirer of the drama, but he was rather fond of opera, and this formed almost his only public diversion during the winter months. He was seen very often at the Metropolitan during the opera season with his daughter and daughter-in-law. His Yacht AtaUinta. In the summer of 1882 a new idea in the way of diversion struck Mr. Gould. It came upon him as he sat in front of his Irvincrton castle orazinof on the broad Hudson. Why not build a yacht? Why not have a flyer that would make the distance from the city in almost as fast time as the New York Central trains? Mr. Gould was not overfond of the sea, but he knew that the salt air would do him good, and besides he was partial to privacy when it came to travelling. Therefore the yacht idea was adopted without delay. The next year he received from the Cramps, o( Philadelphia, the steam yacht Atalanta, whose fame as an ocean flyer has since become world-wide. Mr. Gould was delighted and for a time conservatory, gar- dens, live-stock and art were minor considerations. He took on a nautical air and it made his heart glad to tell him that his face looked weather-beaten. He made several trips abroad on the yacht with his family and enjoyed himself hugely. i! i' m I ' 208 LIFE OF JAT GOULD. Everybody who saw the international yacht races of 1885 and 1886 remembers the long black hull of the Atalanta sliding along on the outer edge of the great fleet like a black ghost, with Mr. Gould on the bridge, holding a big pair of marine glasses to his eyes. A Marine Curiosity. The big yacht was almost as much of a curiosity as the racers. Day after day Mr. Gould was out for the races with his heavy coat and big glasses. That part of his face not covered by his heavy black beard grew absolutely red from the stinging winds and the salt spray. On one occasion the little Stiletto, the Herres- hoff flyer, steamed around and around the Atalanta as if to challenge her for a trial of speed, but Mr. Gould only laughed. He is reported to have shouted to the pilot of the Stiletto : "Choose somebody of your own size; we are too big for you." Physically Mr. Gould was not a courageous man. He hated to have the newspapers expatiate upon the ease with which he could be abducted. He was afraid that somebody might be tempted to try it. This feel- ing finally robbed his life of much of its pleasure. After the Norcross dynamite episode he grew more than ever ill at ease, and it is thought to have been this feeling that finally prompted the sale of his yacht. At any rate, it was advertised iu the papers for several months. HOW THE MILLIONAIRE LIVED. 209 s of the reat the his ty as r the part erew e salt irres- ita as jould to the -e too man. )n the afraid feel- sure, more been yacht, iveral No Pleasure in Travelling-. Travelling, which to ordinary men would be a rec- reation, was scarcely a pleasure to Mr. Gould. It is true that he enjoyed scenery in a quiet way, but he enjoyed it most from his car window. He had a horror of Indians and cowboys and rough characters. Only on one occasion is he known to have fired a gun. On one of his southern trips through the Indian Ter- ritory he stopped over night in his car at a little soli- tary side-track, miles from all human habitation. Of course the wolves made merry around the sleeper, and the coyotes chased each other under the trucks, fighting over the remnants of Mr. Gould's supper. He did not sleep much, because he was not used to wolf music, and then again a camp fire over in the neighboring hills worried him. Somebody had told him the country was full of robbers. It was, but somehow they always missed Mr. Gould. Early in the morning a slashing, rip-roaring cowboy road up and, sticking the nose of his bronco through the sleeping-car door, informed Mr. Gould's party that a big gang of deer were "just over the hilL" Two or three Indian police were in the baggage-car, and Mr. Gould was not afraid. He made up his mind to have a shot at the deer. A Shot at a Deer. Accompanied by several of his party and flanked by the Indian police, he ascended the hill with all the stealth of an old scout, armed with a big Hotchkiss rifle. Now, anybody who understands anything about 14 1' li! mM il 210 LIFE OF JAY GOULD. Pilri;! It I ■ ! 1 rifles knows how an old-fashioned Hotchkiss can kick. Mr. Goulr< peeped over the hill, and, sure enough, eight or ten deer were grazing out on the prairie about 200 yards distant. Mr. Gould scorned to take a rest for the gun. He lifted it slowly to his shoulder, almost after the fashion of a girl, with the Indian police looking on in amuse- ment. I'hey knew what the gun would do with a man of Mr. Gould's weight It wobbled a good deal, but that made no difference. He would not have hit any livinof thino;- even if it had not wobbled. The slant of the hill behind Mr. Gould was pretty steep, but he did not notice it. " Whang !" roared the gun, and the next instant Mr. Gould was flying down the hill, hrst on his back and then on all-fours. The Indians did not smile. They were too busy killing deer. While Mr. Gould's friends were runninor to his rescue the Indians had bagged two, one of which they tried to persuade Mr. Gould was his. But the wily financier knew better, because, as he put it, ''the gun had shot backw^ards and kicked him twice after it had oot him down." Consequently hunting could not be considered one of his pleasures. His Horses and Carriages. Mr. Gould once attended a horse show, but this was the only occasion he ever publicly exhibited any particular liking for horses. His city stable was one of a row on West Forty-fourth street, between the Berkeley School building and Fifth avenue. It is a ffi HOW THx. MILLIONAIRE LIVED. 211 »» two-story, twenty-foot-front brick buildlnnr trimmed with granite. It is No. 14 West Forty-fourth street. It is a neatly arranged stable of the old-fashioned oak- trimmed pattern common in the neighborhood. Mr. Gould kept only three pairs of horses at the time of his death, and they were all quartered in the building. Four of the horses were cobby bays, two with docked and two with banfred tails. The other two were lonof- tailed black roadsters, and the most valuable of the lot. None of the horses would bring a fancy price if put up at auction, but they were all of the good plain sort that will stand plenty of work. Old Style Vohitles. Simplicity was the chief characteristic of the car- riages used by Mr. Gould. He always bought the best and paid the prices asked without cavilling, but the first outlay was all the carriages ever cost him. He was careless in the extreme regarding repairs or fresh trimmings, seldom having any work done on any of his vehicles. Mr. Gould always selected his car- riages personally, and always bought from the same firm. He was easy to suit, always telling just what he wanted and takinof the first carrlaore that met his ideas. The carriages at the stable ready for use were a brouofham, landau, victoria and a huatinof wafjon. The last was gaudy in yellow and black and was the newest of the vehicles. The others were plain in coloring and were what driving people call old style. Jay Gould's iivery was a dark green, and was worn on the usual occasions by both coachman and footman. E 'i| :Fi / \'i 212 LIFE OF JAY GOULD. His Drives in the Park. For a while Mrs. George Gould was in the habit of giving her father-in-law early morning drives in Gen- tral Park, calling for him daily in a neat trap of her own. With this exception he seldom drove for pleas- ure in the city. At Irvington he was occasionally seen driving on the roads near his residence. Until the purchase of his yacht Mr. Gould drove to and from the railroad station daily, but after that he took drives at infrequent intervals. None of the Gould family is especially devoted to riding or driving. Edwin Gould is a capital rider, and until his promotion to a captaincy and the post of In- spector of Rifle Practice in the Seventy-first Regiment, was an active member of Troop A. He always rode a long-tailed gray thoroughbred, for which he paid a high price. Edwin Gould was very proficient at wrestling on horseback and few of the cavalrymen could unseat him. The Misses Gould drive dailv dur- ing their stay at Irvington, using the family carriages or else handling the reins in the hunting wagon or in a mail phaeton. Didn't Like Showy Trappings. An uptown harness dealer said of Jay Gould : " Mr. Gould was a rec?ular customer for small articles. He seldom bought a new harness, preferring instead to have his old ones patched up from year to year. He is the only millionaire I ever saw who did not care about showy trappings for his horses. I could never persuade him to try the new fads. Once he called for iljili; HOW THE MILLIONAIRE LIVED. 213 a harness I had been repairing. I showed him how nicely the work had been done, and said incidentally it was as q^ood as new. Before he left I tried to sell him another harness. ' No,* said Mr. Gould, * wrap up my old harness and I will take it home. You say it is as good as new, so I can't waste money by buying still another brand new set. I could not use two new harnesses if I had them.' " III' CHAPT..R XV. Mr. Gould's Charities. iii' Jay Gould was not what is called a religious man. He was a pewholder in the Presbyterian Church at IrvincTton and in the Rev. Dr. Paxton's Church on West Forty-second street, New York, but not a com- municant. If he ever expressed any religious views it was to the Rev. Dr. Paxton. Certainly he did not to the Rev. Dr. Henry M. McCracken, chancellor of the University, nor to the Rev. Roderick Terry, with whom he was on intimate terms of friendship. Dr. Terry said : "There was no pretense about Mr. Gould. He never made r.iy public profession of Christianity that I know of. On the subject of religion, as on so many others, he was extremely reticent, unless he unbosomed himself to his pastor. Dr. Paxton. He certainly never talked with me about his feelings on the subject of religion, though the opportunity offered more than once." Mr. Gould's wife was a member of the South Re- formed Church for many years, but afterwards became a Presbyterian. The millionaire of late years had been a frequent attendant at the Rev. Dr. Paxton's Church and at the Presbyterian Church at Irvlngton- (214) 1 B INSIDE VIEW OF A NEW YORK TENEMENT HOUSE. (215) 4^ 216 LIFE OF JAY GOULD. on-thc-Mudson, near his country place. An old friend of the family said that when a very young man Jay Gould became converted at a Methodist revival meet- ing. Ill a Methodist Kovival. This gentleman said : '* When Jay Gould was a young man he was con- verted in a Methodist Church at Roxbury, Delaware County, N. Y. The Rev. Mr. Dutcher, father of Rev. E. C. Du teller, now pastor of the Methodist Episcopal Church in Nyack, Newark Conference, was pastor in charge of the Roxbury Church. The elder Mr. Dutcher was holdincr a series of revival meetinirs. The little Delaw^are County Church was crowded night afteV nieht. ** At one of the meetings, after a specially earnest appeal by the venerable preacher, young Gould went forward to the altar and professed conversion. He subsequently connected himself with the Presbyterians. The late Rev. Dr. Jacob West, then Corresponding Secretary of the Board of Foreign Missions of the Dutch Reformed Church, preached a number of times in the Roxbury Reformed Church. Gould always at- tended, and the Rev. Dr. West frequently said Gould was always a remarkably attentive listener." Mr. Gould's name was discussed most prominently in connection with church work in February, 1892, when he gave his check for J 10,000 to the Rev. Dr. John Hall. The circumstances aroused much com- ment and considerable unfavorable criticism. MH. GOUr.DS CHARITIES. 217 I 11 On Tuesday evening, February 23CI, the Gould mansion was handsomely lighted up. Over one hun- dred invitations had been issued by Mr. Gould and his daughter, Miss Helen Gould, to prominent Pres- byterians and members of the Presbyterian Board of Church Extension. It was understood by those re- ceiving the invitations that the reception was solely for the purpose of raising funds. Mr. and Miss Gould received the guests. They were assisted by Mrs. Russell Sage and Mrs. J. P. Munn. The Rev. Dr. Paxton said, in the course of his opening address to the guests : *' When I asked Mr. Gould about opening his home for a meeting of the friends of Presbyterian Church extension, without hesitation or deliberation he and Miss Gould said at once, and said it cordially: 'Cer- tainly, with great pleasure,' and Mr. Gould added : *I believe in church extension on Manhattan Island.' But Mr. Gould has taken another step in the right direction, for since he asked us here — Mr. Sacje told me this — Mr. Gould, who is superficial in nothing, wanted to know what church extension is, and what church ought to be extended, and so he read our confession of faith. Favors Church Extension. " I am not certain of that, for he and the Revision and new creed people would not agree ; he is old school ; he believes in obeying marching orders, like Wellington ; in walking in the old paths, like the New York Observer. But one thing, Mr. Sage told me, m 218 LIFE OF JAY GOULD. our host has made up his mind on, and that was that our form of church government was the most just, the most repubhcan, the best in the world. Therefore, our host is not only in favor of church extension but of Presbyterian Church extension. I am sure this in- formation will warm Dr. Hall's heart and impart to his speech increased forver when he speaks to-night. *' We are here to face the foe, to take heart and hope, to give our money, our prayers, our tribute, our toil, knowing no such word as fail, to this good cause of extending, as Mr. Gould says, the only true, holy, catholic, American Church — our old blue-bordered Presbyterian denomination." " I have never met Mr. Gould but once before," said the Rev. Dr. Hall, *' and that was many years ago. A ofentleman in Chicao^o wrote me reo^ardino- a mis- sionary, who had been called back from China by the illness of his wife. The wife had recovered after the missionary's return, and the couple wanted to return to China a^rain. The Chicao^o orentleman wanted to know if I could not secure a free pass for the man. I went to the railroad authorities, and was referred to Mr. Gould. " I entered the room with fear and tremblinsf and with many misgivings. I had never seen Mr. Gould, and you can all sympathize with my feelings. He re- ceived me cordially and listened to all I had to say. He said he thought it was a very deserving case and asked me to leave a memorandum of it. The next day I received a communication from him containing that the fore, but 3 hi- •t to ight. and :, our :ause holy, lered " said ago. I mis- )y the r the eturn ed to an. I •ed to MR. GOULDS CHARITIES. 219 CT and ould, ie re- o say. e and next ainuig a ticket for the railway journey and another for the missionary's passage to his destination." Gives $10,000. About $20,000 was subscribed at this reception, and Jay Gould gave his check for $10,000. The Rev. Dr. Parkhurst was anions- those who criticised the affair as an ostentatious display of wealth in the name of religion. He wanted to know where Mr. Gould got that $10,000. The religious side of Mr. Gould's life, so far as the public knew anything of it, was fully told at this church-extension reception. Mr. Gould was interested in the extension of the University of the City of New York. Chancellor McCracken said : " Mr. Gould was very much interested in the uni- versity from his interest in telegraphy and telegraph lines ar.d the fact that in this buildinof the first tele- graph had Its home. Prof. Morse labored here fifty- five years ago, and was assisted by two of the uni- versity's professors. Profs. Gail and Vail. " I had known Mr. Gould for five years and from the beginning of our acquaintance he evinced an in- terest in the close relation between the university and telegraphy, and he made it a favorite subject of con- versation. He made the largest single subscription towards our purchase of the uptown grounds, $25,000, and he gave an additional conditional pledge which I have never made public and shall not yet." imu' .f m 1! * Mr ' !l Wv0 220 LIFE OF JAY GOULD. Credited with Generous Givingr. In his active, tempestuous business career one might infer that Jay Gould had httle time and less inclina- tion to take up charitable work to any extent. As a matter of fact, what little is known of him in this con- nection became public only a short time before his death. His friends say he gave largely and was gen- erous to a degree when he was assured of the genuine- ness of a reported case of distress. He never, so far as can be learned, made use of any public organiza- tion in the disbursement of funds for any charitable object. Whatever he did he preferred to do with his characteristic secrecy. He was very greatly influenced by his family in giving, and through his children quite a large number of institutions were aided by the money of the finan- cier. For instance, his daughter Helen, of whom he was exceedingly fond, is interested in many organiza- tions engaged in charity work. Through her Jay Gould has given frequendy and largely. A Story of tlie Breakfast Table. A pretty story is told of the charity organization society that existed in Mr. Gould's own household. Its sessions were held each morninof after breakfast. Like other rich men, he was assailed constantly with showers of begging letters. These were regularly sorted out every morning, and each member of the family chose as many from the pile as desired until none were left. If a letter appeared to describe a case mw' ii MR. GOULDS CHARITIES. 221 night clina- As a 5 con- re his igen- nuine- so far aniza- ritable ith his aily in umber finan- om he :raniza- er Jay ization isehold. akfast. ly with gularly of the d until i a case of real need it was placed in the centre of the table. The others were burned. Then ensued quiet investigation, conducted as secretly as the operations of the closest detective bureau. People in want were given aid commen- surate with the needs of the particular case, but were never able to thank the donor, for the identity of the giver was never disclosed. In this way, it is said, many hundreds of poor people were relieved. Another method employed was to look up cases of distress independent of the petitions poured in by mail. To just what extent this charitable work was carried on will never be known, for those conversant with it will not speak of it. Mr. Goukl's name is unidentified with anv preat public benefactions. Astor and Tiklen founded li- braries. Drew establislied a theological seminary, George I. Seney distributed millions, and Vanderbilt endowed a hospital, but Gould's purse was never opened by any such generous ambition. He was kind to his relatives, gave his brother a good position in the Missouri Pacific Railroad, and built his sisters a school in Camden. He gave liberally to alleviate the suffering by the Chicago fire and by the Memphis yel- low-fever plague, made big subscriptions to the Grant and Garfield funds, and added eighty acres to the Mount Vernon property. This was nearly all he did in a public way. In their private charities Mr. and Mrs. Gould and Miss Helen Gould are said to have distributed a large ? li 222 LIFE OF JAY GOULD. iiH: 1 .1 :f)li amount of money, and every Christmas Mr. Gould made presents to his clerks. Mr. Gould's treatment of the widow of the late James Fisk, Jr., has often been criticised. In 1 88 1 this letter appeared in the JVew York Herald: No. 1654 Washington street, Boston, Mass., Nov. 14, 1881. To the Editor of the Herald : — Knowing your paper has the widest circulation in New York, I desire to say a few words in defence of my great friend Mr. Gould, the only friend of Mr. Fisk who has responded to my actual needs and wants since his death. He may be interested in his own interests when in business, but he never has proved unmindful to the needs of those deserving his charity. I write these few lines after reading assaults on his charity to-day. Lucy D. Fisk. :!f 1 1 t:-i' \u:. i 1 [flfif '[I'll V CHAPTER XVI. Stories About the Money King. In his "Twenty-eight Years in Wall Street" Henry Clews tells a humorous story of Mr. Gould. In 1853, soon after Gould had failed in the tanning business, a son of Schuyler Livingston, who held a lease from the Cruger family to a vast brick fiek; on the banks of the Hudson River, adv x ■ sd for a partner, and Jay Gould presented himself as a speculator looking for an investment. He remained the guest of the family for three or four days. One day the Cruger young men proposed a sail in their yacht to Newburgh, and induced Gould to accompany them. He was a natty, dapper, precise little man with swarthy complexion. The sun's rays were hot and the pitch in the seams of the deck began to boil, and the paint to peel off and powder. The guest fidgeted about a good deal, and when pressed for an explanation of his evident distress ac- knowledcred that it arose from the knowledqfe that his nether garments were being spoiled by sitting upon the deck. The yacht put into Peekskill and Eugene Cruger hurried ashore and purchased a pair of blue jeans for three shillings. With these on Gould breathed more freely. On the return from Newburg, (223) ri illl LIFE OF JAY GOULD. ^^^1 iM the party decided to go ashore again at Peekskill and get some refreshments, but Goiikl decided to stay on board, so he told his hosts. When the young men left the hotel and started to- ward the yacht they passed the ship chandler's shop and saw the proprietor chuckling heartily to himself. Euo'ene Cruo-er had never seen the chandler smile before, so stopped and asked the reason. He learned that, while they were eating and drink- ing at the hotel Gould had slipped ashore and sold back to the chandler for two shillings the blue jeans for which young Mr. Cruger had paid three shillings. When the party boarded the yacht they found Gould sitting upon his outspread handkerchief. They got even with him the next day, when he started for New York to keep an important engage- ment, after telling- Cruiser that he thouHit he did not care to invest in the brick field. Gould wanted to catch a certain train, but was induced to take a sail first. When off Sing Sing they saw the train some two miles away and Gould excitedly requested the Crugers to run in and land him. They purposely ran the boat upon a sand bar, and, with deep apparent re- ofret, informed Gould that he must let that train ^o or else swim or wade ashore. Quick as a flash he took off his doeskin suit and stood up in a suit of red flannel underwear. Hoisting the doeskins over his head he sprang overboard and waded ashore just as the train had pulled up. It had star<-ed again before he caught it, and two brakemen \i o H > O c < 'J. n H n and y on d to- sh op nsclf. smile Irink- . sold jeans lings, jould en he :e ftgage- id not d to a sail some d the ly ran lent re- cro or It and oistinsf r d and It had kemen 16 (225) -W il ilii! 226 LIFE OF JAY GOULD. hauled him up on the rear platform amid the laughter and cheers of scores of passengers and residents of Sing Sing. He wrung out his flannels, drew on his doeskins and then calmly entered the car without a word or a smile. Only a Butter Churn. Mr. Morosini, his partner in many deals, says : " Mr. Gould could enjoy immensely anything funny or ludicrous. We used to have a small window in the office through which I would talk to some of the un- important callers, and through which Mr. Gould would also talk to people whom it was not necessary to bring into the inner room. One day a man came to the window and said : * I want to see Mr. Gould.' I told him he could not see Mr. Gould unless he told me what he wanted. He replied ' I have an invention here, and there's millions to be made out of it.* Mr. Gould was in the next room, and he said : * Morosini, what is it the man wants ? ' and I told him, whereupon he got up and came to the window to talk to the man. *• When Mr. Gould appeared the man put his hand under his coat as if to pull something out. I saw it glisten, and thinking it was a blunderbuss, I dodged down under the counter, and Mr. Gould, seeing me go down, dropped down also. ' Shoot high, you son of gun,' I yelled out. Then the man laughed and said there was nothing tc fear, and he began to explain the nature of his invention. We got up and looked at it, and what do you think it was ? He had a sort of a brass cylinder, and he said It was a patent portable •I STORIES ABOUT THE MONEV KING. 227 htef s of , his tut a says : ny or n the le un- would iry to me to Id.' I e told ention Mr. rosini, eupon |e man. s hand saw it Lodged ng me son of d said [ain the :d at it, ,rt of a .ortable churn. I said to the man when he had explained what the thing- was : *I will give you thirty days in the penitentiary,' and you ought to see him get out. It would have done you good to see Mr. Gould laugh over our dropping down behind the counter at the sight of that portable churn." Mr. Gould is said to have been cruising on a vessel when a storm came up and an unusually rough sea gave him a violent attack of mal de mer. Mr. Gould was hanging over the rail, acknowledging at the same time his own weakness and the mightiness of Nep- tune, when a fellow voyager accosted him : — "Sorry, Mr. Gould, to see you so ill." Mr. Gould, without changing his position over the rail, and not forgetting his duty when there is any rumor out affecting his health, replied: — " It's no such thing, sir, I'm perfectly well — excuse me (here a tribute to Neptune). I haven't been so well — excuse me (here another) — in a long time, as I'm this winter — excuse me " (Still another and more of the same). It frequently happens that a very rich man finds himself a long distance from his home without money enough to pay his car fare. Mr. Gould had been in this position after he became very rich, and he used to laugh about it. But there was one occasion in his life when all the money he had in the world was a ten cent piece, and that was in his pocket. It was during his early struggles, and to him the dime stood between him and hunger. Before it became necessary for him 228 LIFE OF JAY GOULD. I If ■fhi to spend it he " made a raise," to use his own expres- sion, and he resolved never to part with the dime. He never diM, but carried it in his pocket up to the hour of his death. $30,000 to Impersonate Gould. Broker Sam Leopold, of No. 84 Broadway, for several years was known as Gould's double, but after a while he got tired of the distinction, and had his beard cut to a point. During the campaign of 1884 he was offered 5^20,000 to impersonate Mr. Gould. Conspiring brokers proposed that he sn\ear blood on his face and roll on the sidewalk near the corner of Broad and Wall streets. Confederates were to be on hand to keep the crowd back till an ambulance ar- rived, and to say at intervals: "That's Jay Gould; he's fatally injured." Further details of the plan were to have a carriage near Chambers street hospital for the purpose of taking "Mr. Gould" to his house. Of course, Leopold's re- markably close resemblance to Gould would be suf- ficient to make the scheme work well, especially as a man was to have been posted at Irvington to telegraph that the millionaire was in his country home. Then the telegraph wires were to be "grounded " for a few hours. The tremendous excitement would naturally depress the Gould stocks, and, in sympathy, about everything would go down with a rush. The schemers were to take advantage of this by selling short, and they expected to have at least from 10 to 2 o'clock in m STORIES ABOUT THE MONEY KING. 229 )res- He hour ', for after ,d his 1884 }ould. lOcl on ler of be on ice ar- jould ; irriage taking Id's re- 3e suf- y as a e^^raph Then r a few itu rally about hemers 3rt, and clock in which to work this peculiarly daring manipulation of the market. Sam reluctantly declined the tempting offer. Al- though he wanted the ^20,000 awfully bad, he feared that he mi^ht be mobbed after the ^'^ii'ht was over, and so the scheme fell through. Leopold knew Gould very well, and they delighted to meet and look at each other. It is related that whenever Sam discovered a new gray hair in his whiskers he would hurry to Mr. Gould only to find that the millionaire was also keeping tab on his white hairs, and the two accounts tallied exactly. There are two other men in Wall street, either of whom would be picked out by a stranger for Mr. Gould as quickly as Mr. Gould himself. Both of these men are curbstone brokers, and both are called Gould by the people with whom they deal. It was the fact of their looking like Mr. Gould that took them into Wall street. Guarded by the Police. Few men in New York had closer confidential re- lations with Jay Gould in recent years than those sus- tained by Thomas Byrnes, the Superintendent of Police. When Mr. Byrnes was Chief Inspector, in charge of the Detective Bureau, he performed valuable services for the millionaire in the line of police duty and gained his lasting respect and friendship. The advice of the police official was sought on several occasions when Mr. Gould was beset by " cranks " and by other strangers who tried to blackmail him or im- lil! i 'i ; 1 1 4 1 ; . 1 ^ ; 230 LIFE OF JAY GOULD. M pose upon him by means of threatening letters or appeals for fiiuincial aid. Mr. Hynics was consulted also on other subjects of importance, and he became a frc([uent visitor at Mr. Gould's house. Superintendent Byrnes is said to have made many thousands of dollars in stock specu- lations in Wall street by following the advice of Mr. Gould. He refused to talk about his relations with the great financier, saying that they had been almost wholly of a private nature. All linportiuit Service, One important service which Mr. Byrnes, as Chief Inspector, gave to the millionaire was the capture of Colonel J. Howard Wells. Wells was a broken-down speculator, with good social relations, and he conceived a plan to frighten Mr. Gould into aiding him to recover the money which he had lost. He at first wrote anonymous threatening letters to Mrs. Gould, thinking that she would show them to her husband. On October 15, 1881, he sent an anonymous letter to Mr. Gould, beginning thus: "Sir: It is my painful duty to inform you that within six days from the date of this letter your body will have returned to the dust from whence it came. I therefore entreat you to make your peace with God and prepare for the fate which awaits you." The letter further declared that Mr. Gould's death would be painless, as he would be shot throufjh the heart. " Victim " was the sicrnature to the letter. Mr. Byrnes was consulted by W. E. Connor, Mr, STORIES ABOUT THE MONEY KING. 231 or 5 of Mr. 1 to ecu- Mr. with most Zhief :e of down leived cover wrote liking r, Mr. Gould's broker, and plans were laid to capture the writer of the letter. With the consent of Mr. Gould personal notices were published, requesting " Victim " to write again and offering him assistance. Wells wrote other letters asking Mr. Gould to assist him by giving " tips " on stocks. lie insisted that the corre- spondence on the part of Mr. Gould should be con- ducted through personal notices, and he sent a cipher code by which the directions, about buying or selling stocks, could be conveyed in the notices without in- forming the public. Nicely Caught. Later a number of notices giving the "tips" asked for were published, and Wells continued to write letters. It was ascertained that all of the letters were mailed at street letter boxes in the district of Post-office Station E. With the aid of Postmaster James, Mr. Byrnes set a watch upon each of the letter boxes in the district of Station E, on Sunday, November 13, 1881. As soon as a letter was placed in a box a letter- carrier went to the box and looked at the address of the letter, while a detective kept watch of the person who had deposited the letter, until a signal was given by the carrier. At 3 p. m. Wells went to the box at Seventh avenue and Thirty-fourth street and dropped into it a letter addressed to Mr. Gould. He was arrested by Detective-Sergeant Reilly as he was walk- ing away. Finding himself fairly caught. Wells con- fessed that his letters had been written to compel Mr. 232 LIFE OF JAY GOULD. Gould to give the "tips" on stocks. He, however, expressed sorrow that he had not killed Mr. Gould and then committed suicide, and his conduct as a prisoner in the Tombs led to his commitment as an insane person. The correspondence which led to the capture of Wells and the manipuLtion of the stock market which was necessary to keep the correspondence going, cost Mr. Gould a large sum of money, it was said. Mr. B\'rnes's reputation as a detective was increased by the arrest of Wells. A Subject for Newspapers. No man in the country had a wider audience than Gould. Whatever he had to say was sure of publica- tion in every newspaper in the land. Journals that continually denounced him would print everything he had to say as a matter of news. Gould was always an interesting figure. The public never tired of read- ing about him, his ope-'ations, his yacht, his home, his daily life. Every word he uttered was eagerly re- ported and his movements were watched as closely as the President's. In his later years he was quite ac- cessible to newspaper men, and they found him not averse to the process of interviewing if he had any- thing to say. The Tribune and Siin were his favorite mediums of communication widi the public, because they seldom attacked and often defended .Gould. Indeed, they were looked upon as his personal organs during a part o^ his life. But Gould would frequendy give in- STORIES ABOUT THE MONEY KING. 233 ll'i 2ver, ould as a IS an re of arket ience t was : was I than jblica- 5 that ng he Iways read- lie, his •ly re- jcly as te ac- m not any- ims of lelduni I they ring a ive in- terviews to other papers. He recognized the factthat the papers which opposed him were of the widest cir- culation and influence, and that if he had anything to say it was time to give it to the largest circula- tion. A Good Talker. The World was foremost in denouncing his opera- tions, but he was often pleased to reach the public through its columns, even if his words were accom- panied with severe editorial criticism. Mr. Gould was a good talker ; he possessed the art of saying little or much, as he pleased. The most skilful interviewers could not trap him into saying something which he did not wish to say. When he got through he would stop, and no amount of ingenuity could induce him to continue. Mr. Gould was fond of testifying to the honesty and good faith of newspaper men. When he Knew his man he said he could trust him not to betray him. But Gould almost invariably insisted on see- ing the proof-sheets of the interview before pub- lication. When in Marseilles, France, in 1887, Gould was in- terviewed by a correspondent. " What do you think of railway comforts and prices in France ?'' he was asked. "Half a century behind America," was his reply. "Take our journey down here. Twenty-one dollars for a ticket and ^i i for a berth in a sleeping-car — 5^32 for a ride of 500 miles between the capital of France and her principal seaport. I could not sleep a wink. m III I !( ■fit! ■■ 'I ll U JLt l 'J^J^Tft t U B f-ttigligMlgga 234 LIFE OF JAY GOULD. ) , I hi i. . !;. '■ \ !( ■M The car was too hot. We could not get any one to ventilate it, and the comfort of passengers was the last thing uniformed officials on board seemed to think of. " We have got some things yet to learn from the Old World," he added, further on, when speaking of the splendid docks at Marseilles, "but in all essential respects, in the form of government, of national char- acter, resources and opportunities we have the great country of the future, and the more I see of foreign countries the better American I am." Defence of Corporations. Early in 1881 Gould gave the Zrusiest :he old lost of I mar- always oukls nd see et the [it bein re the |h as to [ork. 1 ley was then he it was lad his Ifor my- self and my wife down to York ; but he must have forgotten it and left it at home. H(; said he'd send the pass to me, but if he sent it some other one must have got it, for I never did. I was a-speakin' 'bout it afterward down at the hotel, and the boys said it was most likely Jay Gould never sent it. One thing-, any- how, I'm certain of — that is, ef he had that air book with him that time we met he'd a writ out that air pass." About the i:i Drum, ell in some \ went anting father relieve d over father aid. perpe- brokers : in the pusiness window dly and L-look, ter each md saw of the )rokers. /hat are [id-don't ith h-his A Wall Street man once associated with Mr. Gould told an interesting bit of history. " It was several months, possibly a year ago," he said, " that Jay (iouUl came to the conclusion that his life on diis earth was about spanned. So he decided to set his household to rights before the summons came. He took his four boys into his study one night, and as a preface told them the history of his life — of all the; hardships and struggles of his youth up to the tim(; that he be- cran to know men and to turn that knowledore to profit. To Perpetuate the House of Gould. " He explained the method of his great railroad o{:)erations, the keystone of which was to buy railroad stocks, when the road was run down and the stock was cheap. He would then d(^velop the road, boom the stock and get out with a handsome profit. He ijave illustrations of these methods and urired his sons to follow in his footsteps, keep on building up the great property that he would leave them and thus maintain the name of Gould as a great power in the financial world. He uroed them to emulate the ex- ample of the Vanderbilts. *' He told the boys," the Wall street man continued, "the amount of his wealth, and that it would probably be left in trust so as to obviate the necessity of making a will. The boys listened to this story of the great financier, whose fears were to be so soon realized, and gave their promises to keep up the name and estate of Gould, but I doubt if they will succeed, and I don't «llii I*: 'J; . f M 244 LIFE OF JAY r.OUM). think Jay Gould bad much faith in their power to do so cither. " But I would have liked to have heard that story of Jay Gould's life. It would be better than a fairy tale, and would maki! th(! fortune of any man." ll<>\v ho Sjiw tlu' Sfliool-boys* Parade. On the morning of the school children's parade, during the Columbian celebration, Jay Gould watched the procession from the little balcony on top of the brownstone portico over the front steps of his resi- dence. As everybody remembers. Fifth Avenue was crowded as it never was before, and nowhere were the thronors on the Avenue denser than between the arch at Fifty-eighth street, and the grand stand at the reservoir, between F'ortieth and Forty-second streets. Every window in the Windsor Hotel and in the private houses thereabouts was filhxl with specta- tors, the sidewalks overflowed with them. The tem- porary reviewing stands, erected with hospitable or speculative purpose, were crowded when the second- story window that opens unto Mr. Gould's little bal- cony opened and he stepped out upon the top of the portico. He was followed by his son, Howard. It was a sunshiny, crisp morning. Jay Gould wore a heavy overcoat and a derby hat that was pulled down over his eyes to shield them from the glare. He seated himself on the stone railing of the balcony so that he could look north, up the Avenue. His hands were stuck deep in his overcoat pockets, and his over- coat collar was 'way up around his ears. STORIES ABOUT THE MONEY KING. 245 o c^o story lairy arade, Itched of the s resi- le was i were en the ;aiKl at second and in specta- le tem- ble or econd- Itle bal- top of vard. lid wore pulled re. He cony so hands is over- Before him spread file after file of rosy-cheeked, bright-faced, well-dressi.'d boys, marching; with the sturdiness of youth and the precision of veterans. The sii^ht s('(;m(*d .to pleas(! Mr. (ioiild immensely. He was very fond of children. I le doted on George's children. I le smiled freciiKMitly and nodded to this passing company or that that tickled his fancy, to at- tract his son's att(.'ntion to it. Hut Mr. (jould kept his hands in his pockets, as if he was cold. I le stayed on t!i(^ balcony for thn^e-quarters of an hour. Then a passing cloud obscurc^d the sun, the air grew chillier, and lie went into the house through the window which his son raised for him. "Tlio !\I;»ii Who (iot a INHiitor." Every friend and ac(piaiiuance of Ja)' (iould knew the story of " the man who got n pointer." The story was as follows : Gould was very seldom uncertain or uncivil with his employees, and while he made no promises, he was rather desirous to see those who served him thrive and feel on ijood terms with the world. Mr. Gould on one occasion told a faithful man in his employment about some things he was going to do. His object was to have the man apply the information in his own way and get the benefit of it. Some time afterwards he asked this man if he had bettered himself, as he had been shown the oppor- tunity. The man said no, that he was afraid that if he would act on the information it would seem like usincr Mr. Gould's confidence to his own advantage. il 246 LIFE OF JAY GOULD. f! m^^^' Mr. Gould for the first time suspected his faithful subordinate to be wanting in quality. lliiiiioroiis Features of the Erie rij;lit. G. P. Morosini, who for over eighteen years was closely associated in business with iMr. Gould, was per- haps as much grieved as any one over the financier's death. Until very recently he and Mr. Gould had ad- joining desks at No. 71 Broadway. Mr. Gould made Mr. Morosini his confidant in many of his private as well as business affairs, and no man was perhaps more familiar than the latter with Mr. Gould's personal characteristics. Seated in his office on one occasion, Mr. Morosini pointed out the plain stained-wood table and leather-bottomed chair which Mr. Gould was accustomed to occupy. "There sat a man," said Mr. Morosini, "who was more misunderstood and more causelessly maiicrned than any I have ever known. I was the auditor of the Erie Company at the time Mr. Gould assumed control, and I continued in that capacity until after Gen John A. Dix became President of It in 1872. Mr. Gould was brought into Erie in 1S6S by Col. Jim Fisk. " Mr. Gould became President of the company. Immediately the road bounded into popularity. Its stock increased in value and there were many who becrq:ed for blocks but could not Qfct them. Amono those who saw a great future for the road was Com- modore Vanderbilt. He saw in it a j:)Owerfiil rival to the New York Central and Hudson River Railroad :h. STORIES ABOUT THE MONEY KING. 247 and determined if he could to gobble it up. He tried at first to purchase a majority of its stock. He failed. Then he declared a freiget war. The Commodore Outwitted. At the time cattle were brought from Buffalo to this city at $125 a carload. The Commodore reduced the rate to J^ioo. Fisk and Gould made a cut of $25 less. The Commodore went to J550. Erie then offered to bring catde here at $25 per carload, and when the Erie put the rate still lower Vanderbilt issued an order to bring cattle over the Central at $1 a carload. The Commodore thought this would ruin thr Erie's freight traffic. He waited to see what card Fisk and Gould would next play. Just as he was congratulat- ing himself that not a steer was being carried over the Erie, while the Central was compelled to refuse busi- ness, he discovered that as in previous contests he had been outwitted. Maddest Man in America. "When the Commodore reduced the rate to j^i per carload, Fisk and Gould purchased every cow and steer to be had west of Buffalo. They shipped them, not by the Erie, but by the Central, at the Commodore's own rate. They had sold enough in the city to make a fortune before Vanderbilt found out 'where he was at.' 1 am told the air was very blue in Vanderbiltdom when the Commodore learned how he had been tricked. He swore revenge, but first put the rate back on the transportation of catde." Mr. Morosini laughed heartily while relating this • 1 :ljf one ling is •ite of lilroad larding upon I Gould Young Harding was alert and vigorous in clearing the way, with meagre facilities for doing it, to let the Gould train pass. The financier saw the situation and remembered how cleverly the difficulty was solved. He said nothing at the time, but Mr. Harding was as- tonished a few weeks later to receive an offer from the Missouri Pacific Railroad which quickly led him to its superintendency. Since then Mr. Harding has always been a passenger in Mr. Gould's car when travelling over those lines. He had exceptional facilities for observing him. Mr. Harding was speaking one day of these ex- periences. A Close Observer, •'I was continually surprised," he said, "at the exact and technical knowledge which Mr. Gould had about some of the most obscure conditions affcctinof the branches over which I have charge. It was not so much a knowledge of road-bed or construction, althouofh he was observant of these thincrs even to details, but it was of the subtler and broader condi- tions which combined to affect the prosperity of com- munities, their wants and necessities, and consequently the prosperity of his railroads. He seemed to know ad about every cross-road and way station, just what kind of soil the locality had and the character of the crops raised. He seemed to know not only what branches ou^rht to be built but \vhere towns ou<'ht to be placed. This question of locating towns in a new Mi f |"i II li^ i- [■ii: 250 LIFE OF JAY GOULD. m. mm territory requires far-sighted knowledge as well as observation. How Ooiild Gatlicred Tiifoniiatioii. " Citizens in little Kansas towns always knew when Mr. Gould was coming through. Quite often commit- tees of their boards of trade, which are simply organ- izations to boom towns, came to Mr. Gould's car. They were generally received. Of course, the spokes- man liked to talk and laud his town, antl <.'vidently Mr. Gould liked to hear him, for he would sit quietly, rarely speaking, and his black eyes would twinkle with interest. He was always asked to indicate what ex- tensions mi<'ht be made, or what he thought of the towm, but his answ^er, which was apparently satisfying, did nothing but draw out the speaker a little more. None of the information was lost on Mr. Gould. He seemed to weigh it all and treasure up all that was valuable. This personal contact with this class of men he seemed to like, but in the larger places, of which he could gain knowledge in other ways, interviews with him were hard to i^fet. " There was always curiosity to see Mr. Gould when the car stopped. There seemed to be a universal impression that he was big and imposing in appear- ance. So when he would step off the forw^ard end of the baorcraore-car he was seldom recoo-nized. Occasion- ally, at a way station on the prairie, where there was a store or two and half a dozen farmers standincj around, we would stop a few minutes to allow a train to pass. Mr. Gould would occasionally chat with a STORIES ABOUT THE MONEY KING. 251 .1 ' 11 as when miTiit- )roan- s car. pokcs- ;ly Mr. quietly, le with hat ex- of the :isfying, p more. d. He -lat was of men f which ;erviews lid when [niversal appear- end of ►ccasion- lere was standing a train It with a farmer aboui. tht; crops of the county. Fhe rustic, in ignorance of his identity, wouKl talk ghbly, while he woiikl have been dumb with embarrassment if he had known he was speaking to Jay Gould. It was often amusing to watch these incidents. " StiU'k Up? " N«)t a bit of it. "I remember once a stop in Butler county. The afternoon was awfully hot, but as that always-present breeze was blowing over the prairie, Mr. Gould stepped out for some air. He stood in the shade at one end of the depot talking w* h an old farmer. The farmer looked longingly at the private car and finally said to Mr. Gould: '"Be you ridin' in that car?' " ' Yes,' replied Mr. Gould. " * Course you see Jay Gould, then ? ' " ' Yes, sometimes.' " ' I s'pose he keeps purty select and don't mix much. What kind of a lookin' feller is he?' *' Mr. Gould evasively inquired if his questioner had not seen Jay Gould, as he had been through there several times. " ' No, I never seen him,' continued the farmer. 'But I'd just like to. D'ye s'pose he'd give a feller a chance to speak to him ? Ain't he stuck up ? ' "The anxious man was assured that Mr. Gould often talked to citizens alom^ his road. "'Can't yer fix it fer me ?' earnestly inquired the man. Mr. Gould smiled a little at this, but he did not have I ' ^ ' lis ■ # M': ,! Im t ^ 4h Ml ■ I i I '• 4 1 ■WW 252 LIFE OF JAY GOULD. lilil ^iiiswi mm the disposition to carry out the joke and reveal him- self. Our train was ready to leave, and he excused himself and stepped on the platform. He shook hands with his new acquaintance. "The station aoent knew Mr. Gould, and as soon as the train moved he told the man to whom he had been talking. Mr. Gould disappeared in the car with just a faint smile on his face. I watched the station. I never saw a more dumfounded man than that far- mer. He stepped into the centre of the track, and with both hands in his pockets, legs spread apart, mouth open, and hat on the back of his head, he gazed in amazement at the departing train. '* The station airent afterwards told me that for miles around that man's talk with Jay Gould was a house- hold story." Ja.son ami ho Foiiiicl the Golden Fleece. Jay Gould was one of several prominent men not known to the public by their real names. His Chris- tian name was really Jason Gould. He dropped the Jason and took up Jay because it was more euphonious. In this manner Grover Cleveland dropped his first name, wdiich was Stephen, and Whitelaw Reid dropped his, which was James. Did not Love to Sit Before the Camera. The announcement made that Jay Gould would sit for his portrait in oil to the French artist, Benjamin Constant, created considerable surprise among Wall street mem who knew somethincr of Gould's charac- teristics and his disinclination to have his features re- him- :used ,hook soon e had r with tation. at far- k, and apart, ; crazed »r miles house- len not Chris- be d the lonious. Ills first iropped >uld sit tnjamin icr Wall charac- ires re- STOI'IES ABOUT THE MONEY KING. 253 produced. It was only recently that his family were able to induce him to sit for a photograj^h, and the photographer he patronized was in the immediate neighborhood of the Grand Central Depot, and was selected because that location represented less loss of time than any other in the city. The result was very satisfactory, and the photographer obtained IMr. Gould's permission to put the photographs on sale. A few years ago there was no such thing as a pho- tograph of Mr. Gould, at least as New York knew him, in existence. Some of his associates wanted his picture to put on a telegraph bond, and he would give them no assistance whatever. In fact he good-natur- edly opposed the idea, and they were as good-natur- edly intent on carrying it out. Finally a photograph of Mr. Gould w^as secured, showing him a very young man with a llowine tie and an old-fashioned coat. An artist got to w^ork on this, and it was fixed up in shape so that it could be used. There was a picture of Mr. Gould extant which shows him with an abundance of curly black hair and a very large quantity of black beard. This was contained in a flashy volume on New York life and New York men, which was printed for country sale and circulation. A 3Ioclel Youii}^- Man. James H. Woolhiser, wdio worked with Jay Gould in the general store in Roxbury, Delaware county, N. Y., tells an interesting story of the great financier's life in the town where both were born. Mr. Wool- P i ^f mm^' f I :! i.|i' I ' ! M v\ i n '! I m m 254 LIFE OF JAY GOULD. hiser lived there until a few years ago, when he moved to Brooklyn. "Jay Gould," said Mr. Woolhiser, "worked on his father's farm, which was about six miles out of town. He tend(!d cattle. I first heard of him when he start(xl to go to the Roxbury High School. He walked from his home to the school and back again every day. His desire to c'cquire a good education was die talk of the to\ rirjd in this way I first heard of him. He was pointe. out lo me by my father as a model young man. He made out few friends among his schoolmates, evidently preferring to be by himself. "When I was sixteen years old," continued Mr. Woolhiser, " I went to work in the store of J. E. Burnham. You could buy almost everything from a postage stamp to a mowing-machine in that store. I had been workinof there but a short time when one fine morning I was surprised to see young Gould enter the store and ask ]\Ir. Burnham for a position. He was hired at a salary of j^5 per week. " The following Monday morning he went to work as a clerk and assistant book-keeper. He did all kinds of work. Upon several occasions I have seen him sweep the floor of the old store. He worked hard and, although always very pleasant, was never very talkative. During the leisure time of the day he would grab a book and begin to study. For a long time after he had been employed he would leave the store as soon as the day's work was finished and walk home. oved n his town. ;n he He again cation heard -r as a imoni; limselt. ^d Mr. f ]. E. from a ore. 1 en one Gould osition. rork as 11 kinds len him Id hard :r very iday he |- a long lave the. ed and STOlilES ABOUT TUE MONFA' KING. 255 •'As time moved on, however, he became more friendly and in the evenings after the work was done he would sit with us around the stove. Those were happy days. We would take turns at tc^lling stories. We would also eat hard-boiled egrurs, which we cooked ourselves, and drink cider. Jay was not at all back- ward in telling stories when it came to his turn, and could drink and eat as much as any of us. His ab- stracted air at times led me to the impression that he had somcdiing on his mind, and one day I asked him if he had any trouble. He laughed at me. What was on Yoniiy Gould's Mind. "I remember quite well an incident that liappened in the store one day while Jay was waiting upon a customer and that settled in my mind wha was troub- linof him. He was servincr a reerular customer when he suddenly stopped while in the act of wrapping up a bundle and said : ' I don't think it is any trouble to become a millionaire if one sets out to make himself one.' The man addressed laughed and said that he had set out to become* a millionaire, but saw no hopes of ever arriving at the mark. Gould did not reply, and the man went out saying that he would wait patiently for Gould to become a millionaire. " Often after that we chaffed Gould about his state- ment and asked him what his plans were for becom- ino- rich. "'Why,' replied Gould, 'it's as easy as can be. Work hard and don't be foolish. When you get a little money put it where it will double itself. Keep f 1 1 ■1' ■ I A-i\ .^■.f^«>4. iJi>.^i JJUiim ' ■.. .wiiK ^56 LIFE OP JAY GOULD. ■ ■ * 1 i i 1 LEHLIK M Is i doubling all your money and the result will be satis- factory.' Bi had l1 Ml tt iurnnam naci a pretty daughter namc^ci iviaria, continued Mr. Woolhiser, "and Gould had been work- ing in the store but a short time when he bicame very attentive to her. She was a pretty blonde and all the boys of the town fairly worshiped her, and when it became generally known that (iould was calling steadily on her he was envied by all the young fellows. He attended a party with her one night, and barely escaped getting mto a fight with one of Miss Burn- ham's admirers." Old Kiiivt's for New. To show Mr. Gould's shrewd business tact Mr. Woolhiser said : *' Jay proved himself a sharp business boy. He had a habit of getting old pocket knives, much the worse for wear, and going to a person whom he knew to own a fairly good knife he would say, ' I'll swap knives •' unsight, unseen" with you.' If the man or lad did not know Gould he would trade and in nine cases out of ten would cret much the worst of the baro^ain. "Gould had been working in the store about two years when Burnham was elected to thit Legislature, and Jay was left in charge of the store;. While in Albany Burnham received a letter from a man in Margaretville telling him that some property in the latter place could be bought at a bargain. In some unaccountable way Gould learned of the bargain and bought the property himself without telling his em- satis- tt ana, .vork- i very ill the un it •allini^ :llo\vs. barc^ly Burn- t Mr. e had worse lew to [knives lad did les out kit two llature, hik in man in in the some lin and [is em- STORIES ABOUT TIIK MONKV KING. 257 ployer a word about it. He made the purchase while Burnham was neijotiatincr for it. "The day that Burnham arrived in Roxbury Jay left the store, saying that he was going fishing, I Ic \v(.:nt direct to Maroaretville and bought the tract of land a couple of hours before his employer arrived at the place. When Burnham learned of Jay's act he became angry, and driving back to his store dischargctl him with but few words. To cap the climax, IMaria Puirn- ham entered the store just as Jay was about to leave and told him never to call upon or speak to her again. That was the beorinninix of his business career, and the end of his first love affair. At Once Enjiiiioor anil Cowboy. "Jay knocked about Roxbury for some time after his discharge, and then took up surveying, of which he had learned a little. In a few months he had sur- veyed and made a map of Delaware county and wrote a history of the anti-rent wars. Both the map and history sold well. Buoyed up by the success of his work Jay next published a map and history of Ulster county. He next engaged in the cattle raising indus- try, and to save the expense of help he would drive his cattle to the market, a distance of sixty miles. He kept at this for some time and then secured a po- sition with an engineer to survey the Adirondack Mountains. While in these mountains he met Col. Pratt, with whom he afterwards went into partner- ship." 17 i' .i .11' .1 i i; U I m 258 LIFE OF JAY GOULD. From that time Mr. Woolhiscr saw nothinof more of Jay Gould until he moved to Brooklyn. "At one time," said Mr. Woolhiser, "while Gould was still in the employ of Burnham he fell sick. My father, who was a general nurse and something of a doctor, attended him and brouorht him around all ri<>ht. Not long after he recovered he met my father and said: *You saved my life, and if at any time you arc in need and I can help you, I shall do so with pleas- ure.' Fortune has not smiled on my poor old father of late, and being in absolute need he wrote to Mr. Gould, telling him of his condition and asking for help. No reply was ever received. I think that our letters never reached Mr. Gould or he would surely have helped us. I wrote to him only a few days ago for the fourth or fifth time. Gould was always a good boy, and for a while we slept together in the same bed in the old store in Roxbury. Jay never missed saying his nightly prayers before retiring." Mr. Gould Objected to the "Pooh" Jay Gould was a frequent patron of the Turkish baths. For a long while he went, three or four times a week, to a well-equipped establishment near his residence. It was his custom to give the man who attended him a personal fee of $2. There were half a dozen male attendants in this particular establish- ment, and they agreed among themselves to take turns in waiting upon Mr. Gould in order that each man might have an equal chance to get the J2 fee. This arrangement worked smoothly enough until STORIES ABOUT TIIK MoN'EV KIXG. 2:)l» or more e GoiiUl :k. Uy ling of a all right, iher and t you are ith pleas- 3ld father )te to Mr. sking for [a that our uld surely days ago ys a good same bed sed saying |ie Turkish four times |t near his man who were half Ir establish- les to take Ir that each $2 fee. ough until one day Mr. Gould appeared at th(! baths earlic^r than usual. The man whose turn it was to attend to him was just then busy with another customer. Hut Mr. Gould was not allowed to wait. The attend int who was to have treated him at the next visit stepped for- ward, and soon the prime factor of Wall street was undergoing a vigorous scrubbing. In the mean time the man who was entided to this "turn" on Mr. Gould finished his other job and pro- ceeded to claim possession of Mr. Gould's recumbent figure. His demand was refused and a quarrel en- sued. The two were about to come to blows whcm Mr. Gould indignantly remonstrated against their making such a scene in his presence. Ibj declared emphatically that he would have nothing more to do with either of them, and, furthermore, in order to break up their combination, he said that he would dis- continue the practice of giving each man $2. " Hereafter," said Mr. Gould, " I will not give more than ^i to an attendant at any one time, and unless the attendance is perfectly satisfactory I will not give as much as that." Mr. Gould continued his visits to this same estab- lishment. The same attendants were there, and they steamed and scrubbed him with all the skill and tact they could mi ster, trying to win him back to the ^2 idea. "Always Keep Up Your Credit.'* A favorite general officer of one of Gould's West- I '1, ,41 1 ' — i-«»nr-^ 2G0 LIFE OF JAY GOULD. crn railroads was called to New York a few years ago and jumped on by the financier thus: "They tell me you are broke and don't pay your debts. What is the matter?" The officer sputtered and stammered: "It costs me a great deal to live," he replied. "My family is large, rents are high, and doctors' bills have been considerable, but things are not so bad as you seem to think." "I'll see," said Gould, handing out a check for Jjiooo. "Take this over to Connor and tell him to put it in the market as he sees fit. Come back here when he tells you to." The man obeyed. It was an exciting day in Wa- bash, and he returned to Gould with Ji6ooo. " So you've been speculating," exclaimed Gould. " Don't do it again. That's what ails you fellows who don't know wliat you are about. You better go home now." The fortunate speculator bade Gould good-by with profuse tlianks and started. "Haven't you forgotten something?" called Gould. " I don't know." "Where's that ^^ooo I lent you this morning? It seems to be true that you don't pay your debts. Re- member, my bo}', the essential thing in business is to keep u{) your credit." The embarrassed officer paid the j^iooo, and it has never been necessary to dun him for anything since. ;ars ago ,ay your i "My lills have d as you 3r $1000. put it in when he ly in Wa- d Gould. lows who cro home )d-by with led Gould. •ning ? It ibis. R^- liness is to and it has Insf since. STORIES ABOUT THE MONEY KING. 261 Silent he Was and Almost Invisible, Too. One of the most striking peculiarities of Mr. Gould's daily life was his remarkable ability to avoid personal observation. At least 200 days of each year were spent in whole or in part in his office in the Western Union Buildinf^-. He went in and out without makinof any apparent effort to keep from being seen, his face was perfectly familiar to everybody in New York, and yet among the thousand or more persons who were employed in and about the Western Union Building, and whose duties called them there every day in the year, more than 90 per cent, of them never saw Mr. Gould In their lives. if seen at any time by one of the little knots of tele- graph operators who always gathered about the door of the bio^ buildinnr the fact created as much of a stir as if they had just caught a glimpse of the Czar of Russia or the wild man of Borneo. Out of the hundreds of thousands of theatre-eoers in New York city few remember ever having seen him at a place of amusement, and this was not because he did not go often, but from his ability to keep from attracting observation, coupled with the other fact that there were so many men who resembled him that a man was never quite certain whether he was looking at Mr. Gould or one of his many doubles. How he Hid his llhiess. Jay Gould's battle against disease and death was in every way characteristic of the man. Secretive in all his business relations, he was consistendy so about I li 11 •11 I I 262 LIFE OF JAT GOULD. his health. He had been seriously 111 for a long time, but he kept his trouble sedulously to him- self. For several years occasional reports were circulated that the marvellous juggler in stocks was extremely ill, and in each instance they were denied. In the last two years these reports gained more credence, chiefly from the fact that Mr. Gould was seen less and less in public. It was generally suspected that his health was poor, but as he never complained to even his most intimate friends there was no way of ascertaining the facts. Insidious Disoasip. The fact that he had hemorrhages was published almost periodically and was admitted, but they were ascribed to the stomach or throat. Mr. Gould knew then that he had consumption. He had confided to his physician that early in life he had had a severe at- tack of pneumonia. He did not think he had entirely recovered, and twino^es in the luncrs reminded him that they were affected. Still he would never give in. His long sea voyages in Southern waters on his palatial yacht, the Atalanta, were taken with a view to building up his constitution and strengthening his lungs. It was no use. The insidious disease had obtained a firm hold and it was ineradicable. Latterly he was unable to stand the sea breezes, and his tours on the Atalanta had to be abandoned. From that time he iff STORIES ABOUT THE MONEY KING. 1G3 practically engaged the exclusive attendance of Dr. John P. Munn. *• Consumption's ghastly form " was ever present with him. In his palace car with no one but his phy- sician, enjoying the balmy air of Florida or the ozone of Colorado and New Mexico, the spectre of a wasting disease attended him. He was told that his life could be prolonged by a residence in the pure air of New Mexico, but he would not live there. Continued residence in the city, especially in the spring, he was told, was practically suicidal, and he conformed to his physician's injunctions by leaving there in the spring. Would Not Tiiaurc Ills Life. AlthoufTh he looked to be a man of solemn thoughts, he was not gloomy, and he took a cheerful view of the future even with the cankerous crerms o^nawinof at his vitals. He could not leave his immense interests centred in New York even to insure a longer lease of life. In this connection it may be pertinent to say that Jay Gould never took out an insurance policy upon his life. Perhaps he might have feared publicity in regard to his condition, or he may have believed himself liable to rejection, an affront his nature would not permit him to court. An almost lifelong friend is authority for the statement that Jay Gould would never entertain a proposition to insure his life. When Dr. Munn became attached to him as his personal physician in continuous attendance Mr, H' n I t ! I 264 LIFE OF JAY GOULD. Gould was still able io cloud his real condition from the world. Possibly tne immediate members of his famil ,\'jre acquainted with the truth, or they sur- mised it. In either case they kept their knowledge to themselves. They inherited their father's secre- tiveness. An example of this was related by Dr. Norvin Green, President of the Western Union Telegraph Company. " ]\Ir. Gould was in die habit of attending the -meet- ings of the directors, and when he was in the city and feeling well he always came down to the office. I knew that he was ill by his failure to come down, and though I saw George every day he gave no hint of his father's condition. In answer to inquiries he would merely say that his father was not feeling well. On Wednesday, the day before Mr. Gould's death, George came down and said, ' P^uher is very ill.' " Even to his intimate friends, and the business as- sociates who were his lieutenants, h ' /ould never admit th(.' nature of his illness, or even refer to his bein^r sick. The last time he was down-town to at- tend to business was a few days before his death. It was a meeting of the directors of Union Pacific which brought him down, and at its close he returned home. " I L, Moked well then," said ex-Judge John F. Dil- lon. " I next saw him at his house, when I stopped in on my v. ay d'.>wn-town. He was sitting In his library, \\0l STOUIKS ABOUT THE MONEY KIXG. 265 (rem of his V sur- vledge secre- Morvin egraph 2 'neet- :ity and rficc. I wn, and him of ries he ntr well, death, ill;." hcss as- 1 never \\- to his li to at- ;ath. It lie which •cturned F. Dil- »pped in library, ana I thought he was looking reasonably well. I re marked to him then ^hat though I was an older man than he I never felt any iHness or inconvenience ex- cept pain in the bottom of my feet when I walked much. I couldn't explain this, as I had never had rheumatism or gout. " Mr. Gould smiled and replied : ' Well, 1 am only bothered by a little sciatica, I think. That troubles me sometimes.' As he said this he rubbed his legs and hips, repeating the word sciatica. Three days afterwards, when 1 called again, he was confined to his bed, and I don't think he ever got up again." To the man who was attending to his law business, the man who probably drew his will, Mr. Gould would not confide the nature of his illness nor even say how sick he was. He guarded his secret as jealously as he had guarded his plans for the coups which netted him so much wealth and notoriety. Woiidorl'iil Nervo. It is said by one who knows that for months and months Mr. Gould would never leave his house and the privacy of his own room until he had conquered his daily fit of cougliing in uhe morning. Like all consumptives, this coughing came on at night and in the morning. Dr. Munn did what he could to stop it, and when assured of a couple of hours or more of relief the financier would go down to business. His doctor would go with him, though, to watch for any premonitory symptoms of weakness or a return of the cough. Dr. Munn invariably carried the necessary !i 266 LIFE OF JAY GOULD. medicines with him to allay the cough and strengthen his patient. Never at one of these meetings did Mr. Gould utter a syllable about his piiysical condition, nor did he be- tray himself in any other way. With wonderful nerve and will power he sat among his associates cloaking with imperturbability the pain he must have been en- during. He had schooled himself so well that, tor- tured as he might have been, no twitch in his face or nervous motion indicated to others that he was suf- fering. Some of those who sat with him in these meetings might have wished for a sign upon which they could predicate the near approach of the inevitable. They knew he was somewhat hoarse, but it was seldom that they heard him cough. No sooner would a fit of coughing appear to be imminent than th" consumptive would hurry to the seclusion of his home. It was by these precautionary and heroic measures that lav Gould kept from the public the intelliorence that he was dying. Ev :.i when he took to his death- bed the family and tliose in authority to speak for him denied that he was seriously ill. It was not until the evening of the day before he died that the admission was made of his criticril condition. He kept his stcret from the world as long as he had strength and consviOu;.mess. ^»^' {!l CHAPTER XVII. Remarkable Characteristics of the Wall Street Napoleon. G. P. MoROSiNi was associated with Mr. Gould for a longer period, and perhaps more continuously and in some respects more intimately, than any other man in New York. Mr. Gould first met Mr. Morosini in the Erie railway service when the former entered upon his famous career in connection with the affairs of that corporation in the year 1867. Mr. Morosini was at that time chief clerk in the auditor's office, and the manner in which he found his way originally into the service of the company illustrates the influence of circumstance over the destinies of individuals. In the year 1855 Morosini was an Italian sailor, temporarily living in New York. He was a youth of splendid build, great muscular strength and a courage corresponding with both. One day while walking along the streets his attention was attracted to a group near the curbstone in which there were signs of an excitingr strugforle. He hastened to the scene, and there saw a crowd of a dozen or more boys against whom one boy was defending himself, but who was being rapidly overpowered by the numbers against which he was contending. SI m 1 ' «^(' I v\ i^m % 268 LIFE OF JAY GOULD. Morosini, taking the situation in at a glance, forced his tall fhnire throuirh the crowd, to the side of the boy, n'ho had already been knocked to the ground. Immediately the entire pack of young contestants turned upon Morosini, who, in obedience to native and professional instincts, drew forth a large knife, and holding it conspicuously in front of him drove back his assailants and rescued the prostrate boy at his feet. Helping him to rise, at the lad's solicitation Morosini accompanied him home, followed a part of the way by the yelling mob of youngsters. Seeing his young charge safely landed under his father's roof the sailor youth went his way. The Italian KcwardcMl. About a week later he had been traced throuofh the instrumentality of the father of the boy. This was Nathaniel Marsh, then Secretary of the Erie Railway Company. Mr. Marsh was grateful to the sailor who had come to tl.o rescue of his son in a momtMit of peril, and wanteci to press upon the young man money in the way of r(;ward. This Morosini refused to ac- cept. Mr. Marsh asketl the young man if there was anythinof else he could do for him. Morosini replied that he had been leading the life of a sailor, that he was tired of the sea, and that if he could find suitable employment he would be glad to remain in New York. On May 29th, 1855, young Morosini entered the service of the Erie Company, first as a sort of office-boy. Soon he was placed in the auditor's office, where he rose to the place of chief I )rce(l f the )und. tants lative knife, drove )oy at tation irt of seeing s roof eh the is was aiUvay or who c.ni of money to ac- re was [he life Lt if he I lad to young |mpany, Lced in )f chief REMARKABLE CHARACTERISTICS. 269 clerk, but at the time of Mr. Gould's assumption of the presidency he was practically filling the functions of his superior. Six months after ]\Ir. Gould's retirement from the Erie, Mr. Morosini followed him and entered his em- ploy, and in that service he remained until about three years ago, when, it is said, Mr. Gould practically discontinued his large speculative operations in Wall street. Speaking of his dead friend and former employer, Mr. Morosini said : *' Mr. Gould was one of the most lovable men I ever knew. It was a pleasure to serve him. He was very appreciative, and never imposed a needless task upon any one. In the office he always took things easily and coolly. There was never any hurry jr confu- sion. Idolized liis Family. " In his family he was the best of husbands, and I never knew a man who loved his children with such intensity as he did. He seemed to worship them all. He was a very companionable man, and there was a great deal of humor in his disposition. While he was not given to telling storit^s or cracking jokes himself, he enjoyed hearing others do so and would laugh as heartilv as the rest. " He was very abstemious in his habits, but was ex- ceptionally fond of coffee. Now and then he would sip a little wine, but he rarely took more than a spoon- ful at any time. My opinion is that his system gave 41 ,1, 270 LIFE OF JAY GOULD. way under the great strain resulting from the con- sciousness of his immense wealth. It was a tremendous care, and he was always weighed down with the anxiety and excitement of protecting his properties. *' Mr. Gould was the most generous of men, and he made a great many other men rich by his own gener- osity. I could give you hundreds of instances where in return for some slight service to him he has started men in the way of making fortunes. "There is one which just comes to mind while I am talkincr which is a orood illustration. Once there was a man out West who did some little work for Mr. Gould in a railroad matter there. The man was of the ordinary type of the Westerner on the frontier. Mr. Gould said to me: ' I ought to do something for him ; what would you suggest ? ' I replied, ' Buy him a thousand shares of stock for a rise.' He said ' All right,* and ordered the purchase of 1,000 shares of Denver and Rio Grande. " The stock was then about 29. We carried it along until it reached a very high point and looked like going off, and then we sold it. The profit was $65,000, and I paid that money, all of it, sixty-five bills of ;J 1, 000 each, to that man myself. Mr. Gould had ordered that transaction for that particular purpose. He took none of the profit himself, but directed that the man should have it all. Bagg^ingr the Cat. " There were many instances," continued Mr. Moro- sini, " of just that sort, and many in which he greatly I con- mdous h the ties, and he gener- where started le I am -re was for Mr. s of the r. Mr. or him ; him a id ' All ares of irried it looked lofit was ive bills )iild had lurpose. Ited that -. Moro- •Treatlv lii REMARKABLE CHARACTERISTICS. 271 helped men here in Wall street from going down — men whom he was under no obligation to help, but he assisted them under an impulse of generosity." In regard to Mr. Gould's business methods, Mr. Morosini said: "Of course he was very reserved. He never let the left hand know what the ri^ht hand did. Mis motto was never to say 'cat' until you had him in the bag. For instance, he asked me one day to call in about j;8,ooo,cxXD which we had loaned out. I followed his instructions ; the money was collected ; he said nothing to anybody about why he had called it in. " I kept the money for nearly a month, when one day he told me that I might loan it out again, as he had no more use for it; that he had intended it for use in buying the Reading road, but the deal had fallen throu^ \ \ ^V 6^ %^ .e^ 4. #:,^> 1^ -^ &^^^ ^>^ ^ % /* ■\\: Mi ■ ■s^i&msssaam 272 LIFE OF JAY GOULD. I III up and showed to the credit of Mr. Gould on the en- tire transaction the sum of fourteen cents. A rumor was in circulation that Mr. Gould had made a crreat o deal of money in the stock. One afternoon just about that time I was at Mr. Gould's house when William H. Vanderbilt called to see him about some matter of business. He congratulated Mr. Gould on having made so much money on the stock. Mr. Gould turned to me and said, * Morosini, how much have we made on that deal in Pacific Mail ? ' " I answered, ' $i 40,000.' " * What,' he exclaimed, and looked at me in a queer way. After Mr. Vanderbilt had gone Mr. Gould said, * When I asked you what we had made on that Pacific Mail transaction, why did you say we had made ^^140,000?' I answered, 'Did we want to disgrace ourselves by saying fourteen cents? Why not let them know that we can make money as well as they can?' Mr. Gould was very much amused." Two Great Speculators. One of the most important incidents in Mr. Gould's life was the transaction by which the control of Man- hattan came into his hands. There had long been a feeling among Mr. Gould's friends that great injustice was done to him in the popular view of the matter. John T. Terry, of E. D. Morgan & Co., was for years one of Mr. Gould's most trusted counsellors. While Mr. Terry was not as intimate as other men in the stock operations of Mr. Gould, he knew of many of the investment policies pursued by the dead capitalist, Wn I'r REMARKABLE CHARACTERISTICS. 273 he en- rumor I areat n just i when it some )uld on . Gould lave we a queer uld said, It Pacific ^d made J'lsarace not let as they I. Gould's of Man- been a injustice matter. |for years While :n in the many of [capitalist, and his sound judgment and high reputation in the mercantile and banking world were frequently availed of by Mr. Gould in important affairs. In the case of the sale of Mr. Field's Manhattan stock to Mr. Gould, Mr. Terry was the medium through which Mr. Field was able effL*ctively to appeal to Mr. Gould's resources to assist Mr. Field in the time of his need. Mr. Terry's friends say that the confidential nature of his ri^lations to the negotiations at that time forbade him to tell much of the secret history. But Mr. Terrv made the followino- statement in reirard to the Field-Gould transaction: *' Mr. Gould has been for years the subject of much misrepresentation and unreasonable abuse, partly from misapprehension and pardy from malice. Even those of his transactions which have been beneficent in their character, and which have been prompted by the best motives, have been turned and twisted by attributing the worst possible motives to him. Iiiiiiiciisc Loann. "Take for example the case of Mr. Field and the Manhattan Railway. Mr. Gould was applied to for aid, and he generously loaned ^r, 000,000 of bonds, taking therefor no security whatever. This not being sufficient he purchased most reluctantly and at much personal inconvenience ^5,000,000 of the stock of the Manhattan Elevated road at 1 20. A few days later he stated to me that he feared this was not sufficient to afford all relief needed, and he thought he would be obliged to take the remaining 5^2,800,000, w4iich he 18 i 111' i! -I 274 LIFE OF JAY GOULD. 1 did take at the same price and distributed all or the greater portion of it among- his friends. " But this was not the end. A few days later I was again asked to his office, when he said to me, the parties being present and he having been summoned to the city by telegraph at their request, although in wretched health : ' More assistance is needed, but I have declined to go any further. Won't you please look at their papers and see if you can suggest any way for them to obtain the money ? ' FaLse Accusations. "After looking into the matter, I said: 'Mr. Gould, you have already done more than could reasonably be asked of any man, but I am assured that $300,000 more will be sufficient, and I think you can loan it safely, akhough the securities are not otherwise avail- able.' He replied : ' Very well, I wnll draw the check.' Here was assistance rendered of over $10,000,000 and although the stocks were purchased upon thirty days' time, the necessities of ';e case required imme- diate payment, which Mr. Gould made at much per- sonal inconvenience. " Now what was the view taken of this transaction by the public press? We read in large print, 'Mr. Gould has ruined Mr. Field,' and other phrases just as false. This transaction not only saved the parties, but beyond question saved a panic in New York. I will only add that the decline in the market value of the stock named within a few succeeding weeks was about $3,750,000, and yet there are probably thou- m or the ;r 1 was me, the nmoned ough in ;d, but I u please gest any r. Gould, Dnably be J 300,000 n loan it ise avail- lie check.' 0,000,000 on thirty [red imme- much per- ransaction )rint, *Mr. irases just the parties, York. 1 >t value of I weeks was )ably thou- REMARKABLE CUAKACTERISTICS. 275 sands and tens of thousands of persons here and abroad who are still under the belief that Mr. Field was wronged by Mr. Gould." A Talk With his Broker. Washington E. Connor knew Mr. Gould about eighteen years. Mr. Gould's early practice in stock operations was to employ a number of brokers in order to conceal his transactions. Finally Mr. Connor came to be the recognized broker of Mr. Gould, and the relations between the two men were intimate. In talking about his dead friend and associate Mi*. Con- nor was cautious in avoiding an expression of opinion as to Mr. Gould's probable wealth, though he did not hesitate to say that it was not less than $60,000,000. Speaking of the disposition of the estate, Mr. Con- nor said it was his belief that a trust had been created for the bulk of the fortune. He added that durinof the last two years Mr. Gould had committed to his sons, by way of training them in the care of their busi- ness interests, the management of the properties in which his money was chiefly invested, the father acting only in an advisory capacity. ** George Gould, since he was sixteen years old," said Mr. Connor, " has been undercjoinor a thorouorh business traininof and has proved himself fully capable of taking care of the in- terests intrusted to his care. He promises to be very conservative, and not likely to engage in any- thing bold or rash." Mr. Connor also said that ever since Mr. Gould retired from active operations in the Street there have been people ready to pay i II ( 1 i T i 4- M lifi 'ii 276 LIFE OF JAY GOULD. Pill •' I / ! I him much above the market price for any of his hold- ings. Referring to Mr. Gould's personal characteristics ' Mr. Connor said ; " Mr. Gould was a very quiet unassuming man of kindly impulses. People who might meet him for the first time would be likely to misjudge him, and perhaps not give him credit for the ability he pos- sessed." Men Avlio KiK'w Circat Secrets. " Frequently men would come into the office and sit down and talk to Mr. Gould, and tell him some story of their knowledge of operations going on in the street, and try to impress him widi the fact that they knew the whole inside of si jh deals, when in truth they would be telling Mr. Gould of a deal in which he was at the bottom and they were giving somebody else the credit for. But he never would betray him- self at such times, but would always listen to the stories, and they would leave him with the impression that they had convinced him of the truth of their state- ments. " He had a great gift of self-control. During the whole time I have known him I have never seen him give way to his temper but twice, and then under very great provocation. He never had his equal for ability in Wall street, and probably his equal will never be seen. His success was not a matter of luck, but of energy and good judgment. He had a wonder- ful memory for details and knew more about the si VF n1 ol !il lijiii REMARKABLE CHARACTERISTICS. 'Jii s hold- :enstics man of him for lim, and he pos- iffice and im some on in the that they ,1 in truth which he somebody itray him- n to the ipression heir state- inring the seen him indervery equal for lequal will ter of luck, a wonder- about the inside or the various corporations he was associated with than the officers who had direct control. *' You will find that (ivery man who has ha^i iiuimate business relations with Mr. Gould will tell you diat his word was safe for them to enter into any opera- tion, no matter of what ma<'nitude, and that he w^as never known either to break his word or attempt to alter his verbal agreements. He was perfecdy loyal to the men with whom he was associated, and they were perfectly loyal to him. I think you will find the most of the men who condemned Mr. Gould had really never met him, did not know him when they saw him, and had no business relations with him either directly or indirecdy." A CliJiiijfod Man. Mr. Connor briefly referred to the social side of Mr. Gould. "In business he was reticent." said Mr. Connor, "but I have frequendy been out with him when there was just a small party taking dinner toofether or oroinof to the theatre. On such occasions he would seem to change completely. He would become talkative, induloe in reminiscence and often entertain the entire party. This, however, was unu- sual, and it was only among those wdiom he knew very intimately that he would thus let himself out." Mr. Connor also testified to die generosity of Mr. Gould, and gave instances in which he had protected men in whom he had no real interest from bankruptcy, or assisted them when they were struoolino- aoainst adverse conditions. ?V; ■■'■\ i 278 LIFE OF JAY GOULD. Ex--Judge John F. Dillon knew Mr. Gould Intimately. He first rnet the financier in 1879, and was his legal adviser in many of his undertakings. "There were many disdnc- characteristics about Mr. Gould," said Mr. Dillon. ** 1 never knew him to utter a profane word, and he was as delicate and sen- sitive in temperament as a woman. Mr. Gould wrote and spoke capital English, but he never wrote a word that was not necessary. blaster of the English Laiig-uage. "Judge Usher, who was Secretary of the Interior under Lincoln, an able and great lawyer, once said to me that he had boutrht a railroad for Mr. Gould, or in his interest, and h-^d written out a contract covering two or three pages of foolscap. 1 he Judge, in telling of the incident, said : * I sent the contract, which I con- sidered a thorough document, to Mr. Gould, and he almost immediately returned it written out on a half page of paper of tlie same size. When I got the doc- ument and found it perfect in its condensed form, I felt ashamed of myself." Mr. Gould was so self-reliant that he had little use for lawyers. . le w^as his own negotiator and contract maker. When he bought the Iron Mountain road he showed me, the next day, a contract for that great purchase. It was a contract written out in his own handwriting on less than two pages of social note paper. " He concluded the contract of the purchase of the Missouri Pacific without consulting his lawyers. When d d( "n-sri'c: tlh*' REMARKABLE CHARACTERISTICS. 279 lately, s legal about liim to id sen- i wrote a word Interior said to Id, or in overing a telling h I con- and he a half the doc- form, I ittle use contract road he at great his own :ial note 36 of the s. When shown the contract the next day, his counsel told him he had bought a big lawsuit, and that title to the whole property was in question in the Supreme Court of the Ur.ited States. He simply said, * I have given my check for $3,700,000, and the thing is closed. The seller would laugh at me if I went back and expressed a desi'*e to rescind ' He thereupon directed his at- torneys to take charge of the case and try to sustain the tide of the property bought, which after years of litigation they did. A Natural Lawyer. " But great as Mr. Gould was as a financier and railway manager, he would, if bred to the bar, have made a greater lawyer. That is a fact. I have seen him greatly provoked, but never saw him lose hi temper or utter a threat. Nevertheless, he had a good memory, both for benefits received and injuries done. He was probably, in the language of Dr. Johnson, ' a good hater without loquacity and pomposity.* " "What do you consider the cardinal points in Mr. Gould's character? " was asked. " Courage, self-reliance, clear perception, an intimate knowledge of his business and untiring industry. It is a great mistake to suppose that Mr. Gould was a mere speculator in properties. He was the most con- summate railway manager that the country has ever produced. He knew everything about a railway from the rails to the locomotive, and from the brakeman's duty to that of the general manager. He could sit down and write a trafific contract, which is perhaps the i — »~*9 ^^^^Ifc^ 1f» r. it .'' 280 LIFE OF JAY GOULD. m Ijl!, ill supreme test for a railway ma* ager. He knew enough not to lose himself in details. He was too wise to lose himself in lontjf details, A Suporb I'^xocutivc <)fli<*<»r. " 1 1(! was a superb executive orficer. He applied the military rule to his subordinates. 'I do not want processes, but results,' was his doctrine. His great oenius consisted in a knowledi^e of the value of cor- porate properties, and in perception of possibilities of • profitable consolidation. When he acquired properties he bent his energies to develop them, and he had both the will and the strength to defend and protect them. Every successful railway manager must be a militant, and Mr. Gould may be, perhaps, fitly sym- bolized as standinof armed on the boraers of his rail- road territories ready to give battle to all who invaded or threatened to invade them. "In some respects Mr. Gould has failed to get the credit to which he is justly entitled in many things. And he was blamed for many things, for which, in reality, he was entitled to praise. He was also blamed for many things in which he had no concern. I will not attempt to go into details. To those who knew him, Mr. Gould was a man of intense activity. He kept his money invested in active enterprises, which gave employment to thousands and thousands of men. He frequently engaged in enterprises without any im- mediate reward, relying on his efforts and upon his faith in the future value of properties for his compen- sation or profit. ill REMARKABLE CUARACTERISTICS. 281 Hiit ,e to I plied want great f cor- :ies of Gerties e had protect ,t be a y sym- lis rail- nvaded ;et the things. Iiich, in )lamed Iwill not :w him, e kept Ih gave :n. He ^ny im- fon his .mpen- lU'lievfil ill Aiiierica, "In fact, I think Mr. Gould's well-founded faith in the constant and steady growdi of the country, and the consequent prosperity of all legitimate and well- directed enterprises — th-it was the main cause of his ahnost unexampled siicc nss. A less enterprising man would be tempted to sit down idly and take his ease in receivinor the income from rent rolls or Govern- ment bonds, or purchasing established securities. Mr. Gould never seemed to be content except in directing the management of active properties requiring con- stant supervision and good management to make them successful. lie has probably wielded more power than any other man in the country, but with all this he was destitute of the least ostentation or display. He seemed to have no ambidon beyond the success of his business enterprises, an^' though capable of and having strong friendships, his heart and his af- fections were with his family. He was an example of all the parental and domestic virtues." Mr. Dillon when asked if he knew who drew Mr. Gould's will said : " 1 cannot give you any details in that direction." All Estimate by Hoiiry Clews. Henry Clews said: '*Jay Gould's death is not sud- den, as it has long been expected, owing to his frail and weak physical condition. Death is the natural end of all, and it should not be in this case to Wall street much of a shock under the circumstances. Gould has undoubtedly been one of the wonders of !l\i W 282 LIFE OP JAY GOULD. the world — abnormally great among men of affairs. He had many good qualities, he was generous to a fault, and was inva.iably true to his friends, but bitter and unforerivinrr to his enemies. •' Much of the spread of the railroad transportation system over our vast country is due to his remark- able enterprise, sagacity and organizing ability. Thereby great distances have been narrowed and people living at far-off points of our big acreaged land have been brouorht in touch for business undertakino^s through his telegraph and railroad schemes ; there- fore what Jay Gould has accomplished for the benefit of the country must be placed to his credit, and will be by most people, and it will, in my judg- ment, outweiofh his shortcomincrs in the recollections of the man. " I was one of the few men in Wall street openly to criticise Jay Gould harshly at times when he de- served it while livinof. I will not do so now he is dead, as he has left behind him much that is good and of great benefit to the nation, as a result of his marvel- lous ability and active life." " How would you estimate Mr. Gould's wealth ? " was asked. "I should place it at $60,000,000 to $75,000,000, largely in railroad bonds, with a good sprinkling of stocks, and some valuable land and coal properties, particularly in the West, along the line of roads with which he was identified. In this city, as I understand it, he has never held much real estate, although, of nfjli II i fairs. to a bitter :ation Tiark- bility. I and \ land ikings there- 3r the credit, yr judg- ections openly he de- >s dead, and of arvel- ialth?" )00,000, :ling of [perties. Ids with erstand ugh, of REMARKABLE CHARACTERISTICS. 283 course his house at Forty-seventh street and Fifth avenue and his estate at Irvington are both valual \f\ His city house he bought at a bargain from ex-Mayor Opdyke some ten or twelve years ago fe. ^300,000." Like Father, Like Hon. "What disposition do you suppose Mr. Gould has made of his property ? " *' Mr. Gould had great faith in his son George, and I do not doubt, judging from my knowledge of the man, that he has made most careful provision for his property in his will, and that it will be found to have been left largely in George's comrol. George has worked .vith his father for years. He has been in- dustrious and careful, and has shown a large grasp on affairs, and has in every way acted in a manner that tended to create confidence in his ability. I do not doubt that he will succeed his father in the manacfe- ment of the properties that Mr. Gould has controlled. I think the change will not be for the worse, for the reason that Georcje has never manifested hi.i father's speculative disposition, and the financial world will feel that the properties will be managed upon a stabler and more conservative basis. Jay Gould was a spec- ulator, and no one knew which way he would turn next." " Did Mr. Gould make his money in speculation ?" •*No. Mr. Gould's fortune was not gathered by speculation in the Strc^^t. He generally lost at that, and sometimes in large amounts. He made his profits by the manipulation of large * deals.' He would buy i ?r 'ii 284 LIFE OP JAY GOULD. up two roads at a low figure, consolidate them into one, issue securities and assure the public that the property was a valuable one. Then he would sell out at a high figure and pocket his profits. his opera- tion he repeated over and over again. A Bom Speculator. "As a speculator he was tenacious. His great characteristic was patience. When he had started on a * bear ' campaign, he was the last man to realize that the market had o^one aoainst him. He was almost the only great *bear' operator who did not run to cover just as soon as prices began to go up, and the fact that he was a 'stayer' often cost him millions of dollars. After the panic of 1873 he was a persistent 'bear,' and he stayed on that side of the market long enough for the 'bulls' to get full control and to pinch him badly. After the 'good times' that followed the resumption of specie payments got well under way, he w^as forced to make three separate settlements with the ' bull ring.' In the last he sold them 50,000 shares of Union Pacific at 55 and gave an option on 50,000 shares more at 65. "Within sixty days he was called on for the stock, and the rise never stopped until Union Pacific touched .120. But he followed up those losses by the manipu- lation of Kansas Pacific, and when he had got that *stock up to the level of Union Pacific, he made an exchange, share for share, and pocketed J8,ooo,ooo as the profits of the transaction. At one time he was a REMARKABLE CHARACTERISTICS. 285 I into It the ill out jpera- crreat ted on ze that almost run to nd the ions of rsistent et long o pinch Kved the er way, ts with shares 50,000 le stock, touched manipu- got that iiade an 0,000 as e was a T heavy speculator, and as we watched the market we could see the effect of his manipulations. " We knew his brokers, and he was a general target for everybody and seemed to enjoy being one. • In later years his dealings were not so open and mysti- fied the Street. More recently still he became a buyer or a seller at favorable times, but did not figure in a speculative sense. For that reason the market is not affected by his death," C. P. Hniitiiigton's Views. C. p. Huntington, when asked what he thought of Mr. Gould as a man and a financier, said : "Well, I have always thought very well of Mr. Gould, though I know there are many people who did not like him. I have had a orreat deal of dealinof with Mr. Gould in the thirty years during which I have known him, and I will say that I always found that he would do just as he had agreed to do. Of his ability as a financier his success is the best evidence." " There were published recendy dispatches from the Southwest, announcing a contemplated meeting shortly between yourself and Mr. Gould at El Paso. Had you arranged to meet Mr. Gould in Texas ? " " No ; there was no truth in the statement. I have had no correspondence on such a subject with Mr. Gould. I have not been closely associated with him for some time. He was on one side of the line and I was on the other. I never hit with him on prices, for I knew that the market would go up or down just as ili 1 !! ■■\'-\ 1-: Ml- 1! i' k m I ;* km 286 LIFE OF JAY GOULD. he wanted it. We were never in 'cahoots,' as the boys say. It is true I was in Western Union with him, but I only owned a few shares and I went in there at hi's request." Fond of a Good Story, '•When did you see Mr. Gould last?" " I saw him last in El Paso last March. No, I have seen him since that. I saw him two or three times last August in connection with the meetings of the Western Traffic Association in this city. As a man, personally, in private conversation, Mr. Gould was a genial, good fellow, fond of telling a nice story, and a man whose personal traits one would like. In fact, I can truly say it was with genuine sorrow that I heard of his death. I did not think the end would come so soon, and, in fact, called at his house to inquire about him." "What do you think is a good estimate of Mr. Gould's wealth ? " " Oh, I could not begin to tell. He was a man of very large affairs and was undoubtedly very rich, but as to how many millions he possessed I do not know any more than the man in the moon." "What do you think will be the effect of Mr. Gould's death on the properties he owned and controlled ? " " I do not think there will be any great effect. His boys, who are really very able, will continue his work. George has had a great deal of experience in the run- ning of these properties, and they will doubtless go along about as they have done. !: '.' w*!«r,-.-«-,;rfM:«BBSK» Hi REMARKABLE CHARACTERISTICS. 287 IS the h him, lere at I have e times of the a man, was a r, and a n fact, I I heard |ome so e about of Mr. man of ich, but )t know Gould's led ? " :t. His work, the run- tless go " I remember one little incident of my dealings with Mr. Gould," continued Mr. Huntington, "which will show you to some extent what manner of man he was. He and I had entered into an arrangement for the pooling of traffic earnings of the Texas Pacific and Southern Pacific between New Orleans and El Paso. Well, his road, the Texas Pacific, could not do the work. Its service was 'way behind the Southern Pacific in point of celerity. When the time came to divide the proceeds of the pool Mr. Gould was en- titled, under the terms of the agreement, to something like ^750,000. But his road had not done the w^ork, and in settling I called attentioi to the fact, leaving to him the fixing of the sum which might be proper as the share belonging to his road. If it had been left to me I should have fixed it at about ;g40,ooo. Well, he studied over the matter a while and then drew his pencil through the contract, taking nothing at all. Perhaps, though, you had better not publish this story for the reason that it will impose too great a strain on the credulity of the public." l;i ii ,, ; ( I •!'Wi CHAPTER XVIII. If ■ n, 'ih i II jiiftif Cranks and Crazy Men. Jay Gould was oftentimes afraid that he would meet with a violent death. For years cranks had threatened his life and blackmailers had hinted to him of a sudden taking- off. A walk in Wall street any day would re- veal a score of men who were his sworn enemies — men whom he had squeezed at one time or another during some of his gigantic operations. Strange visi- tors were forever calli-ng at his office, just as the bomb- thrower, Norcross, called on Russell Sage. They waited in the hallways to meet him and frequently ranof the door-bell of his residence at nieht. The but- ler learned to be careful whom he admitted. Strangely enough it was the first Friday in Decem- ber, 1 89 1, just fifty-two weeks before the millionaire's death, that his old friend and associate, Russell Sage, was so nearly blown into fragments by the Norcross bomb. This fact was recalled by many Wall street people when the news of Jay Gould's death was being shouted about the streets by the newsboys. Mr. Gould was in town at that time and the occur- rence gave him a painful shock. There was supposed to be an organized gang of assassins in existence, and the houses of all the prominent millionaires were un- (288) CRANKS AND CRAZY MEN. 289 d meet jatened sudden uld re- tmies — anodier lore visi- e bomb- They quendy he but- iDecem- onaire's In Sage, iorcross [\\ street LS being occur- ipposed Ince, and rere un- der surveillance. Mr. Gould prompdy started off on a trip to El Paso, where he would be out of the way of cranks and dynamite. Kept Himself Secluded. For some time before his death Mr. Gould had no personal encounter with an antagonist. The attacks were made up of bitter denunciations or in legal suits. That is because he was so seldom seen about the streets. In Wall street he was pointed out as a curi- osity whenever he appeared, and even the brokers turned to look at him. He generally went directly to his office in the Western Union building on coming down town in the morning and remained there till he started for home. While there it was almost impossible to gain access to him. He entered through a private door opening on the main hall of the first story, which is opened from within upon a peculiar knock on the glass panel. If any one followed him up and knocked in what he believed to be precisely the same way, no attention whatever was paid to him. If a card was sent in to Mr. Gould through the general office there was simply a pretense of sending it, and word was brought back that he was either too busy to see the visitor or that he had just stepped out. But when Gould was really operating in the stock market, he came regularly down to the office of Belden & Co., at No. 80 Broadway, every morning, and during the day was to be seen constantly passing from this office to the office of Work, Strong & Co., rn 19 iii ■'■ w .!',! I. ■ 200 LIFE OF JAY GOULD. Broad street, which did a great deal of his brokerage business, and thence to the office of the Union Pacific, at No. 23 Nassau street, in whose securities Mr. Gould Vv'as at that time heavily interested. The opportunities therefore among men who were not Mr. Gould's admirers and well-wishers were not confined to denouncing him to one another. They had the man himself, and his passage from point to point in the neighborhood of Wall street was not only followed by black looks and muttered curses, but he was not infrequendy addressed on the street and un- pleasant epithets hurled at him in passing. A Violent Assault. One day Mr. Gould was violently assaulted. He was hit in the mouth wh'le eatinor lunch at Delmon- ico's with the late Charles Osborne, at that time one of the most brilliant and successful operators in the street, The assailant was a young lawyer whose name did not come out at the time, but who, it was said, had been seeking a settlement with Mr. Gould for some months without success. He had been goaded beyond the point of endurance by Mr. Gould's indifferent manner of treating his claim. Mr. Gould made no attempt to retaliate or strike back, neither did he have the young lawyer arrested. Mr. Osborne persuaded the lawyer to go away and leave the little man alone. Cranks often called at Mr. Gould's office or his residence, and they caused him great uneasiness. The sight of a man with a small satchel or a mys- ^H.CT>,3ieaH«iirs3MfirrfffSMMf'' CRANKS AND CRAZY MEN. 291 srage acific, :}ould ) were re not They loint to lot only , but he ind un- ci. He Delmon- ime one ■s in the ir whose o, it was [r. Gould id been Gould's Lr. Gould :, neither I Osborne 1 the little :e or his leasiness. »r a mys- terious packag"e of any kind always reminded Mr. Gould of the Norcross affair. For weeks after that occurrence he had a man located in the Windsor Hotel to do nothing but keep a watch for prowlers about his residence across the way. The month of January brought tvvo cranks, both of whom had de- cided to elope with Miss Helen Gould, or if necessary to kidnap her and hold her for ransom. One of them called himself Prince Von Michaels and gave his residence as Brooklyn. Wanted $1,500,000. Many will remember the episode of Ephraim Pines, who lived four miles from Millville, N. J. He sta- tioned himself inside the main entrance to the Western Union Buildinij one mornins" in the beijinnincr of Feb- ruary, 1892. He was a big, burly fellow about fifty years old, and in addition to a small satchel slung over his shoulder, carried two large handbags. There was a Bible protruding from his coat pocket. The janitor of the building noticed the stranger and asked him his business. Ephraim went away but came back the next mornincr bacr and bao-o-acre. The janitor in- sisted on knowing his business. He opened the two big bags he carried in his hands and showed they were empty. He declined to say what was in the satchel swunof over his shoulder. The bior ba^js, he said, were to take away j^i, 500,000 which he expected to get from Mr. Gould as soon as he had talked with him. The man was finally persuaded to return to New H 1' ': I % ■j^i^vmifssr li uW! Ilk 292 LIFE OF JAY GOULD. Jersey and negotiate with Mr. Gould thrciigh the mails. About the same time a crank went into Judge Walter Q. Greshain's court, in Chicago, and demanded $5,000, which he said had been sent him by Jay Gould. He gave the name of Martin McCinahay. He made a fight before he could be overpowered. He was sent to an asylum. The Champion Crai^i;:. "Vice-President No. 71 " was the champion danger- ous crank. He called on Dr. Munn, Mr. Gould's physician, one evening. He said he belonged to the organization of " Christ's Followers," which was very strong in this country at the present time and was steadily growing. The object of the organization, he said, was an equal distribution of the wealth and property of the country. Among the first property to be distributed was that of Jay Gould, and if any diffi- culty was to be encountered in cc^rrying out that ob- ject, Gould would have to die. Dr. Munn arrancred for the man to call the follow- ing evening. He called as agreed and found Inspec- tor Byrnes wait! ng for him, with Detective Sergeants Frink and McCioskey. He was taken to headquar- ters, where he claimed that a former employer had sent him some weeks before to a place known as Owl's Head, on the Canadian border, near Buffalo. There he was to meet friends and receive instructions. Arriving at the appointed rendezvous in the night- time he was surrounded by a band of about fifty men, ! '%■ ^ fiiw.'rt* *t^'ii fa* CRANKS AND CRAZY MEN. 293 \ the Judge andcd jould. made e was langer- jould's I to the as very nd was tion, he 1th and perty to ny difft- Ithat ob- follow- hispec- T^'^eants '.adqiiar- )yer had :no\vii as Buffalo, iructions. le night- ifty men, all heavily masked, who compelled him to kneel in their midst, the band formintr a circle around him. While in a kneeling attitude he was compelled to take a solemn oath, which was administered with much pomp and ceremony, and he from that time forth was a member of the order of " Christ's Fol- lowers." What was DeniaiKlcd. The object of the order was explained to him, and after various business transactions, which he declined to explain, he was finally ordered by the Arch Council of the organization to come to New York. His mis- sion was to obtain an interview with the money king, Jay Gould, or with some of his most intimate friends, and through them to lay the decree of the order be- fore Gould. He was instructed to say to Gould that the order demanded that j^5, 000,000 of his money be set apart and sent at once to the headquarters of Christ's Followers. Then, within the next ten years, $15,000,000 more was to be sent to the same destina- tion, and at his death the will must be so made that only $1,000,000 was to go to each of his sons, and $1,000,000 to the widow. All the rest of the vast property was to be set aside for charitable pur- poses, or for such other purposes as the order might decree. This crank went to an asylum. Another of Mr. Gould's visitors who got into trouble for calling was Master James SulHvan, of Edinburgh, Scotland. But of all the schemes of cranks and It |;i im i 294 LIFE OF JAY GOULD. mt J\ III' m I crooks to beat Gould one of the few to prove success- ful was carried out in February, 1881. There had been a great war between the uptown and downtown brokers. Heading the uptown boys were Messrs. Cammack, Osborne and Travers, who made their headquarters about the Windsor. They used often to watch the telegra[3h wires running into Gould's liouse, across the way, and wonder what they were saying to the crafty little man. A Cut ill the Mi'jU. During the Western Union Telegraph manipula- tions the uptown boys were shut out of the deal. The stock was sellino- in the neiq;hborhood of 80 and the " points " were thick to go " short " of the stock, that the bottom would soon fall out of it. All the verdant ones quickly sold the stock, but the older heads of Twenty-third street suspected that there was a cat under the wheel. Now it happened that the great storm occurred at this time and Mr. Gould's private wires went down with the rest, despite the owner's apparent omnipo- tence. It was absolutely necessary that Gould should continue in communication with his dowr\town people, and for that purpose he made arrangements with the American District Telegraph Company to furnish him with a number of their very best messengers. The boys came and the gang at the Windsor watched the proceedings with no little interest. Among the messengers was a tall, slender lad, nearly ' ■igm:^-*t>T^ vJlrtlftartSllBI^^ CRANKS AND CUAZV MEN. 295 :ess- had Lown iiack, irters [\ the xross the iipuUi- deal. ,o and stock, ai the okler re was •red at down nnipo- shouUl peopkN jith the Ish him The led the I, nearly grown to manhood. The brokers were struck with a happy thought. They got him into the hotel, bribed him to lend them his messenger uniform, and into it they placed a very bright clerk in their employ. The messenger was given a private room at the hotel and fed on the fat of the land. In the meantime the bright clerk was playing mes- senger and all the messages he took to Mr. GouUl were first opened and read in the Windsor. The boy kept his eyes and ears open while at Mr. Gould's house, too, and nothing escaped him. The conspirators at first thought that their trick would only be for a day, but owing to the power and duration of the storm, their clerk was enabled to play his part for four days. For Mr. Gould had engaged the boys until the wires should again be put up, and had especially arranged that they should not be chancred until that time. Successful Trick. Mr. Gould and his friends never suspected what was beneath that tall boy's uniform. The bright clerk was entirely familiar with everything pertaining to stocks, and faithfully transmitted his knowledge thus acquired to his employer. In this way the Twenty- third streeters became convinced that a oreat " bull " was about to be made in Western Union, and they consequently covered and bought in all the stock they could from 80 to 85. The stock advanced rap- idly to I 20, and the conspirators not only recovered their former losses, but cleared more than $500,000. 296 LIFE OF JAY GOULD. If^ l!. % The real telegraph boy was kept in the Windsor Hotel for four clays, while his place was lilKd by the stock clerk. The outside clique presented tiie mes- senger with $500 cash and got him a good appoint- ment. Operators say this is the cleverest trick ever recorded in the annals of the street. And for the first time the boys got to the windward of Jay Gould. Some of the old-timers in Wall street remember how a bogus " Duke of Aberdeen " got the best of Jay Gould about the year 1870. He brought forged letters of introduction to prominent bankers and busi- ness men in this country, and got into Mr. Gould to the extent of )j30o,ocx). A greater part of this was recovered, but Mr. Gouid was about $60,000 out on the transaction. Mr. Gould was much annoyed a few months before his death by the persecutions of a crank named Joseph P. Megler, who went about insisting upon con- tracting an alliance with the daughters of various prominent millionaires throughout the country. This fellow insisted upon his right to the hand of one of Mrs. W. H. Vanderbilt's granddaughters, and wrote numerous letters to Mrs. Vanderbilt demanding that she give him one of her granddaughters in marriage. He also wrote the following letter to Miss Helen Gould : — Dear Miss — I have gone into the matrimonial market, and your name is on my catalogue. Should 4\ idsor y the incs- point- ; ever )r the f Jay ember )est of forged d busi- Duld to his was out on before named Ion con- Ivarious . This one of wrote ng that Lrriage. Helen CRANKS AND CRAZY MEN. 297 this information command your fancy, be kind enough to write me of your approval at once. Very respectfully, Joseph P. Megler. It is remarkable that Mr. Gould and his family escaped all the plots and assaults that were laid against their lives and property. They lived in con- stant apprehension and were compelled to adopt the most effective measures for self-protection. H kmonial Should ^11 \m CHAPTER XIX. Stories of Interviews With Mr. Gould by Newspaper Reporters. Says a newspaper representative : It was about a week after the elevated railroad hearinof in the Court of Common Pleas, in November, 1883, that I had a funny experience interviewing Jay Gould. He had been on the witness stand two consecutive days, stand- ing the legal firing as calmly as if questioned by one of his clerks. The court-room was packed to suffoca- tion by persons brought there through curiosity to see Gould. Several times he passed his hand over his brow, and the Judge ordered the windows lowered to give more air, particularly as it seemed at one time that the witness would faint. A couple of days later rumor had it that Mr. Gould was sick, but all repcr'ers were met by George Gould, who gave the assurance that his father was qu'te well. I called at the Fifth Avenue mansion the following afternoon, having been cautioned by my cit}' editor not to come back without positive information. I was shown into the reception-room on th^ left of the hall and the servant took up my card. Presently George Gould entered and said his father vv^as dress- ing to go out, asking if he could be of service to me. (298) ? I by , about e Court I had a rie had 3, stand- by one suffoca- :y to see ,ver his ered to ,ne time , Gould Gould, l)te well. )11 owing- editor ifi left of fresently Ls dress- [e to me. STORIES BY REPORTERS. 299 Telling him of the disquieting rumors concerning his father, he said they werf. false, absolutely false. " But," said I, •' if Mr. Gould is not sick cannot I see him, just to convince myself?" '* I'll see ; excuse me a moment," said George, and he ran upstairs. Was he 111? About five minutes later in walked Mr. Gould, and, extending his hand, which I t( he gave mine a gentle shake, and in a modulated voice asked : •• Do I look as if I were ill ? " George had apprised his father of my mission, and he came charged. He didn't look like a sick man. Bidding me be seated, he let himself down gingerly upon a small straw-bottomed chair. Mr. Gould sat w'ith his side to the window a little to my right facing me, so that I could observe every play of his countenance. Crossing his legs, one foot resting squarely on a fox skin, he ran both thumbs over his gold watch chain, and said : " Well, what can I do for you ? " Telling him the object of my call, which so far had been satisfactory, I asked him if it was true that he had been squeezed to the extent of millions in Wall street, as reported. " Haven't heard of it," he replied in the same low tone and slowly, " But there are rumors that you lost heavily." "Yes?" ^' Is that true ? " «i1 I Inl !'1 ■: i ;',;.;t| i !; 1 IJ 300 LIFE OF JAY GOULD. " I can't say," and he dropped one hand on his knee, while with the other he toyed incessantly with the small charm suspended from his watch-chain. "What is your opinion of the course of the stock market within the next fortnight ? " I then ventured. " I can't say," he replied, as his black eyes darted from the floor into my face as if he intended reading me through. " Do you anticipate a large grain movement this fall ? " " Perhaps, yes." "And that will, of course, advance the granger stocks, won't it ? " " Yes." A Dry Pump. Seeing that he was not disposed to let himself out to any great extent on finances — not that he need have feared my taking advantage of his information — I went on another tack and said it was rumored that he was about to go away on a cruise aboard the yacht. "Yes.'*" he answered, with an attempt at a smile. "Then you do contemplate going? " " No." And he twirled the little charm around his thumb with increased vigor. " You do not intend leaving the city ? " " No." Then his right foot apparently got asleep, for he stood up suddenly, stamped the foot a couple of times and resumed his seat, crossing^ his left leg over the right this time. llr STORIES BY REPORTERS. 301 ; knee» th the stock itured. darted •eading int this granger self out e need ation — red that le yacht. smile. 3und his ), for he of times over the " Mr. Gould," I then said in desperation, as I was getting tired of doing all the talking, " then I can safely report you as quite well, and that you do not intend to take a trip on your yacht." " Yes ; " and he inclined his head gently while closing his eyes. "Are you going down town to-morrow?^' " Perhaps." Being asked where his yacht then was, he dropped his watch charm, and exclaimed : " Well, ask George." We arose simultaneously, and Mr. Gould made a step forward, I suppose to open the reception-room door. The door was ajar about six inches. I under- stood he never allowed a door to be closed while alone in a room with a stranger. As he stepped forward his foot caught in the fox-skin rug, which had been turned up, and he stumbled. Before he could recover himself he went forward, but he quickly raised both hands to protect himself and came with full force against the door, which closed with a banof that reverberated throucrhout the house. I don't exactly know what the people in the house thought had happened, but in an instant George came running across the hallway from the parlor, the foot- man rushed forward, and a small dog raised such a V in barking upstairs that it looked as if a riot might be going on. When the door was opened George and the foot- man stood there open-mouthed, thinking, no doubt, 1 ji It; m h\ ^i)l 302 LIFE OF JAY GOULD. had assaulted Mr. Gould, but the latter gave a sickly smile, and in a few words assured hir son that it was all right and explained the circumstance. That was my last interview with Jay Gould. How a Reporter Interviewed hiiii on a Mountain Side in Colorado. Mr. Jay Gould came out of the office door leading to the veranda of the Iron Springs Hotel at Manitou, Colorado, one morning in July, 1888, accompanied by his physician, Dr. Munn. The two stood at the head of the stairway overlooking the canyon on the iron springs for a few minutes, and I had an opportunity to note the great change in the Wizard's appearance since the last time I had seen him, two years before. His face bore the impress of suffering, the lines in it were drawn, the eyes heavy, and, when he started down the stairway, his steps were slow and his body swayed slightly as if his strength were not sufficient to encourage vigor of movement. Dr. Munn told me a few minutes later that Mr, Gould was not in very robust health. " He has come here to rest and I don't think he would like to be interviewed," said the doctor. I argued that I had come a long ways to secure from Mr. Gould an expression of opinion on two matters of the greatest importance to the West — the rumored extension of the Union Pacific Railway from Denver into the Southwestern country, and the amalgamation of that road with the Denver, Texas and Fort Worth Railway, which was then nearing completion. I re- sickly it was It was Side eading anitou, lied by e head le iron inity to iarance before, js in it started body ifficient lat Mr. link he or. I e from natters mored Denver imation Worth I re- CD n M O O o o cj r a > m p— 1 O o > < M !^ G (303) m ■ ^>t m :304 LIFE OF JAY GOULD. quested the doctor's permission to ask Mr. Gould one or two questions which would serve the double pur- pose of setting- at rest doubt as to the Union Pacific's intentions and relievingf Mr. Gould of much future an- noyance. I think the last suggestion influenced Dr. Munn's negative permission : " Well, I don't think you will get anything out of him." He Smiled Once or Twice. Mr. Gould was walking slowly up the bridle path that led to the old Pike*s Peak trail, his hands clasped behind him and his attention riveted oii the snow- capped summit of the Peak, fifteen miles away up in the air as you looked to the southeast. He did not see me until I had made a misstep a few yards behind him and sent the gravel and loose earth scatterinof down the mountain. Then he turned and peered at me under the half-drawn lids of his beady eyes. He remained standing perfectly still in the same attitude until I had come up with him. I stopped a few feet from him and stated my mission in these words, as nearly as I can recall them : "Mr- Gould, the Denver A/^cws has sent me to secure, if possible, a confirmation or denial of the reports cur- rent in New York and Chicago concerning the plans for extending the Union Pacific south from Denver, and also amalgamating with the Denver, Texas and Fort Worth Road. I hope this explanation will serve as an apology for intruding upon your privacy." Mr. Gould listened patiently, and then looking up- ward again at the snow-capped Peak, said: "I don't A STORIES BY REPORTERS. 305 i one pur- :ific's e an- d Dr. kyou 2 path lasped snow- I up in p a few ,e earth ed and beady in the lission "Mr- :ure, if Irts cur- ie plans lenver, :as and 111 serve » |ing up- I don't know that I can give you the information you seek. I have been away from the East — from business I mean — so long that I am not famihar with the projects you speak of. I should Hke to tell you something worth youi journey, but I am not well enough informed to do so." " Perhaps you could tell me enough in a general way to stop these reports," I suggested. "What do they say I am going to do?" he asked, turning his eyes on me again, as I briefly retailed the gossip concerning the future of the Union Pacific, of which Mr. Gould was supposed to be seeking the con- trol. He smiled once or twice, that is his eyes lighted up a trifle, though his face lost none of its haggard- ness. others Knew More than he Did. When I had concluded he said : *' Well, they must talk about something. They appear to be much better informed than I am on these subjects. Do you know this country out here?" he said, abruptly changing the subject. I told him that I had visited Manitou and Pike's Peak and had been up the range to the cascades. He started to ask me a question, but I anticipated by say- ing: "Mr. Gould, I think you would be saved much annoyance for tne next week or two if these reports about your railway plans and also this sensational statement about your health could be disposed of now. A number of newspaper reporters are on their way to 20 m .11 , lltil .1! I in! ^sssi,^iJi£tssemimmsmiSm ^t.)i> 306 LIFE OF JAY GOULD. investigate them. They could be easily turned back if you denied the reports." , i held out to him a telegram from Chicago, which stated that he was seriously ill. He eyed it, but didn't take it. "So they're talking about my health, too, are they? Well, I'm used to beinor talked about. If I denied all tile rumors circulated about me and my affairs I would not have time to visit so charming a place as this. About that report concerning my health, you see that 1 am still alive. It is true that I have been slightly troubled with my face. That has interfered with my sleep, but my appetite is very good. I am not as sick as some people hope. About the railway stories I have nothing to say. What place is that?" A Mountain Grave. He pointed up a trend in the valley leading to Cheyenne Canyon, one of the most picturesque spots in the Colorado mountains. I told him, and indicated as nearly as our remote position would allow, the location of the grave of Helen Hunt Jackson—" H. H." He asked many more questions about the points of interest in the vicinity of the Peak, and said : " I should like to go up there, but it is too difficult. My son (he didn't mention which, although I had seen the name of Edwin in the register) went up this morning early. I may go up some day when the rail- road is built. They will build one pretty soon." We had walked slowly along as we talked, but when we reached the steep part of the trail he turned and hi d back >, which it didn't •e they ? inied all 1 would as this. see that 1 slightly with my )t as sick stories 1 jading to [ue spots indicated ^llow, the ;on— " H. the points laid : difficult. had seen up this In the rail- Ion. but when urned and STORIES BY REPOKTEUS. 307 we retraced our steps. His attention was attracted by a fragment of pyrites that some one had dropp(;d to the ground. He indicated it with the toe of his boot and said : " There are many chances to make money in this Western country. That rock may contain valuable mineral. A little money and perseverance will make any man rich. I came very near coming West when I was a young man. A friend named Miller (it was either Miller or Miiller) wanted me to accompany him in 1854 ^^ '55- ^ ^^^ half inclined to do it, but I changed my mind. I was always sorry that I did not come until I heard, four or five years later, that my friend was killed in Nevada. I guess it's just as well that I remained in the East. I might have been killed, too. Easy to Get Rich. "Yes, a man will get rich in this Western country, and there has never been a time when so many op- portunities abounded as now. A little money and hard work will make any man independent, particu- larly in the West. There are so many undeveloped resources to be developed. I have always had great confidence in the West." By this time we had reached the hotel again. Mr. Gould turned, as he placed his foot on the step above, and said : " It is too bad you came so far for nothing, but I suppose you will write an article anyway. I hope you will be accurate." As I turned to go down the trail toward the station, ' ii l( -< i i -^memmm^^mmm < I 308 LIFE OF JAY GOULD. half a mile away, I thanked Mr. Gould for his courtesy and volunteered the information that an excursion party of 200 Boston school teachers was to arrive that afternoon. " I'm sorry for that," said he. " I hoped to have all this grand scenery to myself. But I can assure you that they won't get any more information than you.'' Mr. Gould I*]ivJoyed this Interview at his Irviiiyton Suin- iiier Home. The excitement attending the elopement of the dauothter of Giovanni P. Morosini with Coachman Schilling had pretty nearly died away, when ihere came a rumor that Mr. Gould had determined to carry Mrs. Schilling to Europe in his steam yacht. The rumor said that the misguided girl was even then on board of the yacht, which lay in the Hudson a mile south of Irvington. I had been engaged in trying to solve the seeming mystery of Mrs. Schilling's disap- pearance, and this rumor sent me hurrying up to Irvington to ask Mr. Gould about it. A warm afternoon was dying when I reached the puzzling structure known as Mr. Gould's summer home. It was my first visit and I looked 'n vain for a door pretentious enough to indicate that it opened into some room not occupied by the servants. I finally came to a ginger-bread door that was half glass. I rapped on the glass, and pretty soon the door opened about an inch. Before I saw who was on the other side I asked : " Is Mr. Gould in ? " STORIES BY KErOKTKhS. 309 )urtesy :ursion arrive lave all are you you.'' >ii Sum- of the achman n ihere ined to [1 yacht. /en then n a mile rying to ; disap- up to led the summer ain for a opened /ants. I ivas half soon the o was on The door slowly opened wider, finally disclosini^ Mr. Gould himself. He wore a shabby coat and had on slippers. His eyes twinkled merrily as he looked cautiously around and then said: •' I don't believe he is in !" This surprised me very much, but as It seemed to tickle Mr. Gould I gave no sign that I had ever met him before and asked : " Do you expect him in before long?" "I really cannot say," replied Mr. Gould, with a brighter twinkle than ever in his eyes. " What did you want to see him for?" I explained the object of my errand and Mr. Gould said : "I am sure that Mr. Gould doesn't know anything about Mrs. Schilling and that he has no intention of taking her to Europe or anywhere else." "I am very much obliged to you, Mr. Gould," I said. He started abrupdy and then laughed right out and said, " You are perfectly welcome, young man, I'm sure. n How the Railway Magnate Fooled a Collection of Chicago Reporters. Jay Gould arrived at the Grand Pacific Hotel in Chicago one Sunday afternoon in the autumn of 1882. It was one of his regular tours of inspection across the continent, and on this occasion he was in a particularly good humor. A small horde of railroad reporters was gathered in P 'I' ¥- I 310 LIFE OF JAY GOULD. a J! 1314 ;ii 1 ill! the corridor avvaitini: his coniini/, and when he entered and saw them a merry twinkle came in his eye, and with an expression that almost approached a smile he said cheerily : " Well, boys, art* you waitinj^r to see me?" The reply came in a chorus of "Yeses." I was a member of that small horde and was pushed forward to act as spokesman. There was a Hurry in railroad circles at that time, and many stockholders feared that Gould's tour through the West meant more than appeared on its face. I told Mr. Gould of this fcelinir and uroed him to give the newspaper men an interview on the gen- eral railroad situation. The twinkle in his eye became more perceptible than when he first en- tered. "Well," he said, contemplatively, "if you will wait until I make a short toilet I will come down and see you.'' Curious Twinkle in his Eye. I thoucrht there was something- ominous in that un- wonted twinkle in his eye, and the older men in that group of reporters were astounded. They had never seen Jay Gould in such a complaisant mood before, although they had seen him scores of times. Mr. Gould came down stairs on schedule time and headed the procession to a reception-room in which there was a \onor table. Mr. Gould took the head of the table and the reporters surrounded the other three sides. " Now, then, boys, when you're ready crack away," STORIES IIY RFPOKTERS. 311 titered •e, and iiile he to see IS. 1 )ushed t time, ► tour on its L-d him e gen- s eye St en- 11 wait id see lat un- n that never before, Mr. leaded there of the - three away, »» said the magnate in a tone of voice that was as hearty as though he were really a good fellow. Then fol- lowed a fusillade of questions that would have stag- gered and confused any man but Jay Gould. The questions were fired in solid and scattering volleys, but not one missed the keen ear of Gould and the an- swer came back as rapidly as the questions were asked, and each answer was unerringly directed to the man who had asked it. The boys were amazed and delighted. They cov- ered page after page with notes, and thought they were getting the biggest interview the " silent man " had ever given out. The questions and answers came so thick and fast that they had no time to think — they simply put down the answers and felt that they were good and sufficient. At last the firing of ques- tions became desultory and finally ceased altogether. The reporters' ammunition was exhausted. They leaned back in their chairs, and with great beads of perspiration on their faces. But there was a look of joy in their eyes. They felt the ineffable satisfaction that they had secured the greatest interview ever vouchsafed by the sphynx of Wall street. The Reporters Duped. "Are you all through, boys?" asked Mr. Gould cheerfully, and looking fresher than when he began. "All through : we thank you, Mr. Gould." The twinkle in his eye was almost as scintillant as the evening star, as he left the room, and there was a ghost of a smile under his black mustache. ¥>' ! ri I'r. I ;' 312 LIFE OF JAY GOULD. Then we all sat down to compare notes. We went over the questions and answers carefully. They were all there, but to the horror ol* every one, the *' answers " did not answer the questions. The notes were gone over carefully again and again, but always with the same result. Then it dawned on the bewildered re- porters that in their haste they had allowed the wily railroader to " play them." He had actually not given a word of new information, and the next morning there was not a newspaper in Chicago that had a " stickful " of interview with Jay Gould. All of which accounted for the twinkle in his eye. Said he Hadn't Time to Deny all the Lies Told About him. If Jay Gould knew and trusted him, a newspaper reporter rarely failed to secure an interview with him. I had perhaps a half-dozen talks with the dead finan- cier, and in each instance Mr. Gould conversed freely upon a variety of subjects. The first time I was assigned to see Mr. Gould was during the exciting days succeeding the election of 1884. ^t had been charged that he was instrumental in holdinij back the Presidential election returns, which were passed over the Western Union wires, either in the interest of James G. Blaine, the Republican can- didate for the Presidency, or to secure himself from loss in tlie stock market should a raid be made upon his holdings after the declaration of Mr. Cleveland's triumph. While a maddened crowd was threatening to sack STORIES BY REPORTERS. 313 » e went y were wers " ^ crone th the •ed re- le wily t given lorning had a eye. L About rspaper th him. finan- freely Lild was tion of imental L which Ither in In can- If from upon eland's b sack the Tribune building and was hooting Gould's name, the financier was reported to be under guard in the Western Union Building, apprehensive of mob vio- lence. Being unable to secure any satisfaction as to his whereabouts at the Western Union offices, I called at his house at Fifth Avenue and Forty-seventh street. The butler told me Mr. Gould was not in, and prob- ably was out of the city. I suspected that the butler was fibbing. On entering the Windsor I happened to meet a broker who had lari^e business dealincrs. with Mr. Gould and, besides, was his personal friend. I explained to him the situation. He gave me a note of introduction to the Wizard. It got to Mr. Gould and word came back that he would see me in the re- ception-room. How he Was Dressed. I was ushered into a richly furnished but small apartment on the left of the hall. It was just after seven p. m., and the gas burned brightly from a cut- glass chandelier. Soon there appeared at the door a man of exceedingly small stature, with very black hair, beard and mustache, dressed in dark trousers and vest and wearing a modest smoking-jacket. Slip- pers which looked like Russian leather incased his very small feet. He wore a plain, white collar, with a little black bow tucked under it. He said quietly : *' You wish to see Mr. Gould. I am he. What can I do for you ? " As he spoke Mr. Gould rolled an easy-chair to the w>\i m 314 LIFE OF JAY GOULD. grate and rested his feet on the tender, behind which a fire was blazing brightly. "Mr. Gould," 1 said, ** they are saying downtown that you are holding back the election returns.' Crowds have gathered in front of the Western Union and Ti'ibune buildings and are singing ' Hang Jay Gould to a sour apple tree.' '' Mr. Gould smiled rather coldly, and then fixing his eyes upon me, said quietly : " If I denied all the lies circulated about me I should have no time to attend to business. Of course there is no truth in this. I do not care one rap of my finger whether Cleveland, Blaine, Butler or any one else has been elected. I doubt if the administration of either would imperil the prosperity of the country." A Convenient Cold. Then Mr. Gould proceeded to explain that all the time he had been reported to be guarded by police officers in the Western Union Building he had been at his home nursincr a sliorht cold. There followed a brief conversation on the startling events of the pre- ceding days, and as I retired Mr. Gould indicated to me just what I should quote him as saying and what not. Apparendy Mr. Gould was pleased with the man- ner in which the interview was treated, for when on several occasions thereafter I asked informadon from him he never failed to furnish it if the request was reasonable. Mr. Gould was not an easy man for a newspaper STORIES BY REPORTERS. 315 /hich town ovvds and iould le his le lies ittend lis. I eland, ed. I iril the all the police been wed a le pre- ted to d what t man- len on n from ist was rspaper man to get at. Nor yet was he a difficult one to reach. It all depended on the subject matter, and this Mr. Gould always posted himself about before an inter- view was granted. In his active speculative days there were times when a dozen words coming from him were of more weight than a column from any one else, even the closest of his assumed associates. When it was finally decided that it was for the inter- est of Mr. Gould to answer the query to be put or to give his views on the subject matter proposed, he would come sidling to the window or into the outer office where the reporter had been ushered, and with a single glance and the merest suggestion of a nod wait for the questioner to put in words just what he desired to know. If there was a ticker near, Mr. Gould would reach in a mechanical way for the tape; if there was a chairback or a desk or anything for him to lean up against he would utilize it, and his hands would be sure to be fumbling a gold pencil, a rolled-up bit of paper, or something of that sort. His Interviews Served his own Interests. The reporter, if he was a down-town expert, did not haul out a note-book and turn the talk into a dictation exercise. If anything of that sort was attempted, or if it was evident by the question that the interrogator did not understand the subject and was floundering out of his depth, the irritation on the part of Mr. Gould was plainly shown, and the interview cut very short. He could be drawn out, but it was only by one well up in the subject, and then the drawing out was i I'l III 1^' 316 LIFE OF JAY GOULD. fi' M S of answers intended to hide Mr, Gould's knowledge of and position on the subject talked about. He did not impress one as speaking the truth. Being a little man, he was generally shorter than his vis-a-vis, and did not look up to meet eye to eye. In- stead, Mr. Gould would fix his gaze on the watch- charm, or vest button, or even the shoes of his ques- tioner, but every now and then, particularly after some remark he had himself made, his eyes might be caught taking a sharp glance upward by the upturning of the eyebrows, but not by the upturning of the face He knew few reporters by nan_. . few more by face, but after a satisfactory printed report on some subject on which Mr, Gould was interested, the re- porter might detect in another visit a shadow of ap- preciation and a disposition to talk more freely. That is, if Mr. Gould had anything which he wished to have the public read and believe just at that time. If he did not there was the same turning down of the news-seeker, with the formal " Mr. Gould begs to be excused." Some people will appreciate the fact that the public expects them to say something on a given subject at a given time. Not so Mr. Gould. The public heard from him only when he, not the public, would profit by the utterance. /ledge ti truth, an his e. In- watch- 3 ques- r some caught r of the lore by iD some the re- V of ap- That shed to me. If of the i to be 2 public )ject at lc heard rofit by CHAPTER XX. Incidents in Jay Gould's Life. In his youth Mr. Gould's vaulting ambition was to be an editor. He ventured over the hills from Rox- bury up to Stamford, the beauty spot of Delaware county, while he was yet in his teens, to get the chance to learn the printing business. Venerable S. B. Champion, then a hustling journalist hardly much older than young Gould, gave the lad the chance he sought. Mr. Gould tied on his apron, rolled up his sleeves, and went at it. Champion is full of anecdotes of that apprenticeship time. There is a tradition that in addition to setting type, the apprentice was permitted to look somewhat after the editorial side of the paper. Early in Mr. Gould's career Mr. Champion's journal was able, for one week at least, to attract considerable and rather unusual attention. " Champ " went one day to a political convention, held over in an adjoining town, and young Mr. Jason Gould was left in charge on publication day to close up the forms and generally look after such important matters as addressing wrap- pers and seeing to it that the office towel was kept standing safely in its accustomed corner. But the future maste*' of the railway world was am- (317) 1" M a I I- . i li;,,:;, Sid LIFE OF JAY GOULD. (' '•; Mtious. He bethought himself to scan the editorial, more or less fervid, in which " Champ " was extolling the party's nominees. Somehow it seemed to the bud- ding genius that that editorial lacked something. After consideration he came to the conclusion that he ought to round the rhetoric out; that he ought to supply the virtues that were lacking. He did. Mr. Champion came home to find his eulogistic periods slighdy changed. Only slightly. Mr. Gould had only taken the liberty of writing in an occasional "not" here and there. That was the week that " Champ " learned to swear. It was also the week that Mr. Jay Gould became an ex-editor. A Contract to Teach. After Mr. Gould had discovered that joy was not all unconfined in journalism, he rather inclined to look for a career as a pedagogue. Old Squire Burhans, who had taught Mr. Gould the necessary " r's," was of the opinion that he ought to be a great success as a school teacher, and he encouraged the young man's ambition. In this is said to have appeared Mr. Gould's first opportunity for speculation. A country "deestrict" concluded to cramble on his knowinor enouQfh to teach the Catskill boys and girls, and the committeemen went so far as to sion a contract authorizinof younof Mr. Gould to begin teaching at something like $^o a month, the teacher to "board around." But the appointment did not come without a contest, for one faction in the district was anxious to retain tlie fir 1 1 J ■. INCIDENTS IN HIS LIFE. 319 itorial, tolling le bud- >n that ght to I. Mr. Deriods ad only "not" I swear, ime an as not to look lurhans, s," was ess as man's ould's strict teach n went cr Mr. month, (ontest, tain the old teacher. Just after the contract with Mr. Gould had been signed, somebody began to circulate reports to the effect that Mr. Gould had spoken disparagingly of the intellectual calibre of the committee which had engaged him. Now, up in Delaware county in those days that sort of thing was unforgivable. The com- mittee notified Mr. Gould that his engagement was cancelled. The old teacher was to be retained. £qual to the Occasion. "Oh, I guess not," quoth Mr. Gould, but he could not, or, at least, did not show that he was innocent of the awful crime attributed to him by current rumor, and the old teacher went to work. Mr. Gould, when school opened, went over and tendered his services. The mighty men of the School Board w^ere unswervable. Later that week each mem- ber of the board was called upon by a lawyer. The sicrnatures to the contract were shown. Suits were going to be begun. Mr. Gould had been misrepre- sented. He had never entertained any but the highest opinions of the excellent Trustees. It was not so much the loss of his job that pained him as it was the dreadful revelation that he could have been suspected of entertaining for the dignitaries of the district aught but the most distinoruished consideration. o When somebody cynically suggested that perhaps the originator of the rumors which had resulted in Mr. Gould's losing his school might have been young Mr. Gould himself, that young gentleman was much too forgivinor to do auoht but smile with a cheerfulness o o o :( ■• |ji^ 320 LIFE OF JAY GOULD. that might have been assent or might have been merely a show of affection for the crisp ^loo which his lawyer had handed him. Strange Superstitious. Mr. Gould was superstitious. He did not bother, perhaps, over beginning things on PViday, and the new moon over his left shoulder may not have disturbed him. But he once admitted his superstitious weakness. He was on his way down town, when he came across a Wall Street friend, with whom he kept up conversa- tion down the avenue. In the course of the chat Mr. Gould expressed himself as feeling physically much stronger than for a long time. His eyes were clear, his countenance was ruddy ; he did not look like a sick man. " I am getting along famously," he said. " My appetite has come back. I feel like a new man. Why, last nijrht I ate two bowls of bread and milk, went to bed at 8 o'clock, and slept through till 8 this morn- mg. There was as much enthusiasm in the tone as if a record was being made of some stock market transac- tion with a million profit in it. But the cheerfulness disappeared when Mr. Gould's companion asked: " How old are you, Mr. Gould?" " Oh, I'm a young man yet," answered the million- aire. The evasion was noticed, and for politeness' sake the questioner remarked blandly : " Pardon my in- quiry, I only happened to be thinking of an odd thing INCIDENTS IN HIS LIFE. 321 rierely awyer )other, le new turbed .kness. across iversa- at Mr. much ; clear, 2 a sick "My Why, 'ent to morn- las if a Iransac- Ifiilness lasked: lilUon- sake |my in- thing I heard yesterday. Did you ever hear, IVIr. Gould, that once every seven years a man runs extraordinary risks, and that whenever a man has a birthday divisible by seven he is in clanger?" *' No — I never heard of that," said Mr. Gould. Then he turned to his morning paper. The elevated train ran down two or three blocks further. Mr. Gould was scannini^ the death notice column. " The stock market looks well," remarked the other gentleman. " How strange ! " quoth Mr. Gould. His gaze went on throuqrh the death notices. "I think stocks are going a good deal higher," was further remarked. " It's really true," said Mr. Gould. " Still," went on Mr. Gould's companion, " the bears are well organized and they are confident." " My gracious, it's so," said Mr. Gould. His nriglibor looked at him a little astonished. Mr. Gould had finislied the death notices and was lookinof out of the window. There was not much c^listen in his eye. The countenance wasn't ruddy. He had been dividing by seven the ages recorded in those death notices. "Western Union ou^^ht to go a good deal higher, ouQ-htn't it, Mr. Gould ? " said the other man. And Mr. Gould's answer was: "It may be odd, but really, I never heard before about this dividing your age by seven." ;"■ ' \f ' '1' ff '? 822 LIFE OF JAY GOULD. m " Oh, that's only a foolish superstition," was the soothing reply. ** Oh, of course," said Mr. Gould ; " of course ! " « Then the chat went on of stocks, of money rates, of all the fol-de-rol of Wall Street. '* Cortlandt next ! " yelled the elevated railroad guard. Vfi •' It's odd, isn't it," said Mr. Gould, as if in a reverie, and he arose to leave the train. •' Do you know," said he, " eight sevens make fifty-six — and fifty-six, sir, is just my age." No Coiuiiieiits on Karly Strujig-lcs. Mr. Gould was not given to the affectation of tell- ing folks how he started out as a poor boy and had made all his millions himself. On this account down in Wall Street he was rather lonesome. All the rich fellows down there like to tell how they earned the first dollar they ever had. That sort of thing, in fact, seemed somehow to appeal to Mr. Gould's sense of humor. Said he to the writer one day : " Do you know that my father's poverty was never worth a single thousand dollars to me ? " By which remark he wished it to be understood probably that he didn't have much of a liking for trafficking upon early struggles. A Good Forg-etter. Of course, Mr. Gould had lots of enemies. Some- how or other he never seemed to pay much attention to personalities. He was probably the best forgetter the world ever knew. He never treasured ill-feelinfTf INCIDENTS IN HIS LIFE. 323 IS the tes, of ailroacl reverie, know," -six, sir, I of tell- ind had It down the rich ned the , in fact, feense of low that Ihoiisand it to be ich of a :3ome- Lttention foro^etter lll-feelin (T against the man who may have maligned him or at- tempted to injure him yesterday, provided that man was going to be of any use to him to-day or to- morrow. A newspaper man once wrote a httle chapter of Mr. Gould's life, in die course of which were recounted Ljme of the incidents in which people had trusted to Mr. Gould and been sorry for it. Perhaps the re- porter was young; perhaps he was not conservative ; anyhow, according to liis recital, Mr. Gould was a very wicked person, and responsible for shipwrecking Wall Street careers galore. Perhaps Mr. Gould never saw that article. The writer, though, suspected he did, for when, under orders from his managing editor only a fortnight later, he had to call upon Mr. Gould for an interview, that article itself lay stretched across the top of Mr. Gould's desk. The interview was obtained. Mr. Gould was chatty. *' I only give you the suggestions," he said. ** You write them out as you think they ought to be," he went on, " and then we will go over the proofs to- gether." The reporter modestly suggested that perhaps Mr. Gould was trustinof too much to the judorment of a lesser mortal, but Mr. Gould, with a more or less sig- nificant glance at the newspaper column stretched across the desk, replied : •' Oh, I can trust you — you'll do it all right. I have heard that you have a very nimble pen, my boy." h\ r 1 fil w :y2[ LIFE OF JAT GOULD. i^^ ,r I Gniil >» ►w. |e years INCIDENTS IN HIS LIFE. .331 aofo that his lunofs were weak and his stomach unreli- able, this gentleman said that one morning as he was leaving the Windsor Hotel he saw Mr. Gould, to whom he wished to speak, walking down town very rapidly. !Mr. Gould was about a half block from him, and although he hurried he did not catch the railroad king until Forty-second street was reached. There he com.plimented him on his abilities as a pedestrian. "Ah ! " he replied, " if the upper half of me were as orood as the lower half I should be all rioht." It was said by persons in the Windsor Hotel that Mr. Gould had told a few friends that he had in a tin box $10,000,000 or $ 1 1,000,000 worth of Manhattan Elevated Railway stock, and that the box was not to be opened until after his death. As to Mr. Gould's holdings of Western Union and Missouri Pacific, it was estimated that he owned §20,000,000 worth of the securities of the former and that his investments in the latter were fully $50,000,000. The Comforts of Life. Although personally unpretentious in his mode of living, Jay Gould took great satisfaction in providing for the use of his family all of the comforts and luxuries money could buy. He spared no expense in making his town and country residences attractive. The Gould mansion on the northeast corner of Fifth Avenue and Forty-seventh Street is one of the most handsomely furnished homes in New York. Compared with some of the modern city palaces, this house, of course, presents a very modest appearance. 4 m t. ; :• t I 1; - 1 ,1 'f! Ml If ' 333: LIFE OF JAY GOULD, It is a plain brownstone building, double die ordinary widdi and diree stories in heio^ht. Considerinor the fact that the Goulds have never attempted to figure in fashionable society, the mansion has abundantly supplied all of their needs and desires of home. Its interior has been decorated by artists of note, and the rooms are full of choice tapestries, quaint furniture, rich and rare, and some oil paintings of great value and unquestioned merit. Mr. Gould was an intelligent and liberal collector of paintings, books, and bric-a-brac. The Gould house at Irvington-oii-the-Hudson, which, by the way, stands near the Tarrytown line, is one of the finest places on the river. The grounds, which contain about 200 acres, are unsurpassed for picturesque beauty in that vicinity. The house, although plain in st\'le, is a large and handsome struc- ture of granite, with a veranda overlooking the river, which flows a quarter of a mile distant. Beautiful and Rich Furniture. This house also is richly and tastefully furnished and supplied with every known modern convenience. Mr. Gould is said to have expended <;200,ooo on the building after he purchased it. A notable feature of the Gould estate at Irvington is the magnificent conservatory, with its hothouse. The conservatory is an eighth of a mile long and its contents embrace the choicest specimens of floriculture. A few years ago Mr. Gould proudly exhibited what he declared to be the finest collection of orchids in this vicinity. In recent years his gardener has paid .Hi^ INCIDENTS IN HIS LIFE. .33;? Inary y the leure lantly :. Its id the iiiture, value Uiorent a-brac. [udson, Une, is rounds, sed tor house, e struc- e river, irnished :nience. on the •vino^ton )thouse. ir and its liculture. led what Irchids in las paid much attention to chrysanthemums. In the hothouse a variety of choice fruits and vegetables is raised out of season. It was Mr. Gould's desire to give his family and his friends pleasure that induced him several )ears ago to build what at that time was the larq^est and costliest steam yacht afloat. The Atalanta was and is still a palatial steamship, and to keep it in commission cost Mr. Gould a small fortune each year. The fittinors and furnishinors of the vessel were of o o the most modern and expensive kind, and the os- pitality dispensed on board was also of a lavish char- acter. Mr. Gould and his family tired of their luxurious yacht after a few years of enjoyment, and for the past two years the Atalanta has been out of commission. It is now in the market for sale. Mr. Gould's private car, the Atalanta, is very much like the private cars of other railroad Presidents, with the possible exception that it is more homelike and comfortable than most of the cars of this khid. A fine library, luxurious couches, and an unsurpassed culinary department are conspicuous features of Mr. Gould's car. CHAPTER XXI. P :'' M"! A Many-Sided Man. In downright dramatic interest, in its exhibition of results achieved through the exercise of intellectual qualities which were themselves an achievement, and in the examples which it furnishes of the consistent development of traits which can scarcely be consid- ered as the dower of heredity and yet were already apparent at the outset, the life story of Jay Gould sur- passes by far the histories of any of the great finan- ciers, speculators and railway managers with whom he was either direcdy or remotely associated in a career which practically embraced the whole modern phase of financial operations. Like Drew, Vanderbilt and Fisk he was of humble origin and began at an early age to carve out his for- tune on lines which lay far from those to which his youthful surroundings seemed to direct him. But his first exhibitions of independent and original activity were directed toward the acquiring of an intellectual equipment of an entirely different order to that which his great rivals in Wall street boasted. Nothing is plainer than that he was a born money- maker, but it is easily possible that if early success in this direction had not encouraged him to bend his en- (334) ion of llectual nt, and isistent consid- already uld sur- t finan- lom he I career 1 phase humble his for- liich his But his activity bllectual tt which money- Iccess in his en- A MANY-SIDED MAN. 335 ergies solely to the acquisition of wealth, he might have devoted himself not only successfully but much to his own satisfaction to higher pursuits. Though he was an absolutely tireless worker in the field of money-getting, one can scarcely study his operations, whether as a mere speculator or as the creator and developer of great industrial enterprises, without be- coming convinced that the incitement to many of his colossal operations was quite as much love for a intel- lectual application as for money. He had a Hobby. He himself said as much when testifying before the U. S. Senate Committee on Education and Labor in September, 1883. He said (speaking of his purchase of the control of the Missouri Pacific Railway) : " Railroads had got to be sort of a hobby with me ; — I didn't care about the money I made, I took the road more as a plaything to see what I could do with it ; I had passed the time when I cared about mere money- making. My object in taking the road (if you can appreciate that) was more to show that I could make a combination and make it a success." One need not subscribe to a declaration of general belief in Jay Gould's truthfulness in giving credence to such a statement. Human nature is generally set down as a universal possession, and Mr. Gould was yet a young man when the scope of his financial operations was such as to give clear evidence that the material things of this world were abundantly cared for in his possessions. He had, of course, the instincts 1 i( I fPHa 336 LIFE OF JAY GOULD. W ^ of a born spf!ciilator, yet his was not the disposition to let results depend simply on the accidental fall of the dice or the turn of a card. A 3l!iker of Clianros. "He loved hazard, but he loved better to compel chance to enter the channels he had dug for it. It would be folly to deny the vast value of his work in the development of the Western and Southwestern States, but perhaps as great a folly to attribute a philanthropic or patriotic motive to it. The education which he acquired through his own energies as a youth found its best application in this work of development ; in his purely speculative ven- tures he was aided by a chsposition whose traits, as has already been intimated, were formed in his youth or early manhood. It is impossible to contemplate without astonishment and even admiration the spec- tacle of so stable a character as one must admit Mr. Gould's to have been, fixed in boyhood and remain- inof unchancjed all through a career which extended from a condition of the most mo(](,'st kind (not to call it absolute poverty) to a position from which practi- cally he ruled the financial world of this continent and materially affected the fortunes of the other. With untold wealth at his command he was as simple in tastes, as unaffected in manner, as abstemi- ous in habits, as industrious, as self-dependent and self-reliant as when he set out in boyhood to make himself a rich man. Nor did any of his less amiable characteristics undercro a change. '■'nv- litlon to 11 of the compel ii- it. It work in western ribute a his own n in this ive ven- ;raits, as is youth empkite le spcc- mit Mr. remain- ;xtended )t to call 1 practi- ontinent lier. was as abstemi- lent and to make amiable 337 A MANY-SIDED MAN. secretiveness touchi,,,. i° '' "' .'"fna"c-," ,he same ;'etya„d elaborateness of IT n';\"" "'"^ -''- ference to the fcelin<.s or Z " '^'"^ '"dif- ■"-'^ed the tremenSo.: peSr"! °[ °"'^'-^' - chmaxes of his purelv Jfr, '"''"'' ^'^ t'>e over Erie and thf^d op 1' h""' f-"""-""^ "- 'S69, w),ich is written bti n^' '" S<-'Pten,ber. T-'- striking feat! eTo M^g:",,"''^"^'^^'' pearance n-cre those ,W id, v'^ ' P""'""^' ^^P" equipment. PhysicalUe vv '"'"' '"'^ "^^ntLl to his head. He )n 1 . ' /' '"'"" "'^" «ave as tmuaily, there was yet a .1 , T" 'P''"''^''=d ^o"- ;;-• His nose wL We :S H°;'^'"''-' '°°^ ■" H.s manner was exceedin^X ^ ^^™" '" "'°"'d. -;e ,ow and n^odrj? ' rettVl? '°"?^ ''''^ caS^:5.r'J ;; '^■•^; own fami,, circle he d"'.?ent, affecdonate Zl ll^ •P"'''"' '^'■"'^' '"- ceaseless mental toil beJn to ° „"" "'''' "^^'■" of powers, many years after ,e°„f' "P°" '"'^ Pl^J-'^f P"ted dominion over the fin. ''"" ^'"^"^^ ""dis- any thought to rest n !, "' "'°''''^' "'« he gave "-ally sought by men ;ft:r'°",T ''''' '^"--^°" jj y men of vast wealth. Prior to that % ■:lj I II it u r 3;J8 LIFE OF JAY GOULD. time books were his chief sources of recreation. When he put his steam yacht Atalanta in commission he creatcil a sensation among yachtsmen, but it is doubtful \vli(!ther he ever enjoyed his superb plaything with the spirit of a sportsman. Untold Wealth. There was perhaps never a time in Jay Gould's career when it was possible to estimate his wealth with anything approaching correctness. His secretive disposition stood in the way of a general acquaintance with the outcome of his many ventures. Long after he had gained control of th(! Wabash system of rail- ways, the Manhattan Elevated and the Western Union Telegraph Company, during a little flurry in Wall street in which everybody thought the finger of Jay Gould was hidden but nobody knew, a broker sagely observed : ** Mr. Gould has many properties, but a brass band is not one of them." He never went forth trumpeting his affairs. Moreover, his wealth always consisted of stocks and bonds which were subject to the fluctuations of the market and which unquestionably derived a con- siderable proportion of their value from the fact that he controlled the property which they represented. Mr. Gould's secretiveness was exhibited quite as strikingly in his benefactions as his speculations. He never achieved a reputation as one in the habit of doing good to his fellow-man, and yet few rich men were more charitable than he. Only once did he forego his customary reticence and then it was in a A MANY-SIDED MAN. n30 eation. nission Lit it is lything Gould's wealth ecretive lintance ne after I of rail- n Union in Wall pr of Jay r sagely s, but a nt forth .f stocks ttions of bd a con- fact that lented. quite as >ns. He habit of Irich men did he I was in a time of great public calamity. Yellow fever was rag- ing in Memphis and subscriptions were raising in all the large cities of the country. Gould did not wait but telegraplied to the authorities of Memphis to draw on him for all the money they needed. GratoruUy RpinoiiibrriMl in Moinpliis. A dispatch of the Associated Press from Memphis, Tenn., December 2, 1S92, reads as follows: "The in- telligence of the death of Jay Gould was b>:Vletined here this morning, and there were general expressions of recrret from leading: merchants and citizens. The people of Memphis have not forgotten that in 1879, when Memphis, after having been scourged with yel- low fever in 1S78, was again visited by an epidemic of the same disease, Mr. Gould, hearing of the ex- hausted condition of the treasury of the Howard As- sociation of Memphis, sent by telegraph $5000, and authorized the association to draw on him for as much more as was needed to aid the association in its work of nursing the sick and burying the dead. " Mr. Gould came to Memphis on October 21, 1886, and a public reception was tendered to him on the floor of the Memphis Merchants' Exchange. On the larcre blackboard of the Exchancre was written in chalk his memorable teleoram, and as he entered the room his eyes caught the few brief words his gener- ous nature had prompted him to send, and which have ever since been held in grateful remembrance." As a rule, like William H. Vanderbilt, Mr. Gould dispensed his benefactions through a trustee. This mil > ii 540 LIFE OF JAY GOULD. during the last few years of his own life was Thurlow Weed. '* I am Mr. Gould's philanthropic adviser," said this remarkable man on one occasion in 1879; " whenever a really deserving charity is brought to my attention, I explain it to Mr. Gould. He always takes my word as to when and how much to con- tribute. I have never known him to disregard my advice in such matters. His only condition is that there shall be no public blazonry of his benefactions. He is a constant and liberal giver, but doesn't let his right hand know what his left hand is doing. Oh, there will be a full page to his credit when the record is opened above." The Boy's View of Honesty. There has been preserved by his teacher a little composition, which is in Mr. Gould's own handwriting, and which, in die light of subsequent events, is per- haps worth reproducing. The composition, as handed in to the principal and approved by him, was as fol- lows : composition. Jason Gould. BEECIIWOOD SEMINARY, April 9, 185O. " Honesty is the Best Policy.'* " By this proposition we mean that to be honest, to think honest, and to have all our actions honestly per- formed, is the best way, and most accords with the precepts of reason. Honesty is of a self-denying A MANY-SIDED MAN. 341 ^f urlow ;iser, -1879; rht to ilvvays o con- rd my is that LCtions. let his 1, there :cord is a little writing, IS per- landed as fol- nest, to 5tly per- vith the denying nature; to become honest it requires self-denial; it requires that we should not acquaint ourselves too much with the world ; that we should not associate with those of vulgar habits ; also, that wc should obey the warnings of conscience. "If we are about to perform a dishonest act, the warnings of conscience exert their utmost iniluence o to persuade us that it is wrong, and we should not do it, and after we have performed the act, this faithful agent upbraids us for it ; this voice of conscience is not the voice of thunder, but a voice gende and im- pressive ; it does not force us to comply with its re- quests, while at the same time it reasons with us and brinors forth arofuments in favor of riixht. "Since no theory of reasoning can be sustained without illustration, it will not be unbecominix for us to cite one of the many instances diat have occurred, whose names stand high upon the scroll of fame, and whose names are recorded on the pages of history — George Washington, the man * who never told a lie in all his life.' "In youth he subdued his idle passions, cherished truth, obeyed the teachings of conscience, and * never told a lie.' An anecdote which is much related, and^ which occurred when he was a boy, goes to show his sincerity. Alexander Pope, in his ' Essay on Man,' says *an honest man is the noblest work of God.' "And again we find numerous passages in the Scriptures which have an immediate connection to Ij «• * lA i\\ Mm • ^\'a\1 ^"tts*»*.--4v'-,ij 342 LIFE OF JAY GOULD. I ^^V this, and summing up the whole we cannot but say * Honesty is the best poHcy.' Jason Gould." His Work us an Aiitlior. During his vacations young Gould was always busy and managed generally to do something by which he made money. As a civil engineer he made surveys of land for his neiohbors and did some work for the country when he was a very young man. This led to his only work as an author, which was a history of Delaware County, New York, of some 400 pages, of which the following was the title: "A Sketch of the early Settlement in the County and a History of the Anti-Rent Difficulties in Delaware County, with Miscellaneous Matter Never Before Published." The book was printed in 1856 and now, by reason of its author's achievements, possesses some value among lovers of rare books, and it is sold at auction at from $25 to J30. The copy belonging to the State of Pennsylvania was purchased at auction in New York and cost $24. Few very great men are willing to have the books of their youth treasured up against them. Here is one extract from his history of Delaware County. Blood-Cimlliiig' Deserii)tioii. In descrioing an attack upon his father's house by a lot of white men disguised as Indians he says: " The savage horde sprang from their hiding places and with demon-like yells rushed up and surrounded Mr. Gould, who was standing with his little son in the Open air In front of the house. We were that son, A MANY-SIDED MAN. 343 t say LD." s busy ich he jrveys "or the led to ory of pages, :tch of ory of y, with reason value Luctlon State New books ere is e by a places unded in the t son, and how bright a picture is still retained upon the memory of the frightful appearance they presented as they surrounded that parent with fifteen guns poised within a few feet of his head, while the chi('f stood over him with fierce gesticulations and sword drawn. Oh ! the agony of my youthful mind as I expected every moment to behold him prostrated a lifeless corpse upon the ground ! " A former friend and neighbor of the Goulds, now a successful business man in Cleveland, in an interview had this to say of the boy and his family : " I was well acquainted with the whole family, and they were very nice people. Mr. Gould was small in stature, like his son, and lame. He took great in- terest in local politics, attending every town meeting and electioneerincr with the orreatest earnestness. The male members of the Gould family were remarkable for their precocity. They came into manhood much earlier than most boys, and at 15 Jay was as sharp as most young men at 22. Jay's mother and sisters were all intelligent, refined women. He was a Tinner. "Young Jay had a desire to attend the village school, so he offered to work for me for his board, and I kept him all winter. He was an excellent boy. His habits were all crood and he devoted most of his evenings to study. He was always the first one up in the morning, and he had the fire burning and the tea- kettle boiling by the time my wife was ready to pre- pare breakfast. ^j^smmm ^m 344 LIFE OF JAY GOULD. "M i : ■ "The next spring I moved to the farm and Jay's father took possession of my house in town. I was running a tin shop, and, as I could not very well at- tend to that and the farm. Jay bouglu me out, and for a year turned his attention to selling pans and milk pails and doing jobs of tinkering. The business did not suit his tastes, however, and he disposed of the shop. He was a fine penman and a first-class ac- countant, and he soon secured a position as confi- dential clerk to a merchant, who combined the real estate business with his mercantile pursuits quite ex- tensively." 3Ir. Gould an Affable Man. Mr. Gould's manner, even to strangers, was as gentle as a woman's. He was never in a hurry, and was quiet and refined, with an entire absence of the brusque and husding wealthy man. His voice was low and pleasantly modulated, and he betrayed his Yankee origin in his speech. During business hours, when in active business, Mr. Gould always stood or sat where he could look at the tape on which stock quotations were recorded, but after 1884 he took less interest in the ups and downs of the market. During his whole lite Mr. Gould seemed to avoid rather than seek observation. At his office, on the street, and even in his own liouse, he was never ob- trusive, and at a meeting of the railway presidents he generally slid into an out-of-the-way corner, and very rarely took part in the proceedings. This shyness was not born of an effort to avoid re- m A MANY-SIDED MAN. 345 Jay's I was ell at- md for \ milk 2SS did of die iss ac- ; con fi- le real jite ex- was as :ry, and of die ce was 'ed his hours, ood or stock k less avoid Ion die ^er ob- ints he |d very )id re- sponsibility, for Mr. Gould was a very courageous little man, and he was always at the front in a contest, forcinof the fi^htino- and bearinof the brunt and the odium. His methodical daily movements bec^an at about 7.30 o'clock, at which hour he arose. He ace his breakfast at v.l'An o'clock and then attended to his correspondence with the aid of a secretary. At 9.30 o'clock Mr. Gould ofcnerallv entered a Sixth Avenue elevated train and arrived at his office a few minutes before ten o'clock. He was often accompanied in the cars by his son, Geori^e J. Gould, and Mr. Sage, or Mr. Sloan or S)dney Dillon. Daily Hubits. A veracious chronicler of Mr. Gould's habits says: " About noon or a little after. Dr. Norvin Green, president of the Western Union, came down for a half hour's chat with his principal. There were no two men on earth more exactly unlike than Norvin Greea and Jay Gould, yet Dr. Green was the only one with whom Mr. Gould seemed to be upon entirely cordial terms. After these two ofentlemen discussed the af- fairs of the Western Union Company they nearly always locked arms and went to lunch together, either in the lunch-room of the Western Union building, the Astor House, or the Cafe Savarin. •' It was at th(^ latter place that Mr. Gould contracted his fondness for snails, a taste which he gratified to such an extent once as to contract a severe case of dyspepsia, which in turn threatened him with apoplexy, and bid fair at one time to end his career. Afterward S4C LIFE OF JAY GOULD. he ate no more snails, his lunch consisting, as a rule, of a light soup, a broiled fowl, a chop or a piece of steak, a salad, with a bottle of claret or Burgundy, and, when he and the doctor felt in a specially jovial mood, a small botde of champagne. Mr. Gould usually took a short drive in the afternoon behind a very ordinary pair of coach horses, and immediately after dinner joined his family in the library. He gen- erally retired before eleven o'clock." As already stated, Mr. Gould was exceedingly fond of flowers, and his conservatory was one of the finest in the country. It was greatly damaged by fire, a circumstance which gave rise to the following capti- vating poem : Tlie Flower of Flame. Written by MiNNA Irving on the Burning of Gould's Greenhouses, iSSl. [From the Century, January, 1882.] At Lynclhurst of the tall wlrite towers Was built a Palace of the Flowers, That in the time of frost and snow The chiUlren of the sun might blow. And there, upon a winter's night, A strange plant blossomed into light. An elfin flower it was, in truth — No human eye had watched its growth. When all the world was still as death It burst its bonds and broke its sheath, M And climbed upon the crystal tower, Unfolding in a gorgeous flower. A running rose with burning briers. And Icaflcl-. tipped with its own fires. m cren- A MANY-SIDED MAN. 347 , A living light shone from it, far More bright than beam of moon or star. On naked hill and barren dell And leafless wood its glory fell. And on the kingly Hudson's flood, Red with a redness like to blood. But soon this wonder, that had made The stars grow pale, began to fade. Its crimson petals fell as fast As leaves before an autumn blast. Thus, ere the dawning of the day, It sprang to life and passed away. And still we know not whence it came, Or whither went the Flower of Flame. In 1883 ^^^- Gould built the big steam yacht Ata- lanta, and for several years he was well known in yachting circles. He was elected a member of the Eastern and Larclnnont Yacht Clubs, and applied for membership in the New-York Yacht Club. The op- position to his name which was developed in the club was so strong, however, that his friends withdrew his name. This furnished a sensation at the time. George J. Gould, who had for some time taken an active interest in yachting, and was a member of the club, at once resigned. Mr. Gould at one time had an idea of making a cruise around the world in the Atalanta, but abandoned it. Fastest Yacht Afloat. Soon after the launching of the Atalanta Mr. Gould and others formed the American Steam Yacht Club. The Atalanta developed remarkable speed and is ''1 I : 348 LIFE OF JAY GOCLD. 'h I to-day the fastest large steam yacht afloat. Mr. Gould had her built because he felt his health to be failing, and thought yachting would be beneficial to hmi. Until within the last two years of his life he spent much time on board of her. She was used principally as a means of transportation between Lyndhurst, his home on the Hudson, and New York, though he made several extended cruises in her. It was not often that Mr. Gould would allow the Atalanta to be raced, but on the occasions when he did permit this she made records. Mr. Gould presented to the Larchmont Club a cup called the Gould Cup, which is racc^d for every year. He also contributed largely to the Int(!rnational Chal- lenge Cup, offered by the American Yacht Club for competition by steam yachts of different nations. I 'e was always anxious to see a challenge for this cup, but so far no nation has challenged, owing to the great superiority in point of speed of the American steam yachts. Mr. Gould seldom ent(M"tained people on board the Atalanta, but when he did entertain, his hospitality was perfect. He had the happy facult)' of making his guests feel that tlie yacht was theirs and he him- self was a guest on board. There was an excellently well selected library on the yacht and the craft was fitted throughout with quiet and substantial elegance. The Atalanta is 243 feet long, 26^/^ feet beam and I5j^ feet deep. She is built of iron and was designed and constructed by \V. Cramp & Son, of Philadelphia. Mr. h to be icial to life he s used letween V York, icr. It ow the hen he b a cup •y year, al Chal- l\[\h for T IS. e ,1 lis cup, to th(i mcrican )arcl tlie siMtality makinir le him- lUently raft was :( leoance. am and esiirned delphia. A MANT-SIDED MAN. 349 In June of 1886 she ran over the 85-knot course of the American Yacht Chib, from Mikon Point to New London, in 4 hours 34 minutes and 57 seconds. Jjiy Gould's Travels. Measured in miles, perhaps no man ever travelled mere than Jay Gould. He was on the go a lars^e part of the year. While he was in Fuirope many times, yet by Hir the [greater part of his travelling was done in the United States. It is also safe to say that rarely, if ever, was a man who travelled through a country catching a car-window glimpse of it more capable than he of forming a correct judgment as to its wealth and resotu'ces. He looked at the country through which he travelled with an eye single to its railroad usefulness. Its topographical features impressed thems(,'lves upon his mind in a similar manner. A river would be reached, and casting his eye from bank to bank, he estimated what it would cost to throw a bridge across, how many spans would be necessary, what, if any, engineering difficulties would be met witliin the foundations, and the distance from the nearest rollinin to fidoet and would be rest- less until a fresh start! was made. Mr. Gould was a strong advocate of methodical work. The day's work was all laid out in the morn- ing, and almost before the train started he had settled how many stops could be made during the day and where the night should be spent. I Ic would dine and sleep on the car from the start to the finish of the three weeks' trip. At night the Convoy would be run to the quietest part of the yard, as Mr. Gould objected to more noise than was absolutely necessary. In some parts of the country through which his roads ran Mr. Gould was quite as much of a curiosity in the eyes of the country folks as a circus. Occasion- ^^11 S52 LITE OF JAY GOULD. ally he stood upon the back platform like a statesman on a campaign trip, and thus had his photograph taken. He never, however, courted popularity of this kind. Siiiu'iiliir Iviiul of ICxi'iN-lse. Mr. Gould travelhxl like a rocket while ins|)ecting his roads. He often travelled in the Convoy at a fifty mile gait, and during such a trip has been known to b(j thr(nvn from one; side of the car to the other. When somebody asked him once if he did not object to this he said, " (.)h no, it gives mc! a kind of (^\ercise." If tlie trip was undertaken during the spring Mr. Gould would keep a sharp eye out for the condition and prospects of the crops. In every county he would secure accurate fii^ures as to the number of acres planted with the different cereals, and these were all entered on tables prepared for the purpose. Then when the trip would be finished he would have absolute data upon which to base his estimates of the probable earnings of his road for the year, and no one better knew the intimate relationship between crops and coupons and the influence of one upon the other. In his later years he used in addition to the Convoy, a private car bearing the same name as his yacht, the Atalanta. Dr. Munn, with Geor^fe or other of his sons, would generally be alo ig, but Dr. Munn invariably. In his trip during the fall of 1891, which extended over 10.000 miles, Mr. Gould had also aboard the car his son Howard and his daughters Helen and Anna. In A MANY-SIDED MAN. ar>i^ i »i and the ivoy, L the pons, kbly. lover his In July of 1892 Mr. Gould walked from Hoise, Idaho, over to Halley Hot Sprinors and back a«^^ain. lie was fond of the mountain air, which he brlieved was nuich better for him with his lun^ trouble than the sea, and this is one reason why his yacht was not more used. Many people could not understand how Mr. Gould, with a beautiful yacht capable of takinj^ him to any part of the world, could prefer travcllinir in the wilder sections of the West. One reason was, however, that he had become thorou<^hly accustomed to railroad travelling, and found no more inconvenience about it than if he were in his own house in the city. The con- stant variety and opportunity for speculative reflection was, moreover, diverting. Operations in St. Louis. Jay Gould was essentially a man whose business was his amusement. He found the report of the earn- ings of a railroad more interesting than any work of fiction, and it has been said that his pimble mind ran through the tables of statistics like mercury through a bag of emery. He saw many more opportunities for gaining wealth than he was ever able to take ad- vantage of, and he had absolute confidence in the steady advance and growth of all the Western country. This he knew could not but enure to the enhance- ment of his own fortune, but beyond that he fre- quently forecasted in his mind the probable lines of development for many generations to come. Jay Gould was a distinctively St. Louis man. His 23 ill ^ .11 .I'lMIIIIWJIlj jm p 354 LIFE UF JAY GOULD. aim was to centre his railroad interests In that city, and he failed only when he met with such powerful opposition as to make it practically impossible for him to carry out his project without entailing disastrous loss. That this is true is shown in his heavy holdings in Missouri Pacific and Iron Mountain, Wabash, Cot- ton Belt, 'Frisco, Missouri, Kansas, and Texas, and oth(^r St. Louis lines, in his efforts to construct an ele- vated railroad into the city of St. Louis, that the Pop- lar street surface track might be removed, and in many other ways. The new Union Depot project was one of Mr. Gould's ambitions for many years. He was a fighter, and if he could not have his way to a certain extent, nothing in the world could turn him. He named his terms on a dozen or more propositions, the considera- tion of which would have benefited St. Louis, and even made concessions, but would never accept the terms dictated, which he considered meant heavy losses for him. He made no complaint — simply abandoned the project. Jay Gould's holdings in St. Louis were numerous and extensive. He owned a controlling Interest in the Eads Bridge and the terminal Company, and also owned a large personal interest In the Union Pacific Company. He had full control, practically, of the Western Union Telegraph Company, and had extensive hold- ings of real estate, most of which is in trust for the Iron Mountain and Missouri Pacific systems. The at city, )\verful for him astrous loldings sh, Cot- Las, and : an ele- :he Pop- l, and in of Mr. a fighter, n extent, amed his onsidera- and even he terms osses for oned the A MANV-SIDED MAN. 355 Equitable Building, in which the offices of the latter are situated, was a part of this valuable property. In addition to these properties, there are many other valuable parcels of ground in different parts of the city and contiguous to his railroad properties which belonged to Mr. Gould. The "Wizard" was never at ease unless eno^aofed in devising schemes for the acquisition of new lines and territory, but in his last great deal secured control of the Wabash system, with its immense and extensive ramifications. Gould was also interested in the Mis- souri, Kansas, and Texas, and the Cotton Belt. Be- sides the properties above mentioned he was the owner of a vast amount of stocks and bonds of St. Louis corporations. f W ^111 numerous iterest in I, and also Ion Pacific Western live hold- Ist for the IS. The Vl0* CHAPTER XXII. In the Valley of Death. In the purple glow of a perfect December morning the soul of Jay Gould went to the Undiscovered Country, whither it had been trending for many months. He died not as he had feared to die, by the hand of the assassin or the dynamite crank, but as peacefully as any babe whose lamp of life has dwindled to a spark ere it flickers and goes out. He died surrounded by his children in the plain, rear extension bed-room, with a window looking down upon the conservatory and the Windsor Hotel, across the way. It was the room in which his wife died before him and which he after- ward occupied always whenever he was in the city, and which led to the little st idy where only his most inti- mate friends were admitted. And here, on December 2, 1892, the last remnant of his strength ebbed away, and even while an attendant turned him he was gone, and more than ^170,000,000 were without a master. For two years or more the great financial manipu- lator had been batdinof with the knowledcre that in his system lurked the seeds of man's most insidious foe — consumption. He had phthisis pulmonaris in both lungs. He batded with the knowledge, and he took (366) IN THE VALLEY OF DEATH. 357 iiiorning icovered ir many hand of eacefuUy led to a •rounded ed-room, itory and he room he after- city, and lost inti- )ecember ed away, vas gone, laster. manipu- liat in his OLis foe — 5 in both d he took no hian into his confidence besides his private physi- cian, who became a sort of trained body-servant to him, and was always within easy call to watch him when he had acute attacks, and his two elder sons, George J. Gould and Edwin. Unbroken SilcMice. A very master of silence himself, he imposed silence upon these confidants, and it became their bounden duty to deceive all others as to the giant which had laid its grip upon his life. And so the story went forth that Jay Gould was afflicted with nervous dyspepsia merely, and every now and then he had a bilious attack which " was not dangerous," a cry which was repeated even when he had entered the shadow of the dark valley. Up to within twelve hours of his death the same cry was re- peated. And even after death there were strenuous efforts made for some inexplicable reason to shroud the cause in mystery — a mystery which could have wrought no good to the dead man's peace and that of his surviving family. But it was not dyspepsia which sent him to the South of France, in the Atalanta, under the watchful eye of his medical guardian, Dr. John P. Munn. It was not dyspepsia which sent him to Florida and Southern California, and El Paso, and the grand re- sorts of Colorado, nor which caused him two weeks before his death, to plan a trip to Mexico — for he did not think he was going to die, even then, and no man !v 4 !il: li 358 LIFE OF JAY GOULD. ever clung to '.'.f^j more fiercely than this frail and silenr. cnibociiint^iit of intellect. The Truth N<>t !\iu>\vii. lie knew the truth, but he bit liis teeth upon it. He would not let men into the secrt;t, and sometimes put himself to actual pain in order to conceal the truth, as when, on October 26, he appeared among the guests at ')r. Shrady's house and took a quiet part in the Gould-Shrady wedding, which had been somewhat hurried at his request. This was his last aj^pcarance in public, unless you can count a visit or iwo to the Western Union Build- ing, to which he went from his home in a closed car- riage*, and dodged in by way of tiie basement office before any one could see him. No one who saw him at the wedding would have suspected that he was so near to death, and perhaps he would not have been had not an injudicious ride, in company with Dr. Mnnn, on the day before Thanksgiving, caused a cold which settled on his lungs, brought on a hemorrhage and paved the way to death. Koiuly for Doatli. The story of Mr. Gould's last night on earth is one easily told. It was as simple as any tale could be. He was prepared, and so weie all the members of his family. His going off was merely a question of time. All understood how it would be. He had laid his earthly house in order, had explained to his older sons exactly what his pr()j)erty was, how he had ^j^S5^@5e9^^". IN rHK VALLKY OF DEATH, 359 111 and jpon It. netimes le truth, t guests : in the mevvhat less you n Huiia- >sed car- nt office saw hini i was so ve been Ivith Dr. d a cold orrhage earth is lie could Inembers question He had led to his Iv he had made it, and what he should do to develop it if he 1 ;.|. iivc Hfi h; d p'issed the distressing stage of his disease and he roughed but little, and that weakly. The bean! upon his face hic^ to some extent the terrible ema Nation, but the chalky pallor of the swarthy skin was shar[) and startling. He dozed at times, but never seemed to lose consciousness. He did not suffer physically. There was nothing to fight against now but the lassitude of utter exhausdon, and this the doctors — Munn and Janeway — did with the most powerful stimulants, thus prolonging life by a few hours, but doin^r no fjood that could be measured. Several times durinor the nigfht it was thou^-ht that he was going, and the family were hastily summoned to the bedside. But h:^ rallied each time with won- derful vitality, and his wil! remained strong and under control to the last. Siirrouiuh'd by bis I aiiiily. Those in the house besides the medical attendants r.ad nurses were the children — G(^orgc ]. Gould, who is already enthroned as his father's successor in busi- ness ; Edwin, the second son ; Heh n Miller ( iould, the young heiress, who was the aj-pk; of her lather's eye; Howard, who is just coming to manhood; ihr. sclioolgirl (laughter Ann(^ and Mie yo*. hful I'^-ank, with Mrs. George Gould, Mrs. Edwin Gould and a lady intimately connected with the family. Daylight brought an apparent renewal of the lease of life. It was not; much of a rally, but it was enoui^h I). I ' .' -aa '} 360 LIFE OF JAY GOULD. to give liope that the invaHd would struggle along throiiL^h ;i great part of the clay. Windows were raised and curtains drawn in |)arts of the house, giving it an animated and lively look which it had not worn when all the shades were down. TJie Coming of Death. Shordy after the night v/atch of newspaper men had gone away young Mrs. Gould appeared and drove away in her carriage for a brief stay. She said that her father-in-law was much the same as he had been and perfectly conscious. An early caller was General Manager Main, of the Elevated road system. He stayed but a moment, and when he resumed his trip down-town he little realized that the messa<»e of death, which was to be followed by the draping of all the Elevated road engines, would reach the office almost as soon as he. The December sun came up and gilded the roof of the extension in which the multi-millionaire lay gasping out the remnant of his life. It caught in the glass of the conservatory and sent baftling lights into the eyes of passers gazing curiously up at the win- dows which shrouded tht^ drama of life and death within. Audacious, it trickled in between the shutters imtil a hand closed them tight, and it saw. what few have seen, the cf^eat maLrician of Wall street bent low by a power greater than his own. Tho 8had«'s l>niwii. Just then, as if moved by some sympathetic force, all of the raised shades were lowered and the rrreat along were riving worn r men drove d that i been ieneral 1. He lis trip f death, all the almost le roof ire lay t in the Its into Ihe win- death h utters lat few lent low force, trreat IN THE VALLEY OF DEATH. 361 11 house assumed a sombre aspect. This was just after nine o'clock in the mornincr. A few moments later a messenger boy came out of the iiouse bearing a tele- phone message from Dr. Munn to his wife stating that Mr. Gould had died at a quarter past nine o'clock. And thus the news that a kinon the lead the Lth was There lay an church IN TUE VALLKY OF DEATH. 36.3 attended by the Gould family, called at about 1 1 o'clock, but did not stay long in the house. When asked later in the day he said that he could tell all he knew in a very few words. '• Mr. Gould died peacefully," he said, " without struggle or pain. He was conscious durini: the niLdit, and recognized his sons and daughters and physicians around his bed until within a short time of his d(.'ath. The funeral services would be conducted by hinis(.'h', assisted by Chancellor McCracken, and be of the simplest possible character. The interment would be private and at the convenience of the family." Iiitorinoiit ill AVoiMllawii. It was learned from the undertaker that the body would be laid beside that of Mrs. GouUl in the great marble sarcophagus at Woodlawn Cemetery. The tomb is a massive structure and as lar^e as a of his death into tlie house, together with its effect, or strange lack of effect, upon the securities which have long borne his name. Faced Death Calmly. "Jay Gould," said an old friend, •• possessed but little physical courage, and, indeed, his physique was scarcely fitted for it. But when it came iiis time to die he looked flcath quietly in the face. He culled his children about his bedside and toKl them the secret he liad been harboring — told it to them quietly and '•t;.'adily — bidding them keep the secret to the end, as he should do, and bear up bravely, as he should do, when it came his time to die. He kept his promise, and it seems that it took courao^e to do so." The certificate of Mr. Gould's death was filed with General Emmons Clark, secretary of the Board of Health. It was signed by Dr. Munn, who gave the cause of death as phthisis pulmonaris. It was taken to General Clark by an undertaker and was duly placed on file in the Bureau of Vital Statistics. The hush of death brooded next day over what was the city residence of the king of finance. The massive door of oak and pflass, somc^liow suofcrestive of a burial casket even without the huge cravat of crape which hung upon the silver handle of the bell, was softly opened many times, and quickly, but as softly, shut to by the sleek butler, who was not above selling news of his dying master for good American money, as the friends of the big Gould circle came to leave 1!!'! if IMAGE EVALUATION TEST TARGET (MT-3) 1.0 «- IIIM 1 5 •I' IIM _ I.I M 2.0 i.8 1.25 1.4 1.6 -* 6" — ► ^^- <^ /i /y. 'e7. e. ei. VI CM' oy. o 7 /A Photographic Sciences Corporation s ip V 4^ :\ \ ^ ^9> V ^ 6^ <^ ^ % n> ^ ^-^ ■' "^S^^!^:" ' ^^- 366 LIFE OF JAY GOULD. h:l their cards and messages, and sometimes great gifts of flowers, as if it were possible with radiant and liv- ing blooms to soften the black shadows that must needs surround the rich man dead. Profound MourDing-. A house of mourning? No tenement in all the city wailing the loss of its bread winner could be more truly so. That was the blossom which bloomed most brightly in the character of Jay Gould. He loved his children tenderly, and he taught them to love him. On the side he turned toward the world he wore a steely armor, but with his children, his flowers and his books he could unbuckle his cuirass and bare his heart with no fear of a deadly blow. And he did so, too, and made them his joy and his recreation. And so they mourned him — the young men who had kissed him good night after they had come to man- hood's estate, and the fair heiresses to fortunes who had known only his gentler side. The body lay in a patent rosewood ice casket in the chamber where Mr. Gould had died, -^.nd flowers were heaped upon it in prodigal profusion. There was a strange commingling of asceticism and luxury in the room, and yet it was in harmony with the life of the man who had so many millions that they seemed to be a mist in his system of arithmetic. He had always lived a simple life, apart from the splendor with which, for the sake of others, he surrounded him- self. He, who could command the luxuries of princes, IN THE VALLKV OF DEATH. 367 .t gifts id liv- t must all the e more :d most ved his i/e him. wore a and his lis heart so, too, ho had o man- nes who asket in flowers There luxury the life J seemed He had splendor ded him- princes, had been joyful over bread and milk when appetite went with them. So he lay in death, amid the simplest furnishings, while loving hands piled regal flowers upon him and sought to hide him amid their super-abundance and profusion. Ah, futile task, that seeks to blot out the presence and the atmosphere of death ! The House Guarded. Besides ministering to the physical wants of the mourning household Dr. Munn took a leading part in arranging for the funeral, and it was by his request that Superintendent Byrnes detailed a number of de- tective sergeants to watch the house, day and night, until the obsequies were ended, and fend off objection- able characters, crank or beggar, who might cause dancrer or annoyance to the inmates. It was a happy thought and all day there was an alert looking man upon the corner of Fifth avenue and Forty-seventh street, keeping watch and ward upon the stately edifice. A uniformed policeman was de- tailed to assist in keeping off suspicious characters, and altogether Jay Gould was better guarded in death than he had ever been in life, though he r.^^ver went abroad unprotected. The detectives reported that they had had no signs of trouble. Thousands of people paused to look up at the shaded windows, the only one open being the silent bedroom wherein lay the dead, and one old negro woman went up the steps under the impression that the Gould mansion was the Windsor Hotel, but 368 LIFE OF JAY GOULD. if no one looking like a crank appeared upon the scene or disturbed the even tenor of life upon the avenue. The mystery as to the nature of the ailment which wrecked Mr. Gould's health was one of the features of his last illness. It may be stated as a peculiar fact that his most trusted friends and even the members of his family were not aware of the disease from which he was sufferincr until it became evident that he could only a little longer withstand its ravages. The Fatal Disease. Mr. Gould was variously reported as a victim of neuralgia, of nervous dyspepsia, and of severe bilious attacks, and the announcement that what caused his death was consumption will be received with a great deal of surprise. But the statement is true. It is further said that the disease was of several years' standing; that Mr. Gould was aware that he had it and that his instructions to his physician, Dr. Munn, were that it should be kept a secret between them as long as possible. When, therefore, inquiries, no matter by whom, were made of Dr. Munn as to Mr. Gould's ailment, he replied that it was nervous dyspepsia, and truthfully, for all consumptives suffer more or less from that complaint. To aid his physician in concealing all signs of the disease the somewhat extravagant assertion is made that Mr. Gould was able to prevent himself, by an ef- fort, from coughing. The secret was well kept, and Mr. Gould is said to have had confidence that Dr. Munn's efforts to delay ;<: scene enue. ; which satures iar fact embers [1 which le could ictim of e biUous used his a great f several that he lician, Dr. between inquiries, nn as to nervous es suffer rns of the is made by an ef- is said to Is to delay IN THE VALLEY OF DEATH. 369 the progress of the disease would be attended with some measure of success, and that he would be able to keep up and get around for some years. But when he came down from Irvinofton some weeks before his death he was not so confident. A sliofht hemorrhaire was followed by several more severe. His Pliysic'iaii. Dr. John P. Munn, Mr. Gould's physician, is prob- ably the one man in the world who knew Mr. Gould really well. There is a story that Dr. Munn's acquaintance with Mr. Gould was the result of accident. He had come to New York to practice after graduating from a medical school in the interior of the State, and put up his sign near Mr. Gould's house. One day Mr. Gould was taken ill, and, his family physician not being at home,, the young Dr. Munn was called in. His treat- ment was quickly efficacious, and Mr. Gould, liking him, a few months later made him a flattering offer to look after his physical welfare all the time. The doctor agreed, and had not, therefore, a very extensive general practice. But as compensation for that loss, he has seen many parts of the world from the bridge of Mr. Gould's yacht, and by following hints dropped from the lips of the great manipulator he acquired a beautiful home on West Fifcy-eighth street and a handsome income to keep it going. Mr. Gould had every confidence in Dr. Munn and liked him personally, and had him made a Director in the Western Union Telegraph Company. 24 W' i! ■i* '( Il# CHAPTER XXIII. Effect of Mr. Gould's Death. Causing scarcely a tremor in the stock market, where his name had for so many years been alter- nately a terror and an inspiration, the news of the death of Jay Gould came to puoHc knowledge sud- dently. The end was reached of a life unparalleled in the history of this country in its picture of the possi- bility of what may be accomplished here in the accu- mulation of wealth by individual effort, in the control and direction of great business enterprises and in the attainment of position in spite of the hostile arrows of enemies made in a long career of speculative con- test. In Mr. Gould's death a career was closed of a man whose stamp on the railroad and telegraph history of the United States may never be effaced, but about whom there will probably be long controversy over the methods involved in most of the sensational events with which his name was identified. And the closing of his life found alive a generous judgment as to his achievements and character that will help history in the making up of its story of his personality. There had been no expectation of Mr, Gould's death until within a few days before it occurred. For m.ore (370) EFFECT OF MR. GOULDS DEATH. 371 market, en alter- s of the dge sud- alleled in the possi- the accu- le control nd in the rrows of tive con- of a man [history of Ibut about rersy over nal events he closing It as to his Ip history jhty. aid's death For more dian two years his physical decline was apparent to his friends, but numerous sensations in Wall street were based on his attacks of illness without sufficient justification through that period. The FinaiicMiil Worhl Prepared. The sudden death of a man like Mr. Gould, identi- fied with many important properties, and, still more, the central figure of stories, theories and disputes, founded upon the remarkable sides of his varied char- acter, might have been a severe shock to the financial situation. But the last fatal illness of Mr. Gould fol- lowed premonitions which had fully prepared his friends for the end, and Mr. Gould hmiself had been putting his affairs into such an order that death would bring about no important disturbance in any of the interests with which he was even indirectly con- nected. The death of Mr. Gould gave no shock to the stock market. The speculative traders on his illness were disappointed, as they w^ere when William H. Vander- bilt died. It was noted as somethinor of a coincidence that the two men, giants in the speculative and invest- ment world, both died in December, Mr. Vanderbilt's end preceding Mr. Gould's only by seven years, less six days. But different as were the circumstances attending the death of the two men, there is some resemblance in the fact that both of them had secured their estates in such a manner as to baffle the work of the specu- n 372 UFK OF JAY GOULD. lators who sought to trade upon the death oi each of the two men. Great PropertieH Secure. It was understood that Mr. Gould had left his estate in such a form that it would involve no menace to the properties from which most had been feared in a mortuary liquidation. Facing the possibilities of his end, Mr. Gould put the bulk of his holdings in securi- ties in trust, with a flexibility, of course, required by the circumstances, but with restrictions that will pre- vent the disintegration of the properties left as his in- heritance and will avert the danger of sales for a long time. It is a great estate which is tied up. There is a fortune winch wa:* born out of the work of one inspiring personality ; an accumulation that represents an average acquirement in the twenty-five years of Mr. Gould's active operations in the financial and railroad world of $3,000,000 a year. When it is considered that this wealth does not represent a dollar of inheritance, when it is realized that only a fraction can have come from *' unearned increment " in real estate ; when it is appreciated that the figures stand for investment in stocks and bonds, it may safely be said that Mr. Gould's fortune stands for the largest sum of money ever accumulated by a single individual. No Radical Changfes. Nor is it believed that Mr. Gould's death will result in any radical change in the management of the prop- erties with which he has so lone been identified. each of is estate ;e to the ed in a es of his n secu ri- ll i red by will pre- as his in- or a long the work tion that venty-five financial Vhen it is present a lat only a crement " le fip"ures s, it may tands for ited by a will result the prop- identified. EFFECT OF MR. GOULD S DEATH. 373 His oldest sons are young men, but they have been put in places of trust where they have become thoroughly familiar with their duties. Their holdings, undisturbed to any material extent by the terms of their father's will, must remain a bulwark upon which they can lean for support, while the two men have shown qualities of mind and character which will retain for them the advice, guidance and instruction of older and more experienced men who are also identified with the Gould properties. Modifications may come in the course of time in the control of the great properties that owed their direcdon to the genius of Jay Gould, but in none of them is it evident that there will be a change ot importance. There was much sympathetic comment on the passing away of Jay Gould. His friends had only one word to say as to the qualities in the dead man which commanded a tribute from them — his ability, his fore- sight, his wonderful patience in the working out of his aims, his fidelity to friends, his good faith with his business associates, and his generosity to subordinate workers. Not so White or Black as Painted. The name of this great financier has been so long associated with the ups and downs of stocks that even those who consider themselves in the inner circle ex- pected at least a temporary disturbance of prices. That this expectation was not realized was a matter of sincere congratulation to every one interested directly or indirectly in the world of finance. This us Ml m i M !!;'■* I 374 LIFE OF JAV GOULD. P can be saiJ without the least renection on either the melhods or the character of Mr. Gould, for now that he is gone there are man)- who will begin to see the good that was in the man. In this hurrying, hustling world when a person once secures a reputation, that reputation, whether it be good or bad, is apt to cling to him until death. The truth of the matter is that few men are either quite as white or quite as black as they are painted. For this reason a great many thoughtless things are said and done and a great many mistakes are made that are rarely, if ever, corrected. However, the day seems to be past when a panic can be precipitated on the individuality of one person, and that is where the cause for (reneral con<^ratulation comes in. There is no man who fills the peculiar position held so long by Mr. Gould, and for that rea- son investors and others can place their money with more confidence and breathe more freely while waiting for the results of their investments. Easily Scared. There seems to be no class of men who allow themselves to be so frightened by shadows and carried away by myths as a certain portion of those who deal in stocks. It has been stated, and there is no reason for discrediting the statement, that Mr. Gould was not actively in the market for nearly six years before his death, and yet during that time men allowed themselves to be carried away by countless stories of his operations and machinations in this and that direc- licr the 5w that to see 311 once :r it be L The 2r quite J. For ire said ide that a panic person, Uulation pecuHar hat rea- ley with waiting allow 1 carried )se who re is no Gould IX years allowed lories of at direc- EFFECT OF MR. GOULDS DEATH. 376 tion. Now that the bears are deprived of the cloud of myst(!ry wherein they were wont to clothe the man of millions, they ought to have a hard road to travel. The KrtVM't oil AVall Street. Half an hour before the Stock Exchange opened on the mornino- of December 2d, it was known in Wall street that Jay Gould was dead. The information was first received from the Western Union building, and while no doubt was entertained that it was true, con- firmations were secured before the Stock Exchange was opened. A larger number of brokers than usual was gathered on the floor to watch the effect of the news. Some of them appeared to be anxious. A feeling of general confidence, however, prevailed, al- though it was believed that there would be a bear raid from some quarter. There was some excitement at the opening, and for a few minutes it appeared as if a stampede might re- sult. Most of the interest at the opening of the Ex- change was concentrated in Missouri Pacific, which was regarded as the key to all the Gould stocks. It had closed the night before at 55I. The first bid made for Missouri Pacific was for 500 shares at 54. This was sold at once by a commission broker, but at the same time an offer of stock at 55 was taken. Then the first seller wanted to cancel his transaction, but was not allowed to do so. About the other Gould stocks there were many brokers, but few transactions were made. The de- clines in Wabash and Western Union were of only ^ .\i =»•*»« ^p 37G LIFE OF JAY GOULD. per cent. The general list was not affected by the announcement of Mr. GouUl's death. Surprise was expressed that the Gould stocks w(Te affected so litde. KrtV'ot ill Washliif^ffoii. The deadi of Jay Gould, which was bulletined in Washini^^ton, made a great slir in liiiancial circles, though it did not appear to have any appreciable effect on stocks. Secretary Foster, of the Treasury Depart- ment, in discussing Mr. Gould's death, said: "The ac- counts of Mr. Gould's illness served to discount the effect of his death on the money market. •'In preparation for the end Mr. Gould's affairs had been placed in the hands of his son, George, and other persons who can be relied upon, and such good judg- ment has been shown in delefratln^f these various trusts that there can be no danger of anything going wrong. I do not believe Mr. Gould's death will have any marked effect in financial circles anywhere." Mr. Gould is kindly remembered for a public- spirited act which, but for the formalities necessarily attending it, might never have been made public. While on a visit to Washington in his yacht he landed at Mount Vernon and inspected the old home of Washington and the restorations made in recent years by the Association of Regents having charge of the place. He was greatly impressed with what he saw, and, upon learning that the association was very anxious to secure a considerable tract of land which had form for$i7,5( The a I great exc in specul to be tha sensitive "In m; little q((c( president Railroad. has taken his death isting arn " Beside kept intac competent carefully ti which he such actioi soon. Of among the such actioi Mr. Gould Even if he estate inta< ble of Iool< "Jay Go !!! EFFKCT OF MR. GOULDS DEATH. 377 had forincTly belonged to Washington, d»*ew his check for jii 7,500 and presented the tract to the Regents. No Panic Caused in CIii<'a^«». The announcement of Jay Gould's death created great excitement in Chicago, but there was no panic in speculative circles. The general opinion seemed to be that Mr. Gould long before disposed of his most sensitive stocks of all kinds. "In my opinion the death of Mr. Gould will have little effect upon the railroads," said R. R. Cable, president of the Chicago, Rock Island and Pacific Railroad. "Mr. Gould has been ill a long time and has taken no really active part in railroad matters, so his death is not likely to cause any disturbance of ex- isting arrangements. " Besides, there is no doubt that his estate will be kept intact and managed by the sons, who are fully competent to take charge of affairs, and have been carefully trained with such an end in view. Stocks in which he was interested are likely to go down, but such action will be temporary, and recovery will follow soon. Of course, if the property should be divided among the heirs the effect would be more serious, but such action would lessen the value of the estate, and Mr. Gould was too good a business man to allow that. Even if he has made no provision for keeping the estate intact, his sons would do so, for they are capa ble of looking out for their own interests." How it Affected Union Pacific. "Jay Gould is dead" was the message which Mr. »»,^>J « w» " OIO LIFE OF JAY GOULD. Orr, chief factotum in the office of the president, and assistant general manager of the Union Pacific system, received by telegraph at Omaha, shortly after the death of ]\Ir. Gould, and the old flag, which has heralded the death of Union Pacific officials many times, was hoisted half way up the staff. Little groups of clerks and heads of departments gathered in the offices of the system and discussed the death of the railroad king and the effect it would have upon the property to which they were attached. The opinions were varied. When work was resumed it was in a rather perfunctory manner. The workers were seem- ingly wondering what changes would occur, and in what manner they would affect those who are now in authority. It was agreed that the policy of the Union Pacific management would be little affected by Mr. Gould's death. On the other hand, the death of Mr. Gould may bring an entire reversal of the Union Pacific policy and change of the management. Yet there was perfect unanimity among the employees that his death was most untimely, parti ularly as he was so intent upon some important combinations in the West that would have resulted in the development of much railroad property now regarded as of little impor- tance. Thomas L. Kimball, one of Gould's oldest associates in the West, said : " Those people who have an idea that Gould's relation with the Union Pacific was that of the mere speculator do not know the calibre of the It, and iystem, er the ch has ; many groups in the I of the )on the (pinions as in a •e seem- and in i now in e Union by Mr. c Id may pohcy ere was hat his was so he West of much impor- ssociates an idea was that i)re of the EFFECT OF MK. GOULDS DEATH. 379 man. While he always said he was purely a specula- tor, still he was vitally Interested in the improvement of the system, and I know he had a dream of some day s Smg the railroad free of the Government debt which now hanLTs over it." The News in LoikIoii. The announcement of the death of Jay Gould stirred the pulses of the dealers, both inside and outside of the London Stock Exchanoe. Althoujjh the news had no notable influence on prices at the close, the first momentary tendency in the American department was to sell, but it was soon checked by New York orders to buy. The progress of dealings in nowise repre- sented the immense interest felt in Mr. Gould's death. Business was interrupted in the Stock Exchange by members grouping to talk of Mr. Gould, and the bear- ing of his death on the Gould stocks. A mob of people blocked the approaches to the Exchange, all talking on the same theme and waiting to see how the news affected prices. The scene in Throckmorton street after the Stock Exchangee r] )sed was as lively and exciting as if a speculative crisis was impending. A representative of the Associated Press, in glean- ing the opinions of several dealers in the American market and some prominent street operators, found that they concurred in expecting a boom in the stock of all American railroads except Gould roads. Re- garding the future of Gould stocks, few cared to hazard a prediction. ** Probably," said one dealer, it f 380 LIFE OF JAY GOULD. '' Mr. Gould's death will benefit all Western roads, gready enhance Manhattan Elevated in the opinion of the public, and vasdy improve the posidon of West- ern Union Telegraph." (^ roads, opinion f West- CHAPTER XXIV. Tributes to the King of Wall Street. Upon the announcement of Mr. Gould's death, formal action was taken by several of the great stock companies of which he was the most conspicuous member and the ruling spirit. Dr. Norvin Green p* 2sided at the meeting of the Western Union Executive Committee. The other members present were General T. W. Eckert, John Van Home, John G. Moore, John T. Terry, Russell Sage, and Sam Sloan. Mr. Sloan proposed the resolutions, which were adopted. They were as follows : In Memoriam. Jay Gould died at his residence in the city of New York, on Friday, December 2, 1892, in the fifty-seventh year of his age. He has been a director of this company for about twelve years and was such at the time of his death. It is fitting, therefore, that it shall place upon its records its estimate of Mr. Gould's character and services, and its sorrowful sense of its great loss in his death. Familiarity with him acquired through years of constant intercourse enables the members of its directory to speak con- cerning him with knowledge and confidence. What follow (381) ii' i;1 !l .^e G82 LIFE OF JAY GOULD. ill .1 tl are words not of eulogy, but of just and considerate estimate. Among the eminent men who in the history of this com- pany have had a place in its counsels, Mr. Gould was in some respects the most remarkable. The intelleciual qualities to which he owed his almost unexampled success are not far to seek. Underlying all was his faith in the continued growth, advancement, and prosperity of our country. He forecast the future with confidence and saw in their earlier stages the com- ing values of such great properties as the Union Pacific, Kan- sas Pacific, Missouri Pacific, Manhattan Railway, and Western Union. An Unrivalled Genius. He boldly risked all on the soundness of his judgment. His judgment concerning the values of corporate properties singly and of their possibilities for profitable combination amounted to positive genius — a genius in these lines probably never surpassed if equalled. Acquiring these properties, he gave his energies to their development. This was not the hasty work of a day, but the slow work of years, as he died in the ownership of the large interests in these properties to the growth and development of which he had so largely contributed. He was not merely or chiefly a speculator. He was a practical and expert manager of rail- ways. He was at home in every department of the service. He knew his properties intimately. He could instantly detect anything wrong. He inspected them in person regularly. He gave to his properties the benefit not only of his genius, but of his diligence and industry, which, until his health gave way, never tired. He did not always receive the praise to which he was en- titled. He did not invest his wealth in lands, or buildings, or governments, or established securities, and content himself with idly receiving their income. His industries gave daily TRIBUTES TO THE KING OF WALL STREET. 383 estimate, lis com- in some alities to ot far to growth, ecast the the com- fic, Kan- Western udgment. )roperties nbinatioii probably erties, he ow work terests in hich he chiefly a r of rail- service. ly detect eguhirly. s genius, ilth gave 2 was en- dings, or himself ive daily employment to more than one hundred- thousand men and support to their families. His enterprise contributed more largely to the opening and development of the Western and Southwestern parts of our country than that of any other man. "His Word was Law." At his death probably no man in the United States possessed more power His word was law throughout the vast interests in his control established in many States and Territories almost from ocean to ocean. But with all this he ever bore himself modestly, without any ostentation or vulgar display of wealth or power. He was a model of parental and domestic virtue. So much is known of all men. But the members of this body desire to record their knowl- edge of the warmth and steadiness of Mr. Gould's friendship, of his noble impulses and disinterested and generous deeds, some of which without murmur or complaint from him were popularly distorted so as to become matters of blame instead of praise. Resolved, That in the death of a counsellor so wise, saga- cious, and faithful as Mr. Gould ever proved himself to be, this company feels it has sustained not only a deep but an irrepara- ble loss; that it tenders its sincerest sympathy to his surviving sons and daughters ; that its directors will attend his funeral in a body ; that this minute be spread upon its records, and that a copy thereof suitably engrossed and authenticated be sent to his children. Mis.soiiri Pacific's Action. The gentlemen present at the meeting of the Mis- souri Pacific's directors wer^ A. H. Calef, General Eckert, ex-Judge Dillon, J. W. Clendinnin, J. T. Terry, Russell Sage, and Sam Sloan. In the absence of any higher official Mr. Calef, who is the secretary and * *flB|BjH|^Qf s- 384 LIFE OF JAY GOULD. ;! 1 treasurer of the company, presided. Upon motion Messrs. Calef and Dillon v/ere appointed a committee to draw up a series of resolutions. These were as follows : The Board of Directors of the Missouri Pacific Railway Company, assembled this day upon the announcement of tiie death of the president, recalling with gratcfijl sensibility his long and eminent services and his distinguished achievements in the interest of this company, C(;nscious of its irreparable loss, and sensible of their own personal bereavement, desiring to leave a lasting tribute to the memory of the able and faith- ful officer, the beloved associate and friend, and the great man who has passed away, do hereby make this record : In l^Teinory of Jay Ooiild. On the 17th day of >J\.vember, 1879, Jay Gould became the President of the Missouri Pacific Railway Company. From that time until his death, on Friday last, the history of this company has illustrated the sagacity and loyal zeal of this wise and devoted executive. In a little more than a decade, under the impulse of his energy and the spell of his genius, a prop- erty of small proportions has expanded into a vast and majes- tic system. But the energy and genius of this remarkable man were bounded by the fortunes of no single enterprise. His has been one of the foremost figures in the great enterprises which have marked the age in which he lived. The career of no other one man has borne such a relation as his to the growth and material prosperity of the country and to the development of its great resources. Of the personal qualities of Mr. Gould we may record the just estimate of those who by long and intimate association with him have been made, as we believe, fit judges. TRBUirS TO THE KING OF TTAT.T; STREET. 385 I motion ►mmittee were as : Railway ent of tiic nihility his lievenicnts rreparable t, desiring and faith- great man »ecame the ly. From ry of this )f this wise ade, under IS, a prop- ind majes- man were s has been hich have f no other owth and Dpment of ecord the issociation Mr. Gould's Attributos. Mr. Gould was a man of tried personal and moral courage, a kind, considerate and generous friend, modest and gentle in demeanor, moderate in speech, judicial and just in his judg- ments. To those whose business and personal relationship to him had been lonfjest and closest he was most cndeaied. History will record a judgment of those qualities which are known to the world, and \\hich in the estimate of the world distinguislied him as a great man. To us lie was known as a man with these other and high.T personal qualities. This is the estimate which we make and which we hand down to such as may in future desire to consult the judgment of those among his contemporaries who were also his associates. To the members who arc present to-da\' the death of Mi. Gould comes as the loss of a friend, associate and adviser. To those of our Board whose relationship to him was nearer and who to-day lament the loss of a loving father the affliction is one to which we can do no more than refer in words of in- adequate condolence. Resolved, that the foregoing record be spread on the minutes of this Board, and that copies, suitably engrossed and signed by members of the Board, be transmitted to the family. A. H. Calef, Secretary. 3Ianli{ittan Tribute. The resolutions adopted by the Board of Direc- tors of the Manhattan Railway Company are as fol- lows : At a special meeting of the Board of Directors of the Man- hattan Railway Company, held on Saturday, December 3, the following action was taken. The president of this company has been taken from it. Elected on November 9, 188 1, to be its official head, Jay Gould 25 m 38G LIFE OF JAY GOULD. !( Il I has uninterruptedly from that time to thisgiveri to the service of this company a large part of his thoughts and of his inter- est. No one of the many other great enterprises in which he was concerned enlisted to a greater degree his close attention and best energies. Although in many States of the Union loco- motives rode on railways he had contributed to construct, the corporation that furnished him with the means of daily access to his home had no superior in its rank in his mind. Iw the management of its affairs he displayed the qualities to which he owed his success in many fields. Kemarkable Business QujiliftC.itioiis. He was clear in his perceptions, swift in judgment and prompt in action. Patient in investigation and in the accu- mulation of details, his mastery of them was complete imd his memory accurate and tenacious. He was self-relant, yet ever seeking information and correction of his views from others. While disposed to adhere strongly to his own plans and ideas he was always ready to yield his judgment to a superior rea- son. He expected full performance of his duty from each one who undercook responsibility, but he fully trusted those who were engaged in the duties of execution and left them large latitude in the discharge of their functions. Never elated by success, he was cool and courageous in defeat. He acted in accordance with well considered and far reaching plans and possessed the strength of will to adhere to his purpose through difficulties and apparent repulses. Kind and Consldorato. In his personal intercourse with those who were associated with him in his great endeavors he was kind, considerate, a good listener and willing to modify his plans to serve the com- mon interest. He found the Manhattan Railway Company in the hands TRIBUTr.S TO THE KING OF WALL STIILKT. 387 ic service his intcr- ch he was itioii and lion loco- struct, the lily access J. Ill the to which rment and > 1 the accu- :te 'jnd his nt, yet ever om others. 5 and ideas perior rea- i each one those who hem large elated by le acted in plans and sethror^rh associated isiderate, a [e the coin- Ithe hands of receives, substantially bankrupt and in a condition where it was doubtful whether or not its system was to be disintei^-ratcd and resolved into its orir^inal elements. He leaves it pros- perous, in excellent j)liysical condition, its different lines con- solidated and indissolubly bound together, performing an indispensable service to the public in the city of his business life. In his home life and in his relations to his children he found his happiness. As fellow directors with him he insured the companionship and the affectionate support of his s()ns in his business hours. To his sorrowing family, and especially to those members of this Board who have not only lost their president but an affectionate and tender father whose domestic circle furnished him with his only solace amid responsibilities greater than those that have been borne by many rulers of empires, the S)'mpath}' of this Board is tendered. Resolved, that the foregoing minute be adopted and in- scribed on the minutes of this Board of Directors, and that a copy thereof duly certified be sent by the secretary to the family of the deceased president. Resolved, That the general offices of the company be closed on the day of the funeral, Monday, December 5, 1892. A true copy. D. W. IMcWTLLIAMS, Secretary. The Manhattan Elevated Railroad showed Its sense of mourning' for Mr. Gould's demise by draping- all the engines on its lines with black and white. Knots of black and white streamers floated from the cab o( every locomotive as it bore its load of humanity down to business, while many of them had their standing rods and headlights twisted and draped in similar^ fashion. Hit 38r5 LIFE OP JAY GOULD. ' t; II Cioiihrs Art Instinct. Many of the men in the financial quarter of the city devoted their time to forming accurate estimates of Mr. Gould':- ' Actf^as a man and relatinof anecdotes of his life. In reference to the general subject under discussion, Colonel Henry T. Chapman, the art con- noisseur of the Stock T^xchange, said : " Gould's art collection was little known, for he rarely ever figured personally in buying pictures and went so little into social life that the public had no knowledge of his gallery. It is very choice, however, consisting of about one hundred paintings. Many of them are representative works of the Barbizon and modern French school. He has one of the finest examples of Corot in the country, and masterpieces by Rousseau, De Neufville and others. " I purchased for him at the Stewart sale the finest example of Knaus in the country. It is a famous work, known as ' Knaus' children,' and cost $25,000. Works by that artist have brought higher prices in this country, but no one has a finer example. This illustrates one thing that I would like to say about Mr. Gould. He did not buy a painting on account of its price, but because he appreciated its beauties. He had a fine, highly cultivated artistic sense and showed a wonderful appreciation of color, tone and treatment in a picture. *' He knew the inspirational works of an artist from the mediocre productions, and showed a nice discrim- ination in his selections. He never bought a picture *rx. >f the city mates of inecdotes ect under J art con- m, for he :tures and ic had no , however, Many of bizon and the finest asterpieces the finest a famous 5t $25,000. r prices in pie. This about Mr. ount of its uties. He md showed 1 treatment artist from ice discrim- ht a picture TKIBUTES TO TUE KING OF WALL STREET. .'ISO for a Iiousehold decoration nor to fit a recess in the wall, but for the love of tlie art it displayed and the enjoyment it gave him. His was the true artistic spirit." CoiidoloiicM' and S.vnipatli.v. All day long after Mr. Gould's death a procession of messenger boys mounted the steps with telegrams of condolence and sympadiy. Many of l\vm\ came from railroad men in the West connected with Gould roads or from relatives and personal friends. One was from ex-Governor Huckner, one of the government directors of the Union Pacific. Some were of a nature to warrant publication. The higher officers of the Union Pacific and Missouri Pacific who would be able to reach New York in time for the funeral tele- graphed that they would come on. Vice-President Clark, of the Union Pacific, was accorded a view oi Mr. Gould's face. He came out of his house wiping his eyes and seemed to be con- siderably affected. Insured his Family's Fortunes. *T have just seen the remains," he said, "and I found that the face looked quite natural and much more full than I had been led to expect. Indeed it was hardly any thinner than when I last saw him alive. The expression on the face is peaceful. I think his consumption was not an inherited disease, but that he caught it as a result of an attack of pneu- monia from which he suffered five or six vears aero." "There is one act in the life of Jay Gould which I i HKO LIFE OF JAY COULD. 1 i t 1 ■ do not Uiiiik lias ever yet been made public," said an old Wall street man, who paused at the corner ot l''orty-sev(Mith street and looked up at tlu^ many windows with .^ray shades drawn. "It shows how car(;ful he was for the welfare of his family and how determined to make their future assured, no matter what the vicissitudes of his own fortune mioht be. Some years a^-o he i^ot caught in a scpieeze, and had a oreat friijht lest his fortune should take wini^s and II)' awa)'. If Russell Sa<^^e, who always believed in Gould's genius, had not come to his rescue with several millions of dollars he would most certainly have gone to the wall. When Gould got upon his feet a'>ain he remembered the danuld have id for the die four ic, a pro- i marvel- orce him from his millions — Death with one cut of his keen scythe had accomplished. Poor as the Poorest. And thouirh the thousands and tens of thousands who went out of their way to look upon the mansion which was his temporary mausoleum knew that they could see nothing more than they had been able to see any day they went there, nevertheless, they seemed to take a sort of satisfaction in realizing that the great field-marshal of finance, the shre\vd(;st and mbst strat- eijic oeneral who ever came into that tragic battlefield which we call speculation, lay helpless — poor as the poorest — behind those walls. All daylong the mighty current swirled and eddied, swirled and eddied about this common centre, and gaped up at the black bow upon the bell and passed its varied comments upon the event which was making the nations ring for a nine days' wonder. All sorts and conditions of men and women were In the throno;, from the milHonaire railroad kinof ; the stock operator whose name was a familiar one to newspaper readers, and who had fought in the ranks with Gould, or against him ; the great banker who had sneered at him and been only too glad to honor his signature for vast amoimts, down through the gamut of success and failure to the clerks, the laborers and the oamins of the street, who rolled his millions under their tonoues like sweet morsels, and talked of them as they would of Aladdin's cave, or heaven, or any other unknown quantity which appealed to their 394 LIFE OF JAY GOULD. M imaginations and gave promise of unknown de- li^^hts. A common impulse moved diem all — curiosity. Imps tit tho Door. When Russell Sage, the gray-bearded friend of the dead man, mounted the ste[)s and touched the bell a quartet of small boys crept up behind him on tiptoe of expectation. As he turned to allow the crystal outer door to swing open he nearly knocked them down, and turned toward them with an expression of impatience. But this did not diminish their ardor nor their audacity, and as he passed in through the oaken doorway — a solid piece of timbering stout enough to resist the blows of a battering-rani — they llattened their noses against the fdass and eaijerly drank in the quick vanishing sight of the rich in- terior. Many who saw the incident and commented roughly on the rudeness of the oramins would have given money for their fleeting glimpse. Earlier in the day those who were in the neiohborhood saw a middle aged man, well dressed and of well to do appearance, and evid(^ntly on a footing of acquaintance with the Goulds, trot up the steps and fumble for the bell as if he thought it was a handle to be pulled instead of an electric button. The Crape Drops. Suddenly the big bow of crape became unloosed and fell to the flacrcrlne. The caller looked at it aghast. He had evidently heard the superstition re- wn slty. de- id of the he bell a on tiptoe e crystal :ed them ession of eir ardor ough the incr stout am— they .1 eagerly e rich in- ;d roughly ive given n the day a middle )pearance, ; with the ; bell as if ead of an unloosed )ked at it rstition re- PREPA RATIONS FOR THE OBSEQUIES. n05 garding the knocking down of crape and the ill for- tune it is supposed to bring to him who docs the act. He started to ring the bell a second time, paused with his finger in the air and ilcd incontinently down the steps, iollowed by the derisive laughter of some of those who witnessed the incident. In such petty fashion as this did humanity's waves lap the door of the dead master of silence, while the Arabs of the street peeped in at the opened door as if some great spectacle awaited tlieir unmannerly en- terprise. Happily the mourners within knew nothing of the motley drama which was enactinij: outside their door, for the kindlv shades were drawn and the thick walls shut out the sounds which would ill comport with the grief of those to whom the dead was not the multi-milliunaire, but the o;entleand orenerous father. III tlio Cliuiiibcr of Detitli. The body of Jay Gould still lay in the chamber whence its spirit fled. Night ar.d day a sleepless watcher guarded it. A black pall covered the casket in which it rested upon a bed of ice, and flowers were heaped high upon the bier. Now and then a member of the family came into the room, but for the most part it was untenanted save by the watchers and the watched. The hours dragged by with leaden feet to the occupants, for there are few hors more long and dreary than those between a death and burial. The silence of the room was broken in the after- noon by the entrance of George Gould by Russell Sage, who had asked permis accom sion pa nie( i in u see th( 396 LIFE OF JAY GOULD. Ill face of his friend of many years, the man he had be- friended in the time of trouble and distress, when the latter's gigantic fortune was trembHng in the balance, and who believed that Jay Gould was a man worthy of respect and esteem. The pall was gendy pulled aside and the living millionaire ^•azed through the glass at the features of the dead one. He looked long and earnestly with compressed lips and moistened eyes. At length he turned aside with a siijh. "How natural he looks!" he said. ** You would almost think he was asleep." The Features Natural and Peaceful. Mr. Sage said afterward that death had left no trace upon the face unless it were the unusual pallor of the skin. There w^as not a wrinkle in it. The sallow, bilious look w'hich Mr. Gould had worn in life was gone, and the color, thou^li there was the waxen hue of death, was exceedingly good. The features were natural and peaceful, and there was almost a smile upon them, as if his last glimpse of his children had sent him away to the undiscovered country with pleasure in his heart. "There will be many friends here from out of town — from Boston and the West," said Mr. Sage, "who will be anxious to take a farewell look at the remains. I have arranoed matters with Geor^je so that all of them will have an opportunity after the brief services to enjoy this privilege. Indeed, I may say that it has been decided to eive all who come to the house de- lad be- lie n the valance, worthy e living features itly ^vilh ;noth he fU ^v ould \ left no lal pallor it. The rn in life le waxen features almost a children ntry with t of town oe, " who I remains, lat all of services hat it has house de- PREPARATTOXS FOR TIIK OBSEQUIES. 39' cently garbed a similar opportunity. As the burial will not take place until Tuesday niorning there will be plenty of time to accommodate all comer^. Even if the crowd be crreat it will be oiven a chance to see Mr. Gould's remains. We have arranged for plenty of police protection in case there should be a crowd." Mr. Sage, Mr. S. H. Vl. Clark, of the Union Pa^ ic, and General Samuel Thomas held a whispered confer- ence in the Windsor Hotel, and when they parted the former said he thouoht the arranorements for the funeral were as complete as they could possibly be made. Few Callers. There were few callers at the house, whose late master was such a universal theme not only on the popular tongue but in the pulpit and in the press. Save for those who came on business connected witli the simple ceremonies the friends and acquaintances held aloof and permitted the family, who for the next few months, and until their future status is fixed, were to occupy a position in the fierce light of publicity, to be alone with their sorrow. The oaken door was not opened so often as it had been, and the Central Office detectives who were on duty on the sid *walk in front and opposite had no special call upon their services. No crime greater than curiosity — if that be a crime — besieofed the door of the Qrreat Gould mansion, and that was harmless and not arrestable. Telecrrams were received from Mr. Abraham Gould, the only brother of the deceased, and from two of , ) ! H^^ 398 LIFE OF JAY GOULD. /i;:i I ¥■ ii^ rl' his sisters, Mrs. Northrup, of Camden, and Mrs. Palen, of Tuckg-iink, Pa., that they would reach New York in time for the obsequies. Mrs. Haugh, the sister who hves in Cahfornia, was too far away to reach New York in time for the funeral. Mr. Abraham Gould, who holds the modest office of the purchasing agent of the Missouri Pacific Rail- road, with headquarters at St. Louis, is a good natured, generous man and immensely popular along the line. Came to tlie Kesciie. Mrs. Northrup is the elder sister. She lives in a handsome house in the city of Camden, which her brother Jay is credited with having given her. Many years ago she married Northrup, a poor tanner in the Pennsylvania hills. He was a widower, with six young children. When his wife had added five boys and three girls to the number Northrup gave up the battle of life and killed himself. It was then that the wealthy brother came to the rescue and gave the overburdened widow a helping hand and educated her children. The kindness of Jay Gould toward his oldest sister was not wholly in the nature of charity. Gratitude entered into it also. They had been almost insepa- rable companions when they were young, and to her he owed his first knowledoe of fioures and much of the shrewd sense with which he started out to buck the tigerish world. The followino- officers of the Missouri Pacific Rail- road telegraphed their intention of attending the d Mrs. ch New Ligh, the iway to ;st office ific Rail- natured, the Une. lives in a vhich her r. Many ner in the with six five boys c^e up the c to the helpin a or lest sister Gratitude St insepa- .nd to her nd much It to buck Lcific Rail- iding the PREPARATIONS FOR THE OBSEQUIES. 399 funeral: — Assistant-General Manager Smidi, General Auditor Warner, Local Treasurer Smith, General Solicitor Cockran and Assistant General Solicitor Waggeman. Director of the Union Pacific Millard, of Omaha, was the only Western represi^ntative of that road, besides Mr. S. H. H. Clark, who would be able to reach the city in time lor the obsequies. Most of these named held confidential relations toward Mr. Gould. The final preparations for the funeral were com- pleted, there being only one or two points left unsettled, as, for instance, whether the entire top of the coffin should be removed when the body is exposed for viewing, and some minor question as to the style of top to be employed. The undertaker's assistant said that he had had pictures taken of the casket, but that until the latter questions were settled no one was to be permitted to see them. Strictly Private. No one not personally acquainted with the Goulds would be expected or permitted to enter the house for the funeral services. This was the final conclusion reached by the family after carefully canvassing all the possibilities. The casket would be placed in position in the morninof between the two side windows in the front parlor nearest to Fifth avenue. Camp chairs would be placed as close together as possible through- out the halls and rooms of the parlor Ooor. It was expected that there would be seating accommodations for between two and three hundred persons. • r ^\m m I'i I 400 LIFE OF JAY GOULD. The clergymen, Drs. Paxton, IMacCracken and Terry, wcire to stand in the hall beside the foot of the stairs and the quartet choir would be near the door of the parlor. An or^an, played by tlu^ organist of the West Presbytt^rian Church, would furnish the accompaniment. The services would begin promptly at four o'clock in the afternoon of December 5th, and the programme would be as follows : Andiem by choir. Hymn, " Lead, Kindly Light." Presbyterian Burial Service. Hymn, '• Nearer My God to Thee." Prayers. Benediction. The friends would then be permitted to pass in review beside the casket, and then the family w^ould descend from the upper floor and bid farewell to the remains of the father, brother and grandfather, and the coffin would be sealed. liiiii ^en and ot of the the door ivanist of •nish the 'clock ir o ooramme to pass m i-iily would well to the father, and rPi-APTHR XXVI. "K«irtb to Earth, Ashes to Ashes." On tne 5tii of Uccember, in the kindly presence of men and wcn'ien who had known him in the ])usiness a''"1 Gorinl walks of life and amid the hushed splendor? of his stately home in Vihh Avenue, the sim[)lest oi" funeral rites were practised over the clay of the dead Jay Gould, and it was sealed away forever from the siorht of man. All that was decorous and seemly marked that fu- neral of the millionaire. The shaded rooms were lit by incandescent globes, which threw a rich and gen^ erous glow upon the magnificent furniture, the tapes- tries, the walls clothed in silk and velvet, and blossom- ing with paintings from great masters, the sombre silver mounted casket buried in a magnificent mass of dowers from which looked forth a strong and peace- ful face. From out the solemn hush, with just the echo of a roar sounding from the street through padded walls and doors, came the notes of rich and solemn music, and the tones of clergymen in invocation and the read- ing of solemn lessons of hope and admonition from the Scriptures. And when all the seemlv service was ended the seemly company passea ouc into the streec 26 (401) li I m 402' LIFE OF JAY GOULD. ""lii once more and left tli(! dust ot rue de^in m tne cnrp: and tears of those wlio loved it. Thus was the funeral of Jay Gould. A .^loth-y l>rama. But what a drama it was whieh was beinnr enacted on tlie stai'C widiout the house ! No seemliness her(i, and no decorum ! No solemnity nor hush. The worst elements of our poor human nature seemed to have THK FAMILY TOMB AT WOODLAWN. coiicentrated on the corner of Pifth Avenue and Forty- seventh c'ft-r-.-=.f pnd it required an actual show of force to keep tne crowd m bounds. Like bees abo''*- " ^'lear ^arrel the horde of the un- washed buzzed around tins palace of the rich man dead. Here was as modey a crowd as that of the Mother Goose rhyme when the " beggars have come to town." ne care enacted he worst to have ,nd Forty- )\v of force I of the un- rich man hat of the have come KARTU TO EARTH, ASHES TO ASHES. '10:j It seems as if an imi)rcssion liad q^onc abroad throughout the shuns lliat there was to be a (/rand distributioi. of the dollars at Jay (lould's hnieral, for nothing else, assuredly, could have brought together such a ragtag and bobtail of the city's population. Men out at elbow stood shoulder to shouldcrr with men literally walking on their uppers. W^omen with hooded shawls about their heads whis[)ered togetlu r as to " when they'd be let in to see the corpse," and men with villanous countciuances dodged restively about or betook th* mselves to discretion and retreat when they saw the sharp eyes of bispector McLough- lin's men fixed intently upon them. The carrion birds of prey had gathered at the rich man's door, hoping perchance to find an opportunity to get away with plunder when the stout doors were unloosed. But they reckoned without their host, every one. AVoinan's Curiosity. SliOulder to shoulder with these foul Q-utter birds \vere men and women decently apparelled wHo schemed to be overcome with a mad frenzy of curiosity. i ne women especially were determined to get in, and the way their tongues wagged fables as they sought to pass the guardians at the door was amusinor as well as somewhat disgusting. vSome of them were so per- sistent in their efforts that it needed forceful persua- sion to dislodge them from the vestibule, and if ever Dr. Munn passed a bad sixty minutes it was during the hour that he stood euard before the great door which opened only at his knock. 5 ! " ! 404 LIFE OF JAV GOULD. :? i C! A biL,^ policeman v/as the Iloratius who k^pt the stcjjs, and Hfe became a burden to him. He was fillr'd with the milk of human kindness when Captain Reilly sc:t him the task of siftinj; out the sheep from the goats, but the unwashed adventurers quickly sound it, and he developed into a first class cynic before the day was spent. Once, when one of the five Central Office detectives who stood betwe('n the gutter birds and possible loot- ing, cam(.' out upon the st('ps, the crowd took it for a sign that they were to be allowed to enter and satisfy their curiosity. A hundred women broke the bounds and streamed up the steps and clogged the vestibule. Others followed them, until the sidewalk in front of the Gould residence was packed with a struir^linor crowd, and not until the police massed their forces and charged down the steps was a way cleared for more welcome quests. Ai'rsiy<'(l ill Red, Police Captain Reill) had a large force of reserves ready for an emergency, but he wisely kept them out of sight until their services were needed, so as not to inflame the crowd and turn a orood-natured thronir into a mob. He recognized the self-evident fact that there were dangerous spirits in the throng, and he made no more show of force than was necessary to Iiandle the obstreperous women. There was one man in the crowd on whom the detectives kept a close and wary watch. He seemed to be a full-fledged anarchist. He wore a pair of EAKTII TO EAKTII, ASHES TO ASHES. 403 »pt the \c was Captain ep fr()ni quickly 5S cynic :tcctivcs iblc loot- k it for a id satisfy c bounds I'estibule. I front of true'-!li"2: .->r> '.1 r forces eared for reserves them out as not to d thronf,^ t fact that g, and he cessary to ,vhom the le seemed a pair ol skin-tiL-ht trousers antl ihuiiUcil ihr. socialistic cok)rs in a huj^u! red handkerchief about his neck. 1 h; was unwashed, unshaved and as scurvy a lookin;^^ fehow as you coukl fnid in ImUIi street or Avenue A. lie scowled upon tlu; bi^- house, but made no other r[fl'Jl*ti'H''i''i.''"'l!|'; c -- M pi' SCENE IN THE PARLOR AT THE I'UNERAL. demonstration until a reporter asked him if he spoke EnMish, and then he broke out into a strincr of shock- ing lanc^uage and retreated up the avenue snarling like a dog of evil temper. As he was shamblincr across the avenue this unmis- takably bad citizen was nearly ridden down by a ''■iXSlf! 4G6 LIFE OF JAT GOULD. carriage in which John Jacob Astor and his young wife were riding-. He turned and cursed them, too, but he would have cursed them a thousand times more bitterly if he had known that it was the wheels of the Astors which so narrowly missed him. Of the two thousand or more who souo-ht to cain entrance perhaps one hundred and fifty were passed. Many of those refused admission were well-dressed men and women. Some were gray haired and pleaded that they were old friends. A number came armed with the visiting cards of Edwin Gould, and it looked as if some one had engaged in a profitable speculation. Frio^ids aiul Foos. Most of those wlio entered were men well known in fmancial and railroad circles, whose faces alone were passports. And no one who had any real busi- ness to be in the house was refused admittance. Bankers and brokers, high officials of the Gould roads, and the Vanderbilt roads also, of the Pacific Mail and the Western Union, millionaires and multi- millionaires — men who had fought side by side with Gould and foucrht against him — these and their ladies made up the funeral company. Some of them, perhaps, were just as full of curiosity as those wdio beat upon the door without the pass- word, but If they were they hid their curiosity under the cold cloak of decorum. But the bulk, un- doubtedly, were personal friends and acquaintances cither of the man or his family, and their presence EARTH TO EARTH, ASHES TO ASHES. 407 5 young lem, too, d times e wheels t to gain 2 passed. I-dressed red and ber came Id, and it profitable 1 known es alone real bu sl- ice. le Gould le Pacific nd multi- side with eir ladies curiosity the pass- ,ity under )ulk, un- aintances presence was animated by a desire to pay a meed of respect to his remains. The first comers were ushered into the s{:)acious dining hall, sentinelled by a fine portrait of Jay Gould in his prime of life. Here they were seated until the room was full. Notables Who Wore Present. Amonof those in the room was the followinof dele- ofation from the Gould roads in the West: B. B. Wagner, Western general attorney of the Missouri Pacific, of St. Louis ; E. T. Atkins, vice- president of the Union Pacific, of Boston ; Oliver P. Mink, controller Union Pacific, of Bostou ; .\lexander Millar, secretary of the Union Pacific; Jtxseph T. Harris, treasurer of the Union Pac:ific ; Joseph II. Millard, Western director of th(t Union Pacihc, of St. Louis, and John C. Ward, director of the Union Pacific, and John C. Wands, director of the Union Pacific, from St. Louis. When the dinino;-room was filled the late comers were placed in the back parlor and the spacious hall, turned for the nonce into a sanctuary, and a few were placed in the front parlor beside the coffin and its splendid fai^ade of flowers. Collis P. Huntington took a seat beside the coffin, but changed it by request and was given a front sc^at near the clergymen and next to Chauncey ]\L Depew, who, with H. W^alte'r W^ebb, came partly to represent the absent Vanderbilts. Judge Rufus B. Cowing took the chair he vacated. Mr. Whitelaw Reid sat near ,'.'11 ' I •408 LIFE OF JAY GOULD. the remains of his old tinie friend and his face durln£r tlie simple services showed much emotion. The broad hallway was well adajjted for the pur- poses to which it was put. The stairs ran at right angles to it, halfway between the front and re'ar, and in the recess beside them was plenty of room for a cabinet organ and the quartet choir, composed of Mrs. Charles Herbert Clarke, who took the place of Mrs. Clementine de Vere Sapio, who will not sing at funerals: Mrs. Carl Alves and Messrs, Clark and Bushnell. Organist P. A. Schuecker, of Dr. Paxton's church, presided at the organ. The clergy ukmi stood at the foot of the stairs, where their voices could be heard in all parts of the house, while the mourning family with Dr. and Mrs. Munn, Mrs. Northrop, Mrs. Palen and their children, Mrs. Shrady ami Mr. Abra- ham Gould sat at the head of the stairs and out of sight of those below. Profusion of Flowors. What pen can do justice to the wealth of flowers wdiicn surrounded the casket of the Man of Silence, silent lorever more ? Me was a lover of llowers, and they buried him in them. Their radiance and their redolence lilled the room. There were in all nearly forty pieces. From Mr. and Mrs. George Gould came a floral broken column, which stood on a floral pedestal at the head of the casket. The column proper was about four feet hicrh and a foot and a half thick. It was one mass of beautiful full white roses, white carnations, P 'M - during the pur- at right •ear, and )m for a 1 of Mrs. : of Mrs. sinuf cit lark and Paxton's KM! stood could be mourning rop, Mrs. Ir. Abra- d out of if dowers If Silence, iwers, and land their all nearly a floral ;tal at the Ivas about t was one larnations, I EARTH TO EAIiTIl, ASHES TO ASHES. 4i)0 Roman hyacinths and delicate ferns. Springing from the pedestal at the base were pink hucd orchids of the SCENE IX FRONT OF THE GOULD MANSION. Catdeya, Laelia and Cypripedium varieties. A bed of beautiful Parma violets formed the broken top of the column. The supporting pedestal was of white roses f f 410 LIFE OF JAT GOULD. m :.A: and Roman li3'acinths, intcrspe^rscd with ferns, and palm leaves and palms were grouped around the entire supporting base. Across the upper portion of the pc^destal, on a ground of white roses, in letters formed of Parma violets, was the word, " P^ither." Miss Helen Gould's offeriuLT was a laro^e cross of magnificcMit, delicately hued orchids. The cross stood about three feet high, with broad arms of proportionate diniensions. The beautiful exotics of which it was formed were set in a background of (^reen moss and fern tips. A wreath, fully four feet in diameter, and constructed mainly of wlute roses and lilies of the valley, was sent b\' Mr. and Mrs. Edwin Gould. A i^round of maid(Mi- hair ferns backed the [lowers, and clustered toci^ether at one part of the wreath, near the broad, white satin ribbon, was a bunch of purple orchids. Siini»l.v Boaiiiirul. Miss Anna Gould's offerinof was beautiful in its simplicity. It was probably the most expensive tribute among the many there, and was couriposcd of rare white orchids. The varieties represented in the bunch included the Phalvenopsis, Dendrobium, Cat- tU^ya, Lar:lia and others of extreme rarity. For two da\'s a llorist had been en^-aoed in collectino- the flowers, which were gathered from private as well as florists' conservatories. The bunch was tied with a white satin ribl)on. Another simple, though exquisite, gift was a large EARTH TO EARTH, ASIIKS TO ASHES. 411 ns, and ind the rtlon of I letters ler. cross of ss stood )rtionate 1 it was loss and istructed was sent f maiden- tof^-cther lite satin I in its X pensive jOS!.:d of ed in the II m, Cat- l^\^r two the s well as ed with a ctmg 1 ,s a large bunch of beantlful, fragrant white roses, the token of Howard (]ould. A cluster of lilies of the valle)' ncai-jy live feet in length and witli more than five huiK h-ed sepai'ate sprays was the offering of .Master h^rank (h)uld. Restinqr against the coffin was a bank of rare llowers nearly four feet long and a foot and a half wide. It bore the name of " Grandpa" worked in violets upon a oround of white. And here it lay, amid tlie friends and (lowers, the chastened hijhts, the works of art, the Bouij;uereaus ^'h1 Benjamin Constants, the iNIunkacsys, the Gustave J acquets, the Adolph Schreyers, and all the rest — the empty casket which had held a might)' and puissant genius ! Surely, if a fimeral could be happy this man's ought to be ! Last Siul l{it<'s. A merry little French clock in thc^ dining-hallsounded the hour of four. Anon the; dee[) voice of a cathedral clock in tlu^ parlor repeated the call more fune'realh'. Then Dr. Paxton, of the sih'er hair, followed by Chancellor McCrackin, whom some mistook for Edmund Clarence Stedman, and tlu; florid Dr. Terr)', took their stations in the hallwa)' and the brief services beoan. Mr. Schnecker's arrangement of the anthem, " There Is a Land Immortal," with solos for soprano and contralto, was touchingly and bc^autihilly sun^-. .Vs the sweet and tender notes went through the hall the sound of weeping was Iv^ard up-stairs. But few of }'r' ill 412 LIFK OF JAY GOULD. the auditors below were visibly a. itjctcu by the pathetic suororestions of the scene or the ineltinij" music. Dr. Paxton followed with an eloquent invocation, which was as follows : — "O eloquent, just and mighty death! whom none TAKING THE BODY FROIM THE HOUSE. couldst outwit. Thou takest in thy toils, whom none could convince. Thou persuadeth, whom none could overthrow. Thou subdueth. Mighty death ! "Dire discouragement of human end, we bless God for our Christian faith in which Jesus Christ hath abol- ; pathetic ic. vocation, om none 'imMli lom none one could bless God hath abol- \ EARTH TO EARTH, ASIIE>; TO ASHES. 'il3l ished death. We bless Thee that He plucked the stain from sin, that He robbed the i^rave oi its victory and that He filled th(; heavens with the ministrations of our heavenly hope in His s[)l(jndor, where we hope to renew life beyond the tomb. "We bless our Heavenly Father for Thy Son, our Lord Jesus Christ, for our knowledge that the grave is not a dungeon, but a door opening into other worlds and a new and hiirher life. We bless Thee tliat the grave is not a terminal, the final resting place, the be all and end all of man, but that it is only the stopping place, an inn where we humble travellers sleep the long, sweet sleep on the way to our new Jerusalem. •' May the Divine Spirit be present with us in these sad, solemn services, and may the light of the resur- rection morn shine into this darkened and bereaved house, and may comfort that which God comforteth His own touch with heavenly and helpful grace the hearts of our friends here wounded, sore and bleeding still for the loss of him they all loved so well." Service for the Dead. Dr. Paxton then read the Presbyterian modification of the Episcopal service for the dead, including the thirty-ninth Psalm, while Dr. Terry read the ninetieth Psalm, and Chancellor McCracken offered a solemn prayer, calling upon God to comfort those who were both fatherless and motherless and beora-inor for "such peace as the riches of this world cannot give." Two more numbers, " Lead, kindly light," and m il|!'K 1 414 LIFE OF JAY GOULD. i " NcaiTT, my God, to Tluif," wcru sun^' by the choir aiul the services \ver(^ endixl. As th(! mourners filed out of tlie liouse many of them stoi)[)ed to look at the silent face in the coffin. It was as Mr. Russell Sai^t' had reprtisented it to be the da\' [before. It was full and fair to look upon. It bore none of the pinching' fini^er marks usual in dcadi b)- consnin{)tIon. 'Hk^ electric liL;ht cast quite a ruddy tint upon it and it lackcjd thc! ashen [)allor of death. It was a strong;- face, a determined tace, and yet some- how th(;re was a kindly look in the eagle-like features. " lie was as kind a man as you ever met," said Dr. Munn, looking down into the coffin. When all had departed from the house the members of the famil\' came down the stairs and sat with the dead and told pleasant things about him. Wdiat bet- ter can we ([o than leave him in such loving company ? AVlioro Gould l?osts. On the highest point of beautihil Woodlawn Ceme- ter*)', overlooking Woodlawn Lake, is the Gould mau- soleum. The Ionic temple of the dead was ready for him who had been its master. The massive bronze doors stood wide to receive the clay of the millionaire. In the hall between the double tiers of niches or spaces which are to receive the Goulds a scaffolding had been erected. Upon and under this workmen polished the marble and granite anci burnished the bronze. There is room for twenty caskets in the tomb, two tiers of five on each side of the hall. In the second -.;i ( le choir nanv of c coffin. it to be pon. It in death a riuUly 3f death, 'et some- features. said Dr. members with the Hiat bet- ►mpany ? \n Ceme- uld mail- ready for bronze Ihonaire. iches or affolding Ivorkmen hed the )mb, two second EARTH TO KAKTII, A.^HKS TO ASHES. 4ir, space from the iloor on the; left, fu i-tJK^r from tlie (h^or, is the casket containing- the remains of Ia\' ( iould's wife. The dead millionaire rcists in the same space on the ri('ht. li!ach space is covered l)v a ijreat slal) o( li-'ht sliaded marl3I(^ In theljronzc cHsks fixed in llw, sioiu! are attached bronze rini^s, which serve, as handh-s in removinij^ the slabs. On one; of theses was traced for the direction of the marble cutt('r's chisel the inscrip- tion : — JAY GOULD, Born Ma)' 27, 1836, Died December 2, 1892. Outside laborers cleared away the snow from the paths leading- from Central avenue to the mausoleum and drained off the water. Fow Visitors. There were few visitors to tlie tomb on the day be- fore the interment. A carriage passing' along Central avenue stopped for a moment and a woman, heavily veiled, its only occupant, gazed for a moment upon the tomb and then drove on. The workmen said that only a few persons had been there during the morn- ing, though the tomb was open to die inspection of all who wished to see. Inquiry was made whether any precautions were tf^ be taken to cruard the tomb ao^ainst crrave-robbers, 4\Q LIFE OF JAY GOULD. and it was ascertained that there would be none. The mausoleum is as secure asj^ainst desecration of this kind as a safe deposit vault against the attack of burglars. The two L»reat irranite blocks formin**- the ceilino- of the tomb wei'di six tons each, while the solid bronze doors are more than an inch thick. Mr. Gould during life had more than once expressed his horror of the outrage upon the body of A. T. Stewart, and so when he asked for desi^ins from the architects SERVICES AT THE TOMB. strength and security were the features which he par- ticularly demanded. The Gould mausoleum is one of the most classical specimens of mortuary architecture in the country. The desiQfn is said to be derived from the famous Maison Carre, at Nimes, France, built two thousand years ago and to-day one of the best preserved and EARTH TO KAKTll. ASHKS TO ASHES. 417 ii II none, tion of tack of /mLT the lilc the ^. Mr. ;sed his Stewart, rchitects he par- 1 classical Icountry. famous Ihousand Ived and most beautiful specimens of Grecian architecture in existence. Mr. Gould years ago owned a big plot in Wood- lawn near the entrance at the raih'oad station. He sold this, howevM, and bought the present site of the tomb, paying 5^50,000 theretor. It 's a circuhir mound, sloping gently, and takes in about an acre. It was Mrs. Gould, it is said, who suggested the mausoleum, and also tlrat it be built somewhat after the style of the old Parthenon. The temple is built of Westerly (R. I.) granite. Thirty columns support the roof, which consists of granite slabs thirty-two feet long, each weighing fifteen tons. The slabs are so joined as to be impervious to water. The whole tomb weighs more than three hundred tons, resting on a solid concrete foundation eight feet thick. It was finished in December, 1883, each step of its progress having been carefully super- vised by an art committee. The cost of the tomb and the plot amounted to nearly *J 150,000. Jay Gould EntoiiilxMl. The road which all men must travel was travelled on Tuesday, December 6th, by Jay Gould, and that night he slept in the city of the dead, while men's thoughts turned from his personality to the millions that h^ left behind. The burial was over. Now what of the last will and testament? The man was dead; the puissant intellect which had steered the bark of fortune amid so many strong seas and dangerous shoals had ceased 27 IM H,'l imim 418 LIKE OF JAV (iUULD. ii to be amonor the things that be, but the millions still HMiiained to torment the world and wei^rh down the shoulders of the possessors who, none tiie less, were eager for the burden. How had those millions been disposed? That was the question on all lips. Had Jay Gould, who has done so many surprising things, done one more thing surprising and left some hand- some portion of his fortune to public or charitable uses, or was it all left in the circle of his family? Perhaps it was not any of the public's business, but the public, none the less, was interested mightily, and so were the members of the family, too, until they had heard the reading of the testamentary docu- ment. But all things must be done decently and in order, and it is not decent to think of monetary matters until the ending of the funeral. Ready for Burial. We can safely say that few mercenary thoughts crept into the new Gould mansion in the early hours when he who had been master — and such a kindly one — was about to leave it forever. For the last time the cover was removed from the neat and tasteful little casket and the orphaned chil- dren gathered around in a solemn silence to take their farewell look at features which were beloved to them. Let us not intrude upon that parting. God grant that the lesson in it sank deep in the hearts of those who are to become stewards of so great wealth J> 'Wl EAKTII TO KAUTH, A-IIKS TO ASUES. 41U ions still own the 'ss, were jns been )s. Had g things, ne hand- :haritable ily? business, mightily, too, until :ary docu- l in order, tters until thoughts irly hours a kindly from the ined chil- to take Leloved to Ing. God 1 hearts of tat wealth and who can work ill or well with it in such great measure. Only one or two of the most intimate friends out- side the imm(!diate family — Dr. Munn, Russdl Sa^e and President Clarke — were permitted to share in the last view, but all of them w^ere deeply and sincerely affected. It is idle to say that Jay Gould did not have real friends. It is also false and slanderous to say that they did not truly mourn his death, albeit their friendship may not have been wholly unselfish. Whose is ? Ask of the winds ! Dr. Munn, faithful to the last, tried to throw the public off the track reg-arding the time when the re- mains would be borne out upon the universal journey. He said on Monday that it was to be at one r. m., though, strange to say, the detectives were ordered to be at the house at nine in the mornincr. At the latter hour he fixed the time of departure at noon, and later at eleven or half-past the hour. Yet ten o'clock was the hour set. Boj;inniiirvous lest river held n safety at outlines of A be plainly id the pass- Inor of the millionaire from the land of livinor man to the monumental land of the dead. His body had passed forever from the v;orld where poor men com.e and go, for on the tidy heights where it lies now none but the rich are welcome. All was ready at the beautiful tomb. The door was opened, and on either side were shcdlike tents to pro- tect the mourners from the cold. The outer box of oak, zinc lined, and with a double cover, stood on a bier between the tents. A tinker's stove, with its blazinor charcoal fire, a set of solderinof tools and a new bar of silver solder stood beside it. For in the modern form of burial there is no min^linnf of dust with dust, but the dead are hermetically sealed and locked away in vaults of marble and of granite. The wind blew chill as the mourners oathered about the casket, but the men bared their heads while Chan- cellor McCracken read the conimittal. Then with a sonorous voice he prayed peace upon the dead and peace to the living. Cemetery guards and a mounted policeman kept back the crowd, which numbered fifty persons. The following appropriate and beautiful prayer will hcive an interest to many readers of this volume: O mighty Father of mercy, thou only art perfectly wise and kind and just and true and good. Therefore it is our hearts turn to thee in every trying hour. Strengthen us now as thou dost make us feel how short a t\mv. thou dost grant for us to live. O kindly light, lead thou us on, that we may be m maiSb 422 LIFE OF JAY GOULD. more like thee; quicken our hearts in faith that we may strive to be hke thee: make us to cast an anchor in that land beyond death that we may not drift away nor be very greatly tossed in the direction and con- duct of our business and our lives. Make us as thou hast commanded us in the words ot that holy apostle which we have heard, to be steadfast and immovabh,' antl always abounding in the work of the Lord. Our Father in Heaven, pity thos(i that mourn, ha\c special compassion upon the chiklren of this home whom thou hast sorely grieved. As a father pitieth his children, so the Lord pitieth them that fear him. And because thou hast taken from the children of this family in their early life both mother and father, do thou now comfort them, O divine Comforter, as one whom his mother comforts; pity them as one whom the loving father i)itieth ; grant unto them faidi and hope and love, thine abiding and most precious gifts. Saviour and Father of grace, who wast here at one time in this earth, the human imacre of the eternal Father; speak thou such words as thou didst speak to one and another of thy children when thou wert here among them. " Brother, be of good cheer, tin' faith hath saved thc^e. Son, be of good cheer. 'J'o the little children, a new commandmcuu I give unto you, love one another." Grant unto the bereaved ones of this household that peace which this world with all its treasures does not give, that good part which cannot be taken away, and errant to us that after this life we may be united with those whom we have loved and who have gone before in the life immortal, in the heavenly city by the river of life and the tree of life, where God shall wipe away all tears from their eyes, where there shall be no EARTH TC EARTH, ASHES TO ASHES. 423 L that we n anchor rift away [\nd con- s as thou y apostle miovabU: )rd. urn, have his honit: er pitieth fear him. ran of this father, do er, as one one whom faidi and ous gifts. re at one le eternal |t speak to wert here , thv faidi to die unto you, IhousehoUl ,11 res does Ik en away, be united lave gone ity by the Ishall wipe hall be no more sorrow, neither crying, neither shall there be any more pain. Our Father, who art in Heaven, hallowed be thy name, thy kingdom come, thy will be done on earth as it is in Heaven ; give us this day our daily bread and forgive us our trespasses as we forgive those that tres- pass against us, and lead us not into temptation, but deliver us fror^ evil, for thine is the kingdom and the power and the glory forever. Amen. Coiniiiittal to the Tomb. When the Chancellor had finished the service a cover of zinc was placed upon the lining and the un- dertaker's man began the tedious process of soldering it on. It was a long operation. George Gould broke down and wept into his hand- kerchief. Time and again he turned away, overcome by his emotion, and peered out through a crevice in the tent while mastering his emotion. The rest of the children were more or less overcome. At length the work was done and the oaken cover screwed tightly down. Then the coffin was borne in side and placed in the cell reserved for it, the one opposite that wherein lies the body of '' Helen Miller Gould, wife of Jay Gould." A beautiful resting place ! A palace of the dead ! Gathered about the door were the mourners, who watched the placing of the coffin, the swinging of the slab and the piling up against it of the commemora- tive flowers. A brief benediction followed and the thing was done. Jay Gould was history ; he was im- mured for time and eternity. i^l JiMMMyMM Ul i 'M i. ^^ It' CHAPTER XXVII. Mr. Gould's Last Will and Testament. A FULL abstract of the hst will and testament of Jay Gould, which was read to nis family on Tuesday night at No. 579 Fifth Avenue by Judge Dillon, was given to the press the same afternoon by order of the ex- ecutors, George J., Edwin, Howard, and Helen M. Gould. The lion's share of the vast estate o-oes to George J. Gould. He gets a round $5,000,000 in cash and securities, an equal share of the residuary estate, and is expressly given the control of the proxies of all the securities. George's eldest boy, little Jay Gould, is the only grandchild put down for a bequest. He gets $500,000 in cash. In the special bequests Miss Helen Gould gets the family residence, No. 579 Fifth Avenue, and its con- tents, and also has the use of the place at Irvington, with $6,000 a month to keep it up. She is expected to keep a home for Anna, Frank and Howard, until the youngest comes of age, when *' Lyndhurst " will go into the creneral estate. Edwin is the only other child to have a special be- quest. He gets the house No. i East Forty-seventh street, with its contents. Mr. Gould's sisters and (424) LAST WILL AND TESTAMENT. 425 lent. nt of Jay day night as given if the ex- ^elen M. d ofoes to DO.ocx) in residuary )l of the dest boy, down for \ gets the d its con- rvington, expected 'ard, until " will go iDecial be- y-seventh ters and brother get $25,000 apiece in cash and an annual in- come of ;^2,ooo each for their lives. Very Strict Provisions. The remainder of the great property is to be divided into six equal parts, and George, Edwin, Helen, Ho- ward, Frank and Anna Gould will receive the income for their lives. They cannot dispose of it, except by will to their issue, and if one should die without issue the share will be divided among the remaining chil- dren. George, Edwin, Howard and Helen are appointed executors and trustees of the will, and in case of death the vacancy shall be filled by Frank or Anna when they become of age. A curious provision is that any child marrying without the consent of a ma- jority of the other children shall forfeit half of his or her share of the estate to them. Abstract of the Will. The full text of the abstract given out by Judge Dillon yesterday is here given: The original will is dated December 24th, 1885, during the lifetime of his wife, Helen D. Gould. It made various provisions for her benefit, which failed in effect by reason of her death before the death of her. husband. After and in consequence of her death Mr. Gould, on the i6th day of February, 1889, exe- cuted the first codicil to his will, making such changes as became necessary by the death of his wife. A second and a third codicil to his will were executed on the 2 1st of November, 1892. Taking the will and 426 LIFE OF JAY GOULD. i^M^ ■fS ' n :^ w codicil together, the following is an accurate and full summary of the provisions thereof: First, the specific legacies. There is given to his sister, Mrs. Northrup, and her daughters the three lots of ground in Camden, N. J., on which his sister lives. There is also a specific bequest to Mrs. North- rup of ^25,000 and the further sum of ^2,000 annually to be paid to her during her life in equal quarterly payments. To his sisters, Mrs. Anna G. Hough and Mrs. Elizabeth Palen, and to his brother, Abraham Gould, there is given the sum of $25,000 each and also the further sum of j2,ooo annually during their lives, pay- able in equal quarterly payments. To his daughter, Helen M. Gould, he gives in fee simple absolute the house in which he lived, No. 579 Fifth Avenue, and all of the furniture, books, paintings, statuary, silver plate and household contents therein. Providing- for the Children. To his son Edwin he gives in fee simple absolute the house No. i East Forty-seventh street, with all the furniture and household contents therein. To his daughter Helen he made a special bequest of his por- trait painted by Herkomer. He also gives to his daughter Helen, until his youngest child shall arrive at age, the use of his residence at Irvington, commonly called " Lyndhurst," free of taxes, with the use of all of the furniture, books, paintings and household contents therein ; and also the sum of $6,000 per month, stat- ing that this was done in the expectation that his. LAST WILL AND TESTAMENT. 427 and full n to his he three riis sister s. North- annually quarterly and Mrs. n Gould, also the ives, pay- daughter, olute the nue, and ry, silver absolute ith all the To his If his por- Is to his ill arrive )mmonly of all of contents |nth, stat- that hia minor children, Anna and Frank, as well as his son Howard, will, during the period above provided for, make their home with his daughter Helen. To his namesake and grandson. Jay Gould, son of George J. Gould, he gives the sum of $500,000, to be held in trust for the said grandson by George J. Gould, with authority to apply the same to the sup- port and education of the said grandson, and to pay one-fourth of the same to him at the age of twenty- five, one-fourth at the age of thirty and the remaining half at thirty-five, with power to pay the same at ear- lier periods in the discretion of his father. The Lion's Sluiro. To his son, George J. Gould, he makes a bequest substantially in the following words : " My beloved son, George J. Gould, having devel- oped a remarkable business ability and havin^^ for twelve years devoted himself entirely to my business and during the past five years taken entire charge of all my difficult interests, I hereby fix the value of his services at $5,000,000, payable as follows : — $500,000 in cash, less the amount advanced by me for the pur- chase of a house for him in Fifth avenue, New York city; $500,000 in Missouri Pacific six per cent, mort- gage bonds ; $500,000 in St. Louis, Iron Mountain and Southern Railway Company's consolidated five per cent, bonds ; $500,000 in Missouri Pacific Railway trust five per cent, bonds ; 10,000 shares of Manhat- tan Railway stock ; 10,000 shares of Western Union iHI I 11 ■MbM 428 LIFE OF JAY GOULD. Stock, and 10,000 shares of Missouri Pacific stock, all to be taken and treated as worth par." He appoints as executors and trustees of his will his sons Gt'orge J. Gould, Edwin (iould and Howard GouJd, and his dauLrhter Helen M. Gould, with a pro- vision that in case a vacancy shall happen by death or otherwise his son Frank J. Gould is to be an executor and trustee when he shall have reached the age of twenty-one years, and in case of another vacancy he appoints his daughter Anna Gould to fill such vacancy when she shall have reached the age of twenty-one years ; no bonds to be required of the executors and trustees. Guorge J. Gould and Helen M. Gould are appointed guardians of Anna Gould and Frank J. Gould during their minority. All in Trust. All the rest of his estate is devised and bequeathed to the said executors and trustees in trust, first to divide the same into six equal parts or shares and to hold and invest one of such shares for each of his said children — George J. Gould, Edwin Gould, How- ard Gould, Frank J. Gould, Helen M. Gould and Anna Gould — with authority to collect and receive, pay and apply the income thereof to each child for life, with power to each to dispose of the same by will in favor of issue and in case of death without issue the share of the one so dying to go to the surviving brothers and sisters and to the issue of any deceased child, share and share alike per stirpes and not per capita. I tock, all his will Howard th a pro- death or executor e age of :ancy he fill such age of d of the ippolnted d during queathed ^t, first to ss and to Lch of his lid, How- md Anna , pay and • life, with 1 in favor the share brothers ed child, er capita. LAST WILL AND TKSTAMKN'T. 421i He directs that these trusts shall be kept separate and distinct and that the accounts thereof shall be sepa- rately kept ; that no deductions shall be made by rea- son of any j^^ifts or advancements heretofore made to or for any of his children. In case of differences of opinion aiiionnr the execu- tors and trustees as to holdinix and retaininof securi- ties or investments in manao^incr the estate, he directs that so long as there shall be five executors and trus- tees the decision of four shall be conclusive, and when four that the decision of three shall be conclu- sive, with a further provision in the codicil of Novem- ber 21, 1892, as follows: "His Judgment Shall Control.'* "The better to protect and conserve th(^ values of my properties it is my desire, and I so direct and pro- vide, that the shares of any railway or other incor- porated companies at any -time held by my executors and trustees or my said trustees shall always be voted by them or by their proxies at all corporate meetings as an unit ; and in case my said executors and trustees or my said trustees do not concur as to how such stock shall be voted, then, in view of the fact that my son, George J. Gould, has for years had the management of my said properties and is familiar with them and with other like properties, I direct and provide that in such an event his judgment shall control, and he is hereby authorized and empowered to vote the said shares in person or by proxy in such manner as his judgment shall dictate." 1, I i ii- \ ''\\. I.'fl m 4.']0 IJFE OF JAY GOULD. There is the usual provision in the will that the property of his daughters is for their sole and separate use, free from an) state or control of their husbands, and prohibiting- all dispositions or charges by any of the legatees by way of anticipation or otherwise. There is a provision that if any of his children marry without the consent of a majority of the exe- cutors and trustees then the share allotted to such child shall be reduced one-half, and the other half shall be transferred to such persons as, under the laws of the State of New York, would take the same if the testator had died intestate. Judge Dillon refused absolutely, and so did George and Edwin Gould, to give any further particulars of the will. They would not even give the names of its three witnesses, and professed to have no idea as to when or where the will would be probated. They also refused to give any idea of the amount of income which each of the Gould children will enjoy, and would not tell what the provisions in Mrs. Gould's favor in the body of the will were. But on Monday, December 12th, the will of the great railroad king was admitted to probate and its full provisions became known. $72,000,000. In an affidavit accompanying the will the total value of the estate is estimated at J7 2,000,000 — $2,000,000 in real estate and the remainder in pf^rsonal property. The collateral inheritance tax, which will go to the State, will amount to about $700,000. If paid within LAST WILL AND TESTAMENT. 4ai I i that the separate jsbands, J any of ise. children the exe- to such lalf shall laws of lie if the i George :ulars of lies of its ea as to . They f income nd would favor in 111 of the and its Ital value !, 000,000 |:)roperty. to the lid within six months the law allows a rebate of five per cent., or j^35,ooo. The comptroller's fees for collecting the tax will be about $10,000. Ex-Judge Dillon, counsel for the executors, brought the will and papers to Surrogate Ransom's chambers Tiie Surroofate called in a Probate Clerk and the docu- ment?^. were turned over to him. The people interested were cited to appear December 27th. Where the Gouhl iMillions Will Go. The names of the heirs and the estimated amounts they will receive are : George Gould about $15,000,000. Of this $5,000,- 000 is a specific bequest in payment for his services in managing his father's business. Edwin Gould, $10,000,000 and the house where he lives, valued at $60,000. Helen Gould, $10,000,000, besides the family residence on Fifth Avenue, the use for life of the country house and $6,000 a month for household ex- penses. Howard Gould, $10,000,000. Anna Gould, $10,000,000. Frank Gould, $10,000,000. Jay Gt^uLD, son of George, $500,000. Sarah North rup, sister, $25,000 cash, a house val- ued at $15,000 and a life annuity of $2,000. Anna G. Hough, sister, $25,000 and a life annuity of $2,000. Elizabeth Palen, sister, $25,000 and a life annuity of $2,000. 1 432 LIFE OF JAY GOULD. Adraiiam Gould, brother, #25,000 and a life annu- ity of ;j^2,ooo. The will is dated Dec. 24, 18S5. There are three codicils, the first made shordy alter the death of the tes- tator's wife. The others were added Nov. 21, 1892, only a few days before Mr. Gould's deati Indications are that they were i>repared in a hurry. The will and the first codicil evidently were drawn carefully by a clerk from some rou It of the ,est to do ite a fair vn affairs, ather and rd, he will atives are idelphians erve how and Mrs. but with ut of their ladies got 3 of $2000 irup's resi- her share, ly, for Mrs. , and Mrs. ei^ht chil- tribute the be useless so far as the sons and daughters arc concerned, unless their parents live long enough to save something out of it, for it ends with the lives of the present legatees. None of the children have received any specific lega- cies from their celebratt.'d uncle. The Sisters jire Satislii'd. Nevertheless both of Mr. Gould's sisters are alto- gether satisfied with the way he has disposed of his fortune. Mrs. Northrup gave this assurance so far as she was concerned again and again, and deplored a rumor which had been set afloat to the effect that she purposed contesting the will, "Such a rumor is more than annovin^f," she said earnestly. " There is absolutely no foundation what- ever for it. I am satisfied w^ith what has been done for me, for really all that has been done is more than the world will ever know, My brother was very dear to me." Mrs. Northrup's relations with her dead brother durinof his lifetime were of the most cordial character and the news of his death caused her intense ii^rief She has many of his characteristics, strong will, an aversiou to notoriety, a disinclination to depend on or even seek favor, and a sturdy self-reliance that prefers to make its own place in the world. A Fri<'iul ill XIaiTi;ijL»c Clause. The marriaoe clause' in the will was also a matter of wide comment. The mind of the financier, after determining the hard cash interests of his children, turned to the hc^art im{)ulses of his sons and daughters who are still unmarried, and dictated a clause of his will which, if violated, means a forfeiture of millions on the part of the son or daughter who marries with- out the consent of a majority of the other members of the Gould family. There are four of Mr. Gould's fiy.-a«;aj'il.Bp-,:i-'; m 438 LIFE OF JAY GOULD. children aftectcd by this codicil — Miss Helen Gould, Miss Anna, Howard and Frank. As both the marriages of George I. Gould and his brother Edwin were said to be the result of love matches, approved by their taUier, speculation is heard on what possessed the elder (]ould to act in such a manner toward his unmarried children. That Jay Gould had a definite object in taking such a course was learned from Mrs. Nuorthrp. *' I have no right to speak of the secrets which have been intrusted to me in that respect," she said, when the marriaoe of her brother's children was touched on. "That is something the public have no right to ask about. Mr. Gould had a reason but I cannot ex- plain it." Mrs. Northrup's manner indicated that she was thoroughly familiar with her brother's views on the marriage of his offspring. The secret, how^^ver, which she was criven in confidence in her relation as a sister, was held by her to be inviolable. Dr. Palen, when interrogated on the same subject, did not intimate that he was in possession of a knowl- edge of Mr. Gould's motive, but said : " Hie Gould family is a sympathetic and a harmonious one. It is not at all likely that a member of it would act con- trary to the judgment of th(? olIvts. And to preserve this feeling of mutual respect. Mr. Gould may have thought it proper to make a provision in his will, cov- ering the point in question." n Gould, 1 and his of love I is heard in such a That Jay a course hich have aid, when i touched ) riirht to an not ex- she was ^s on the ver, which s a sister, e subject, a knovvl- he Gould ne. It is act con- ) preserve may have will, cov- LAST WILL AND TESTAMENT. 439 Many people were inclined to the opinion that the codicil was added to keep the Gould millions as nearly intact as possible. "The House of Gould has been formed," said one man who was displeased with the idea. •' Gould has left his affairs in such a condition that his son George is the dictator, the head of the family, and the spirit who will rule with as strong a hand as his father did before him, and everything has been done to hold the Gould securities in one big lump." Just Like Royalty. The family council created by Gould was likened by another observer to the restrictions by which royal families marry, and the means taken to preserve the succession to crowns without taint of plebeian blood. " In the case of the Goulds," he said, " it is money which is being watched more than a pedigree." The members of the royal family of Great Britain, when about to marry, have other interests to consult than those of their own personalities. Touching this matter a lawyer said, after delving into Blackstone: "The king or queen has the right tc sanction or oppose marriage of royal personages. There is one provision which states that when they have passed beyond the age of twenty-five years they may appeal to the king's council, giving a notice of twelve months, and should Parliament not interfere the marriage may take place without the king's con- sent." In the case of the Goulds, however, unani- mous consent of the family council is required, or if any ^^1. If ■■-ti?* 440 LIFE OF JAY GOULD. member marries without it he or she forfeits one-half of his or her inheritance. Gossip ill Wall Street. The lack of charitable bequests did not surprise Wall street, but there was no dearth of comment on the matrimonial board into which four of the children have been constituted, with the two Mrs. Goulds as ex-officio advisory members. Bets were offered that if the other members of the household attempted to act as a conimittee of the whole when an engagement was to be announced that in some shape the interven- tion of lawyers would be necessary, and all the possi- bilides of this selection of bride and bridegroom by arbitration were discussed. As it stands now an ob- stinate love match without family consent may cost Howard or PVank, or Helen or Anna, a round sum of nearly $8,000,000, and put this amount into the other five pockets of the present sextette. In Wall street the Gould will is accepted with something akin to a vote of thanks. The satisfaction is in the fact that there is to be no partition sale, with the flinging upon the market of such a batch of easily affected stocks as Jay Gould had gathered. Even a partition of the securities in the will would have made many owners and possibly clashing of interests, wherf! now one hand will cast the vote represented by this enormous aggregate of stocks. This voting power rests absolutely and individually with George, and makes him even more than his father a power in Wall street, at least for a time. LAST WILL AND TESTAMENT. 441 )ne half surprise ncnt on children oulds as red that npted to airement interven- ;he possi- room by )w an ob- may cost d sum ot le other ed with isfaction sale, with of easily Even a Hve made ts, where d by this mg power »rge, and r in Wall No Lite Insurance. The most magnificent bloclv of life insurance that mortal man ever carried was held by Jay Gould. The financier may not have been aware of its existence, but the chances are that he was. He could look a great ways into the future, Mr. Gould could, if there was any money in it. He had to pay no cash pre- miums on his insurance and no agents ever g^ot com- missions on it. When he died the loss did not fall on any of the companies with big office buildings down- town, and it was lucky for them, for Mr. Gould's life insurance amounted to several million dollars. Wall street people and those familiar with the world of stocks and the ticker will understand this in- surance story more readily than those less sophisti- cated persons who do their speculating with cards and chips and on green tables, or who do not speculate at all, and know no more of finance than is required to buy or sell groceries or draw a weekly salary for ser- vices rendered. For this latter class an explanation is required. Immense Increase of Values. Here it is : When Jay Gould died the bulk of his estate consisted of the securities of three great cor- porations — the Manhattan Elevated Railroad, the Western Union Telegraph Company and the Missouri Pacific Railroad. These stocks had a certain value on Thursday, Dec. 2, when Jay Gould lay on his death- bed. When he was no lontjer a liviner, breathino- speculator, but a mere lump of clay, incapable of in- •ij^fv^vjs^-:^ 1 442 LIFE OF JAY GOULD. M '*.i: I. nmRR^T" fluencing the stock market, these three stocks began to increase in vahie. Eight days after his death the actual cash value of all the stock of these three corporations was $15,831,335 greater than on Dec. 2. The simple change from the man Gould to Jay Gould's corpse carried with it the enormous increase in the value of his securities which Lr/ undisturbed in his strong box, mere bits of printed p^per, all the while. If that isn't a princely sort of lift insurance, what is it? It is certainly something whicii takes a money value at death in fact, when be- fore it had only been in prospect. Fluctuations in Stocks. On the day the will was probated the Gould stocks started in for another climbing spell. The pace was getting too brisk and was liable to break away into a wild rush, so a sharp rap on the knuckles of the mar- ket, such as moneyed operators know how to adminis- ter, brought about a slump of a couple points in Western Union and the upward movement was checked. A lot of late buyers on small margins were shaken out and a steadier tone given to the stock. There was really no foundation for the rise. Jay Gould was dead, therefore he was incapable of harming the market. Operators who refused to sit in boards where he occupied a chair are now willing to become identified with the two really valuable prop- erties he had gathered in, and so both Western Union and Manhattan come bobbing up like corks released from some leaden sinker. :s began ilueofall 5.83I035 from the nth it the ties which of printed :ly sort of something when be- uld stocks pace was way into a )f the mar- o ad minis- points in ment was rgins were the stock. ie. capable of used to sit low wiUing uable prop- Western Uke corks LAST WILL AND TKSTAMENT. 443 The increase in Western Union. Manhattan and Missouri Pacific was $16,952,710. Of course all this incrcasii is not so nuicli more wcahh for the young- Goulds, since tiiey do not own aP the stock of the corporations named, but assume that a (piarter or a third is in the stron^ boxes of the dead millionaire, now sealed by law, and the increment rises to over $4,000,000 — a heap of life insurance such as no man ever left before to enrich his sorrowinof heirs. As to the IiiluM'Uaiicc Tax. There was joy ''n the Comptroller's office when it was learned that Ja Gould's will had been filed in New York coun./, and that the personal estate sworn to was }j> 70,000,000. Controller Myers said it was wholly discretionary with the trustees under the will when they should apply to the Surrogate for the appointment of ap- praisers to ascertain the taxable sum. '* But the law gives an incentive for prompt action in that regard," he said; *• if the tax is paid within six months there is a rebate of 5 per cent., which would amount to <^35,ooo. After six months a penalty of 6 per cent, is added, running from the day of the de- cedent's death. After eighte(.'n months the penalty is increased to 10 per cent. As the trustees may save J^35,ooo by paying die tax within six months they will hardly miss the oj)portunity to do so." Itli'lits of the Heirs. The application to the Surrogate for the appoint- ment of appraisers to decide upon the value of the '1 iiiJ I « 444 LIFE OF JAY GOULD. estate is entirely separate from the proceedings to appoint appraisLTs to ascertain the anion iit of thti inheritance tax. I'he former appHcation mnst be made within three months after the testator's death. The Compiroll(T, or County Treasurer, as well as the State and the heirs, has a right to be represented at the j)roceedings before the apprais(.'rs ; he may even appeal from the ap[)raisers' judgment to the Surrogate, and on (juestions of law to the Supreme Court and Court of App(;als. The Comptroller's fee upon inheritance tax collected for the State is 5 per cent, on the; first ^50,000, 6 per cent, on the second ^50,000 and 1 per cent, on all sums additional. How liis ICiiorinoiis Fects th.e finest exami)le of this new develo' ^.-nt of the railwavs. 1 A ^ He is not seeking to control \Miioiis s)'st< nis so that he ma\' unload them on tlui markt' <>r create new on- ligations which may be used wiiii speculative benefit, but he is aiming to obtain for his parent system as great an amount of traffic as is possible, or in other words, to use a familiar Wall street term, to increase its earning capacity. Mr. Gould realized this later tendency at least ten tl,lm*MJMTr^ 454 LIFE OF JAY GOULD. years before his death, for it was about that time that he abandoned speculative demonstration and changed his methods so as to make the properties which he controlled great and perman(jnt profit earners. Thci impression on Wall street is that there will be no more great fortunes made swiftly through railroad manipulation. Speculative endeavor must seek other fields, and while the quality of the great speculator must in the main resemble that which made Mr. Gould's successes possible, yet it will have entirely different problems to master. Some men think that there will be great speculation in the industrials. Tho (irojit Wostorii Fiold. Others believe that before the beorinnina- of the twentieth century speculation will be directed toward the great lands of the West. Ikit the best impression is that while the speculative element will always be with us, die men of greater ability in the future will be found operating in the direction of colossal organi- zation, consolidation, the overcoming of competition, and the mastery of different kinds of producing indus- tries. The impression is that while there are not likely to be so many great fortunes created by any one individual in his business career, a much lari^er number of persons will nevertheless be able to make sufficient fortunes. As a great master of his peculiar methods in busi- ness, Mr. Gould leaves no successor. Many will at- tempt to imitate him in varied degrees, but there was only one Jay Gould in tlv -^-'ntry as there was only WHO IS TO SUCCEED JAY GOULD? 455 ; time that d chaiiL-ed ies which rners. :re will be rh railroad > seek other speculator made Pvlr. ve entirely think that trials. one Napoleon in luirope, and their methods perish witii them. The ij"(Miius that created the ''Teat Gould system out of next to nothino is not now a neccssit)* to perpetuate what he conceived and created ; and under the direction of Cuorg-e Goidd, conserved by the liberal exj^erience he has had undt.-r his father, the Gould properties will doubtless be maintained to the full measure of tlieir intrinsic merits. Be)ond this there is little to discuss over the grave of Jay Gould. '1 ine of the ted toward impression always be future will 5sal organi- m petition, :inor Indus- Ire are not ted by any uch larger le to make )ds in busi- lany will at- It there was was only 1 CMAITKR XXIX. What was Said of the Railroad King. CiiAUNrEY M. Depfw passed the house of Mr. Gould on the way to his office just afl(T the announce- ment of the death had been made. Later in the day Mr. Depew said : ** I first met Mr. Gould when he entered the railway world by getting possession of the Erie road. The New York Central and Erie were soon in such bitter antagonism that Commodore ^anderbilt made up his mind that the only way to protect his Central interest was to control the lilrie. L'rom that came the lonof litigation and various laws which were passed by the legislature, the history of which is so well known. The interests which Mr. Gould accpiired in Western Union and in railroads more or less competitive with the Vanderbilt system brought me in frequent con- tact with him, and gave me an opportunity of estimat- ing his powers and the elemcMits of his success. •* I have known very well all the great operators of the last quarter of a century. They necessarily had suggestiveness and quickness of resource; but Mr. Gould's peculiar power was in his courage and won- derful coolness under the most trying circumstances. He had no faith in chance or luck in any enterprise (45G) WHAT WAS SAID OF THE UAII.KOAI) KING. 457 I of Mr. nnounce- II the clay e railway ad. The jch bitter de up his il interest the long d by the known. Western itive with ent con- cstimat- 'SS. rators of ;arily had but Mr. and won- nstances. nterprise in whicli lu^ was engaged or any cause which he was fighting. I le mastered not on!)- the general conditions, but every dt'tail. " Me was like a general who has ascertained from the most trustworthy sources the position and re- S(3urces of the enenu', the dc:fensive and offensive 0[)portunities of the territory, antl hail then made a mathematical calculation of what can be accom[)lished by the forces which he can bring into action. ( iM'atcd Stroll*;- CoiiilMiiatioiis. "In determining upon a railwa)- management wliich should cover a large territory he selected a field where he would not have to contest with old, well-established, thoroughly eipiipped, ami ably managcid lines. In- stead of takiuLT the ordinary course of riskimjf his for- tune in fi<'htino" into the Pc:nnsylvania, or the New York Central, or the Baltimore and Ohio systems, he took in hand the disorganized Southwest, created a combina- tion of great strength and covering very large territory, and netted an enormous fortune from it. " He possessed in a remarkable degree the genius for making money and of making it without the assistance of other people. If the matter upon which you had an appointuKMit with him was one which could be adjusted, and both sitles were willing, it was a pleasure to transact the business. "He was so clear and direct, so intelligent upon the matter in hand that no time was wasted in useless discussion on irrelevant facts, but the point was arrived at at once and the possible concessions on aW^KgFI-'-^'Hgt'^-'BW ^WL^ICfS irxS LIIK uF JAV GOULD. cither si(l(i were coiisiderecl and in.ulc. If the sub- ject, lu)\v(.'ver, was oiu: which h(.' did not care to bring to a heat! and his intert.'sts wer(; advf^rse to the atljust- nieiit which )(ni had called to briiiL;' about, he could be as vagu(.', and iiuh linite and nnsatisfactor}' as any man who v.vv.r lived. ('«uihl l\r<'i» as WrII as ; 'H. "That he has left one of the <4re;.J: fortunes of the world demonstrates both his abiliU' to accumulate and the very much j^rcater ability to kt.-ep. " 1 nu-'t him about eiijht weeks aij^o. lie struck mv. then as bein^- in fee-ble health, and he made no con- cealment of his apprehensions in rei^ard to himself. He said that he had tr.iined his boys into familiarity with every detail of his business, and had devolved upon them responsibilities which had prepared them for the event of his dying in a minute; Uiat if he should so die — and from what he had been told it might happen — liis affairs would go on without dis- turbance; or interruption under the management of his sons, who knew what his ideas were, and in whom he had confidence that they could carry them out. "The death of a man like Mr. (jould, who owes no debts and has great properties, creates no disturbance in the fmancial world. The properties remain under the guidance and control of the same mind, substan- tially, as before. The managers of the companies continue in their places and power, and the sons step so naturally into the father's place that the public never ^''^lii^. WUAT WAS SAID OF THE HAILUOAD KING. l.')!) the sub- to i)ring ic atljust- lic could ry as any les of the ulate and Uruck in(; le no con- ) himself, familiarity devolved red them hat if he en told it thout dis- L^ment of in whom n out. owes no sturbance lin under substan- ompanies sons step ^lic never discovers any halt or friction in the movement of the well-appointed machinery. *• I lad Mr. (iould dietl in th(! midst of ont.' of his great campaii^ns, there would have been a finaiuial revolution, because only the master mind who has conceived can successfully carry out the scheme. Ihit of late years he had so far retired and become an investor that the business world will not be disturbed in any noticeable way by his death. "Mr. (iould was sociall)' a »;enicd, pleasant man, a good conversationalist, and sini^ularly well u[) on political questions and public ?iien. lie was well read in general literatur(\ and talked like a specialist upon some questions, such as the cultivation of tlowers, which interested him. 1 le had a dr)' humor, with a sarcastic tinge which came out unexpectl e. c^J ($>1 (? / W Photographic Sciences Corporation 23 WEST MAIN STREET WEBSTER, N.Y. 14580 (716) 872-4503 // ,:^° w^^ :

% ^ X >> W 4G0 LIFE OF JAY GOULD. characteristics of Mr. Gould. Many intimate busi- ness connections with him have, as they continued, intensified interest in the man. One thing ahvays im- pressed me, and it is interesting in connection with current statements and some popular impressions of the man. It is this: I have* always found, even to the most trivial detail, that Mr. Gould lived up to the whole nature of his obh^ations. "Of course, he was ahvays reticent and careful about what he promised, but that promise was invariably fulfilled. Not a 3Icre Speculator. " Contrary to the popular impression, I do not think that the basis of Mr. Gould's fortune was made as a constructor or operator of railroads, or as a specula- tor, as we generally understand the terms. In that sort of speculation I think he lost as often as he won. But his siccesses were In an art which makes his genius rank higher than those which are generally recognized as his successes could do. "Jay Gould was the absolute master of the art of creatinof co-ordinate boards of directors Lhat had com- plete control of adverse interests. He persuaded himself that it was just — to put it mildly — to allow his representatives in both to vote upon both sides of transactions in which interests were adverse. "This characteristic was the kernel of the genius of his successes, and his manipulations, first in the Erie ; then in the Wabash securities ; in the consolidation of the Kansas and Denver Pacific with the Union Pacific; WHAT WAS SAID OF THE RAILROAD KING. 4G1 ate busl- ontinued, Iways im- :tion with sslons of /en to the up to the •eful about hwariably not think made as a . a specula- s. In that as he won. makes his e generally f the art of at had corn- persuaded ;o allow his th sides of ) ie. te genius of in the Erie ; olidation of nion Pacific ; in the deal between the Missouri Pacific and the Mis- souri, Kansas and Texas; in the International and Great Northern, and also, but perhaps not so directly, in the transactions with Manhattan Railway stocks and bonds in this city proved it. "These great business movements created no excite- ment in the outside world. The climaxes were not dramatic outside of stock circles. Yet in these he made fortunes. In some of them his profits aggre- gated from <^io,ooo,oou to |; 15,000,000. A Shrewti(>ii. "This financial art, of which he was such a master, was best illustrated by the subsequent disclosures of the proceedings by which the consolidation of the Kansas Pacific and Union Pacific was accomplished. While Gould was a director in the Union Pacific he acquired the Kansas Pacific securities at 10 cents. With this line and its adjuncts in his complete control he moved at a meetinof of the Union Pacific directors the con- solidation upon equal terms of dollar for dollar. ** Boston men were in control of the directory, among them Gordon Dexter. They objected to the proceed- ing and Gould's motion failed to carry. Gould had probably expected this refusal, and his foresight had some useful plans. He came back to New York, and within three weeks he had bought, at low prices, secu- rities of the Missouri Pacific, Kansas Central, and minor roads with Western extensions. Then he an- nounced his intention of immediately building to the Pacific by way of Salt Lake City. M 462 LIFE OF JAY GOULD. i:i 1'^ "The Union Pacific people were startled at this prospect of a parallel road and hurried to New York. A meeting was held at Jay Gould's liouse. On half a sheet of note paper, which I saw, were written the terms of consolidation of the Kansas Pacific and Union Pacific. By these terms not only, as was first proposed by Gould, was Kansas Pacific and Denver Pacific stock exchanofed, dollar for dollar, for Union Pacific stock, but the Union Pacific acfreed to take from Gould's hands, at the price he paid for them, the Kansas Central and other securities he had secured as his weapons. "With this in mind Mr. Gould was asked durin^f the investigation, if it was in conformity with the ethics of Wall street for the director of one road to build a rival to the one in which he, with others, was inter- ested. " Mr. Gould hesitated perhaps twenty seconds and then replied : * No, that would have been wrong. I gave up that plan and made other arrangements.' " By those other arrangements, which I have ex- plained, he made a profit of §10,000,000. ^raster of 31<'ii. " This Illustrated, too, Gould's capacity for managing men, and playing them on the financial chess-board. He was always so far-siglited and adroit, that gener- ally unconsciously to those with whom he was asso- ciated, he made a combination of arrangements so that it was to their interest to work with him. With such conditions, cleverly planned, it was easy for id at this lew York. On half a ritten the acific and s was first d Denver for Union d to take - them, the secured as durinof the the ethics to build a was inter- iconds and wrong. I bents.' have ex- imanagmg ess-board. hat gener- was asso- iments so im. Widi easy for WHAT TTAS SAID OF THE RAILROAD KLVG. 463 Gould in a meeting to point out real advantages to be gained by his propositions with roseate prospects of success. " Mr. Gould knew every detail of the management of his railroads and minute facts about obscure locali- ties which they traversed. I happened by chance to call upon him once regarding the traffic of a little way station. Mr. Gould just leaned forward in his chair extended the middle fmoers towards some neady folded papers in a pigeon-hole, and from the midst in a second drew out one which related to the subject then of interest. " He was always courteous in personal relation- ships, but not talkative. I think one of the most pointed things he ever said was in answer to a ques- tion upon the tariff which was put to him regarding the increased cost of clothinor as the result of the tariff tax and what the w^orkincrman w^ould do. That an- swcr was that where the workinor^an used to have two pair of trousers he would have to content himself with one. "That answer was printed in big letters upon Cleveland posters during election, and I think that it won a great many thousand votes for tariff re- form." Gould Lost Ttloucy in his Big- Deals. From the date of his earliest appearance in Wall street, Mr. Gould was constantly engaged in litigation concerning- the interests with which he was identified. His counsel has been varied because each of his mul- 464 LIFE OF JAY GOULD. H|;i titude of business interests was represented by its own legal counsellor, and rarely in those cases in which the public took some interest did the same attorneys appear in more than one. For nearly ten years prior to fifteen years before his death Thomas G. Shearman was ]\Ir. Gould's counsel. Mr. Shearman was asked for his reminiscences and impressions of the great financier. He said: " Mr. Gould was, even with those intimately asso- ciated with him, a reticent, quiet-appearing man. He was a very hard worker in point of application, and worked a good deal. In times of financial excitement or uneasiness he was at his desk by 8 o'clock each morning, and often remained until 1 1 o'clock or mid- night. Power of Concentration, "I have frequently known him to go with no more than four or five hours sleep. When intensely inter- ested in any matter, he devoted his whole concentra- tion of thought upon that one thing, and would seem to lose interest in things, often of greater pecuniary im- portance but of not so much commercial fascination. Gould loved the intricacies and perplexities of finan- cial problems. " While his success was owing, of course, to his shrewdness and sagacity, it was because these quali- ties were applied to different efforts than those which the world has generally credited as the source of his success. I am satisfied that he lost money by some of th ose sp ecu latio ns, ipi ure ana smipie, which eave WHAT WAS SAID OF THE RAILROAD KING. 465 nted by its ie cases in I the same r nearly ten ath Thomas miniscences rie said : nately asso- r man. He hcation, and II excitement o'clock each :lock or mid- vith no more ensely inter- ie concentra- lould seem to ecuniary im- fascination. ies of finan- iirse, to his [these quaii- those which loLirce of his ley by some which gave him the widest prominence. All his gold specula- tions, his stock speculations — I speak of those which were purely speculative as brokers use the term — generally resulted in losses. This is the most mis- understood fact in Mr. Gould's career. Foresij'ht and Executive Ability. " His shrewdness was in foresight and execution. He possessed the art of building up, as well as pulling down, a railroad. He had an eye for the future and measured his plans by what he thought v»rould be its demands. It was along these lines that he made his money. "One of the most important factors in his execution of a deal was in concealing from others even an inti- mation of what he was going to do. Manipulation, alone and unaided, of men and concerns was his forte. " Mr. Gould was personally neither bold nor timid. He was not extreme in any personal emotions or habits. Russell Sajje says Business. Mr. Russell Sage was asked if he thought it likely that the surviving members of the Gould family would in any way alter their course of life ; whether the sons would withdraw from the active prosecution of their father's theories of business, and as to the likelihood of the family cultivating the social side of New York life, as the younger generations of the Vanderbilt and other wealthy families had done. "Not the slightest danger of that," remarked Mr. 30 il 46*j LIFE OF JAY GOULD. m Sage. " Mr. Gould was a wise man, a very wise man, and his sons are wise young men — they are their father's sons. I know them all — George, Eddie and Howard — and I see them every day. "They are business men by instinct and training. They have, that is the older boys, familiarized them- selves with every detail of their father's affairs and they will carry out his ideas as nearly as they can. They are all boys of good habits and fairly worshipped their father. There is no nonsense about them, as there is about some young men, sons of wealthy parents. " Look at the power," continued Mr. Sage, "of ac^ cumulated wealth retained in one family. Look at the Rothschilds for an exaniple of what one family can d'> by continuing a successful course in banking and by holding together. Now they are the wealthiest family in the world, and kings and emperors and vast coun- tries have to come to them when they want to raise large loans, either to carry on a war or develop home improvements," Saj»e's Estimate of Gould. Mr. Sage did not predict that the Gould family would attain the power of the bankers of wh' -h he spoke, but he was certainly convinced that they could do so if they developed their enormous holdings in common, and there was one thinof certain, that he was thoroughly convinced that no young Gould would ever leave business to go into this "society nonsense." Referrinor to Mr. Gould Mr. Saq-e said: — "He was a wonderful man — sagacious, farseeing, considerate of TTHAT WAS SAID OF THE RAILROAD KING. 167 wise man, are their Eddie and \ training, ized them- rs and they :an. They ipped th(;ir as there is arents. ge, **of ac- i.ook at the imily can d^^ :\n<-i' and by hiest family vast coun- fant to raise velop home ould family of wh' -h he t they could holdings in that he was 1 would ever isense." ; " He was n side rate of the opinions of others. If he was not so he and I could never have ijotten aloncr so well toijether for twenty years. I don't feel like talking about his char- acter now, while he lies unburied in his home up the street. Some time I'll do so. I'd like to let the peo- ple know what a great man has gone. " It seems to me," he added, in a pessimistic vein, •' that all the great men are dying off. The young men are bright and will take the places of the others, but somehow I don't think that they can fill them as their fathers did. But the world will ^ret along with- out them, I suppose, in the future as it did in the past." Aiding" Men Ui Trouble. Mr. Sage was visibly affected as he spoke of his dead associate. " The Mr. Gould of 1872," he remarked, "was a dif- ferent man from the Gould of 1892. He was mis- understood, misrepresented, maligned and abused. People said he was a wrecker. On the contrary, he was a developer, not only of his properties, but of the whole country. People seem to have lost sight of this. He has saved more men than any other man I ever knew. He averted more panics than any one else. " He carried many a large operator through the panic of 1884 at great personal loss to himself, and I know of countless other occasions when many of us, thinking that the commercial interests of the country were jeopardized, got together and relieved the money • I 408 LIFE OF .TAT GOULD. market upon the suggestion of Mr. Gould. His judg- ment ac such times was remarkable. He had a wonderful faculty of solving difficult problems and of extricating men and corporations from situations that seemed hopeless. The same faculty led him to guard aq^ainst rocks in the current of events that would have dashed any other person or corporation to pieces. " His judgment of men was also most remarkable. In selectinof members for various boards he exercised this, and with what result ? Why, in the various cor- porations that he controlled are to be found many of the most prominent and wealthy, as well as some of the most capable men in the country. It is an error to believe that he drove men ; he was guided by them. When he was convinced that he was in error he always admitted it frankly, and he always invited the most free expression of opinion or criticism." His judg- He had a :rns and of atlons that 111 to guard would have > pieces, -em ark able. ,G exercised various cor- iid many of IS some of is an error ;ed by them, in error he invited the m. >? CHAPTER XXX. Views of the Press Concerning the Wizard. Upon the announcement of Mr. (Mould's death the newspapers throughout the land published ext(Mided notices and bio^^raphical sketches. The press of (ir(jat Britain devoted large space to the event which startled the whole financial world. Opinions resj)ecting the man and his achievements varied ; this was only to be exnected. Many severe criticisms expressed the con- demnation of those persons who lookeil upon Mr. Gould as an unprincipled speculator, a wrecker of other men's fortunes, a destroyer rather than one who built up and benefited. Yet many warm words of eulogy were written, and the old adage that nothing except what is good should be spoken of the dead was regarded by journals that had frequently disapproved of the great financier's schemes and methods. The reader will be interested in the followinor ex- •racts from the press. Oil the A^erge of Kuiii. From the A^C7ii Vor/: Herald. Mr. Gould's feet were on the verge of ruin during the second week of May, 1884, that period of wild financial dread and distrust following the failure of (4G9) 470 LIFE OK JAY (iOULD. Ipii ■!ti I'^VkH^RT Grant c^ Ward. lie was nearer beinn;- •'l)rok(!n" tlicn than at any period since Black I'riday. Then he threw the burden by wily manipulation on his oppo- nents and ruined th(Mn, Now he found thos(! oppo- nents cond)ini;d to compass his undoiuL;', il it were; pos- sible, and all thint^s sc^enieti possible in those; days, when the panics of 1S57 and 1873 bade fair to find their pandKd in Wall street. It was (generally known that Ciould was heavily in- volvetl in the smash of (irant ^ Ward, and he soon found arraycul against him every bear operator in the "street." The events of W' ednesday, May 15th, were alarmiiiij-. The Marine Bank had been drair speak of and often them he and ofreat almost as 1 relations subsisted ;, but it is ession far ed to sur- conquest of adverse forces, to conduct a complicated campaign, to apply all his strategic powers to the resolution of difficulties, to employ all the weapons of aggression and defence in his armory, and fmall)- to win a victory which he thought worthy of his [)owers. And then he loved to seclude himself from the public gaze among llowers and books and pictures, with the few whom he loved around him and the world at a dis- tance. lie had cultivated tastes and varied information, but he was not desirous of imposinij- or incurrin*'- so- cial obligations, nor solicitous of distinction in n.ny sphere of action except the one which lie dominnted. He was apparendy contented to be what he was — the most daring, brilliant and triumphant sjieculator of the age in the eyes of the world, and the most loyal and devoted husband and father in the eyes of his wife and children. Certainly this was not a career which in many of its aspects at least tended to make mankind better and happier, or which the world can afford to exalt as a model and an inspiration. But even those who put the lowest estimate upon the character and work of Mr. Gould are bound to acknowledge tliat in at least one respect he set an example which some of his bit- terest censors might profitably imitate. He never stooped to hypocrisy. He never sought to delude himself or others with a show of counterfeit philan- thropy. His charities, there is reason to know, were numerous. They certainly were unobtrusive. He ,TT"'"'""i^r'rTi'ra7r 480 LIFE OF JAY GOULD. m iil| bought many thlncrs, but he never boMglit a eulogy. He played the great game of speculative fmance for all it could be made to yield, without disguise or apology. lie has gone where he will be jusdy judged. A Great Operator. From the New York Times. A career in the least comparable with that of Jay Gould not only has never been run, but has never been possible before our time. It is in our time that the "operator" has been born, and Jay Gould was an " operator " pure and simple, although, in a general way of speaking, he was as far as possible from pure and as far as possible from simple. Wliat we mean to say is that he was nothing else but an operator, a trader in the values of the Stock Exchange. There were, of course, men of the same ambitions and pretensions in Wall Street before him, there have been such men with him, there will be such men after him. But nobody has been so prodigiously successful in the same line. No man has ever grasped the leader- ship of Wall Street anything like so firmly, nor held it anything like so long. Nobody has ever escaped from it, or been withdrawn from it by death, Avlth anything like the same amount of booty to his credit. The total of his gains is currently estimated at something- like seventy millions. This is one of the great fortunes of America, and there is no other gre^t fortune com- parable to it in amount that has bee', attained by the same means. The Astor fortune, originally acquired VIEWS OF THE PRESS. 181 t a eulogy. finance lor ;lis!j;uisc or be justly that of Jay never been lie that the Lild was an general way 11 pure and mean to say or, a trader ire were, of ^tensions in such men ccessful in the leader- nor held it caped from 1 anything- edit. The something at fortunes rtune com- ned by the ly acquired in adventurous mercantih; enterprise, has been in- creased during two gent;rations by a saf(.' and far- sighted calculation of the probable growth of the city of New York. The Vanderbilt fortune was built by a similarly safe and far-sighted calculation of the future increase of the traffic of the country and by the saga- cious taking of measures adapted to confirm and secure its proper share of this increase to the route that commanded the greatest natural advantaofcs for this traffic. The Gould fortune has not been acquired by such means. It is simply the measure of the suc- cess that has attended the skill of its founder in inter- cepting the earnings of other people and diverting from their natural destination. The common term of reproach against an "operator" is that he is a gambler, but it would be very unjust to apply this term to Gould. It is not properly applicable to a player who stocks the cards or loads the dice beforehand. The effort of Gould throughout his whole career was to eliminate the element of chance from his operations. Of course, it entered more or less, and from time to time, but in so far as it was al- lowed to enter at all it was a disappointment and a grievance to him. What he aimed at, and what he often attained, was as great a certainty in the opera- tions of the Wall Street game as is attainable in the most legitimate lines of business. Of course it is difficult to attain this degree of certitude, and the difficulty is enhanced by the restrictions of the criminal law. These restrictions he evaded with remarkable 31 482 MFK OF JAY GOULD. M ^W success. Throughout his entire career he remained at large, and this fact, considering the nature of his operations, is a high tribute to his skill. It ough' to pass unnoticed that Gould never sought to propitiate public opinion. His spasmodic efforts to affect it in favor of his interests in any one of the newspapers which he from time to time owned or controlled were singularly maladroit and uncouth, and amonir all his investments those in these "orcrans of opinion " were the least judicious or successful. He never gave largely to any public and unselfish cause. The one exception that he made in favor of the Presbyterian Board of Foreign Missions was commonly accepted as eccentric to the point of grotesqueness. He seems to have relied upon the American worship of money, however got, as sufficient to secure his "position," and, at any rate, he never gave himself the trouble of making any false pretenses. Accordingly, any remarks upon him, now that he is dead, which do not sharply distinguish him from men who have acquired wealth in the pursuit of useful ends by honor- able means, must have a corrupting and demoralizing effect upon the young men of the United States. His Peculiar Genius. From the Baltimore Sun. He was pre-eminent as a manipulator of the stock market, and for many years was the controlling spirit in Wall street. His operations in the stock of the Erie Railroad first revealed the peculiar nature of his VIEWS OF TlIK PRESS. 483 e remained .ture of his iould never } spasmodic in any one time owned nd uncouth, esc '•' organs r successful, nd unselfish favor of the as commonly otesqueness. ican worship D secure his himself the Accordingly, dead, which n who have ds by honor- emoralizing States. of the stock rolling spirit I stock of the hature of his genius for making the most of corporate properties under iiis control. The fluctuation of valurs during and for some years aftt-r the civil war gave him oppor- tunities lie knew how to improve. His " corner " in gold and the consequent panic of " Black Friday," Sept. 24, 1869, won for Mr. Gould the kind of fame for which he most cared. For many years his attention was given to the ac- quisition of control in various important railway- systems in the West and Southwest. In 1880 he con- trolled, it is said, i 0,000 miles of railroad, or one-ninth of the entire railroad mileage of the country at that time. Played for Great Stakes. From the Philadelphia Press. In an age of rich men, Jay Gould died yesterday one of the five or six richest men in its history. Among them his wealth alone was the fruit of specu- lation unaccompanied by any service to society or any share in the improvement of its material resources. Rothschild was a banker for States and a trafficker on every sea. So were the Barings. Vanderbilt organ- ized the first great railroad system on this continent. The Astor and Westminster fortunes are the fruit of capital invested in the acquisition and development of real estate in the two orreatest cities of the civilized world. Jay Gould manipulated. He died the controlling owner of three great systems of organized capital — the 11,000 miles of railroad centring about the Ifufel 484 I.IFK OF JAY GOUM). Missouri Pacific, the Western Union Telegraph Com- pany and the New York elevated system. All were in existence before he acquired them. Each was wrecked bt^fore it was bouirht. The worst of his acts can all be matched in the for- tune hunting of less successful men. He did nothing which is not daily done on a lesser scale and with smaller stakes. The man scarcely lives who, when he is buying something, shrinks at doing what he can *' legitimately " to show up the defects in the object he is buying. But when Gould did this to a railroad fortunes were lost and panics fell and he emerged from successive wrecks worth 5^72,000,000. Great properties and wide interests brought him conservatism. In 1884 ^^^ appeared for the first time sustaining the market, and for eight years he was chiefly engaged in conserving values. His millions won respect and the public began to forget, but he never gained full acquittal and a modest contribution to a Presbyterian cause drew general condemnation. The public, which has shrewd sense in these matters, dis- criminated between fortunes built by creating values and won by manipulating them. With all the advance he made in public favor he never won public respect, yet it is a narrow view which deems him worse than his class and kind, simply because he was vastly more successful. The Chaiiipioii Money-Maker. From the Boston Journal, Whatever may be thought of the career of Jay VIEWS OF THE I'RESS. 485 ^graph Com- n. All were Each was id in the for- i did nothing lie and with s who, wlien what he can n the object to a railroad he emerged o. brought him the first time ears he was millions won )ut he never ribution to a nation. The matters, dis- rating values the advance blic respect, worse than vastly more i'eer of J?.y Gould, it was one that was only possible under the free opportunities of a country like this. In luirope traditions and family fortune count for all. Mere in- fluential connections and original cai)ital arc; important factors. But the want of them is no bar to success, and it may prove the spur that is need^'tl to secure it. It has been said that determination and i)(Tseverance are the only things requisite to the accomplishment of any task. George Eliot's definition of genius as a capacity for sticking to work is but a modification of this same idea. Whether formulated in that way or not, it was with such a spirit that Mr. Gould went forth into the world. He was filled with the sinMe purpose of amassing wealth. Every step was directed to that end. In the face of all obstacles — and there were many of them — and with a daring and perform- ance that were worthy of higher things, he held to his one course. Measured by his aim he, of course, was more than successful, and yet we imagine that there is not a great man in this country upon whose career so many qualifying phrases would have to be used as upon this one just closed. A Master of Opportunities. From the New York Mail ami Express. Mr. Gould's success in the acquirement of immense wealth was the result, not only of his energy, adroitness and skill, but also of his opportunities, some of which he created and others of which came at times almost unbidden. Slight in physique, he had a constitudon of iron, made rugged and strong by out-door life in ^^^ 488 LIFE OF JAY GOULD. If rQPHBRS' ;?:.i the early days of his career as a surveyor and maker of coup.ty maps. Later his physical strengdi was put to the severest strain, and finally gave way before the allotted period of human life had been passed. Mr. Gould undertook gigantic enterprises, first planning adroitly theii success and then hazarding everything upon the possibilities of his own resources. There are many young men with ambitions that equalled Jay Gould's with equal resolution, courage and ingenuity, but they failed where he succeeded, because they lacked what he had in an eminent de- gree — fertility of resources to meet and overcome every emergency. Furthermore, they lacked what Gould possessed — an attribute of his character always noticeable and conspicuous — the balance wheel of an even temper and a judicial cast of mind. Traits of Cliaractor. From t:ie New York Daily News. Mr. Gould's career as a manipulator and manager of great corporations is, of course, the one by which the vast majority of persons knew him and judged him. He made money rapidly and In enormous sums, so that he naturally aroused envy, which doubtless often led to calunmy. Be this as it may, however, no one ever questioned the stanchness of his friendships or the persistence of his enmities. Of him it can be truly said that he loved those who loved him and he hated those who ever deceived him or tried to get the better of him. Next to his loves and his hates, or perhaps even ■ and maker igth was put y before the .ssed. 'prises, first n hazarding n resources, ibitions that ion, courage t succeeded, eminent de- id overcome lacked what acter always wheel of an nd manacrer tie by which and judged mous sums, h doubtless lowever, no friendships lim it can be him and he to oret the rhaps even VIEWS OF THE PRESS. 487 coming before them in importance in his character, was his dogged perseverance in anything he under- took. Failures, of which he knew very few in his later years, where quite numerous earlier, but they never disheartened him — in fact, they were mere spurs to his vaulting ambition to become a power in the land through the possession of immense wealth. Whatever his enemies and critics may say about the methods sometimes employed by him to obtain his wealth it is admitted that he used it for no bad end after he had obtained it, unless employing it to get more is considered such. Unlike other rich men who had hard struggles in early life, he had no fond- ness for the ostentatious display of his riches. On the contrary, his mode of living was of the simplest possible. He was devoted to his family, his books and his flowers, and beyond the region of Wall street he was conceded to be a model citizen. Great Executive Capacity. From the New York Press. It is hardly an exaggeration to say that what the first Napoleon was to the art of war Jay Gould was to the art of speculation. He seemed the mastation in the ars ago. an end one less careers rould was a :h he leaves tions during He began tire fortune it advanced VIEWS OF THE PRESS. 489 by leaps and bounds to the millions which it ultimately reached. It has been partly the reward of daring, judicious and far-sighted speculations, and partly it has been won by less creditable means. The great railway panic of 1857 gave Gould his first great op- portunity. The small sum which he then had at com- mand he invested in railway property; and as the panic gradually subsided he had the satisfaction of seeing his money grow and multiply several times over. This success encouraged him to bolder efforts and furnished him with the means of makinof them. The same man and the position which he held have been the products of American life. Hardly in any other country could so vast a fortune have been got together from so small a becjinninof and in the lifetime of one man. Nowhere else would the power of wealth have been so great and so widely felt. Wealth is a power everywhere ; the difference is that in the United States there is little or nothino- to ballast it or to set bounds to its influence. Class distinctions are unknown or are of little account. Money is thus raised to a rank higher than it can righdy or usefully occupy. To gain it is the great object to which the energies of the people are given up. It is a tangible thing, and the man who possesses most of it, and is known to possess it, enjoys a distinct ad antage over his less successful competitors in the race, and one f*;r which there is no such obvious set-off as exists ia the Old World, where class distinctions have not yet been done away with. 490 LIFE OF JAY GOULD. m^ In this country, of course, there are numerous other titles to honor than either rank or wealth can bestow. It is none the less a grave question how long they would survive the abolition of distinctions of rank, and the consequent rise of wealth into a place of honor which it does not now hold. We must look at things not only as they ought to be, but as they affect the popular mind. So viewed, would it be a change for the better or for the worse to the dead level of a democracy, in which the struggle for money was the chief concern of most, and the acquisition of money the chief reward of their exertions, and its possessions their chief claim upon the respect of their fellow-men ? It deserves remark, too, that wealth in America does not take quite the same form as it does here. It Is used not so much for the purchase of landed property, which would bring in but a slender yearly return, as for stocks and shares, which are very much more fruitful sources of income. The man who gets money in this country soon makes it his object to be- come a great landed proprietor, and he is content to sink his wealth in this somewhat unremunerative out- lay and to submit willingly to the loss of income which it involves. In the United States this Instnct or motive is so weak as to be ineffective and the wealthy man be- comes all the wealthier for want of it. The presence or absence of class distinctions is largely at the root of this difference in popular sentiments. Land is, in this country, a recognized attendant on rank. To Tierous other I can bestow, ow long they 3ns of rank, a place of nust look at IS they affect be a change :d level of a ney was the n of money possessions fellow-men ? in America t does here, e of landed nder yearly ; very much m who o-ets ibject to be- content to erative out- :ome which VIEWS OF THE PRESS. 491 possess it is a distinction in itself, but perhaps not one which would long outlast the abolition of that which 1 as had much to do with givinjr it its original charm. Ihese are considerations not unworthy the notice of some energetic would-be levellers. Those efforts if they were ever successful, would produce results v-lry different from what they either look for or affec to Wish. lotive is so ly man be- e presence at the root Land is, in rank. To ■ffb CHAPTER XXXI. Hobbies of Millionaires. Jay Gould is said to have spent ^40,000 a year upon his yacht. This was his one great extravagance, for in other respects, although he Hved handsomely, he lived far less luxuriously than many men of much smaller fortunes. Yet this one extravagance has been seized upon by statisticians of a certain class, who in- sist that it was pure waste, inasmuch as Mr. Gould did not really use the yacht very often, and that the bulk of the money was spent in keeping the yacht in har- bor in such a condition that on receipt of a telegram steam could be got up at once. Now, they urged, it is clear that a large, perhaps the largest, proportion of the annual sum expended on the yacht was sheer waste. And then the statisticians go on to speculate how many worthy families might have been supported upon this wasted sum. It is unnecessary to stop and ask why Jay Gould should have devoted to the support of wordiy families any proportion of the sums which he had won. Com- plaints about the unnecessary luxuries of the rich have always formed a staple with those who were not rich. But complaints are useless. Power turns all heads more or less, and the absence of resistance de- (492) ),ooo a year ^travagance, idsomely, he en of much lice has been :lass, who in- r. Gould did lat die bulk /acht in har- a teleo^ram ley urged, it , proportion It was sheer to speculate n supported y Jay Gould rdiy families won. Com- of the rich lo were not r turns all sistance de- HOBBIES OF MILLIONAIRES. 493 velops wilfulness, till, as we often see in the East, it becomes monstrous caprice. Now, there is no power in modern times which is so like executive volition as that of tlie r^'illionaire — of the man with a really great fortune to use outside his usual w^ants. He has only to will strongly enough to draw his check, and all mankind is eager to carry out his wishes. How Others Profit. Architects, builders, painters, landscape gardeners, mechanics in hundreds, workmen in tribes, are only too glad that he has been graciously pleased to will. They profit by his whim, and indirccdy the butchers, bakers and candlestick-makers of these various artists and artisans profit also. A miser, according to politi- cal economists, is probably doing a great deal of good by his investments, while the spendthrift is damaging himself. But the spendthrift is the popular character, because the immediate and tangible results of his conduct are apparently advantageous. So any approach towards the mood of mind of the spendthrift, even though it be in but a single direction, rather elevates than degrades a millionaire in the popular estimation. And as the rich man recognizes this he feels that there Is wnthin himself a potentiality of patronage above that even of a newly elected President, with no fear of the civil ser- vice reform law before his eyes. Perhaps this nat- ural love of power, of swaying and ordering their fel- low-men, has been at the bottom of many extravagan- -r-- 494 LIFE OF JAY GOULD. I cies of which they have been guilty. They will collect at great cost something which, when collected, inter- ests no one but themselves. They will spend unheard-of sums in perfecting an interior which would be far more perfect were much less money wasted. A Unique Dinner. There is said to be a noble in Europe whose daily dinner is served in Spain as if he were present, though he is absent in Russia or the antipodes. The servants and their dependents are all pleased ; the men who furnish the supplies are pleased ; every one who somehow or other gets a slice out of the nobleman's cake is pleased. And who is there to complain save the sentimentalists ? And what business is it of the sentimentalists, anyway? Granting that the duties of life, including the altruis- tic duties, are fully performed, and that the money is gained without oppression, cheating or sharp practice, it is difficult to make a sin out of the mere scale of an expenditure which in moderation every one not essentially ascetic would approve. We could all eat with horn spoons instead of silver and give the differ- ence to the poor, but if we did civilization would be lost under an ocean of manufactured pauperism. Ivory chairs and golden dishes are follies — blamable follies if you like, because they degrade the standard of aspiration, but they are not moral evils any more than silver forks. Indeed, did not a clergyman of Queen Elizabeth's time denounce the monstrous lux- HOBBIES OF MILLIONAIHKS. 405 /" will collect ected, inter- will spend erior which less money whose daily sent, though rhe servants le men who •y one who nobleman's mplain save is it of the the altruis- le money is rp practice, re scale of ry one not mid all eat e the differ- would be pauperism. -blamable e standard any more gyman of strous lux- ury of using any forks at all when God had so visibly provided men with five fingers to eat with ! Live 3Ioii«'y Versus Dead. There is always danger of running an argument of this sort into the ground. And who is to judge at what point the argument is kept above ground? In- deed, as the diversifying of industries, and so pre- vendng the labor market from being congested at any one point, is a benefit to the honest workman, a safe- guard against the oppression of the capitalists, it might even be argued that the rich man with an expensive fad is a benefit to the world at large. Of course, this argument, too, must not be run into the ground. It is evident that if the rich man has either throuofh his riches or through some adventitious accident the power of drawing too many artisans out of their legitimate lines of activity, the necessaries of life must diminish and the price rise in accordance with the inexorable law of supply and demand. When the Grecian Cheops employed 360,000 men for the space of twenty years in building that great pyramid which was to be his tomb, there may have been 360.- 000 bread-winners, but who was to make the bread for them to win ? No wonder that after a succession of Pharaohs, each with his little fad for an expensive sepulture, the entire Egyptian empire crumbled into decay and ruin. Even an isolated case like that of Mausolus of Caria must have drawn extensively upon the resources of that kingdom. Mausolus, it will be remembered, was 4% LIFK OF JAY GOULD. the gentleman who is etymologically responsible for the existence of the word maiisoleuiii. When lie died, in the year 353 u. c, his widow, Artemisia, decided to erect to his memory a structure which should be more magnificent than anything known in the past. It con- sisted of a pyramid and pedestal inclosed in columns and adorned with statues and bas-reliefs — the whole so beautiful that it was reckoned amon50,ooo into a tomb that will some day welcome him to its hospitable embrace. This provision sheds quite a lustre on Mr. Yerkes's forethought, and shows how easy it is to spend money when one has the money and the accompanying bril- liant ideas. A Chicago Millionaire. Philip D. Armour is a Chicago man who makes more money than the average American citizen would know what to do with. But Mr. Armour, while a man of simple tastes, with no desire to throw money into Lake Michigan for the sole purpose of seeing it sink, contrives to disburse large sums yearly for the better- ment of the human race. In a public way, excepting the Armour mission, kindergarten, dispensary, etc., Mr. Armour has done little as yet to immortalize him- self among the great benefactors, but his list of pri- vate charit'es is a long one. Many a boy has he helped through school and college, and many a poor family has he relieved from distress. HOBBIES OF MILLIONAIRES. 503 ly Chicago- i^^gest and will be re- iiey in tele- se lavishly le ordinary eration for utdone by vagant an- b that will : embrace, r. Yerkes's -lid money nying bril- ho makes zen would lile a man oney into ig it sink, le better- excepting iry, etc., alize him- st of pri- y has he a poor His personal appearance is that of a man who is in close contact with the good things of life, and a glance at his home shows that he knows how to spend money for the comfort of his family and for the gratification of the better tastes. New Yorkers need not be reminded of what they owe to good old Peter Cooper, who began life in earnest when a boy in a hat factory, and who died lamented by the thousands whom his earnest, charit- able life had blessed. It might be said that Peter Cooper made his money solely for the good he could do with it. At all events he lived to a great age, and saw the practical benefits that arose from his well- directed efforts. To have died knowing that a whole city was in mourning, and that a great nation was sounding his praises, was in itself a reward for money rightly spent and time consumed. Too Great to be a Baronet. George Peabody spent his money alike for England and America, and his seventy-five years of life gave him ample opportunity to give vent to his instincts of benevolence. Like Peter Cooper, he did not wait for death to come before he parted with his surplus fortune. Peabody was American born, and to his glory he declined the offer of a baronetcy from the Queen. Far more grateful to the good man was the resolution of thanks passed by the Congress of the United States. That was a distinction, coming from the whole people, of which he was justly proud. CHAPTER XXXII. Other Rich Men. New York has many rich men left. Indeed, the fortunes of some of them are greater than that left by Mr. Gould. In the minds of solid financiers there has always been a question as to the character of Mr. Gould's fortune. To some of them it consisted to a very large extent in what they said was " paper," that is, that it was made up principally of railroad stocks liable to the shifting changes of Wall street, and bonds equally changeable in value. Those who were very close to Mr. Gould say that Mr. Gould's fortune rested on as sound a foundation as any. The purpose of this chapter is to show that what may be considered the youngest nation on the face of the earth has any number of very rich men, and that New York city, which, compared to London, Berlin, Paris, and St. Petersburg, is a toddling infant, holds the greater number of them. Mr. Gould's fortune was not made in Wall street, strictly speaking. He never once put foot in the New York Stock Exchange. His fortunes grew out of his knowledge of railroads, and he pushed this knowledge for all it was woi th. It must be said that the fortunes of the remaining rich men in New York city were also, (504) OTHER RICH MEN. 505 Indeed, the n that left by iers there has acter of Mr. onsisted to a ' paper," that ilroad stocks ^t, and bonds )uld say that a foundation o show that ation on the ry rich men, to London, lling infant, Wall street, in the New w out of his ; knowledore the fortunes y were also, in the majority of instances, the direct result of the vast railroad development of the country. Enoriiioiis Kailroad Dcvel()i>nieiit. The railroad development of America lias been vaster and more rapid than in any of the nations of Europe. The fortunes of the Vanderbilts, which col- lectively now approximate 5^200,000,000, gained their first headway when Commodore Vanderbilt started in the transportation business, first in a sloop, then in river and ocean steamers, and later in the Harlem and New York Central railroads. It may be said, in fact, that the fortunes of the Van- derbilts were not stricdy assured until the old Com- modore gained complete control of the Harlem and the New York Central. He made William H. Van- derbilt, his elder son, the chief custodian of his great fortune, and it was multiplied by him and by natural causes until he died, and it was left to Cornelius, W^il- liam K., Frederick, and George, Mrs. Shepard, Mrs. Sloane, Mrs. Webb, and Mrs. Twombly. The women of the Vanderbilt family are probably the richest individual women in the country. The fortunes of the Astors came principally from trade, and later from investments in real estate. It is be- lieved that the Astor fortune is also in the neiorhbor- hood of $200,000,000, and it has for a foundation vast real estate properties in the best parts of New York city and in the suburban towns. The Astors very seldom sell a parcel of real estate. 606 ..^■*l LIFE OF JAY GO^LD. A 3Iaii of Ready Cash. Russell Sage is one of the very rich men of New York. It has been frequently said and at times de- monstrated that Mr. Sage could raise more ready cash in a given time than others who are counted richer than he. Mr. Sage is probably worth $50,000,000. His fortune was also made in railroads. He had a hand in the development of the Union Pacific, the Wabash, the Missouri Pacific, and other railroads which have been known as the Gould prop- erties. Mr. Sage first met Mr. Gould in 1853, when Mr. Gould, then a very young man, went to Troy to attend a meeting of the old Rensselaer and Saratoga road. From that day to the day of Mr. Gould's death Mr. Sage and Mr. Gould were inseparable. Mr. Sage was twenty years Mr. Gould's senior. Mr. Gould was the genius of the combination, and Mr. Sage was the economic scholar, wise in counsel, and strong to carry out a line of policy. He once shed tears in say- ing that Mr. Gould had sons to come after him, while he, Mr. Sage, had no one to carry on the great for- tune which he had accumulated. J. Pierpont Morgan has a fortune of $40,000,000, part of it the direct result of conservative banking re- lations with the great railroad properties of America. Mr. Morgan will always be remembered for the char- acter and substantial qualities imparted by his bank- ing house to railroad properties. The Rockefellers, John D. and William, the former with a fortune of OTHER RICH MEN. 507 en of New Lt times de- ready cash nted richer 50,000,000. the Union and other iould prop- 1853, when to Troy to d Saratoga ^ death Mr. Mr. Sage Mr. Gould Sage was strong to ;ars in say- him, while great for- 1-0,000,000, nking re- America, the char- his bank- ckefellers, rtune of j^ 1 00,000,000 and the latter with something like ^60,- 000,000, can also ascribe their great wealth to the great development of America. Millions ill Petroleum. They were the first to recognize the wealth that would come from the petroleum fields of Pennsylvania. They gathered around them young men of industry and keenness, one of the first being Charles Pratt, and, later on, Henry H. Rogers, John D. Archbold and others. Henry M. Flagler stands side by side with the Rockefellers, and so do the Paines of Ohio and New York. The Standard Oil men, taken as a group, may be put down as worth collectively nearly $300,- 000,000. D. O. Mills is certainly worth $10,000,000, made primarily out of the gold and silver mines and the railroad properties necessary to their development in the far West. Collis P. Huntington maybe set down for ;j20,ooo,ooo, more the result of the development of the far Western railroads than to the mines. The Goelets, like the Astors, got their wealth principally from real estate investments. The Goelet family may be put down for about $50,000,000. Austin Corbin's fortune of $10,000,000 is due to great railroad enterprises. So are John S. Kennedy's accumulations. Adrian Iselin has derived his fortune of $10,000,000 in the banking business, while Elbridge T. Gerry and his people can trace their wealth to shrewd mercantile industry. There are others in the calendar of very rich men in New York, and it is all 508 LIFE OF JAY GOULD. a Story which has from thc2 beginning been dazzling in its interest. Fortmio's Slaves. On learning of Mr. Gould's death many said they would be satisfied with a very insignificant part of his fortune ; their one comment was that Mr. Gould was a vC!ry young man to die. They wondered why long since he had not relinquished all interest in his vast enterprises and studiously given his time to recuperate the inroads made upon his health by the severe strain of business. The same was said of Alexander T. Stewart when he died, and of Charles Pratt. The same will be said when other very rich men die. These comments came from people who fail to appreciate the enormous re- sponsibilities resting on men with great fortunes. Commodore Vanderbilt once said that it is the easiest thing possible to make a fortune here in New York, but after that it is the most difficult thinor in the world to keep it. Unless it is watched carefully, unless all the influ- ences bearing upon it are personally controlled, there is great danger that it will melt. Another point is that these men, after laboring for a lifetime, cannot shut off steam and rest in idleness. It would affect them mentally and physically to do so. A Hard Worker. Mr. Gould once said at the time of the great Wa- bash strike : " I am afraid the employees on our road think they work too hard. Work never hurt any- )een dazzling any said they nt part of his Ir. Gould was red why long ist in his vast to recuperate severe strain Stewart when le will be said )mments came enormous re- peat fortunes, is the easiest n New York, r in the world all the influ- itrolled, there )ther point is fetime, cannot t would affect he great Wa- js on our road ^er hurt any- OTHER HTOIl MKN. SOl) body. I am glad to work, and I will bet a silver dol- lar to an apple that I work harder in a day than any twenty men on our road do in a week." It is the same with most rich men. Tiieir work is different, but it is qrrindinof and wearincr on the nervous system, and no man knew this better than Mr. Gould. When John Jacob Astor died in 1848 worth $25,- 000,000, he left 5J 1 0,000,000 more than the richest American before him. Stephen Girard, and the Astor fortune was the only one of its size in the country. Jay Gould died worth 5^72,000,000. The lists of rich men are easy to make and impos- sible to regard as more than the merest approxima- tions. William Astor's estate paid a legacy duty, for instance, which indicated a fortune twice that assigned him by the public. The New York World gave a list of 125 fortunes of over ^^5,000,000. This was, curiously enough, about the number of such fortunes assigned to the United States by M. C. de Varigny in an article in the Revue des Deux Mondes for May, 1890. Number of Rich Men. M. Varigny placed the fortunes of $5,000,000 and over, in the United States, at 100, and in the world at 700, distributed as follows : — England 200 United States loo Germany and Austria 100 F'rance 75 Russia 50 India 50 Other Countries 1 25 Total 700 olO LIFE OF JAY GOULD. The number of such fortunes in this country is, we believe, nearer 200, and they are probably about a quarter of those in the world. The United States is in proportion to population by far the richest of the world's oreater countries, though the per capita wealth of the Australian colonies is greater, reaching in Victoria nearly twice the ordinary estimate for this country of j^iooo a person. In the size and number of very great fortunes, no country approaches the United States. Great Britain has, Mr. Goschen said in a speech in 1887, ninety-five persons who have an income of over $250,000 a year. This is 4 per cent, on $6,250,000, and implies less than 100 persons of a fortune of this and over in a country where the income tax is closely collected on great for- tunes : but there must, judging from various estimates, be in the United States over 100 and perhaps 150 or 200 persons who are receiving 5 per cent, on $5,000,- 000 and over. Baron Kotlischild'iii Wealth. The largest fortune in personal property left in England from 1870 to 1880 was Baron L. N. de Roths- child's, of $13,500,000. In this time there were only thirteen men who left over $5,000,000 ; fifty-six who left over $2,500,000, and 195 who left $1,250,000. This, it is true, makes no account of real estate, but except in the Astor and Westminster and Bedford estates, the fabulous fortunes of to-day are not in real estate. English fortunes are more largely in realty than oil n try is, we ibly about a :d States is in of the world's wealth of the ;■ in Victoria s country of fortunes, no jreat Britain 7, ninety-five D,ooo a year. lies less than in a country on great for- s estimates, aps 150 or on $5,000,- erty left in . de Roths- lere were )0 ; fifty-six $1,250,000. estate, but d Bedford are not in ealty than OTHKK HIGH MEN. 511 those of any other country, and in 1873 sixteen English landholders were estimated to have rent-rolls outside of London of $175,000 a year or more. Of these, three, the Duke of Northumberland, Iiarl Derby and Sir J. W. Ramsden, were credited with $800,000 an- nually; three, the Dukes of Devonshire and I^edford ■\nd Sir Lawrence Polk, with $600,000, and the rest A'ith lesser sums. This list leaves out the Duke of Westminster, a London landholder, and the reduction in English rents in the last twenty years has been at least 25 per cent. Kii^Iisli >Icr<'liaiit Priiicos. English mercantile fortunes are certainly no larger than in this country. When Mr. Rylands, the great Manchester merchant, whose widow bouMit the Spencer library, sold his business fourteen years before his death, it was capitalized at $10,000,000. Holloway left $15,000,000, and the owner of Tranby Croft was credited with $25,000,000, won in the shipping trade; and no Eno^lish railroad fortune is lareer. The average of European fortunes is below that of England and this country. Prince Schwartzenberg, the richest man in Austria, with 170 square miles of territory, was said to have left $55,000,000 when he died a few years ago. There are two or three noble- men in Germany who own over 100 square miles, but the largest German income is Herr Krupp's, of $1,090,500, and the next, a little smaller, is the income of the Berlin Rothschild. The Orleans family is said to have a fortune of 'fM^ Ilfl f 512 LIFK OF JAY GOULD. $150,000,000, but it is widely divided, though the members of the family own a common tie. If the Orleans were poorer, the chances of seeing one of them on the throne would be better. The Duke of Galliera, a Franco-Italian railway magnate, left $SSr 000,000 in France and j^i 5,000,000 in Italy in the past decade, and this is by far the largest personal fortune mentioned in Latin Europe. M. Leroy Beaulieu, a high authority, estimated that in Paris, with its 2.500,- 000, only 8000 persons spent over j^ 10,000 a year. There are thrice this number in New York, and tiie n'jmber in Philadelphia must be as large. From 1876 to 1886, eleven years, 15,565 estates went through the Orphans' Court in Philadelphia of an average value of ^^3 6,000. At thirty years to a gen- eration, this would be only one-third the number of such estates in the city. It is certainly not over half, and there are therefore from 30,000 to 45,000 persons in Philadelphia worth an average of $36,000, whose aggregate wealth is from ten to fifteen times that left by Mr. Jay Gould alone. The Armour property of Chicago takes rank among the great fortunes of the United States. It has been mostly acquired in the produce business, and is the result of great financial ability and enterprise. Mr. Armour's gift of J 1,500,000 to the city of Chicago for a university shows the spirit of the man. ed, though the ion tie. If the seeing one of The Duke of rnate, left $55,- Italy in the past »ersonal fortune roy Bcaulieu, a with its 2.500,- U 0,000 a year. York, and the large. F"rom estates went adelphia of an ^ears to a gen- the number of r not over half, 45,000 persons $36,000, whose times that left es rank among 3. It has been 3SS, and is the iterprise. Mr. ty of Chicago man.