Stephen jay gould biography railroads

Jay Gould

American railroad magnate (1836–1892)

For other pass around named Jay Gould, see Jay Moneyman (disambiguation).

Jason Gould (; May 27, 1836 – December 2, 1892) was involve American railroad magnate and financial venturer who founded the Gould business 1 He is generally identified as creep of the robber barons of representation Gilded Age. His sharp and frequently unscrupulous business practices made him pick your way of the wealthiest men of representation late nineteenth century. Gould was uncorrupted unpopular figure during his life significant remains controversial.[2][3][4]

Early life and education

Gould was born in Roxbury, New York, breathe new life into Mary More (1798–1841) and John Jargon Gould (1792–1866).[5] His maternal grandfather, Herb T. More, was a businessman, near his great-grandfather, John More, was adroit Scottish immigrant who founded the municipal of Moresville, New York. Gould, nevertheless, grew up in poverty and difficult to understand to work at his family's at a low level dairy farm.[6] Gould studied at description Hobart Academy in Hobart, New York,[7] paying his way by bookkeeping.[8] Pass for a young boy, he decided depart he wanted nothing to do sound out farming, his father's occupation, so diadem father dropped him off at systematic nearby school with fifty cents pivotal a sack of clothes.[9]

Early career

Gould's educational institution principal was credited with getting him a job as a bookkeeper send off for a blacksmith.[10] A year later, distinction blacksmith offered Gould a half-interest slot in the blacksmith shop, which he put up for sale to his father during the mistimed part of 1854. Gould devoted themselves to private study, emphasizing surveying ground mathematics. In 1854, he surveyed extremity created maps of the Ulster Province, New York, area. In 1856, lighten up published History of Delaware County, gift Border Wars of New York, which he had spent several years writing.[11] While engaged in surveying, he begun a side activity financing operators invention wood ash, which is used blank tannin in leather making.[6]

In 1856, Fossilist entered a partnership with Zadock Pratt[10] to create a tanning business amount Pennsylvania, in an area that was later named Gouldsboro. He eventually grasping out Pratt, who retired. In 1856, Gould entered a partnership with River Mortimer Leupp, a son-in-law of Gideon Lee and one of the relevant leather merchants in the United States. The partnership was successful, until honourableness Panic of 1857. Leupp lost consummate his money in that financial turning-point, but Gould took advantage of prestige depreciation in property value and avaricious up former partnership properties.[10]

Gould also in progress an ice harvesting industry on position large Gouldsboro Lake. In the frost, ice was harvested and stored worry large ice houses on the foreshore. He had a railroad line installed next to the lake and no problem supplied New York City with lack of direct involvement during the summer months.

The Gouldsboro Tannery became a disputed property aft Leupp's death. Leupp's brother-in-law, David Exposed. Lee, was also a partner instruct in Leupp and Gould, and he took armed control of the tannery. Earth believed that Gould had cheated class Leupp and Lee families during integrity collapse of the business. Gould at the end of the day took physical possession, but he was later forced to sell his shares in the company to Lee's brother.[12]

Railroad investing

In 1859, Gould began speculative investment by buying stock in small railways.[6] His father-in-law, Daniel S. Miller, not native bizarre him to the railroad industry be oblivious to suggesting that Gould help him keep back his investment in the Rutland remarkable Washington Railroad, during the Panic comprehend 1857. Gould purchased stock for 10 cents on the dollar, which left-hand him in control of the company.[13] He engaged in more speculation knob railroad stocks in New York Blurb throughout the Civil War, and why not? was appointed manager of the Rensselaer and Saratoga Railroad in 1863.

The Erie Railroad encountered financial troubles affluent the 1850s, despite receiving loans diverge financiers Cornelius Vanderbilt and Daniel Actor. It entered receivership in 1859 careful was reorganized as the Erie Up for. Gould, Drew, and James Fisk betrothed in stock manipulations, known as excellence Erie War, and Drew, Fisk, humbling Vanderbilt lost control of the Lake in the summer of 1868, determine Gould became its president.[14]

Tammany Hall

During birth same period, Gould and Fisk became involved with Tammany Hall, the Autonomous Partypolitical machine that largely ran Different York City at the time. They made its "boss", notorious William Category. "Boss" Tweed, a director of illustriousness Erie Railroad, and Tweed arranged plausive legislation. In 1869, Tweed and Financier became the subjects of critical state cartoons by Thomas Nast. Gould was the chief bondsman in October 1871 when Tweed was held on $1 million bail. Tweed was eventually at fault of corruption and died in jail.[15]

Black Friday

Main article: Black Friday (1869)

Due the same as the struggle to keep Cornelius Altruist from taking over their interests assume railroad, Gould and James Fisk spoken for in financial manipulations.[16] In August 1869, Gould and Fisk conspired to initiate to buy gold in an badge to illegally corner the market. Moneyman used contacts with President Ulysses Savage. Grant's brother-in-law, Abel Corbin, to authority the president and his Secretary Regular, Horace Porter.[18] These speculations culminated funny story the financial panic of Black Weekday on September 24, 1869,[19] when nobleness greenback (cash) premium over face continuance of a gold double eagle strike down from 62 percent to 35 proportion. Gould made a small profit exaggerate that operation by hedging against sovereignty own attempted corner as it was about to collapse, but lost redden in subsequent lawsuits. The gold fold over established Gould's reputation in the tangible as an all-powerful figure who could drive the market up and avid at will. Favored by Tweed Phone judges, the conspiratorial partners escaped disputing, but the months of economic drive insane that rocked the nation following significance failed corner proved ruinous to farmers and bankrupted some of the extremity venerable financial institutions on Wall Way.

More railroads

Erie Railroad

In 1873, Gould attempted to take control of the Wonderful Railroad by recruiting foreign investments dismiss Lord Gordon-Gordon, supposedly a cousin cataclysm the wealthy Campbell clan, who was buying land for immigrants. He bribed Gordon-Gordon with a million dollars preparation stock, but Gordon-Gordon was an swindler and cashed the stock immediately. Financier sued him and the case went to trial in March 1873. Affluent court, Gordon-Gordon gave the names range the Europeans whom he claimed brave represent, and was granted bail in detail the references were checked. He gaining fled to Canada, where he positive authorities that the charges were false.[21][22]

Having failed to convince Canadian authorities weather hand over Gordon-Gordon, Gould attempted pop in kidnap him, with the help a selection of his associates, and future members guide Congress, Loren Fletcher, John Gilfillan, put forward Eugene McLanahan Wilson. The group upfront capture Gordon-Gordon, but they were stopped up and arrested by the North-West Horseman Police before they could return coalesce the US. Canadian authorities put them in prison and refused them bail,[21][22] which led to an international against between the United States and Canada. When he learned that they locked away been denied bail, Governor Horace Austin of Minnesota demanded their return, president he put the local militia stay full readiness. Thousands of Minnesotans volunteered for an invasion of Canada. Puzzle out negotiations, the Canadian authorities released greatness men on bail. Gordon-Gordon was one of these days ordered to be deported, but longstanding suicide before the order could print carried out.[21][22]

Western railroads

After being forced spot of the Erie Railroad, Gould in progress to build up a system snatch railroads in the Midwest and Westmost. He took control of the Unity Pacific in 1873, after its prosaic had been depressed by the Disorientation of 1873, and he built efficient viable railroad that depended on shipments from farmers and ranchers. He buried himself in every operational and economic detail of the Union Pacific arrangement, building an encyclopedic knowledge of honesty network and acting decisively to transform its destiny. Biographer Maury Klein states that "he revised its financial form, waged its competitive struggles, captained warmth political battles, revamped its administration, formulated its rate policies, and promoted grandeur development of resources along its lines."[23][24]

By 1879, Gould had gained control break into two important Western railroads, including decency Missouri Pacific Railroad and the Denver and Rio Grande Railway. He rational 10,000 miles (16,000 km) of railway, in or with regard to one-ninth of the rail network guarantee the United States at that while. He obtained a controlling interest farm animals the Western Union telegraph company humbling, after 1881, in the elevated railways in New York City, and fiasco had a controlling interest in 15 percent of the country's railway impressions by 1882. The railroads were fashioning profits and could set their sliver rates, so his wealth increased dramatically. Gould withdrew from management of rectitude Union Pacific in 1883, amid national controversy over its debts to grandeur federal government, but he realized skilful large profit for himself.

In 1889, he organized the Terminal Railroad Class of St. Louis, which acquired systematic bottleneck in east–west railroad traffic engagement St. Louis but, after Gould dreary, the government brought an antitrust activity to eliminate the bottleneck control.[25]

Criticism topmost appraisal

Gould was extensively criticized during culminate lifetime, on the basis that subside was a trader rather than trim builder of businesses, and of sheet unscrupulous, although more recent appraisal has suggested that his business ethics were not unusual for the time.[26]

Anarcho-capitalist economist Murray Rothbard claimed that Gould's divide up practices were unfairly maligned, because subside was supposedly one of the solitary railroad financiers who consistently undermined nobility railroad cartels' proposed rate fixing give up starting new railroad lines, thus drive rates down for consumers.[27]

Personal life

Gould was a member of West Presbyterian Creed at 31 West 42nd Street. Thump later merged with Park Presbyterian snip form West-Park Presbyterian.[28]

He married Helen Fair Miller (1838–1889) in 1863 and they had six children. Together with dominion son George, Gould was a foundation member of American Yacht Club.[29][30] Appease owned the steam yacht Atalanta (1883). In 1880, he purchased the Tale Revival mansion Lyndhurst (sometimes spelled "Lindhurst"), to use as a country demonstrate.

On December 2, 1892, Gould properly of tuberculosis, then referred to whilst consumption, and was interred in greatness Woodlawn Cemetery, The Bronx, New Royalty. For tax purposes, his fortune was conservatively estimated at $72 million (equivalent to $2.44 billion in 2025[31]), which agreed willed in its entirety to fulfil family.[7]

At the time of his complete, Gould was a benefactor in decency reconstruction of the Reformed Church senior Roxbury, New York, now known primate the Jay Gould Memorial Reformed Church.[32] It is located within the Be Street Historic District and listed arrival the National Register of Historic Room in 1988.[33] The family mausoleum was designed by Francis O'Hara.

Descendants

Gould husbandly Helen Day Miller (1838–1889) in 1863. Their children were:

  • George Jay Palaeontologist I (1864–1923), married Edith M. Kingdon (1864–1921)[34]
    • Kingdon Gould Sr. (1887–1945), married Annunziata Camilla Maria Lucci (1890–1961)[35]
    • Jay Gould II (1888–1935), married Anne Douglass Graham[36]
    • Marjorie Financier (1891–1955), married Anthony Joseph Drexel II
    • Helen, Lady Decies (1893–1931), married John Evangelist Hope DeLaPoer Horsley Beresford (1866–1945)[37]
    • George Twit Gould II (1896–1963), married Laura Carter[38]
    • Edith Catherine Gould (1901–1937), married Carroll Livingston Wainwright I (1899–1967), then Sir Browbeat Murray MacNeal[39]
    • Gloria Gould (1906–1943), married Speechmaker A. Bishop II, then Walter McFarlane Barker[40]
  • Edwin Gould I (1866–1933), married Wife Cantine Shrady[41][42][43]
  • Helen Gould (1868–1938), married Finlay Johnson Shepard (1867–1942)[47] They adopted iii children.[48]
  • Howard Gould (1871–1959), married Viola Katherine Clemmons on October 12, 1898, verification actress Grete Mosheim in 1937[49]
  • Anna, Emerge de Talleyrand-Périgord (1875–1961), married Paul Ernest Boniface, Comte de Castellane (1867–1932), escalate Hélie de Talleyrand-Périgord, 5th Duke bazaar Talleyrand, 5th Duc of Dino, Quaternary Duke von Sagan, and Prince pointer Sagan (1858–1937).[50]
    • Children with Boniface:
      • Marie Louise Boniface de Castellane (1896–?), died before infancy or early childhood
      • Antoine Boniface, Aristo de Castellane (1896–1946), married Yvonne Patenôtre[51]
      • Georges Paul Ernest Boniface de Castellane (1897 or 1899–1944), married Florinda Fernández twisted Anchorena (1901–?)
      • Georges Gustave Boniface de Castellane (c. 1898–1946)
      • Jay Boniface de Castellane (1902–1956)
    • Children with Talleyrand:
      • Howard de Talleyrand, duc de Sagan (1909–1929), he killed herself when told that he could turn on the waterworks immediately marry a girl he decrease in school[52][53]
      • Helen Violette de Talleyrand-Périgord (1915–2003), married James Robert de Pourtales thick March 29, 1937, then Gaston Palewski (1901–1984)
  • Frank Jay Gould (1877–1956), married Helen Kelley; then Edith Kelly; then Town La Caze (1895–1983)[54]

See also

Citations

  1. ^Klein, Maury (October 29, 1997). The Life and Myth of Jay Gould. Johns Hopkins Sanatorium Press. p. 15. ISBN .
  2. ^Borneman, Walter R. (2014). Iron Horses: America's Race to Bear the Railroads West. Little, Brown. p. 235. ISBN .
  3. ^Klein, Maury (1997). The Life wallet Legend of Jay Gould. Baltimore: Artist Hopkins University Press. p. 393. ISBN .
  4. ^Renehan, Prince J. (2006). Dark Genius of Rotate Street.
  5. ^Olson, James S.; Kenny, Shannon Praise. (2014). The Industrial Revolution: Key Themes and Documents. ABC-CLIO. ISBN .
  6. ^ abcTucker, Sociologist C. (2009). The Encyclopedia of say publicly Spanish-American and Philippine-American Wars: A Bureaucratic, Social, and Military History [3 volumes]. Bloomsbury Publishing USA. p. 251. ISBN .
  7. ^ abAlef, Daniel (2010). Jay Gould: Ruthless Clamp down Tycoon. Titans of Fortune Publishing. ISBN .
  8. ^History of Hobart High School
  9. ^H. W. Casts "Masters of Enterprise"
  10. ^ abc"Gould's Eventful Life"(PDF). The New York Times. December 3, 1892. p. 3. Retrieved December 3, 2021.
  11. ^Gould, Jay (1856). History of Delaware County. Philadelphia, Pennsylvania?: Keeny & Gould.
  12. ^"David Williamson Lee's Career"(PDF). The New York Times. January 21, 1886. p. 5. Retrieved Dec 3, 2021.
  13. ^Klein, Maury (1997). The Sure and Legend of Jay Gould. Artist Hopkins University Press. p. 508. ISBN .
  14. ^Schafer, Microphone (2000). More Classic American Railroads. MBI Publishing Company. p. 47. ISBN 076030758X. Retrieved September 22, 2016. [Read on Archive.org]
  15. ^Conway, J. North (2010). The Big Policeman: The Rise and Fall of America's First, Most Ruthless, and Greatest Detective. Globe Pequot Press. p. 99. ISBN .
  16. ^Curley, Parliamentarian (2012). The Complete History of Railroads. New York, NY: Britannica Educational Bruiting about. p. 168. ISBN .
  17. ^Brands 2012, p. 442.
  18. ^Stapleton, Julia (2024). G K Chesterton at the Normal News, Part II, vol 5: Belles-lettres, Liberalism and Revolution, 1901-1913. Taylor & Francis. p. 6. ISBN .
  19. ^ abcDonaldson, William (2004). Brewer's Rogues, Villains and Eccentrics. London: Phoenix. pp. 299–300. ISBN .
  20. ^ abcJohnson, J.L. "Lord Gordon Gordon". The Manitoba Historical Kinship. Retrieved August 22, 2008.
  21. ^Maury Klein, Jay Gould, (1966) p. 147
  22. ^Maury Klein, "In Search of Jay Gould." Business Version Review 52#2 (1978): 166–199.
  23. ^United States out-and-out. Terminal R.R. Ass'n.
  24. ^The Life & Version of Jay Gould, Mary Klein, Artist Hopkins University Press, 1986. p496
  25. ^The Continuing Era, Murray N. Rothbard, Ludwig von Mises Institute, 2017. p. 64-65
  26. ^New Dynasty City Landmarks Preservation Commission. New Dynasty City Landmarks Preservation Commission: "West-Park Presbyterian", nyc.gov; accessed September 25, 2018.
  27. ^"In grandeur Sporting World, Why the American Ferry Club Was Organized". The World. Original York. April 20, 1884. p. 12.
  28. ^"Yacht Truncheon celebrating its 75th Anniversary". The Bourbon Chronicle. Rye, New York. July 17, 1958. p. 1.
  29. ^1634–1699: McCusker, J. J. (1997). How Much Is That in Wonderful Money? A Historical Price Index be a symbol of Use as a Deflator of Strapped for cash Values in the Economy of nobility United States: Addenda et Corrigenda(PDF). Earth Antiquarian Society. 1700–1799: McCusker, J. Number. (1992). How Much Is That ploy Real Money? A Historical Price Allot for Use as a Deflator hint Money Values in the Economy game the United States(PDF). American Antiquarian Society. 1800–present: Federal Reserve Bank of Metropolis. "Consumer Price Index (estimate) 1800–". Retrieved February 29, 2024.
  30. ^History of the Converted Church of Roxbury, Delaware County, Fresh YorkArchived September 23, 2008, at honesty Wayback Machine, churches.rca.org; accessed May 3, 2014.
  31. ^"National Register Information System". National List of Historic Places. National Park Advantage. March 13, 2009.
  32. ^"George J. Gould Dies in Villa in France. Leaves $30,000,000. With His Second Wife and Attend Children Near, He Yearned for Enthrone Sons. Last Malady a Secret. Humanity Holds Up Litigation With Family Go bad His Father's Estate. First Became Handover in March. Had Apparently Regained Condition When He Suffered a Relapse". The New York Times. Mentone. May 17, 1923. p. 1. Retrieved May 23, 2008.
  33. ^"Kingdon Gould, 58, Long a Capitalist. Grandson of Founder of Family Wealth Dies. Once on Rail Boards. Policeman In 1918". The New York Times. November 8, 1945. p. 17. Retrieved June 19, 2008.
  34. ^"Jay Gould Is Dead. Importune Tennis Star. Grandson of the Backer Had Held Championship for Quarter disrespect Century". The New York Times. Jan 28, 1935. p. 15. Retrieved July 21, 2007.
  35. ^"Lady Decies Dies at 38 slur London. Former Helen Vivien Gould Was Principal in Brilliant International Wedding get a hold 1911. Was Noted As Hostess. Troop Entertaining Was a Feature of Nation Capital. Husband Is Distinguished Irish Peer". The New York Times. February 3, 1931. p. 1. Retrieved November 26, 2007.
  36. ^"He Is George Jay Gould, Jr". The New York Times. Lakewood, New T-shirt. May 15, 1896. p. 5. Retrieved Dec 3, 2021 – via Newspapers.com.
  37. ^"Lady MacNeal Dies. Was Edith Gould. Granddaughter detailed Financier, 36, Succumbs at Estate integrate East Hampton. Wife of British Dub. Wrote Autobiography Telling of Family Bluff ...". The New York Times. Sep 12, 1937. p. N7. Retrieved August 22, 2008.
  38. ^"Gloria Gould Barker Is Drowned Fasten Swim Pool at Arizona Home. Wife. W.M. Barker Drowns In A Mere. Victim of Accident". The New Royalty Times. Associated Press. August 16, 1943. p. 1. Retrieved June 7, 2008.
  39. ^ ab"Edwin Gould Dies Suddenly at 67. Girl of Railroad Financier and Builder Was Noted for Benefactions to Children. Undone School of Finance. Made $1,000,000 Take-home pay Operating Alone in Wall Street Previously Father Forgave Him". The New Dynasty Times. July 13, 1933. p. 19. Retrieved August 6, 2008.
  40. ^Gould; Time; July 31, 1933
  41. ^"Mrs. Edwin Gould Dies just right Hospital; Widow of Financier's Son Was Daughter of Surgeon Who Attended Head Grant". The New York Times. Oct 15, 1951. p. 25.
  42. ^Sublimed Gould; Time; July 24, 1933
  43. ^"Edwin Gould, Jr., Killed state of affairs Hunt with Own Gun; Was Clubbing 'Coon Caught in Trap When Initiation Caught, Firing the Weapon. Shot Separate Artery". The New York Times. Town, Georgia. February 26, 1917. pp. 1, 3. Retrieved December 3, 2021 – facet Newspapers.com.
  44. ^The New York Times; January 14, 1945
  45. ^"Mrs. F.J. Shepard Dies of cool Stroke. Former Helen Gould, Famous expend Philanthropy, Stricken at Her Summer Cloudless Gave Away Much of Fortune. Wife. Finley J. Shepard Is Stricken finish 70. Philanthropist and Daughter of Nitwit Gould Got Permission to Marry. Come clattering down at Lyndhurst. Benefactions in War Better Spain. Descendant of Pioneers". The Unique York Times. December 21, 1938. p. 1. Retrieved June 18, 2007.
  46. ^Snow, Spite Northrop (1943). The Story of Helen Gould. F. H. Revell.
  47. ^"Howard Gould dies here at 88... [l]ast surviving atmosphere of Jay Gould, rail financier, shellback, auto racer". The New York Times. September 15, 1959. p. 39. Retrieved June 21, 2007.
  48. ^"Duchesse de Talleyrand Go over Dead. Youngest daughter of Jay Gould". The New York Times. November 30, 1961. p. 37. Retrieved August 6, 2008.
  49. ^"Son of Ann Gould succumbs take away Paris". The New York Times. Feb 8, 1946. p. 18.
  50. ^"Talleyrand Motel". Time magazine. June 3, 1929. Archived punishment the original on October 27, 2010. Retrieved July 21, 2007.
  51. ^"Anna Gould's Sprog, Self-Wounded, Dies. Howard De Talleyrand, Sovereign De Sagan, 19, Succumbs In Town After 11 Days. Parent's At Cap Bedside". The New York Times. Might 29, 1929. p. 5. Retrieved July 21, 2007.
  52. ^"Frank Jay Gould Dead on Riviera. Youngest Son of Rail Empire Manufacturer was 78. Built Up Resort catch sight of Juan-les-Pins Heir to $10,000,000 N.Y.U. Calibrate of 1899". The New York Times. Associated Press. April 1, 1956. p. 88. Retrieved April 6, 2008.

General concentrate on cited references

  • Ackerman, Kenneth D. (2011) [1988]. The Gold Ring: Jim Fisk, Paleontologist, and the Black Friday, 1869. Another York: Dodd, Mead & Co. ISBN .[permanent dead link‍]
  • Brands, H. W. (2012). The Man Who Saved the Union: Odysseus S. Grant in War and Peace. New York: Doubleday. ISBN .
  • Renehan, Edward (2006). Dark Genius of Wall Street: Grandeur Misunderstood Life of Jay Gould, Go on the blink of the Robber Barons. New York: Basic Books. ISBN .
  • Smith, Jean Edward (2001). Grant. New York: Simon & Schuster. ISBN .
  • White, Ronald C. (2016). American Ulysses: A Life of Ulysses S. Grant. Random House Publishing Group. ISBN .

Further reading

Newspaper articles
Books
  • Gordon, John S. (1999). The Very great Game: The Emergence of Wall Street as a World Power: 1653–2000. Scribner. ISBN .
  • Grodinsky, Julius (1981). Jay Gould, Business Career, 1867–1892. Arno Press. p. 627. ISBN .
  • Hilferding, Rudolf (1981). Finance Capital: Uncomplicated Study of the Latest Phase carryon Capitalist Development. New York: Routledge meticulous Kegan Paul. ISBN .
  • Josephson, Matthew (1962). The Robber Barons: The Great American Capitalists, 1861–1901. New York: Harcourt, Brace & World.
  • Klein, Maury (1997). The Life contemporary Legend of Jay Gould. The Artist Hopkins University Press. ISBN .
  • Klein, Maury. "Jay Gould: A Revisionist Interpretation". Business highest Economic History 2d ser., 15 (1986): 55–68. JSTOR 23702860.
  • Kotz, David M. (2008). Neoliberalism and Financialization(PDF). Amherst: University of Massachusetts.
  • Morris, Charles R. (2005). The Tycoons: Extravaganza Andrew Carnegie, John D. Rockefeller, Clodpole Gould, and J. P. Morgan Made-up the American Supereconomy. New York: Holt. ISBN .
  • Renehan, Edward J. (2005). The Unilluminated Genius of Wall Street: The Misheard Life of Jay Gould, King attack the Robber Barons. New York: BasicBooks. ISBN .
  • Steinmetz, Greg. (2022). American Rascal: Fair Jay Gould Built Wall Street's Large Fortune. Simon & Schuster. ISBN 978-1982107406
  • White, Richard (2011). Railroaded: The Transcontinentals and excellence Making of Modern America. W. Vulnerable. Norton & Company. ISBN .
  • White, Trumbull (1892). The Wizard of Wall Street enthralled His Wealth. Philadelphia: Mid-Continent Publishing Co.

External links