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GOULD, JAY (1836-1892)

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Originally appearing in Volume V12, Page 285 of the 1911 Encyclopedia Britannica.
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GOULD, See also:JAY (1836-1892) , See also:American financier, was See also:born in See also:Roxbury, See also:Delaware See also:county, New See also:York, on the 27th of May 1836. He was brought up on his See also:father's See also:farm, studied at See also:Hobart See also:Academy, and though he See also:left school in his sixteenth See also:year, devoted himself assiduously thereafter to private study, chiefly of See also:mathematics and See also:surveying, at the same See also:time keeping books for a blacksmith for his See also:board. For a See also:short time he worked for his father in the hardware business; in 1852-1856 he worked as a surveyor in preparing maps of See also:Ulster, See also:Albany and Delaware counties in New York, of See also:Lake and Geauga counties in See also:Ohio, and of See also:Oakland county in See also:Michigan, and of a projected railway See also:line between See also:Newburgh and See also:Syracuse, N.Y. An ardent See also:anti-renter in his boyhood and youth, he wrote A'See also:History of Delaware County and the Border See also:Wars of New York, containing a See also:Sketch of the See also:Early Settlements in the County, and A History of the See also:Late Anti-See also:Rent Difficulties in Delaware (Roxbury, 1856). He then engaged in the See also:lumber and tanning business in western New York, and in banking at Stroudsburg, See also:Pennsylvania. In 1863 he married See also:Miss See also:Helen See also:Day See also:Miller, and through her father, See also:Daniel S. Miller, he was appointed manager of the See also:Rensselaer & See also:Saratoga railway, which he bought up when it was in a very See also:bad See also:condition, and skilfully reorganized; in the same way he bought and reorganized the See also:Rutland & See also:Washington railway, from which he ultimately realized a large profit. In 1859 he removed to New York See also:City, where he became a See also:broker in railway See also:stocks, and in 1868 he was elected See also:president of the See also:Erie railway, of which by shrewd See also:strategy he and See also:James See also:Fisk, Jr.(q.v.), had gained See also:control in See also:July of that year. The management of the road under his control, and especially the See also:sale of $5,000,000 of fraudulent stock in 1868-187o, led to litigation begun by See also:English See also:bond-holders, and Gould was forced out of the See also:company in See also:March 1872 and compelled to restore securities valued at about $7,500,000. It was during his control of the Erie that he and Fisk entered into a See also:league with the See also:Tweed See also:Ring, they admitted Tweed to the directorate of the Erie, and Tweed in turn arranged favourable legislation for them at Albany. With Tweed, Gould was cartooned by See also:Nast in 1869. In See also:October 1871 Gould was the See also:chief bondsman of Tweed when the latter was held in $I,000,000 See also:bail.

With Fisk in See also:

August 1869 he began to buy See also:gold in a daring See also:attempt to " corner " the See also:market, his See also:hope being that, with the advance in See also:price of gold, See also:wheat would advance to such a price that western farmers would sell, and there would be a consequent See also:great See also:movement of breadstuffs from See also:West to See also:East, which would result in increased See also:freight business for the Erie road. His speculations in gold, during which he attempted through President See also:Grant's See also:brother-in-See also:law, A. H. Corbin, to See also:influence the president and his secretary See also:General See also:Horace See also:Porter, culminated in the panic of " See also:Black See also:Friday," on the 24th of See also:September 1869, when the price of gold See also:fell from 162 to 135. Gould gained control of the See also:Union Pacific, from which in 1883 he withdrew after realizing a large profit. Buying up the stock of the See also:Missouri Pacific he built up, by means of consolidations, reorganizations, and the construction of See also:branch lines, the " Gould See also:System " of See also:railways in the See also:south-western states. In r88o he was in virtual control of Io,000,See also:miles of railway, about one-ninth of the railway mileage of the See also:United States at that time. Besides, he obtained a controlling See also:interest in the Western. Union See also:Telegraph Company, and after 1881 in the elevated railways in New York City, and was intimately connected with many of the largest railway See also:financial operations in the United States for the twenty years following r868. He died of See also:consumption and of See also:mental See also:strain on the 2nd of See also:December 1892, his See also:fortune at that time being estimated at $72,000,000; all of this he left to his own See also:family. His eldest son, See also:GEORGE JAY GOULD (b. 1864), was prominent also as an owner and manager of railways, and became president of the Little See also:Rock & Fort See also:Smith railway (1888), the St See also:Louis, See also:Iron See also:Mountain & See also:Southern railway (1893), the See also:International & Great See also:Northern railway (1893), the Missouri Pacific railway (1893), the See also:Texas & Pacific railway (1893), and the Manhattan Railway Company (1892); he was also See also:vice-president and director of the Western Union Telegraph Company.

It was under his control that the See also:

Wabash system became transcontinental and secured an See also:Atlantic See also:port at See also:Baltimore; and it was he who brought about a friendly See also:alliance between the Gould and the See also:Rockefeller interests. The eldest daughter, HELEN MILLER Gouw (b. 1868), became widely known as a philanthropist, and particularly for her generous gifts to American See also:army hospitals in the See also:war with See also:Spain in 1898 and for her many contributions to New York University, to which she gave $250,000 for a library in 1895 and $1oo,000 for a See also:Hall of Fame in 1900.

End of Article: GOULD, JAY (1836-1892)

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