Jay gould family tree

1. American Entrepreneur, Railroad Magnate, and Speculator
2. The Era of Robber Barons
3. Early Life and Education
4. Early Business Ventures
5. Rise in the Railroad Industry
6. Challenges and Later Years
7. Legacy

American Entrepreneur, Railroad Magnate, and Speculator

Jay Gould, an American entrepreneur, railroad magnate, and speculator, is considered a classic example of a "robber baron." His ruthless business tactics and general mercilessness helped him secure the 9th spot on the list of the wealthiest Americans of all time.

The Era of Robber Barons

The history of the Wild West is full of ruthless bandits willing to do anything for a handful of dollars. The era of gun-wielding outlaws in black masks eventually became a thing of the past, giving way to a new era of "barons-robbers" - cold-blooded, resourceful, and utterly merciless individuals. Jay Gould, an American, stands out as a prime example of a robber baron, amassing an impressive fortune in the railroad industry.

Early Life and Education

Jayson Gould was born in Roxbury, New York. He attended local schools and Hobart Academy. With the help of the school's director, Gould secured a position as an accountant for a local blacksmith. Within a year, the blacksmith offered him half of his business. In early 1854, Gould sold his share to his father. Even after finishing school, Gould devoted a lot of time to his studies, with a particular interest in mathematics and surveying. He applied his acquired knowledge practically, producing decent maps of one of New York state's districts in 1854.

Early Business Ventures

In 1856, Gould and Zadock Pratt formed a tannery venture in Pennsylvania. Pratt later sold his share to Gould, and rumors circulated that Gould had deceived Pratt by hiding some of the company's funds in his own bank, forcing his partner to leave the business with significantly less compensation than his original investment. That same year, Gould formed another partnership with Charles Mortimer Leupp. Their joint venture was quite successful until the stock market panic of 1857, which led to Leupp losing all his money and taking his own life. Leupp's brother-in-law, David W. Lee, forcefully took control of Gould and Leupp's tannery, having heard rumors that Gould regularly deceived Charles. Gould later regained control of the workshop but eventually had to sell his stake in the company.

Rise in the Railroad Industry

Gould soon became interested in the railroad industry. His close friendship with several politicians helped him secure several lucrative deals. Taking control of the Erie Railroad together with James Fisk, Gould quickly became one of the wealthiest and most prominent entrepreneurs in the country. In August 1869, Gould and Fisk attempted to corner the gold market, significantly driving up its price and profiting from subsequent reselling. Their plan was aided by their connections with high-level government officials. However, the outcome exceeded their expectations, leading to the legendary "Black Friday" on September 24, 1869. Gould made some gains in planned transactions but lost all his profits due to ensuing legal proceedings. The gold scheme solidified Gould's reputation as an almost invincible financial player.

Challenges and Later Years

In 1873, Gould attempted to gain full control of the Erie Railroad. He enlisted the help of wealthy aristocrat Lord Gordon-Gordon. Unfortunately, this aristocrat turned out to be a common imposter and fraud. Gould tried to sue his partner, but Gordon-Gordon managed to escape to Canada. The failed attempt to kidnap the imposter from Canada led to strained international relations. As a result, Gould had to abandon any dreams of owning the Erie Railroad. However, Gould did not despair. After being expelled from the Erie Railroad, he embarked on constructing his own railroad network. By acquiring four existing railways, he began expanding his network, eventually owning around 15% of American railroads by 1882. Railroads were considered a gold mine at the time, and Gould's fortune increased a hundredfold.

Legacy

Jay Gould died of tuberculosis on December 2, 1892. He was laid to rest in The Bronx, New York.