GOULD, Jay, American financier: b. Rox bury, N. Y., 27 May 1836; d. New York, 2 Dec. 1892. He was brought up to labor on his father's farm; and was for a short time a student at Hobart College. Here he learned surveying. After making surveys of Ulster, Albany and Delaware counties, he published a 'History of Delaware County> in 1856, and in this same year engaged in the lumber and tanning business in western New York, dispos ing of his interests prior to the panic of 1857. After engaging in banking fora few months he became interested in railroads. This was directly after the panic of 1857. His first speculation was the purchase of the bonds of the Rutland and Washington Railroad from Troy, N. Y., to Rutland, Vt. He himself be came president, treasurer and superintendent of the road. Soon afterward he effected a consolidation of his road with the Rensselaer and Saratoga line, withdrew his capital, re moved to New York, opened a broker's office and began dealing in Erie stocks and bonds. His aim was to gain control of the Erie. This he did by depressing the value of the stock and then buying it in. In association with James Fisk, Jr., he entered the directory of the com
pany, was elected president, while Fisk became vice-president and treasurer. On the reorgan ization of the company, 1872, he lost official connection with it. His manipulation of Erie stock was the first of many similar speculations by which he obtained control of several great railroad systems. His method was to depress the value of the stock of the road he sought to control and to buy it in while at a low ebb. He then invested in the Pacific railroads, secured control of several lines, built brandies and effected combinations which resulted in the establishment of what is known as the "Gould system." Jay Gould and his partner, Fisk, in 1869 entered into a scheme to corner the gold market of New York and this resulted in the financial crisis and panic known as "Black Friday" (q.v.). The attempt netted them about $11,000,000. He controlled about 10,000 miles of railroad in 1:•:.1, and by merging several competing telegraph lines formed the Western Union system in 1881. In this year he also gained control of the New York Elevated Railroad.