The Gilded Age: Jay Gould
A master of markets and monopolies
Hello everyone,
Welcome back for another podcast on the books I’m reading right now. The book I am covering today is one of my favorites and I have absolutely enjoyed reading it. It is a biography of Jay Gould whose life is an incredible educational depiction of operating at the highest levels and succeeding.
Enjoy!
Links:
The Life and Legend of Jay Gould: Link
Overview of his life: https://www.britannica.com/money/Jay-Gould
Previous Podcast on Books I’m reading: Loeb Classics: Cicero
Overview of his life:
Chronological Synopsis of Jay Gould's Life
Early Life:
1836: Jay Gould is born on May 27 in Roxbury, New York, to a farming family.
1850s: Educates himself in surveying and mapping, works in various trades including blacksmithing and tannery.
Early Business Ventures:
1859: Begins speculating in the securities of small railways.
1860s: Partners with Charles Leupp in the leather tanning business, later enters the railroad industry.
Railroad and Stock Manipulation:
1867: Joins the board of the Erie Railroad, engages in financial manipulations to gain control of the railroad.
1869: Orchestrates the attempt to corner the gold market, leading to Black Friday.
Expansion and Control:
1870s: Gains control of the Union Pacific Railroad during the Panic of 1873, expands his railroad empire in the Midwest and West.
1879: Controls 10,000 miles of railway and acquires interests in Western Union and elevated railways in New York City.
Later Years:
1880s: Continues to expand his influence in railroads and communication, organizes the Terminal Railroad Association of St. Louis.
1892: Dies on December 2 in New York City.
Major Accomplishments
Erie Railroad: Successfully manipulates stock to gain control, despite opposition from Cornelius Vanderbilt.
Black Friday: Attempt to corner the gold market, although it leads to a financial panic, establishes his reputation.
Union Pacific Railroad: Revamps and expands the railroad system during the financial crisis of 1873.
Western Union: Acquires significant control, becoming a dominant figure in the telegraph industry.
Railroad Expansion: Controls a significant portion of the U.S. railroad mileage, including the Missouri Pacific Railroad and Denver and Rio Grande Railway.
Terminal Railroad Association of St. Louis: Organizes this association to control a critical bottleneck in east-west railroad traffic.
I like how you described how different these guys think on a bigger level. It's like I'm playing with legos and they're playing with space weapons. It's a totally different ball game.
loved it!!