Gould, Jay

Jay (1836-1892), an American capitalist. He was a native of New York and a graduate of Hobart College. Through his profession of surveying he became interested in the railroads of New York and Vermont. He adopted a policy which has enriched many,--that of buying up the stock of railroads in a disorganized condition and afterward selling at a high price. He established himself in Wall Street and accumulated wealth rapidly. Beginning with the Erie, he acquired control of a number of railroads and feeders, which he organized into what is known as the Gould System, still under the control (1910) of his son, George Jay. In 1869 Gould's firm cornered the New York supply of gold, controlling, it is said, about $15,000,000. Those who were obliged to buy gold to meet their obligations were forced to pay his prices. The United States treasury was obliged to interfere. Friday, September 24, is still referred to as Black Friday. Gould and his partner are supposed to have made at least $11,000,000 by their operations.