American Rascal: How Jay Gould Built Wall Street’s Biggest Fortune

Securities analyst Steinmetz (The Richest Man Who Ever Lived) offers a well-rounded biography of railroad tycoon and Wall Street investor Jay Gould (1836–1892). Best known for his greed and underhanded business tactics, Gould also had a positive impact on thousands of lives, according to Steinmetz. Born in upstate New York, Gould left the family farm at age 13 to work as a surveyor, and rapidly gained a reputation as a go-getter. His first big break came when he partnered with congressman Zadock Pratt to open a tannery in Pennsylvania. He also harvested ice and shipped it via railway to New York City and began buying railroad stocks during the Panic of 1857. Eventually, Gould gained control of the Union Pacific and other Western railways at the height of the railroad boom. Steinmetz makes clear that Gould’s lack of ethics fueled his rise; at one point, he spread rumors of Cornelius Vanderbilt’s death in order to shake confidence in the financier’s investment portfolio. Though Gould’s well-documented crimes led to major regulatory reforms, Steinmetz argues that he “did as much as anyone... to build the country” and spur America’s economic growth. This colorful and diligently researched account rescues a Gilded Age robber baron from infamy. (Aug.)