Capitalist; born in
Roxbury, N. Y., May 27, 1836; studied in Hobart Academy and afterwards was employed as book-keeper in a blacksmith shop.
Later he learned surveying and was given employment in making surveys for a map of
Ulster county.
After completing the survey of several other counties, he became interested in the lumbering business with
Zadock Pratt, whose share he later purchased.
Just before the panic of 1857 he sold his lumber business and went to
Stroudsburg, Pa., where he entered a bank.
It was at this time that he first became interested in railroad enterprises.
Removing to New York City he became a broker, dealing at first in Erie Railroad bonds.
In 1868 he was elected president of that company and remained in that office till 1872, when the company was reorganized, and he was forced as a result of long litigation to restore $7,550,000, a portion of the amount which it was alleged he had wrongfully acquired.
While president of the
Erie
[
100]
company he invested heavily in stocks of various railroads and telegraph companies.
After losing his office in the
Erie company he applied himself to the
Pacific railroads, in which he had become interested, the elevated railroads of New York, and the Western Union Telegraph Company.
He built many branch roads, took a number of roads from receivers, and brought about combinations which effected what was known as the “
Gould system.”
He was actively connected with the
Black Friday (q. v.) and other financial sensations.
His financial standing having been assailed in 1882, he exhibited to a committee of financiers stocks and bonds to the face value of $53,000,000, and stated
that he could produce $20,000,000 more if desired.
He died in New York City, Dec. 2, 1892.
