RMA presents “American Rascal: The Story of How Jay Gould Created America’s Largest Fortune”

Renowned author, Greg Steinmetz delved into the intriguing life and enduring legacy of Jay Gould, the famed railroad magnate, during a recent presentation. Steinmetz, hailing from a background in journalism and finance, shed light on Gould’s rise to prominence and his pivotal role in shaping America’s railroad industry during the robust Gilded Age.

In his book, “American Rascal: How Jay Gould Built America’s Biggest Fortune,” Steinmetz redefined Gould’s historical image, challenging the conventional portrayal of him as a shadowy figure overshadowed by more prominent Gilded Age industrialists like Rockefeller and Carnegie. Steinmetz delved deep into Gould’s narrative, portraying him as a complex figure driven by ambition and a relentless pursuit of wealth through railroad acquisitions and financial maneuvers.

Drawing on Mark Twain’s harsh criticism of Gould as a calamity for the nation, Steinmetz juxtaposed Twain’s opulent lifestyle with Gould’s historical vilification, arguing that Gould’s contributions to the railroad industry and the nation’s economic infrastructure were significant and enduring. Despite Gould’s pivotal role in constructing and expanding the nation’s railroad network, he remained relatively unrecognized compared to his contemporaries, with few lasting monuments to his name.

Steinmetz highlighted Gould’s humble beginnings in Roxbury, New York, where a tumultuous childhood shaped his early ambitions and fierce work ethic. From self-taught endeavors in surveying to audacious financial schemes like cornering the gold market and orchestrating the Erie Railroad Heist, Gould’s legacy was marked by bold risk-taking and a relentless pursuit of financial success. His collaboration with Thomas Edison and strategic acquisitions in the telegraph industry further exemplified Gould’s entrepreneurial spirit and penchant for disruptive innovation.

The recounting of Gould’s life wove a tapestry of triumphs and tragedies, from railroad acquisitions to stock market upheavals. Steinmetz painted a vivid portrait of Gould’s relationships with associates like Jim Fisk and his quest to challenge industry giants like Western Union through strategic business maneuvers and industrial espionage. The presentation culminated in a poignant depiction of Gould’s final resting place at Woodlawn Cemetery, contrasting his unmarked mausoleum with the grand monuments of his wealthier counterparts.

During the audience Q&A session, questions arose about Gould’s religious identity and the impact of antisemitism on his public image. Despite being mischaracterized as Jewish, Gould was, in fact, Episcopalian, underscoring the complexities of his identity and legacy. Steinmetz concluded the presentation by portraying Gould as a multifaceted figure emblematic of the contradictions and complexities of the Gilded Age.

For those interested in revisiting Steinmetz’s illuminating talk on Jay Gould, the recording is available on the RMA website. The RMA’s next presentation, “Nuclear Energy’s Place in Power Generation” by Seth Grae, promises to offer further insight into the evolving landscape of energy production.