This Day in Founder History
On November 14, 1868, Jay Gould beat the man who taught him Wall Street. Daniel Drew was the most feared stock trader of his day, famous for turning on his own partners. That fall, Gould had locked up millions of dollars of Erie Railroad cash to squeeze the money supply and push stocks down. Drew was in on the plan, then pulled his money out and quietly bet against Erie on his own. So on this Saturday morning, Gould and his partner Jim Fisk let all that cash loose. Erie shot up from 35 to over 52 in a few hours, and Drew, who had bet the stock would fall, was suddenly staring at ruin. The student had beaten the teacher at his own game.
Edward J. Renehan Jr., Dark Genius of Wall Street
A short clip of this moment
Hear the full story: Jay Gould
How he talked: Jay Gould Voice Card
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