7.22.05 — Wednesday we drove up to Tarrytown to visit Lyndhurst, the estate of Jay Gould, known at various times as the king of the Robber Barons, and one of the most famous (and infamous) railroad financiers and stock manipulators of the last quarter of the 19th century. Mr. Gould was known for wily financial dealings alone and with his one-time partner Jim Fisk and their stock wars against Cornelius Vanderbilt over the Erie Railroad, as well as his ill-fated attempt to corner the Gold Market in 1869 – a debacle which led to the bankruptcy of almost a thousand individuals (they were effectively ruined as there were no laws in those days to protect them), as well as the collapse of fourteen brokerage houses and several banks.
Born a farm boy in Roxbury, New York in 1836, by the time he was thirty, he was a rising figure on Wall Street whose fortune was established through his investments in railroads, during which he gained control of many lines in the East as well as several in the Midwest and the West. Other investments included the Pacific Mail Steamship Line, the Western Union Telegraph Company and the Manhattan Elevated.
His railroad wars with his arch-enemy Cornelius Vanderbilt was a true war of the financial wits. In his recently published biography of Gould (Dark Genius of Wall Street; the Misunderstood Life of Jay Gould, author Edward J. Renehan Jr. recounts a “rate war” between Vanderbilt and Gould:
“During a rate war with the New York Central (Vanderbilt’s line) to attract cattle shipments flowing east from buffalo to New York City, Gould put his per-carload rate down to $75 from Vanderbilt’s original high of $125 per. When Vanderbilt retaliated with a drop to $50, Gold put the Erie (Gould’s rail line) at $25, only to have Vanderbilt go to a ridiculous $1 per carload, with a penny a head being charged for hogs and sheep. At first Vanderbilt delighted in reports that while his cars were packed, the Erie trains ran empty. Only later did he learn that Gould and Fisk (Jim Fisk, Gould’s frequent investing partner) had bought every bit of marketable livestock coming into Buffalo from points west, which they then shipped to New York via (Vandebilt’s) Central, realizing enormous profits (from his losses).”
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Jay Gould, circa 1875 |
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Just prior to that incident, at age 33, Gould’s notoriety (and national fame) was established with Black Tuesday, September 24, 1869, the day the Gold Market collapsed thanks to his activities. In the following ten years (and by the time the accompanying photo portrait was taken), he was a very rich man, although he was shunned by society because of his financial dealings. So harsh was public opinion of him that he was often unsafe moving around without security. In one famous instance, he was accosted by a man on Wall Street who picked him by the seat of the pants and threw him down a barbershop stairway, causing minor injury but great terror. Bodyguards were immediately hired thereafter and were always with him in public.
In private life, Mr. Gould was a devoted husband and father of six children. He spent his spare time with his family, with whom he lived in a mansion on the corner of 47th Street and Fifth Avenue, onto which he had built a small potting shed where he developed an affinity for horticulture and especially the cultivation of orchids.
“I have the disadvantage,” Gould once told a reporter, “of not being sociable. Wall Street men are fond of company and sport. A man makes $100,000 (comparable to $10 million today) and immediately buys a yacht, begins to drive fast horses, and becomes a sport generally. My tastes lie in a different direction. When business hours are over I go home and spend the remainder of the day with my wife, my children and books of my library.”
Summertimes his family first visited the Jersey shore. (He also owned one of the world’s largest private sailing yachts, the Atalanta.) In 1878, he rented an estate overlooking the Hudson River called Lyndenhurst from the heirs of George Merritt in Tarrytown. He 1880, he bought the property and renamed it Lyndhurst.
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George Merritt |
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Tarrytown for summers and weekends was a haven for Gould and his family. It was also a kind of social compromise. The area (the eastern shore of the Hudson River) had become popular with wealthy New Yorkers in the late 1830s after the opening of the Erie Canal – which opened up commerce to the Great Lakes and the Midwest and established the city as the center of commerce and import/export in the country.
In three decades, between 1820 and 1850, the population of New York City quadrupled from 123,000 to more than 515,000. Great merchant wealth was created. The development of the railroads by mid-century caused another huge jump in the numbers, both population-wise and in terms of private wealth. From Yonkers all the way almost to Albany, great estates were built by the recipients of this wealth because of its easy accessibility to and from the city by rail or steamboat.
By the time the Gould family visit Lydenhurst, in 1878, the area was beginning to be forsaken by the wealthier and very social New Yorkers for the newer, more popular resort spots, namely the Berkshires (Lenox, Stockbridge) and Newport. The Goulds’ social isolation went unnoticed and unmarked by their presence on the quieter, more pastoral shores of the Hudson Valley.
The original house was begun in the late 1830s for William Paulding, a one time mayor of New York City who held office at the time of the opening of the Erie Canal. He acquired the acreage just north of Washington Irving’s Sunnyside property, on what was then called the Albany Post Road, and later Broadway (now Route 9) just south of the village of Tarrytown.
Paulding, who grew up in Tarrytown and by the time of his purchase of the land, was retired and in his early sixties, hired architect Andrew Jackson Davis to design him a villa that he would call “Knoll.”
The architect and his client chose the style known as “Gothic Revival,” or “Tudor Gothic.” The style, which reflected a fashionable architectural trend in England. The landscape features — a “ruggedly picturesque” hill, or knoll, overlooking the river was considered a perfect location for this kind of design.
Davis, who was regarded as an important architectural theorist of his day believed that the “villa should, above all things, manifest individuality. It should say something of the character of the family within – as much as possible of their life and history, their tastes and associations, should mould and fashion themselves upon its walls.”
The house was completed for occupancy in 1842. Davis also designed the interiors and most of the furniture (many items of which exist today in the house). William Paulding died twelve years later in 1854 (his wife pre-deceased him) and the house was inherited by his son Philip who had worked closely with Davis in planning the house and with the original landscape designer Alexander Jackson Downingwho is regarded as the grand-daddy of landscape architects in America. When Philip Paulding died ten years later in 1864, his heirs sold the house to a very wealthy New York businessman named George Merritt.
Merritt’s fortune was considerably larger than Paulding’s, thanks to the growth of the city’s economy and most specifically because of his invention of an item used on railroad cars and the growth of the railroad industry. He wanted a bigger house to reflect his achievement. Davis was again brought in to expand the house, adding a wing on two stories, creating the house that exists today. |