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Jay Gould and the Union Pacific from the Panic of 1873 to 1880

No one in United States financial and business history is as misunderstood, and under-appreciated, as Jay Gould. This article assesses Gould’s skills as a corporate executive following his distressed investment in, and subsequent managerial control of, the Union Pacific Railroad (UP). The UP was in financial distress due to volatility emanating from the infamous Panic of 1873. Significantly, Gould executed his turnaround in an economy devoid of monetary stimulus, without a governmental bailout, and under pressure from the government to pay back the firm’s public loans. Gould employed many modern techniques in his turnaround that are relevant to 21st century historians and executives. His example also serves as an important reminder that successful executives across history neither need, nor plead for, governmental bailouts during periods of financial distress.