Editing Jay Gould (section)

==Railroad investing==
In 1859, Gould began speculative investing by buying stock in small railways.<ref name=":0" /> His father-in-law, Daniel S. Miller, introduced him to the railroad industry by suggesting that Gould help him save his investment in the [[Rutland and Washington Railroad]], during the [[Panic of 1857]]. Gould purchased stock for 10 cents on the dollar, which left him in control of the company.<ref>{{cite book |last= Klein|first=Maury|date=1997 |title=The Life and Legend of Jay Gould |url=https://books.google.com/books?id=Oetqt4uqaJsC&q=Daniel+S.+Miller+jay+gould&pg=PA508 |publisher=Johns Hopkins University Press |page=508 |isbn=9780801857713 }}</ref> He engaged in more speculation on railroad stocks in New York City throughout the [[American Civil War|Civil War]], and he was appointed manager of the [[Rensselaer and Saratoga Railroad]] in 1863.

The [[Erie Railroad]] encountered financial troubles in the 1850s, despite receiving loans from financiers [[Cornelius Vanderbilt]] and [[Daniel Drew]]. It entered receivership in 1859 and was reorganized as the Erie Railway. Gould, Drew, and [[James Fisk (financier)|James Fisk]] engaged in stock manipulations, known as the [[Erie War]], and Drew, Fisk, and Vanderbilt lost control of the Erie in the summer of 1868, while Gould became its president.<ref>Schafer, Mike (2000). [https://archive.org/details/moreclassicameri00mike/page/47 ''More Classic American Railroads'']. MBI Publishing Company. p. 47. {{ISBN|076030758X}}. Retrieved September 22, 2016.[[iarchive:moreclassicameri00mike| [Read on Archive.org]]]</ref>