The Infamous Jay Gould Essay, Research PaperShortly after Gould left for Wall Street he made a modest net income by shorting railway stocks in the terror of 1857.He had made a modest and profitable investing. He so went long in several railwaies, shortly after the terror and his timing prooved to be highly accurate.In 1867 Daniel Drew, financial officer and longtime manager of the Erie Railroad,added Gould and James Fisk to the Erie board of managers.

When CorneliusVanderbilt, of the New York Central, sought to purchase control of the Erie adramatic conflict ensued. Gould, Fisk, and Drew quickly issued 1000sof portions of new, moire stock. The & # 8220 ; toxicant pill & # 8221 ; of the clip, although Gould may hav been every bit Erie as the canal, he did revolutionise fiscal tactics. When the angry Vanderbilt obtained an apprehension warrant for the three, they ferried company central office to Jersey City, and Gould rushed to Albany where a fictile New York legislative assembly authorized the stock issue. Finally peace was made with Vanderbilt, but that gentleman was reported to hold muttered that his problem with the Erie & # 8220 ; has learned me it ne’er pays to kick a skunk.

We Will Write a Custom Essay Specifically
For You For Only $13.90/page!

order now

& # 8221 ; Later in the autumn of 1869 Gould and Fisk conspired with the brother-in-law of President Ulysses S. Grant to corner the gold market, doing the terror of & # 8220 ; Black Friday, & # 8221 ; September 24, 1869, and a enormous border call for Gould. He was even reported as stating his spouses to purchase as he was selling enormous volumes of gold. After the clang his spouses were left with nil as Gould went long the market at the lowest degrees.& lt ;< p>Gould continued to plunder the Erie until his going in 1872. His function in the Erie War and the attempted gold corner gave him a repute as the premier fiscal marauder of the age.

Possessing a luck, Gould turned to western railwaies. In thetwenty old ages after 1872 he was a manager of 17 major linesand the president of five. He purchased much Union Pacific stock andcontrolled that route until 1878. At first Gould improved the directionof the Union Pacific but subsequently blackmailed the company by endangeringto hold the Gould-controlled Kansas Pacific construct a nuisance line to Utah.During the 1880s Gould controlled about half the milage sou’-west of St. Louis and Kansas City and tried unsuccessfully to spread out his western retentions into a transcontinental rail imperium to the Atlantic Coast. He besides owned the New York World for a clip and held major investings in New York City & # 8217 ; s elevated railroads and severalbig telegraph companies, including Western Union.

Gould was a adult male of many mistakes and virtuousnesss. He was cold andunscrupulous but gracious and retiring, and in his privatelife, devoted to his household, flowers, and books.He could non be trusted but however helped construct more efficient regional rail systems. He was a wrecker of values but a railway leader who helped accomplish major rate decreases. Gould remains the paradigm robber baron of the late 19th century, although his defects likely have been overdone because he was ne’er comfy with the imperativeness.