What did Jim Fisk and Jay Gould try to do?

They worked to persuade the President to stop Boutwell from releasing weekly gold (but not affecting those routine gold sales for the sinking fund) from the Treasury Department in order to raise the gold price. James Fisk, another unethical director, controlled the Erie Railroad in conjunction with Gould.

How did Jay Gould and Jim Fisk decide to try to stop Vanderbilt?

To do this they, along with Daniel Drew, came up with the scheme to issue fraudulent stock in the company in an effort to weaken it and weaken Vanderbilt’s position. Of course Gould and Fisk couldn’t leave it there, and eventually were able to force Drew out.

What did Fisk and Gould do to Vanderbilt?

Watered-down stocks Between 1866-1868, Daniel Drew conspired with James Fisk and Jay Gould, whom he brought on the board, to issue spurious Erie Railroad shares, thus “watering down” the stock, of which unsuspecting Cornelius Vanderbilt bought a large quantity.

What did Jay Gould do?

Jay Gould, original name Jason Gould, (born May 27, 1836, Roxbury, New York, U.S.—died December 2, 1892, New York, New York), American railroad executive, financier, and speculator, an important railroad developer who was one of the most unscrupulous “robber barons” of 19th-century American capitalism.

How did Gould and Fisk prevent Vanderbilts takeover and get rich in the process?

How did Gould & Fisk prevent Vanderbilt’s takeover (and get rich in the process)? Printing a lot of stock or “watering down” the stock.

Why do you think Vanderbilt had a rivalry with Gould and Fisk?

Commodore Vanderbilt Battled Jim Fisk and Jay Gould The competition between robber barons underscored corruption on Wall Street while it captivated the public, which followed the peculiar twists and turns portrayed in newspaper accounts.

What illegal things did Jay Gould do?

In an age of scandal and corruption, Jay Gould was regarded as a master of bribery and insider stock manipulation. He paid off President Grant’s brother-in-law to learn the president’s intentions about government gold sales; he bribed members of New York’s legislature; and he tried to corner the gold market.

What bad did Jay Gould do?

Gould also owned the New York World newspaper from 1879 to 1883, and by 1886 he had acquired the Manhattan Elevated Railroad, which held a monopoly over New York City’s elevated railways. Gould remained ruthless, unscrupulous, and friendless to the end and died leaving a fortune estimated at $77 million.

How did Gould and Fisk deceive Vanderbilt?

Between 1866-1868, Daniel Drew conspired with James Fisk and Jay Gould, whom he brought on the board, to issue spurious Erie Railroad shares, thus “watering down” the stock, of which unsuspecting Cornelius Vanderbilt bought a large quantity. As a result, Vanderbilt conceded control of the railroad to the trio.

What deal did Vanderbilt and Scott make?

The deal gives Vanderbilt exclusive rights to transport Rockefeller’s oil products and allows Rockefeller to rise above his own competitors until he owns 90 percent of America’s oil. But like Frankenstein’s monster, he turns against his creator and makes deals to undercut the Commodore.

What did Vanderbilt do during the California Gold Rush?

In the early 1850s, during the California Gold Rush, a time before transcontinental railroads, Vanderbilt launched a steamship service that transported prospectors from New York to San Francisco via a route across Nicaragua.

Why was Jay Gould so bad?

THROUGH year after year of business warfare, of attack and retreat, deception, bribery, brushes with bankruptcy and exhausting legal contests, of being pilloried by the press and loathed by the public, Gould eventually assembled control of the Missouri Pacific Railroad, Western Union and Manhattan Elevated (the New …

What did James Fisk and Jay Gould do in 1869?

Stockbroker and speculator. In 1869, a group of speculators, headed by James Fisk and Jay Gould, both directors of the Erie Railroad, sought to corner the gold market through a plot to induce President Grant to stop Boutwell from releasing weekly gold from the Treasury Department in order to raise the gold price.

How did Gould and Fisk raise the price of gold?

At the same time, Gould and Fisk began buying gold through New York City’s Gold Room, raising the price of gold. After learning about the nature of their scheme, Grant first told Corbin to unload his gold holdings before ordering the release of $4 million in government gold on September 24.

How did Gould and Fisk contribute to the Black Friday scandal?

It worked, resulting in a scandal that undermined both the credibility of Grant’s presidency and the national economy. Gould and Fisk used their personal appearances with Grant to gain clout on Wall Street in addition to using their insider information .

What kind of work did Jay Gould do?

Jay Gould’s background was a bit more traditional. He was born May 27, 1836 in Roxbury, NY and eventually worked with his father in the hardware business. He later worked in lumber, tanning leather, and banking. Gould and Fisk’s earliest collaboration of note involved the Erie Railroad .