Jay Gould Essay
Jay Gould was a financial mogul during the Gilded Age. He was among the wealthiest men in America because of his works as a railroad developer and speculator. He was also a financier, which was at that time, a person who made a living from investing large amounts of money in order to get money back. He was also a considered by many Americans as a Robber Baron. Unlike the likes of John D. Rockefeller, he did not have a wealthy background. His mother and father did not have a lot of money. His father was a farmer and a store owner in Roxbury, New York. His whole life can be classified as a rags to riches story that is derailed into a corrupt and vilified track.
Jay Gould, other than a financial mogul, was a railroad executive. He managed the several railways in the 1860s. Around 1867, Jay Gould began to manage the Erie Railroad along with his partners Daniel Drew and Jim Fisk. The trio struggled to keep control of the railroad because of a certain individual by the name of Cornelius Vanderbilt. In order to get the stocks to be legal, they participated in despicable and unethical business moves such as stock fraud and bribery to the New York legislature. Gould and Fisk allied with William “Boss” Tweed as well as Peter Sweeney in order to gain more profit for their stocks. This eventually led to a crisis in Wall Street called “Black Friday” in September 24, 1869 when the price of the dollar significantly dropped. Jay Gould’s beloved partner Jim Fisk’s death and the support from Boss Tweed vanishing, forced Jay Gould to abandon and surrender his precious railroad control in Erie Railroad in 1872. Jay Gould did not end it there. After losing Erie Railroad, he was a very rich man at the time. To his name, he had over 25 million dollars. Around 1874, he bought out railroads in the West, specifically the Union Pacific Railroad and got complete control. Planning to monopolize the industry, he bought out other railroad lines and eventually made his railroad kingdom the largest in the country. After receiving a fortune from his Western...