What did Jay Gould do for the railroads?

After being forced out of the Erie Railroad, Gould started to build up a system of railroads in the midwest and west. He took control of the Union Pacific in 1873 when its stock was depressed by the Panic of 1873, and he built a viable railroad that depended on shipments from farmers and ranchers.

Did Jay Gould build railroads?

Having made large profits from manipulating the company’s stock, Gould pulled out of the Union Pacific by 1882. He began building a new railway system, centred on the Missouri Pacific Railroad, that constituted one-half of all trackage in the Southwest by 1890.

How did Jay Gould and James Fisk undermine Vanderbilt explain what happened between them Erie Railroad War 1868?

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.

Who controlled the Erie Railroad?

The Erie was controlled by Daniel Drew, an eccentric character who had made his first fortune as a cattle drover, walking herds of beef cattle from upstate New York to Manhattan in the early 19th century.

Why did people hate Jay Gould?

He was the prototype for the “Robber Baron” and the corrupt railroad king. The railroad “pirate” Jay Gould stirred up the most enmity. He was painted as an unscrupulous pirate who manipulated and watered stock, deliberately running businesses down and building them up again to his own advantage.

Which corrupt businessman appointed the director of Erie Railroad?

Cornelius Vanderbilt, unaware of their machinations, bought up the inflated shares. The end result was that Vanderbilt lost $7 million and Gould gained control of the Erie Railroad. The trio then appointed Boss Tweed as director of the company.

Did Jay Gould treat his workers well?

Gould was disliked not only by other businessmen but also by his employees. They both feared and despised him. Gould’s attitude toward his workers was that he hired them to do a job and they should be grateful he did. Gould was against labor unions because they challenged his unfair work practices.

What happened to the Erie Railroad?

It is now run by Alstom. Some of the former Erie line between Hornell and Binghamton was damaged in 1972 by the floods of Hurricane Agnes, but the damage was quickly repaired and today this line is a key link in the Norfolk Southern Railway’s Southern Tier mainline….Erie Railroad.

How much did Vanderbilt lose to Gould and Fisk?

When Vanderbilt’s judge issued a warrant for the arrest of Drew, Fisk and Gould, the trio fled across the Hudson River to New Jersey with $7 million of Vanderbilt’s money.

How did Jay Gould treat his workers?

What was bad about Jay Gould?

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.

Was Jay Gould a philanthropist?

Unlike other wealthy industrialists of the era, the tightfisted Jay Gould did not pursue philanthropic efforts, neither in his own lifetime nor through his death.

How did Jay Gould take control of the Erie Railroad?

In 1873, Gould attempted to take control of the Erie Railroad by recruiting foreign investments from Lord Gordon-Gordon, supposedly a cousin of the wealthy Campbell clan who was buying land for immigrants. He bribed Gordon-Gordon with a million dollars in stock, but Gordon-Gordon was an impostor and cashed the stock immediately.

Why was Commodore Vanderbilt interested in the Erie Railroad?

And for reasons no one else could understand, Commodore Vanderbilt had an abiding respect for Drew. The two men began working together in late 1867 so that Vanderbilt could buy up the majority of shares in the Erie Railroad. But Drew and his allies, Jay Gould and Jim Fisk, began plotting against Vanderbilt.

Who are the robber barons of the Erie Railroad?

Robber Barons: Gould and Fisk. The names Jay Gould and James Fisk Jr. are linked in American business history in the age of “robber barons.” Together, they controlled the Erie Railroad, were part of the Tammany Hall set, and wrangled with J.P. Morgan over the Albany & Susquehanna Railroad. James Fisk, Jr.was born April 1, 1835 in Pownal, VT.

Who was known as Jubilee Jim in Erie Railroad War?

Jay Gould, who always seemed morose anyway, also remained quiet. But Jim Fisk, an eccentric character who would become known as “Jubilee Jim,” paraded about, giving outrageous quotes to newspaper reporters. Eventually, the drama moved to Albany, where Jay Gould apparently paid off New York State legislators, including the infamous Boss Tweed.