Jay Gould: Rober Baron by

Jay Gould: Robber Baron?

katie_s_walsh — 2015-12-14 15:18:54 UTC

Robber Baron

katie_s_walsh — 2015-12-14 15:21:22 UTC

A robber baron is someone who the nation felt earned their wealth at the expense of their employees.

Jay Gould: Background

katie_s_walsh — 2015-12-14 15:23:02 UTC

Jay Gould was born May 27, 1836, in Roxbury, New York. He began working on Wall street as a stock broker in the 1860s. He manipulated the stock prices, and in 1868 he sold almost one-hundred-thousand stock shares for the Erie Railroad. He later died December 2, 1892, in New York City.

Erie War, Erie Railroad

katie_s_walsh — 2015-12-14 15:28:37 UTC

In 1867, Gould sat on the board of directors for the Erie Railroad. The company was facing financial problems.

Gould thought the company should expand the railroad west toward Chicago, IL. The companies main competitor, Cornelius Vanderbilt, had already decided to move his company in that direction. In effort to gain control of the west, and the competing company, Gould sold 100,000 shares of the Erie stock using illegal means.

Gould then went to Albany to seek "legalization" of his actions by legislation. Vanderbilt settled, took $1Million , and folded his company to Erie Railroad.

"Black Friday

katie_s_walsh — 2015-12-14 15:36:34 UTC

September 24, 1869

Gould joined forces with William “Boss” Tweed and Peter Sweeney to make further profit off of the Erie stock. The four men’s attempt to corner the market in loose gold caused the price, in paper money, of $100 in gold specie, after being driven up to $163.50 by market bidding, fell to $133 when the U.S. Treasury placed $4 million in specie on the market.

This panic caused ruin to many investors, and a public uprising against Gould. Gould gave up control of the Erie Railroad in 1872 whenFisk had died and the Tweed Ring brok up.

Net Worth

katie_s_walsh — 2015-12-14 15:41:47 UTC

Jay Gould, and the Gould family name, has a net worth of over $71 billion.

Charitable Contributions

katie_s_walsh — 2015-12-14 15:42:41 UTC

Jay Gould made many generous donations to New York University and the Presbiterian Church.

Works Cited

katie_s_walsh — 2015-12-14 15:46:16 UTC

Bio.com. A&E Networks Television. Web. 14 Dec. 2015.

"How Did Jay Gould Donate His Money?" Ask. Web. 14 Dec. 2015.

"Jay Gould Biography." - Life, Name, History, School, Young, Son, Information, Born, Time. Web. 14 Dec. 2015.

"Jay Gould Net Worth." RSS. 28 June 2014. Web. 14 Dec. 2015.

"Jay Gould | American Financier." Encyclopedia Britannica Online. Encyclopedia Britannica. Web. 14 Dec. 2015.

katie_s_walsh — 2015-12-14 15:52:01 UTC

katie_s_walsh — 2015-12-14 15:52:32 UTC

http://explorepahistory.com/kora/files/1/2/1-2-67C-25-ExplorePAHistory-a0c0m9-a_349.jpg

katie_s_walsh — 2015-12-14 15:53:43 UTC

katie_s_walsh — 2015-12-14 15:54:10 UTC

https://www.njcu.edu/programs/jchistory/Images/E_Images/Erie_Railroad/Erie_RR_Tunnels_Postcard_Large_JCFPL.jpg