The Men Who Built America

Much credit was given to the men who created the foundation of America. These were through maritime transport and trains, oil and its development, steel and construction, and corporate finance; these men constructed the foundation of America. Through these men’s careers, many saw much change during prosperous times that affected business then and ultimately in the long run. America had just brought to a halt the Civil War coming back stronger than ever. Vanderbilt used force against the people to build his major railroad.

On the other hand, Rockefeller created a monopoly of all oil industries. Carnegie found a new product (steel) making America rise.

Cornelius Vanderbilt was an American business magnate who built his wealth in railroads and the shipping industry. Born from a poor background and having only a little education, Vanderbilt worked his way into leadership positions in the domestic water trade and invested in the rapidly growing railroad industry. Vanderbilt began his entrepreneurial endeavor as a teenage boy commuting cargo around the New York harbor using a small boat, and a Dutch invention specifically meant to carry people and goods across the bay.

He later went on to commence his steamboat commerce, which became quite a successful step. He then shifted his focus to building a railroad empire.

The History Channel paints Vanderbilt as a great tycoon, with overtones of a monopolist. He was determined to make money and was a fierce business opponent who was willing to go to extremes to hinder his competition. For example, he went so far as to stop allowing passengers to train access into New York City, single-handedly blockading train access into and out of the city.

This stirred a financial crisis resulting in the Erie Railroad War which was a bitter and prolonged economic war aimed at controlling the railroad line waged in the late 1860s. The stiff economic competition between the determined entrepreneurs underscored corruption on Wall Street while it captivated the public, which followed the strange twists and turns portrayed in newspaper accounts. The main characters included James Fisk and Jay Gould.

James Fisk born on April 1, 1835, well known variously as Big Jim,’ and ‘Jubilee Jim’ -was an American stockbroker and corporate executive who have been referred to as one of the ‘ robber barons’ of the Gilded Age. Even though Fisk received all the admirations by the working class of New York and the Erie Railroad at large, he achieved much ill-fame for his role in Black Friday. In 1869, he and his partner Jay Gould befriended the unsuspecting President Ulysses S. Grant in an attempt to use the President’s right name in a scheme to corner the gold market in New York City.

James Fisk later became a stockbroker in New York City and was then employed by Daniel Drew as a buyer. He assisted Drew in the Erie War against Cornelius Vanderbilt med at controlling the Erie Railroad project. This resulted in Jay Gould and Fisk becoming members of the Erie directorate, and subsequently, a well-planned raid netted Fisk and Gould control of the railway.

Fisk and Gould carried financial buccaneering to extremes: their program included an open alliance with New York politician Boss Tweed, the wholesale bribery of legislatures, and the buying of judges. Their attempt to corner the gold market culminated in the fateful Black Friday of September 24, 1869. Though many investors were ruined, Fisk and Gould escaped significant financial harm. Their jointed cooperation went on until the controversial death of Fisk took place.

Vanderbilt, the richest man in America by that time, sought control of the Erie Railroad, which he planned to add to his many riches. By 1851, The Erie had opened aimed at making it great fanfare. It crossed New York State, essentially becoming a rolling equivalent to the Erie Canal, and was thought to be, like the canal, a symbol of America’s growth and expansion. The problem was that it wasn’t always very profitable as it was thought it would be. He based his profound belief that by including the Erie Railway to his network of other railroads, he could control much of America’s railroad network.

It has been through a relatively mysterious as far as the end of the Erie Railroad War is concerned. Vanderbilt went into a deal with Drew convincing him, Gould, and Fisk to go along. The younger men, however, negated Drew by taking over control of the railroad. But Vanderbilt exacted some revenge by having the Erie Railroad buy back the watered stock he had purchased earlier. Finally, Gould and Fisk wound up running the Erie Railroad, and essentially looting it. Their former partner Drew went into semi-retirement. Despite having not acquired the Erie, Cornelius Vanderbilt remained the richest man in America. McNamara, Robert.