In 1869, Jay Gould and Jim Fisk cornered the gold market by bribing the US Treasury Secretary into not releasing any gold into circulation, thus driving up the price of gold, benefiting Gould and Fisk who had been hoarding gold.

ROBBER BARONS

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	Captain of Industry
B	Robber Baron
C	Either A or B
D	None of the above

Explanation:

Detailed explanation-1: -Within minutes, the price of gold dropped from $160 to $138 and Gould’s and Fisk’s gold corner was broken. Some speculators were ruined, while gamblers who had bet that the gold price would go down made money. Corbin lost money on the loan he had taken to buy gold.

Detailed explanation-2: -The government unloaded $4 million worth, and on Friday, Sept. 24, 1869, the price of gold fell from $160 to $130 per ounce. The gold market collapsed, causing the stock market to plummet more than 20% in the next week, ruining many investors. The day became known in financial history as Black Friday.

Detailed explanation-3: -(1834–72). American financier James Fisk was known for his unscrupulous business practices, joining “robber baron” Jay Gould in securities manipulations and railroad raiding. Fisk was known as “Jubilee Jim” and the “Barnum of Wall Street.” Fisk was born on April 1, 1834, in Bennington, Vermont.

There is 1 question to complete.

USA HISTORY

WESTWARD EXPANSION INDUSTRIALIZATION URBANIZATION 1870 1900

ROBBER BARONS