Jim Fisk, Railroad Stock Broker And Speculator

Jim Fisk was another example of why railroad tycoons held such a notorious reputation during the 19th and early 20th centuries. He was ruthless in getting what he wanted and thought little of taking people's money (through Wall Street and business dealings) if he thought it would make him just a little richer. However, Fisk's involvement with railroads centered around only one line, the Erie, in which he conspired with Jay Gould and Daniel Drew for control of the company over Cornelius Vanderbilt. Fisk was always Gould's right-hand man and stayed on with the Erie after the fight with Vanderbilt. However, he was killed at just the age of 37 by a former business associate.

Fisk's shrewd nature earned him the position of partner with the business. He would also make a name for himself during the Civil War, dealing with government contracts for textiles during the conflict. However, he also earned a notorious reputation during the war by smuggling Southern cotton through the Union blockade and selling Confederate bonds to European interests.

In 1864 Jim Fisk teamed up with Daniel Drew, whom he worked as a buyer for a few years. In 1866 Drew helped him finance his own brokerage firm, Fisk & Belden and a year later they formed an alliance with Jay Gould in attempt to keep the Erie Railroad away from magnate Cornelius Vanderbilt.

Eventually, the war was settled with Vanderbilt (who sued to reclaim his lost money) and Gould stayed in control of the Erie. Realizing that Gould held all of the cards with the railroad, Fisk allied with him and together they betrayed Drew forcing him out of power with the Erie.

Jim Fisk's and Jay Gould's legacies as shady speculators and businessmen likely began (at least in the public's eye) in August of 1869 when they attempted to corner the gold market. The hope was that by inflating the price of gold the two could likewise raise the price of agricultural products in the western states and lure farmers to sell, allowing for a great deal of freight traffic to begin moving eastward, and presumably over railroads in which they either controlled or held an interest. However, the plot failed when President U.S. Grant was forced to step in and break up their scheme (although questions have arisen as to whether Grant at least aided in their initial efforts) after what became known as "Black Friday" (which occurred on September 24, 1869).

Despite a falling out amongst Fisk and Gould after this incident they continued to work together during Gould's later ploys with the Wabash, Missouri Pacific, and Union Pacific railroads. At just the age of 37 Jim Fisk was killed on January 6, 1872 when a former business associate, Edward Stokes, shot him in New York City. Apparently, the incident involved a woman, Josie Mansfield, whom both held an interest. For more reading about Jim Fisk please click here.

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