James Fisk (financier)
A flamboyant and unscrupulous Gilded Age financier, his brazen attempt to corner the gold market caused the Black Friday panic of 1869.
1834–1872 (age 38)·American businessman·Birthday: April 1
Biography
James Fisk Jr. was a Vermont peddler's son who barged into Wall Street with the subtlety of a circus parade. He made a fortune during the Civil War through sometimes-shady cotton contracts and then partnered with the cunning Jay Gould to wrest control of the Erie Railroad. Fisk, who loved the titles of 'Colonel' and 'Admiral' of his own private militia and steamboat fleet, was a master of spectacle. He operated from an opulent opera house, surrounded by lawyers and sycophants, and was a popular figure with New York's working class for his lavish spending and open-handedness. His notoriety peaked in 1869 when he and Gould concocted a plot to corner the U.S. gold market, even cozying up to President Ulysses S. Grant. The scheme collapsed on September 24, 1869—Black Friday—ruining many investors and triggering a national panic. Fisk's tumultuous life ended not in financial ruin but in a lurid scandal; he was shot and killed on the staircase of a New York hotel by a former business associate over a romantic entanglement.
#1 When James Was Born
The biggest hits of 1834
James's Life & Times
The world at every milestone
1834Born
1839Started school
1847Became a teenager
1850Could drive
1852Could vote
1855Turned 21
1864Turned 30
President: Abraham Lincoln
1872Died at 38
President: Ulysses S. Grant
Key Achievements
- Became a principal owner and director of the Erie Railroad, using it for massive stock manipulation.
- His and Jay Gould's actions during the 'Erie War' led to new laws regulating corporate ownership.
- Orchestrated the 'Black Friday' gold market corner attempt in 1869, causing a national financial panic.
- Used his wealth to buy and become the lead impresario of Pike's Opera House in Manhattan.
Did You Know?
During the Civil War, he allegedly smuggled Southern cotton through Union blockades for Northern mills.
He maintained a private militia unit, the 9th Regiment New York National Guard, which he led with the rank of Colonel.
Fisk was a major shareholder in the Third Avenue Railway System, a New York City streetcar company.
His funeral procession in Manhattan was a massive public spectacle, drawing huge crowds of admirers.
“A man not born to wealth must use audacity as his capital.”
