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The Central Pacific Railroad (CPRR) was a rail company chartered by U.S. Congress in 1862 to build a railroad eastwards from Sacramento, California, to complete the western part of the "First Transcontinental Railroad" in North America. Incorporated in 1861, CPRR ceased operation in 1885 when it was acquired by Southern Pacific Railroad as a leased line.
A stock exchange, securities exchange, or bourse is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds, and other financial instruments. Stock exchanges may also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic trading platform.
Jason Cooke was an American financier who helped finance the Union war effort during the American Civil War and the postwar development of railroads in the northwestern United States. He is generally acknowledged as the first major investment banker in the United States and creator of the first wire house firm.
John Pierpont Morgan was an American financier and banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries.
The Black Friday gold panic of September 24, 1869 was caused by a conspiracy between two investors, Jay Gould and his partner James Fisk, and Abel Corbin, a small time speculator who had married Virginia (Jennie) Grant, the younger sister of President Grant. They formed the Gold Ring to corner the gold market and force up the price of that metal on the New York Gold Exchange. The scandal took place during the Presidency of Ulysses S. Grant, whose policy was to sell Treasury gold at weekly intervals to pay off the national debt, stabilize the dollar, and boost the economy. The country had gone through tremendous upheaval during the Civil War and was not yet fully restored.
The Pacific Railroad Acts of 1862 were a series of acts of Congress that promoted the construction of a "transcontinental railroad" in the United States through authorizing the issuance of government bonds and the grants of land to railroad companies. The War Department under then Secretary of War Jefferson Davis was authorized by the Congress in 1853 to conduct surveys of five different potential transcontinental routes from the Mississippi ranging from north to south and submitted a massive twelve volume report to Congress with the results in early 1855. However, no route or bill could be agreed upon and passed authorizing the Government's financial support and land grants until the secession of the southern states in 1861 removed their opposition to a central route. The Pacific Railroad Act of 1862 was the original act. Some of its provisions were subsequently modified, expanded, or repealed by four additional amending Acts: The Pacific Railroad Act of 1863, Pacific Railroad Act of 1864, Pacific Railroad Act of 1865, and Pacific Railroad Act of 1866.
The Crédit Mobilier scandal, which came to public attention in 1872, was a two-part fraud conducted from 1864 to 1867 by the Union Pacific Railroad and the Crédit Mobilier of America construction company in the building of the eastern portion of the First Transcontinental Railroad. The story was broken by The New York Sun during the 1872 campaign of Ulysses S. Grant.
The Chesapeake and Ohio Railway was a Class I railroad formed in 1869 in Virginia from several smaller Virginia railroads began in the 19th century. Led by industrialist Collis P. Huntington, it reached from Virginia's capital city of Richmond to the Ohio River by 1873, where the railroad town of Huntington, West Virginia, was named for him.
Wildcat banking was the issuance of paper currency in the United States by poorly capitalized state-chartered banks. These wildcat banks existed alongside more stable state banks during the Free Banking Era from 1836 to 1865, when the country had no national currency. States granted banking charters readily and applied regulations ineffectively if at all. Bank closures and outright scams regularly occurred, leaving people with worthless money.
The Richmond and York River Railroad Company was incorporated under an act of the Virginia General Assembly on January 31, 1853. The State of Virginia subscribed to 60 per cent of the capital stock. The company built and initially operated 39 miles (63 km) of railroad line between Richmond, Virginia and West Point, Virginia on the York River. The railroad prospered during the first year of the American Civil War but was wrecked during the Peninsula Campaign. It was rebuilt after the Civil War. In 1894, it became part of the Southern Railway Company.
Sidney Dillon was an American railroad executive and one the nation's premier railroad builders.
Jay Cooke & Company was a U.S. bank that operated from 1861 to 1873. Headquartered in Philadelphia, Pennsylvania, with branches in New York City and Washington, D.C., the bank helped underwrite the Union Civil War effort. It was the first "wire" brokerage house, pioneering the use of telegraph messages to confirm securities transactions with clients. The bank became overextended in the building of the Northern Pacific Railway and failed, contributing to the Panic of 1873.
The Buffalo and Susquehanna Railroad was a railroad company that formerly operated in western and north central Pennsylvania and western New York. It was created in 1893 by the merger and consolidation of several smaller logging railroads. It operated independently until 1929, when a majority of its capital stock was purchased by the Baltimore and Ohio Railroad. At the same time, the B&O also purchased control of the neighboring Buffalo, Rochester, and Pittsburgh Railway. The Baltimore and Ohio officially took over operations of both roads in 1932.
Fisk & Robinson was one of the best-known bond houses in Wall Street in the early 20th century, dealing in United States Treasury security and bonds, New York City and other municipal bonds. It was prominently connected with the financing of railroads.
Harvey Edward Fisk was an American banker and financial writer. At the time of his death he was the only surviving son of Harvey Fisk, who founded the banking house of Fisk & Hatch in 1862 and helped the Union finance the Civil War. He was associated with his brother Pliny Fisk, who was an outstanding investment banker before the first World War, in the management of their father's firm.
Harvey Fisk & Sons was formed in 1885 from the firm Fisk & Hatch that dated back to 1862. The firm was prominent in railroad financing and financed the American Locomotive Company and the Hudson & Manhattan Railroad.
Duncan, Sherman & Company was a New York City banking firm, founded in 1852, that went bankrupt in 1875.
Alfrederick Smith Hatch was an American investment banker who founded Fisk & Hatch along with Harvey Fisk. Hatch was the President of the New York Stock Exchange from 1883 to 1884.
Harvey Fisk was an American investment banker who founded Fisk & Hatch along with Alfrederick Smith Hatch.
References
- 1 2 The National cyclopaedia of American biography: being the history of the United States as illustrated in the lives of the founders, builders, and defenders of the republic, and of the men and women who are doing the work and moulding the thought of the present time, Volume 11. J. T. White Company. 1901. Retrieved December 30, 2011.
- 1 2 Easton, Alexander N. (1905). The New York Stock Exchange: its history, its contribution to national prosperity, and its relation to American finance at the outset of the twentieth century. Stock Exchange Historical Company. p. 319 . Retrieved December 30, 2011.
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