Jim Fisk Vocab

Wall Street

Beginning in the 1860’s was and is the financial capitol of the United States; After c.1920, financial capital of the world.

broker

person who arranges a transaction between a buyer and a seller

bonds

a tradable financial asset, usual a formal document in the 1800’s, in which the issuer (debtor) owe the holder (creditor) a debt; a form of loan

political machine

a political organization, created by either the Democratic or Republican parties in the U.S., which rewards political loyalty by voters and supporters with favoritism in the form jobs, contracts, and other economic aid.

Tammany Hall

One of the most infamous political machines of the nineteenth century; Tammany Hall was run by the Democratic party of New York City with William “Boss” Marcy Tweed as its leader in the 1860’s and 1870’s.

spoils

the jobs, contracts, and other economic aid rewarded by a victorious political machine after an election; if the election resulted in a change of the party in power, the losing party’s supporters are fired from public office to be replaced with the winning party’s supporters; practice died out after civil service reform in the 1880’s and 1890’s.

greenbacks

emergency paper currency printed during the Civil War which remained in circulation throughout the 1870’s; were not backed by gold or silver; were used for everyday transactions for labor and consumer goods.

commodity

high value, high demand goods that are traded globally; in the 1870’s, popular commodities included cotton, grain, beef, gold, and silver.

corner

in financial terms, to control the majority shares or amounts of a commodity; to corner the market in gold would mean to place the control of the price of gold in the hands of a few or even one person

bulls

brokers and financial analysts who are optimistic about the financial market and economy and are buyers of stocks

bears

brokers and financial analysts who are pessimistic about the financial market and economy and are sellers of stocks

The Gold Room

the principal place in New York were gold traders and government agents bought and sold gold, affecting its price.

Protestant Orangemen

Protestant Irish who supported continued British rule of Ireland during the 1800’s; named for King William of Orange, King of Great Britain during a failed attempt by the Catholic Irish to lead a rebellion in the 1700’s against his rule

The Gilded Age

1870’s-c.1900; era of rapid industrial growth of the United States, supremacy of capitalism, and political corruption; the era is infamous for its income inequality and violent labor strikes.

Erie Railway

One of the major East to West railroads in the United States; connected New York with Chicago; was the focus of an expensive and dramatic takeover attempt in the late 1860s referred to as the Erie War

Robber Barons

derogatory term given to the industrial capitalists who took full advantage of the laissez faire culture of American capitalism to maximize profits

stock watering

issuing new shares of stock in order artificially inflate the value of a company; was a common practice during the Gilded Age