Tenth National Bank
Encyclopedia
The Tenth National Bank was an American
bank
that existed in the 19th Century. At one time, financier Jay Gould
acquired a controlling interest in the bank, and New York's William M. Tweed ("Boss Tweed") was one of its directors. The Tenth National Bank was also "Gould's primary vehicle to finance his move to establish a gold corner
," leading up to Black Friday (1869)
.
The Bank failed in the 1870s.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
bank
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
that existed in the 19th Century. At one time, financier Jay Gould
Jay Gould
Jason "Jay" Gould was a leading American railroad developer and speculator. He has long been vilified as an archetypal robber baron, whose successes made him the ninth richest American in history. Condé Nast Portfolio ranked Gould as the 8th worst American CEO of all time...
acquired a controlling interest in the bank, and New York's William M. Tweed ("Boss Tweed") was one of its directors. The Tenth National Bank was also "Gould's primary vehicle to finance his move to establish a gold corner
Cornering the market
In finance, to corner the market is to get sufficient control of a particular stock, commodity, or other asset to allow the price to be manipulated. Another definition: "To have the greatest market share in a particular industry without having a monopoly...
," leading up to Black Friday (1869)
Black Friday (1869)
Black Friday, September 24, 1869 also known as the Fisk/Gould scandal, was a financial panic in the United States caused by two speculators’ efforts to corner the gold market on the New York Gold Exchange. It was one of several scandals that rocked the presidency of Ulysses S. Grant...
.
The Bank failed in the 1870s.