Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
Mr. Jerome had no sympathy for the Legislature, any more than Vanderbilt
had, but he had a patriotic desire to take care of the “Street,” thus
showing the large and comprehensive view of which this able financier is
capable where a broad speculative question and a variety of diverse
interests are involved.
“If you should carry out your threat,” said Mr. Jerome to the Commodore,
“it would break every house on the Street.”
The Commodore yielded to that touch of nature that makes all the world
akin, and under the magnetism of Jerome’s prudent entreaty, like Pharaoh
with the Israelites, agreed to let the Legislature go—at 285 for Harlem.
In one day 15,000 shares matured at this figure. Speculators who read
these lines, just pause and think of it for a moment! The stock that
sold at $3 when I made my debut in Wall Street in 1857, reached 285 in
1864, and could have been put to 1,000. Don’t you feel astounded at the
possibilities of speculation?
Then, again, think of the one-man power that could accomplish this
wonderful feat and prevail against a whole Legislature and its Governor,
with the choicest assortment of “crooked” lawyers in the State, versed
in all the arts of duplicity and cunning to aid and abet said
Legislature and its Governor.
Think of this, and then you will have some conception of the astute mind
that the Commodore possessed, without education to assist it, in the
contest against this remarkable combination of well-trained mental
forces. There can hardly be a doubt that the Commodore was a genius,
probably without equal in the financial world. There was hardly any
achievement of his life which he gloated over with such ineffable
delight as the cornering of the Legislature. He would say, when
referring to the matter afterwards: “We busted the whole Legislature,
and scores of the honorable members had to go home without paying their
board bills.” Thus ended the second “corner” in Harlem.
Many large houses were ruined by the “corner,” and a host of private
speculators lost all they had. Daniel Drew came very near being swamped
in it, but finally escaped with paying a million, chiefly through his
influence at court.
It is unnecessary to speak of the celebrated Erie “corners” here, as I
have treated them pretty fully in the life and speculations of Drew.
[Illustration:
DANIEL DREW.
]
------------------------------------------------------------------------
CHAPTER XIV.
DANIEL DREW.
Public-domain text, read in full here on John Shaqi.
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