Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
A good story, illustrative of this trait in his speculative character,
is told of the time that he was so severely squeezed in Northwestern
stock. He was greatly grieved at his ill luck, while the brokers and
operators who had been prosperous at his expense were highly elated.
They considered it a great thing to have caught the wily old Daniel
napping. He was accordingly made the victim of much ribaldry and jesting
for several days in Wall Street. Some of the young men carried the joke
so far as to meet him and laugh significantly and irritatingly in his
face. He seemed to take it all in good part, for he had a happy flow of
animal spirits, but he had a terrible rod in pickle for these young men
who were making him an object of ridicule. He watched for his
opportunity, and one evening as several of them were enjoying themselves
in an uptown club, Uncle Daniel walked in, _sans ceremonie_. He appeared
to be looking after some man, and though invited to remain, seemed to be
in a great hurry to get away, and was apparently excited and warm. He
seemed to have something important on hand. He drew a big white
handkerchief out of his pocket a few times and wiped the perspiration
from his heated brow. When he was about to depart there came out of his
pocket with the handkerchief a small slip of white paper which floated
around apparently unseen by him, and alighted at the feet of one of the
bystanders, who quickly set his foot upon it. When Mr. Drew made his
exit the white scrap of paper was instantly scanned. It contained these
ominous words in his own handwriting: “Buy me all the Oshkosh stock you
can at any price you can get it below par.”
Here was a speculative revelation for the boys, for everybody believed
at the time that Oshkosh had already gone too high, and the point had
been circulated to sell it “short.” The mysterious words written on this
erratic slip of paper, however, convinced these operators that there
must be a new deal to give Oshkosh another “kiting.” There was no time
to be lost in taking advantage of the unexpected and highly valuable
information. They formed a pool to purchase 30,000 shares the next day.
They bought the stock according to pre-arrangement, and a new broker of
Daniel Drew’s was the man who sold it to them. They only discovered how
badly they themselves had been sold by Mr. Drew’s handkerchief trick
when Oshkosh began to decline at the rate of a dozen points a day, and
Uncle Daniel soon raked in from the jokers and their friends more than
he had lost in Northwest.
Mr. Drew first entered the Board of Directors in Erie about the year
1852, and remained there until he was squeezed out, and almost ruined,
in 1868. He held the office of treasurer to the corporation.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account