Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
As treasurer of Erie, however, Drew took an active part in the progress
of legislative matters. He was the first to see that Senator Mattoon,
who was chiefly instrumental in organizing the Investigating Committee,
wanted tangible recognition of his services before the Committee made
its report. He thought he was using Mattoon, but the Senator used him,
and gave his casting vote in favor of Vanderbilt, whom he used also,
after the most approved method of Albany legislators. Mattoon was also
found on the winning side at the end of the legislative farce, when the
bill in favor of the Erie clique and its over-issue of stock was passed,
and no doubt got his fair share of the half million with which Drew
fortified Gould from the Erie treasury when this gentleman went to
Albany to conduct the war in the Legislature against Vanderbilt
concerning the extra issue of Erie stock.
------------------------------------------------------------------------
CHAPTER XVI.
DREW AND THE ERIE “CORNERS.”
A HARMONIOUS UNDERSTANDING WITH THE COMMODORE.—HOW THE COMPROMISE WAS
EFFECTED.—AN INTERESTING INTERVIEW WITH FISK AND GOULD IN THE
COMMODORE’S BED-ROOM.—HOW RICHARD SCHELL RAISED THE WIND FOR THE
COMMODORE.—DREW’S SHARE OF THE SPOILS.—HE TRIES TO RETIRE FROM WALL
STREET, BUT CAN’T.—THE SETTLEMENT COST ERIE NINE MILLIONS.—GOULD AND
FISK “WATER” ERIE AGAIN, TO THE EXTENT OF TWENTY-THREE MILLIONS, BUT
LEAVE DREW OUT.-“UNCLE DANIEL” RETURNS TO THE STREET.—HE IS
INVEIGLED INTO A BLIND POOL BY GOULD AND FISK, LOSES A MILLION AND
RETREATS FROM THE POOL.—HE THEN OPERATES ALONE ON THE “SHORT” SIDE
AND THROWS AWAY MILLIONS.—HE TRIES PRAYER, BUT IT “AVAILETH
NOT.”-“IT’S NO USE, BROTHER, THE MARKET STILL GOES UP.”—PRAYING AND
WATCHING THE TICKER.—HOPELESSLY “CORNERED” AND RUINED BY HIS FORMER
PUPILS AND PARTNERS.
About the middle of April Drew emerged from his retreat in Jersey City,
and appeared openly in Wall Street, apparently without any fear of
arrest. Other members of the Erie clique had gone through the formality
of purging their contempt of court, but had not made their peace with
the Commodore, and things went forward without any special interruption
or excitement until July, when a settlement was made with Vanderbilt.
It was agreed that the Commodore should be relieved of 50,000 shares of
Erie stock at 70, for which he was to receive $2,500,000 in cash, and
$1,250,000 in bonds of the Boston, Hartford & Erie at 80. It was further
stipulated that he was to receive $1,000,000 for the privilege of
calling on him at any time within four months for the remaining 50,000
shares of Erie at 70. He was allotted two seats in the Erie Board of
Directors. All suits between the two high contending parties were to be
dismissed and all offenses whatsoever relating to the case, in the
language of the law, were to be condoned.
Public-domain text, read in full here on John Shaqi.
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