Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
The manner in which the compromise was effected is not the least
interesting part of the famous deal in Erie. Some time after Drew had
got through his famous Sunday evening interview with the Commodore,
paving the way for his partners, by weeping and showing other
manifestations of deep contrition on account of his inglorious flight to
Jersey City, Gould and Fisk came over early one morning to see the
Commodore at his residence in Washington Place. Fisk told the story of
meeting the Commodore with great unction, in his bold, brazen and lively
manner. “Gould wanted to wait,” said Fisk, “until the Commodore should
have time to get out of bed, but I rang the bell, and when the door was
opened I rushed up to his room. The Commodore was sitting on the side of
the bed with one shoe off and one shoe on. He got up, and I saw him
putting on the other shoe. I remember that shoe from its peculiarity. It
had four buckles on it. I had never seen shoes with buckles in that
manner before, and I thought, if these sort of men always wear that sort
of shoe, I might want a pair. He said I must take my position as I found
it; that there I was, and he would keep his bloodhounds (the lawyers) on
our track; that he would be damned if he didn’t keep them after us if we
didn’t take the stock off his hands. I told him that if I had my way,
I’d be damned if I would take a share of it; that he brought the
punishment on himself and he deserved it. This mellowed him down. I told
him that he was a robber. He said the suits would never be withdrawn
till he was settled with. I said (after settling with him) that it was
an almighty robbery; that we had sold ourselves to the Devil, and that
Gould felt just the same as I did.”
Among the friends who adhered to the Commodore in the trying hour of the
“corner,” besides those mentioned, were William Heath, Richard Schell
and his brother Augustus, and Rufus Hatch. Richard Schell was highly
practical and remarkably shrewd in the aid which he offered the
Commodore to obtain money for the speculative fight. He managed, through
his tact and shrewdness, to get loans on Erie after the banks had
absolutely refused to lend, on account of the over-issue of the stock.
After this refusal, he made inquiry at the banks, and found that most of
them had New York Central stock. He then went to a bank and said: “If
you don’t lend the Commodore half a million on Erie at 60, he will put
Central down to 50 to-morrow, and break half the houses on the Street.
You know whether or not you will be among them.”
The threat was repeated at other banks, and, in almost every instance,
had the desired effect, and the Commodore was supplied with the sinews
of war, but he was only throwing away his ammunition.
The Erie stock from the inexhaustible fountain of over-issue was
supplied to him without stint, and his attempts to “corner” the clique
were absolutely futile.
Public-domain text, read in full here on John Shaqi.
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