Business; Capitalists and financiers -- United States; Speculation; Wall Street (New York, N.Y.)
While these gamesters were feeding the Commodore with this extemporized
stuff to order, Fisk said: “If this printing press don’t break down,
I’ll be d—d if I don’t give the old hog all he wants of Erie.”
The printing press did not break down, but did its work well until the
Commodore was nearly “burst,” and had it not been for his indomitable
courage and the hold he had acquired on the courts, he would have been
bankrupt. His escape seemed almost a miracle to the people of Wall
Street, and Gould and Fisk were not less surprised that they had met a
foeman worthy of their steel. In spite of the fact that he spilled over
seven millions like water, the Commodore managed to sustain the market
through it all, and prevented a crash that, in its local effects, at
least, would have been as disastrous as that of Black Friday.
Certain innocent holders who had been badly crushed in the collision
between the great leaders received a financial emollient for their
lacerated feelings, amounting in the aggregate to $429,250. The Boston
party, represented by Mr. Eldridge, was to be relieved of five millions
of its precious Boston, Hartford & Erie bonds, receiving therefor four
millions of Erie acceptances.
Thus, the settlement in full cost Erie about nine million dollars. The
Erie stock and bondholders were saddled with this liability in defiance
of law and justice.
Gould and Fisk pretended to be opposed to the settlement, leaving the
public to infer that it was all the work of Drew with Vanderbilt.
However this may have been, it was probably the best thing the others
could have done to relieve themselves of their various complications at
the time. No doubt the Vanderbilt note to Drew, for which the waiter was
discharged from Taylor’s Hotel, was at the bottom of the whole
settlement.
Drew was left to enjoy his share of the fruits of the “corner,” which
netted seven millions, except that he had to pay into the Erie treasury
the trifling item of $540,000 in discharge of interest and all claims or
causes of action which might be presented against him by the Erie
Company. The Erie Railway fell to the lot of Gould and Fisk as their
share of the spoils growing out of the _entente cordiale_.
Drew then retired from Wall Street in the same way that Gould has so
often retired since that time, except that Drew had probably an honest
intention so far as it was possible for him to have such a conception of
leaving the Street forever, but it would seem that he had not the power
to do so. Once in Wall Street, always in Wall Street. It is like the
doctrine of the final perseverance of the saints, as laid down in the
Westminster Confession of Faith. It is impossible to get out of it when
the speculator gets fairly into its fascinating grasp.
Public-domain text, read in full here on John Shaqi.
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