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 that 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 | [137] |
CHAPTER XVII.
INTERESTING EPISODES IN DREW’S LIFE.
| Incidents in the Early Life of Drew; and How he Began to Make Money.—He Borrows Money from Henry Astor, Buys Cattle in Ohio and Drives them over the Alleghany Mountains under Great Hardship and Suffering.—His Great Career as a Steamboat Man, and his Opposition to Vanderbilt.—His Marriage and Family.—He Builds and Endows Religious and Educational Institutions.—Returns to his Old Home after his Speculative Fall, but can find No Rest so Far away from Wall Street.—His Hopes through Wm. H. Vanderbilt of another Start in Life.—His Bankruptcy, Liabilities and Wardrobe.—His Sudden but Peaceful End.—Characteristic Stories of his Eccentricities | [147] |
CHAPTER XVIII.
PANICS.—THEIR CAUSES.—HOW FAR PREVENTABLE.
| Not Accidental Freaks of the Market.—We are Still a Nation of Pioneers.—The Question of Panics Peculiarly American.—Violent Oscillations in Trade Owing to the Great Mass of New and Immature Undertakings.—Uncertainty about the Intrinsic Value of Properties.—Sudden Shrinkage of Railroad Properties a Fruitful Cause of Panics.—Risks and Panics Inseparable from Pioneering Enterprise.—We are Becoming Less Dependent on the Money Markets of Europe.—In Panics much Depends upon the Prudence and Self-control of the Money-Lenders.—The Law which Compels a Reserve Fund in the National Banks is at Certain Crises a Provocative of Panics.—George I. Seney.—John C. Eno.—Ferdinand Ward.—The Clearing House as a Preventive of Panics | [157] |
CHAPTER XIX.
OLD-TIME PANICS.