Fifty Years in Wall Street

CHAPTER I.. My Debut in Wall Street.

MY DEBUT IN WALL STREET.

Results of the Panic of 1857.—Creating a Revolution in 5 the Methods of Doing Business in Wall Street.—The Old “Fogies” of the Street, and How They were Surprised.—Their Prejudices and How they Originated.—The Struggle of the Young Bloods for Membership.—The Youthful Element in Finance Peculiar to this Country.—The Palmy Days of Little, Drew and Morse.—The Origin of “Corners,” and the “Option” Limit of Sixty Days

CHAPTER II.. Wall Street As a Civilizer.

WALL STREET AS A CIVILIZER.

Clerical Obliquity of Judgment About Wall Street 13 Affairs.—The Slanderous Eloquence of Talmage.—Wall Street a Great Distributor, as Exhibited in the Clearing House Transactions.—Popular Delusions in Regard to Speculation.—What Our Revolutionary Sires Advised About Improving the Industrial Arts, Showing the Striking Contrast Between Their Views and the Way Lord Salisbury Wanted to Fix Things for This Country

CHAPTER III.. How to Make Money in Wall Street.

HOW TO MAKE MONEY IN WALL STREET.

How to Take Advantage of Periodical Panics in Order to 19 Make Money.—Wholesome Advice to Young Speculators.—Alleged “Points” from Big Speculators End in Loss or Disaster.—Professional Advice the Surest and Cheapest, and How and Where to Obtain It

CHAPTER IV.. Importance of Business Training.

IMPORTANCE OF BUSINESS TRAINING.

Sons of Independent Gentlemen make very bad 25 Clerks.—They become Unpopular with the Other Boys, and must Eventually Go.—Night Dancing and Late Suppers don’t Contribute to Business Success.—Give Merit its True Reward.—Keeping Worthless Pretense in its True Position.—Running Public Offices on Business Principles.—A Piece of Gratuitous Advice for the Administration.—A College Course not in General Calculated to make a Good Business Man.—The Question of Adaptability Important.—Children should be Encouraged in the Occupation for which they show a Preference.—Thoughts on the Army and Navy

CHAPTER V.. Personal Honor of Wall Street Men.

PERSONAL HONOR OF WALL STREET MEN.

Breach of Trust Rare Among Wall Street Men.—The English 33 Clergyman’s Notion of Talmage’s Tirades Against Wall Street.—Adventurous Thieves Have No Sympathizers Among Wall Street Operators.—Early Training Necessary for Success in Speculation.—Ferdinand Ward’s Evil Genius.—A Great Business can only be Built up on Honest Principles.—Great Generals Make Poor Financiers, Through Want of Early Training.—Practical Business is the Best College

CHAPTER VI.. Wall Street During the War.

WALL STREET DURING THE WAR.

The Financiers of Wall Street Assist the Government in 39 the Hour of the Country’s Peril.—The Issue of the Treasury Notes.—Jay Cooke’s Northern Pacific Scheme Precipitates the Panic of 1873.—Wall Street Has Played a Prominent Part in the Great Evolution and Progress of the Present Age

CHAPTER VII.. More War Reminiscences—British and Napoleonic Designs.

MORE WAR REMINISCENCES—BRITISH AND NAPOLEONIC DESIGNS.

How Napoleon Defied the Monroe Doctrine.—The Banquet to 45 Romero.—Speeches by Eminent Financiers, Jurists and Business Men.—The Eloquent Address of Romero Against French Intervention.—Napoleon shows his Animus by Destroying the Newspapers Containing the Report of the Banquet.—The Emperor Plotting with Representatives of the English Parliament to Aid the Confederates and Make War on the United States

CHAPTER VIII.. Foreign Intrigues Against American Liberty.

FOREIGN INTRIGUES AGAINST AMERICAN LIBERTY.

How the Imperial Pirates of France and England Were 59 Frightened Off Through the Diplomacy of Seward.—Ominous Appearance of the Russian Fleet in American Waters.—Napoleon Aims at the Creation of an Empire West of the Mississippi, and the Restoration of the Old French Colonies.—Plotting with Slidell, Benjamin, Lindsay, Roebuck and Others.—Urging England to Recognize the Confederacy.—Disraeli Explains England’s Designs and Diplomacy.—After the Naval Victory of Farragut and the Capture of New Orleans England Hesitates Through Fear, and Napoleon Changes His Tactics.—Renewal of Intrigues Between England and France.—Their Dastardly Purposes Defeated by the Victories of Gettysburg, Vicksburg and the General Triumph of the Union Arms

CHAPTER IX.. Secretary Chase and the Treasury.

SECRETARY CHASE AND THE TREASURY.

The Depleted Condition of the Treasury when Mr. Chase 73 took Office.—Preparations for War and Great Excitement in Washington.—Chivalrous Southerners in a Ferment.—Officials Up in Arms in Defence of their Menaced Positions.—Miscalculation with Regard to the Probable Duration of the War.—A Visit to Washington and an Interview with Secretary Chase.—Disappointment about the Sale of Government Bonds.—A Panic Precipitated in Wall Street.—Millionaires Reduced to Indigence in a Few Hours.—Miraculously Saved from the Wreck.—How it Happened

CHAPTER X.. The National Banks.

THE NATIONAL BANKS.

Secretary Chase Considers the Problem of Providing a 81 National Currency.—How E. G. Spaulding takes a Prominent Part in the Discussion of the Bank Act.—The Act Founded on the Bank Act of the State of New York.—Effect of the Act upon the Credit of the Country.—A New System of Banking Required

CHAPTER XI.. The New York Stock Exchange.

THE NEW YORK STOCK EXCHANGE.

History of the Organization for Ninety-four Years.—From 87 a Button-Wood Tree to a Palace Costing Millions of Dollars.—Enormous Growth and Development of the Business.—How the Present Stock Exchange was Formed by the Consolidation of other Financial Bodies.—Patriotic Action During the War Period.—Reminiscences of Men and Events

CHAPTER XII.. “corners” and Their Effect on Values.

“CORNERS” AND THEIR EFFECT ON VALUES.

The Senate Committee on “Corners” and 95 “Futures.”—Speculation Beneficial to the Country at Large.—A Regulator of Values, and an Important Agent in the Prevention of Panics.-“Corners” in all kinds of Business.—How A. T. Stewart made “Corners.”—All Importing Firms deal in “Futures.”—Legislation Against “Corners” would stop Enterprise and cause Stagnation in Business.—Only the Conspirators themselves get hurt in “Corners.”—The Black Friday “Corner.”—Speculation in Grain Beneficial to Consumers

CHAPTER XIII.. The Commodore’s “corners.”

THE COMMODORE’S “CORNERS.”

The Great Hudson “Corner.”—Commodore Vanderbilt the 107 “Boss” of the Situation.—The “Corner” Forced upon Him.—How he Managed the Trick of getting the Bears to “Turn” the Stock, and then caught them.—His able Device of Unloading while Forcing the Bears to Cover at High Figures.—The Harlem “Corner.”—The Common Council Betrayed the Commodore, but were Caught in their own Trap, and Lost Millions.—The Legislature Attempt the same Game, and meet with a Similar Fate

CHAPTER XIV.. Daniel Drew.

DANIEL DREW.

Drew, like Vanderbilt, an Example of Great Success 117 without Education.—Controlled more Ready Cash than any man in America.—Drew goes Down as Gould Rises.-“His Touch is Death.”—Prediction of Drew’s Fall.—His Thirteen Millions Vanish.—How he caught the Operators in “Oshkosh” by the Handkerchief Trick.—The Beginning of “Uncle Daniel’s” Troubles.—The Convertible Bond Trick.—The “Corner” of 1866.—Millions Lost and Won in a Day.—Interesting Anecdote of the Youth who Speculated outside the Pool, and was Fed by Drew’s Brokers

CHAPTER XV.. Drew and Vanderbilt.

DREW AND VANDERBILT.

Vanderbilt Essays to Swallow Erie, and Has a Narrow 127 Escape from Choking.—He Tries to make Drew Commit Financial Suicide.—Manipulating the Stock Market and the Law Courts at the Same Time.—Attempts to “Tie Up” the Hands of Drew.—Manufacturing Bonds with the Erie Paper Mill and Printing Press.—Fisk Steals the Books and Evades the Injunction.—Drew Throws Fifty Thousand Shares on the Market and Defeats the Commodore.—The “Corner” is Broken and Becomes a Boomerang.—Vanderbilt’s Fury Knows no Bounds.—In his Rage he Applies to the Courts.—The Clique’s Inglorious Flight to Jersey City.—Drew Crosses the Ferry with Seven Millions of Vanderbilt’s Money.—The Commodore’s Attempt to Reach the Refugees.—A Detective Bribes a Waiter at Taylor’s Hotel, who Delivers the Commodore’s Letter, which Brings Drew to Terms.—Senator Mattoon gets on the right side of Both Parties

CHAPTER XVI.. Drew and the Erie “corners.”

DREW AND THE ERIE “CORNERS.”

A Harmonious Understanding with the Commodore.—How the 137 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

CHAPTER XVII.. Interesting Episodes in Drew’s Life.

INTERESTING EPISODES IN DREW’S LIFE.

Incidents in the Early Life of Drew; and How he Began 147 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

CHAPTER XVIII.. Panics.—Their Causes.—How Far Preventable.

PANICS.—THEIR CAUSES.—HOW FAR PREVENTABLE.

Not Accidental Freaks of the Market.—We are Still a 157 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

CHAPTER XIX.. Old-Time Panics.

OLD-TIME PANICS.

The Panic of 1837.—How it was Brought About.—The State 175 Banks.—How they Expanded their Loans under Government Patronage.—Speculation was Stimulated and Values Became Inflated.—President Jackson’s “Specie Circular” Precipitates the Panic.—Bank Contractions and Consequent Failures.—Mixing up Business and Politics.—A General Collapse, with Intense Suffering

CHAPTER XX.. The True Story of Black Friday Told for the First Time.

THE TRUE STORY OF BLACK FRIDAY TOLD FOR THE FIRST TIME.

The Great Black Friday Scheme originates in patriotic 181 motives. Advising Boutwell and Grant to sell Gold.—The part Jim Fisk played in the Speculative Drama.-“Gone where the Woodbine Twineth.”—A general state of Chaos in Wall Street.—How the Israelite Fainted.-“What ish the prish now?”—Gould the Head Centre of the Plot to “Corner” Gold.—How he Managed to Draw Ample Means from Erie.—Gould and Fisk Attempt to Manipulate President Grant and Compromise him and his Family in the Plot.—Scenes and Incidents of the Great Speculative Drama

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