Fifty years in Wall Street. "Twenty-eight years in Wall street," revised and enlarged by a résumé of the past twenty-two years, making a record of fifty years in Wall street

Front matter

BBEsS

m H

nwni md

Chapter I. My Debut In Wall Street

Results of the Panic of 1857. — Creating a Revolution in the Methods of Doing Business m 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. 5

Chapter II. Wall Street As A Ctvtlizer

Clerical Obliquity of Judgment About Wall Street 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...... 13

Chapter III. How To Make Money In Wall Street

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

CHAPTER TV.

IMPORTANCE OF BUSINESS TRAINING.

Sons of Independent Gentlemen make very bad 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

Vlll. CONTENTS.

PAGE.

Public Offices on Business Principles. — A Pieee 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.— Though ts on the Army and Navy 25

Chapter V. Personal Honor Of Wall Street Men

Breach of Trust Rare Among Wall Street Men. — The English Clergyman's Notion of Talm age's Tirades A-gainst Wall Street. — Adventurous Thieves Have No Sympathisers 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 33

Chapter VI. Wall Street During The War

The Financiers of Wall Street Assist the Government in 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 , 39

Chapter VII. More War Reminiscences— British And Napoleonic Designs

How Napoleon Defied the Monroe Doctrine.— The Banquet to Romero. — Speeches by Eminent FinaDciers, 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 45

Chapter VIII. Foreign Intrigues Against American Liberty

How the Imperial Pirates of France and England Were Fright- . ened Off Through the Diplomacy of Seward. — Ominous

CONTENTS. IX.

PAGE.

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 59

Chapter IX Secretary Chase And The Treasury

The Depleted Condition of the Treasury when Mr. Chase took Office. — Preparations for War and Great Excitement in Washington, — Chivalrous Southerners in a Ferment. — Officials Op 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 Hoars.— Miraculously Saved from the Wreck.— How it Happened 73

Chapter X, The National Banks

Secretary Chase Considers the Problem of Providing a 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 81

Chapter XI. The New York Stock Exchange

History of the Organization for Ninety-four Years. — From 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 87

X ' CONTENTS.

Chapter XII. Paob - "corners" And Theib Effect On Values

The Senate Committee on "Corners" and " Futures. "-Specu-

f vles eD ^ ial 1 " le C ° Untry at Lar ^- A *«"' Panic ><T ^ !, mp ° rtant **»* i° «« Prevention of Fames- Corners" in all kinds of Business. -How A T

Plture^ r'' C ? rner8 "- AU Imp0rti ^ Fi ™ **- * EnteZt ; SISlatiOD AgaiDSt "Corners" would stop Enterpr.se and eause Stagnation in Business-Only the Consp lra tors themselves get hurt in " Corners."-The Black ™™ C — -"-Speeulation in Grain Beneficial to Cot

Chapter XIII. The Commodore's " Corners "

Th 'B!s r s e " t f u t on ,'; c r er -"- oommodore vana - bi]t «*

boss of the Situation—The "Corner" Forced upon

turn the Stock, and then caught them. -His able Device of Unloading while Forcing the Bears to Cover a H,gh Figures—The Harlem "Corner." _ The Common Council Betrayed the Commodore, but were Caught in the" cwn Trap, and Lost Millions-Tbe Legislature Attempt the same Game, and meet with a Similar late. ....„."!*. .! 107

Chapter XIV. Daniel Drew

Drew like Vanderbilt, an Example of Great Success without Education-Controlled more Ready Cash than any mlnTn America-Drew goes Down as Gould Rises-" isTonch

ioufv .I' " 011 ° f DreWS M1 - His Thirteen m£ lions Vanish-How he caught the Operators in " Oshkosh " by the Handkerchief Triek-The Beginning of "Un C ,e Daniel's" Troubles-The Convertible Bond Trick -The "Corner" of 1 866- M illion s Lost and Won in a Dav - Interesting Anecdote of the Youth who Speculated oSde

the Pool, and was Fed by Drew's Brokers ° .._ „,

Chapter XV. Drew And Vanderbilt

VanderbUt Essays to Swallow Erie, and Has a Narrow Escape from Choklng-He Tries to make Drew Commit Financfal Suicide-Manipulating the Stock Market and the Law Courts at the Same Time-Attempts to "Tie TJp" Z

CONTENTS. XI.

PAGE.

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 127

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 n 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 do Use, Brother, the Market Still Goes Up." — Praying and Watching the Ticker. — Hope lessly " Cornered " and Ruined by his Former Pupils and Partners 137

CHAPTER XVTI.

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,

CONTENTS.

Ch?r^ eS -T 7 ararobe -Hi S Sudden but Peaceful Eud - '"* Characteristic Stories of his Ecceulricities . . . 147

Chapter XVIII

NOt R: ue d e e r s tal T t e o kS °f. the Market -^ - Stiil a Nation of Vofeut o7ef,t Q °:° f Pani ° S P ^«l'arl y American.- New^L t SmTrade 0win * to the G««t Mass of

.ntrfn Q " m , mature Uudertakiugs.- Un eertaiuty aboutthe Intans.c Value of Properties.- Sudden Shrinkage of RaTl! road Properties a Fruitful Cause of Panics -Risks and Paa.cs Inseparable from Pioneering Enterprise lw e Tre ST. 1 ? D ~°* » t«e Money Marked Tf

Eno.— Ferdinand Ward — Th* m • „ oe ney. John C. tire of Panics... .. ! Z! . . g H ° USe as a Preven -

Chapter XIX. Old-time Panics

^Bant-Howtb"^ * ™ Br ^bt About.-Tbe State mtntP^r y EXPan<ied their Loans n »d«r Government Patronage.-Speculation was Stimulated and YaluTs

Finure! m Pao '«=-Bank Contractions and Consequent Fmlmes.-Mixmg up Business and Politics.-A General Collapse, with Intense Suffering General

Chapter XX

The Great Black Friday Scheme originates in patriotic motives Adv,s,ng Boutwelland Grant to sell Gold -The™? T Fisk played in the Speculative Drama-' Gone h .7 Woodbine Twmeth."_A general stat^ „r ™ ^ere the a*™ + tt fe«iierai state of Chaos in Wall

Street. -How the Israelite Fainted -» Wh*t i-w* L

and Compromise him and his Family in the X s™

and incidents of the Great Speculative DraTnl ll . . 181

CONTENTS. Xlll.

PAGE.

Chapter XXI. Causes Of Loss In Speculation

Inadequate Information.— False Information. — Defects of News Agencies.— Insufficiency of Margins. — Dangers of Personal Idiosyncrasies.— Operating in Season and out of Season.— Necessity of Intelligence, Judgment and Nerve.— An Ideal Standard.— What Makes a King Among Speculators ? 201

Chapter XXII. Vtllard And His Speculations

Return of the Renowned Speculator to Wall Street.— Recalling the Famous u Blind " Pool in Northern Pacific— How Villard Captured Northern Pacific— Pursuing the Tactics of Old Vanderbilt.— Raising Twelve Million Dollars on Paper Credit.— Villard Emerges from the "Blind" Pool a Great Railroad Magnate.— He Inflates his Great Scheme from Nothing to One Hundred Million Dollars.— His Unique Methods of Watering Stock as Compared with those of George I. Seney 209

Chapter XXIII. Ferdinand Ward

Peculiar Power and Methods of the Prince of Swindlers.— How he Duped Astute Financiers and Business Men of all Sorts, and Secured the Support of Eminent Statesmen and Leading Bank Officers, whom he Robbed of Millions of Money — The most Artful Dodger of Modern Times. — The Truth about the Swindle Practiced upon General Grant and his Family. 215

Chapter XXIV

HENRY N. SMITH.

How Mr. Smith Started in Life and became a Successful Operator. — His connection with the Tweed •• Ring," and how he and the Famous " Boss " made Lucky Speculations, through the use of the City Funds, in Making a Tight Money Market. — On the Verge of Ruin in a Pool with W. K. Vanderbilt. — He is Converted to the Bear Side by Woerishoffer, and Again Makes Money, but by Persistence in his Bearish Policy Ruins himself and Drags Wm. Heath & Co. down also 223

XIV. CONTENTS.

PAGE CHAPTER XXV.

KEENE'S CAREER.

He Starts in Speculation as a " Curbstone" Broker.— A Lucky Hit in a Mining Stock Puts Him on the Road to be a Millionaire. — His Speculative Encounter with the Bonanza Kings. — He Makes Four Millions, and Major Selover brings him to Wall Street, where they Form an Alliance with Gould, Who "Euchres" Both of Them.— Selover Drops Gould in an Area Way.— Keene Goes Alone and Adds Nine Millions More to His Fortune.— He Then Speculates Recklessly in Everything.— Suffers a Sudden Reversal and Gets Swamped. — Overwhelming Disaster in a Bear Campaign, Led by Gould and Cammack, in which Eeene Loses Seven Millions.— His Desperate Attempts to Recover a Part Entail Further Losses, and He Approaches the End of His Thirteen Millions.— His Princely Liberality and Social Relations with Sam Ward and Others , 229

Chapter XXVI

Deceptive Financiering. — Over-Capitalization. — Stock * Watering." — Financial Reconstructions. — Losses to the Public. — Profits of Constructors.— Bad Reputation of our Railroad Securities. — Unjust and Dangerous Distribution of the Public Wealth '. 241

Chapter XXVII. The Georgia Bo^ Repudiation

How a Sovereign Southern State Cheated the Northern Men who Helped Her in Distress.. — A New Way to Pay Old Debts. — Cancellation by Repudiation of Just Claims for Cash Loaned to Sustain the State Government, Build Public Schools and Make Needed Improvements. — Bottom Facts of the Outrage. — The Recent Attempt to Place a New Issue of Georgia Bonds on the Market while the Old ones Remain Unpaid. — The Case before Ihe Attorney-General of the State of New York. — He Examines the Legal Status of the Bonds in Connection with the Savings Banks.— His Decision Prohibits these Institutions from Investing the Hard Earnings of the Working People in these Doubtful and Dangerous Securities.— A Bold Effort to have the Fresh Issue of Georgia Paper put upon the List of Legitimate Securities of the New York Stock Exchange Firmly Opposed and Eventually Frustrated 255

CONTENTS. XV,

PAGE.

Chapter XXVIII. Andrew Johnson's Vagaries

"Swinging Around the Circle.'' — How Mr. Johnson Came to Visit New York on His Remarkable Tour. — The Grand Reception at Delmonico's. — The President Loses His Temper at Albany and Becomes an Object of Public Ridicule. — His Proclamation of "My Policy" Ironically Received. — Returns to Washington Disgraced. — The Massacre of New Orleans. — The Impeachment of the President..... 289

Chapter XXIX. The DIX Convention

How the War Democrat, General Dix, was Elected Governor by the Republican Party. — The Candidates of Senator Conkling Rejected. — How Dix was Sprung on the Convention, to the Consternation of the Caucus. — Judge Robertson's Disappointment. — Exciting Scenes in the Convention. — General Dix declines the Nomination, but Reconsiders and Accepts on the Advice of His Wife and General Grant. — How Dix's Election Ensures Grant's Second Term as President 297

Chapter XXX. Consequences Of The Utica (dix's) Convention

A Chapter of Secret History. — Conkling gets the Credit for Dix's Nomination and His " Silence Gives Consent " to the Honor. — Robertson Regards Him as a Marplot. — The Senator Innocently Condemned. — The Misunderstanding which Defeated Grant for the Third Term, and Elected Garfield. — How the Noble " 306 " were Discomfited. — " Anything to Beat Grant." — The Stalwarts and the Half Breeds.—" Me Too. " — The Excitement which Aroused Guiteau's Murderous Spirit to Kill Garfield 307

Chapter XXXI. Grant's Second Term

The Best Man for the Position and Most Deserving of the Honor. — How the "Boom" was Worked up in Favor of Grant. — The Great Financiers and Speculators all Come to the Front in the Interest of the Nation's Prosperity and of the Man who had Saved the Country.— The Great Mass Meeting at Cooper Union. — Why A. T. Stewart Refused to Preside. — The Results of the Mass Meeting and how they

XVI. CONTENTS.

rAGE. were Appreciated by the Friends of the Candidate, Leading Representatives of the Business Community and the Public Press Generally, Irrespective of Party 313

Chapter XXXII. The Tweed Ring, And The Committee Of Seventy

The Ring Makes Itself Useful in Speculative Deals.— How Tweed and His " Heelers " Manipulated the Money Market. — The Ring Conspiring to Organize a Panic for Political Purposes. — The Plot to Gain a Democratic Victory Defeated and a Panic Averted Through President Grant and Secretary Boutwell, who were Apprised of the Danger by Wall Street Men. — How the Committee of "Seventy" Originated. — The Taxpayers Terrorized by Boss Tweed and his Minions. — How " Slippery Dick " got Himself Whitewashed. — Offering the Office of City Chamberlain as a Bribe to Compromise Matters. — How the Hon. Samuel Jones Tilden, as Counsel to the Committee, Obtained His Great Start in Life 327

Chapter XXXIII

HON. SAMUEL J. TILDEN.

How Tilden began to make His Fortune in Connection with William H. Havemeyer. — Tilden's great Fort in Politics. — He Improves His Opportunity with the Discernment of Genius.— How Tilden became one of the Counsel of the 11 Committee of Seventy."— His Political Elevation and Fame dating from this Lucky Event. — The Sage of Greystone a Truly Great Man. — Attains Marvellous Success by His own Industry and Brain Power.— He not only Deserved 8uccess and Respect, but Commanded them. — How his Large Generosity was Manifested in His Last Will and Testament. — The Attempt to Break that Precious Public Document 337

.CHAPTER XXXIV.

COMMODORE VANDERBILT. — HOW HIS MAMMOTH FORTUNE WAS ACCUMULATED.

Ferryman.— Steamboat Owner. — Runs a Great Commercial Fleet.— The First and Greatest of Railroad Kings. — The Harlem " Corner." — Reorganization of N. Y. Central. — How He Milked the Street, and Euchred His Co-Speculators. — His Fortune.— Its Vast Increase by Wm. H 345

CONTENTS. XV1L

PAGE.

Chapter XXXV

TW. H. VANDERBILT.

A Builder instead of a Destroyer of Public Values.— His Respect for Public Opinion on the Subject of Monopolies. — His first Experience in Railroad Mauagement. — How he Improved the Harlem Railroad Property.— His great Executive Power manifested in every stage of advance until he became President of the Vanderbilt Consolidated System.— An Indefatigable Worker.— His habit of Scrutinizing Every Detail.— His Prudent Action in the Great Strike of 1877, and its Good Results.— Settled all misunderstandings by Peace and Arbitration.— Makes Princely Presents to his Sisters.— The Singular Gratitude of a Brother-in-Law.— How he Compromises by a Gift of a Million with Young Corneel.— Gladstone's Idea of the Vanderbilt Fortune- Interview of Chauncey M. Depew with the G. O. M. on the subject. — The great Vanderbilt Mansion and the Celebrated Ball.— The Immense Picture Gallery.— Mr. Vanderbilt Visits some of the Famous Artists.— His Love of Fast Horses. — A Patron of Publio Institutions.— His Gift to the Waiter Students.— While Sensitive to Public Opinion, has no fear of Threats or Blackmailers. — The Public be Damned. —Explanation of the rash Expression. — The Purchase of " Nickel Plate." — His Declining Health and Last Days. — His Will, and Wise Method of Distributing 200 Millions.— Effects of this Colossal Fortune on Public Sentiment 355

Chapter XXXVI. *' Young Corneel."

The Eccentricities of Cornelius Jeremiah Vanderbilt, and his Marvellous Power for Borrowing Money. — He Exercises Wonderful Influence over Greeley and Colfax. — A Dinner at the Club with Young " Corneel " and the Famous " Smiler." — " Corneel " tries to make himself Solid with Jay Cooke.— The Commodore Refuses to Pay Greeley.—" Who the Devil Asked You?" retorted Greeley. — "Corneel's" marriage to a Charming and Devoted Woman.— How She Softened the Obdurate Heart of her Father-in-Law 375

Chapter XXXVII. The Young Vanderbilts And Their Fortunes

Remarkable for Physical and Intellectual Ability. — The Mixture of Races and the Law of Selection.— TheWonderful Will and

XVllTfo CONTENTS.

PAG& the Wise Distribution of Two Hundred Millions. — Tastes, Habits and Social Proclivities of the Young Vanderbilts.— The Married Relations of Some of Them.— Being Happily Assorted they Make Good Husbands.— Their Property Regarded as a Great Trust.— Their Railroad System and its Great Army of Employes. — The Young Men Cautious About Speculating, and Conservative m their Expenses Generally 387

Chapter Xxxviii. The Kothschilds

The Beginning of the Financial Career of the Great House of Rothschild. — The Hessian Blood Money was the Great Foundation of their Fortune.— How the Firm of the Five Original Brothers was Constituted. — Nathan the Greatest Speculator of the Family. — His Career in Great Britain, and how he Misrepresented the Result of the ''Battle of Waterloo" for Speculative Purposes. — Creating a Panic on the London Stock Exchange. — His Terror of being Assassinated. — His Death Causes a Panic on the London Exchange and

the Bourses 897

Chapter XXXIX. Travers

The Unique Character of Travers. — His Versatile Attainments. — Although of a Genial and Humorous Disposition, He was Always a Bear.— How He was the Means of Preserving the Commercial Supremacy of New York. — He Squashes the English Bravado, and Saves the Oratorical Honor of Our Country.— Has the Oyster Brains? — It Must have Brains, for it Knows Enough to Sh-sh-shut Up. — The Dog and the Rat. — I d-d-don't want to Buy the D-d-dog ; I will Buy the R-r-rat.— Travers on the Royal Stand at the Derby. —How He was Euchred by the Pool-Seller —My Proxy in a Speech at the Union Club.— If You are a S-s-self-made Man, Wh-wh-y the D-devil didn't You put more H-hair on the Top of Your Head?— Other Witticisms, &c— Death of the Great Wit and Humorist, and some of His Last Witty Sayings 40?

Chapter XL

CHARLES F. WOERISHOFFEB

The Career of Charles F. Woerishoffer and the Resultant Effect upon Succeeding Generations. — The Peouliar Power of the Great Leader of the Bear Element in Wall Street — His Methods as Compared with Those of Other Wreckers of

CONTENTS. XIX.

PAGE.

Values. —A Bismarck Idea of Aggressiveness the Ruling Element of His Business Life.— His Grand Attack on the Villard Properties, and the Consequence Thereof. — His Benefactions to Faithful Friends 425

Chapter XLI. Women As Speculators

Wall Street no Place for Women. — They Lack the Mental Equipment. — False Defenses of Feminine Financiers. — The Claflin Sisters and Commodore Vanderbilt. — Fortune and Reputation Alike Endangered '.. 437

CHAPTER XLII. WESTEEN millionaires in new yore

Eastward the Star of Wealth and the Tide of Beauty Take their Course. — Influence of the Fair Sex on this Tendency, and Why. — New York the Great Magnet of the Country. — Swinging into the Tide of Fashion.— Collis P. Huntington. — His Career from Penury to the Possessor of Thirty Millions. — Leland Stanford — first a Lawyer in Albany, and afterward a Speculator on the Pacific Coast. — Has Rolled Up nearly Forty Millions. — D. O. Mills — an Astute and Bold Financier. — Courage and Caution Combined. — His Rapid Rise in California — He Makes a Fortune by Investing in Lake Shore Stock. — Princes of the Pacific Slope. — Mackay, Flood and Fair. —Their Rise and Progress. — William Sharon —A Brief Account of His Great Success. — Wm» C. Ralston and His Daring Speculations. — Begins a Poor New York Boy, and Makes a Fortune in California. — John P. Jones. — His Eventful Career and Political Progress. — " Lucky " Baldwin.— His Business Ability and Advancement.— Lucky Speculations. — Amasses Ten or Fifteen Millions. — William A. Stewart. — Discovers the Eureka Placer Diggings. — His Success as a Lawyer and in Mining Enterprises. — James Lick. — One of the Most Eccentric of the California Magnates.— Real Estate Speculations. — His Bequest to the Author of the " Star Spangled Banner." — John W, Shaw, Speculator and Lawyer 447

Chapter XLIII. Railroad Investments

Vastness of our Railroad System. — Its Cost. — Fall in the Rate of Interest. — Tendency to a Four Per Cent. Rate on Rail-

Q

XX. CONTENTS.

PAGIi road Bonds. — Effect of the Change on Stocks. — Prospective Speculation. — Some Social Inequities to beAdjusted through Cheaper Transportation 475

Chapter XLIV. The Silver Question

Its Fundamental Importance. — Dangers of Neglecting it. — Attempts at Evasion. — How it must be Finally met. — Silver Paper Currency Schemes, and their Futility 481

Chapter XLV. The Labor Question

Harmony Between the Representatives of Capital and Labor Necessary for Business Prosperity. — If Manufacturers should Combine to Regulate Wages the Arrangement could only be Temporary. — The Workingmen are Taken Care of by the Natural Laws of Trade. — Competition among the Capitalists Sustains the Rate of Wages. — Opinion of John Stuart Mill on this Subject. — Compelling a Uniform Rate of Pay is a Gross Injustice to the Most Skilful Workmen. — The Tendency of the Trades Unions to Debar the Workingman from Social Elevation. — The Power of the Unions Brought to a Test—The Universal Failure of the Strikes. — Revolutionary Demands of the Knights of Labor. — Gould and the Strikes on the Missouri Pacific, &c, &c 491

Chapter XLVI. An Important Synopsis

A Resume in Brief of the Leading Events Connected with

Wall Street Affairs for Seventy-seven Years 503

CHAPTER XL VII.

INTERNATIONAL SIGNIFICANCE OP THE BARTHOLDI STATUE.

Great as an Achievement of Art, but Greater as the Embodiment of the Idea of Universal Freedom the World Over. — It is a Poetic Idea of a Universal Republic. — Enlightenment of the World Must Result in the Freedom of Man 526

Chapter XLVIII. Large Fortunes And Their Disposition

How the Fortunes of the Astors were Made.— George Peabody and His Philanthropic Schemes. — Johns Hopkins and his Peculiarities. — A. T. Stewart and his Abortive Plans. — A

CONTENTS. XX1.

PAGE.

Sculptor's Opinion of his Head. — Eccentricities of Stephen Qirard, and How he Treated his Poor Sister. — His Penurious Habits and Great Donations. — James Lenox and the Library which he Left.— How Peter Cooper Made his Fortune, and his Liberal Gifts to the Cause of Education. — Samuel J. Tilden's Munificent Bequests.— The Vanderbilt Clinic. — Lick, Corcoran, Stevens and Catharine Wolf... 529

Chapter XLIX. Southern Affairs In Speculation

The Preservation of the Union a Great Blessing. — To Let them " Secesh " would have been National Suicide. — How Immigration has Assisted National Prosperity. — Rescued from the Dynastic Oppression of European Governments. — Showing Good Fellowship towards the Southern People and Aiding them in their Internal Improvements. —The South, Immediately after the War, had Greater Advantages than the North for Making Material Progress. — The Business of the North was Inflated. — The States of Georgia and Alabama Offered Inviting Fields for Investment.— Issuing State Securities, Cheating and Repudiating. — President Johnson Chiefly to Blame for the Breach of Faith with Investors who were Swindled out of their Money.— Revenge and Avarice Unite in Financial Repudiation 541

Chapter L. Western And Southern Financial Leaders

Alfred Sully, his Origin and Successful Career. — Calvin S. Brice, a Financier of Ability. — General Samuel Thomas, Prominent in the Southern Railroad System. — General Thomas M. Logan, a Successful Man in Railroading and Mining. — Financial Chieftains of Baltimore. — The Garretts. —Their Great Success as Railroad Managers. — Portrait of Robert Garrett ... 553

Chapter LI. Arbitration

How the System of Settling Disputes and Misunderstandings by Arbitration has Worked in the Stock Exchange. — Why not Extend the System to Business Matters Generally ? — Its Great Advantages over Going to Law. — It is Cheap and has no Vexatious Delays. — Trial by Jury a Partial Failure. — Some Prominent Cases in Point. — Jury " Fixing" and its xxii. CONTENTS.

PACE Consequences.— How Juries are Swayed by their Sympathies. — A Curious Miscarriage of Justice before a Referee.— The Little Game of the Diamond Broker 561

Chapter LII. New Yoke As A Financial Centre

Its Past, Its Present, Its Future. — Banking Decadence. — Growth of Interior Centres. — Obstruction from the National Bank Laws. — Relief Demanded. — Requirements of the Future 577

Chapter LIII. Earthquake Theories And Wall Street Affairs

The Shock of Every Calamity Felt in Wall Street. — Earthquakes the only Disasters which seem to Defy the Power of Precaution. — Becoming a Subject of Serious Thought for Wall Street Men and Business Men.— The Volcanic Theory of Earthquakes. — Other Causes at Work Producing these Terrific Upheavals. — Why Charleston was more Severely Shaken Up than New York. — Why the Southern Earthquake did not Strike Wall Street with Great Force. — Earthquakes Likely to Become the Great Disasters of the Future. 589

Chapter LIV

The American Representative of the Rothschilds— Begins Life in the Rothschilds' House in Frankfort. — Consul General to Austria and Minister to the Hague. — A Great Financier and a Connoisseur in Art £i5

Chapter LV. The Socialist Objections To The Present Order Of Society Ex

AM1NED.

Increase of Population and the Growing Pressure upon the Means of Subsistence.— Education and Moral Improvement the True Remedy for Existing or Threatened Evils.— Errors of Communism and Socialism. — How Socialistic Leaders and Philosophers Recognize the Truth. — Growth of Population Does Not Mean Poverty &99

Chapter LVI. Stock Exchange Celebrities

How Wall Street Bankers' Nerves are Tried. — Fine Humor, Jocular Dispositions, and Scholarly Taste of Operators.— *

CONTENTS. XX111.

PAGE.

George Gould as a Future Financial Power.— American Nobility Compared with European Aristocracy.— How the Irish Can Assist to Purge Great Britain of her Bilious Incubus of Nobility. -The Natural Nobility of Our Own Country and Their Destiny 603

CHAPTEE LYII.

A LOOK INTO THE FUTUBE.

What We Are.— What We are Preparing For.— What We are Destined to Do and to Become.— We are Entering on an Era of Seeming Impossibilities.— Yet the Inconceivable Will be Realized ;;. 611

CHAPTER LYIII.

JAY GOULD.

His Birth and Early Education.- Clerk in a Country Store.— He Invents a Mouse Trap.— Becomes a Civil Engineer and Surveys Delaware County.— Writes a Book and Sells it. — Gets a Partnership in a Pennsylvania Tannery and soon Buys his Partner Out.— He comes to New York to Sell his Leather, falls in Love with a Leather Merchant's Daughter and Marries her.— Settles in the Metropolis and begins to Deal in Railroads.— Buys a Bankrupt Road from his Father-in-law, Reorganizes it and Sells it at a Considerable Profit.— Henceforth he makes his Money Dealing in Railroads.— His Method of Buying, Reoganizing and Selling Out at a Large Profit.— How he Managed Erie in connection with Fisk and Drew.— His Operations on Black Friday.— Checkmated by Commodore Vanderbilt and obliged to Settle.— He makes Millions out of Wabash and Kansas & Texas.— His Venture in Union Pacific— His Construction Companies.— Organization of American Union Telegraph, and his Method of Absorbing and Getting Control of Western Union.— The Strike of the Telegraphers and his Great Encounter with the Knights of Labor and Trades Unionist.— Gould's First Yachting Expedition.— An exceedingly Humerous Story of his early Experience on the Water.— His Status as a Factor in Railroad Management. ... — 619