The morning journal-courier. (New Haven, Conn.) 1907-1913, 1908-08-13

ent house Of Prince & Whitely). !
August Belmont and many others all
OF whom have Joined the innumer-
able caravan and who cut big figures
In financial affairs In this country in
their day-great brokers and bankers,
promoters and manipulators. In fact,
although the new additions to the
book are useful, and informing, the
old portion Is by far the more inter-
esting in Its telling about these mag
mates, OF the making and losing Of
great fortunes, the sudden uplifting Of
comparatively unknown men to dizzy
heights OF wealth and opulence and
the as sudden tumbling OF these same
mems big fortunes and their down
fall to poverty and obscurity again. A
most valuable feature OF the book Is
the big array OF portraits of men OF
fame In Wall streets past and pres
ent. AS says the New York Globe in
It's very happy resume of this notable
book: But the whole Is a fascinating
volume the Coincide Humane OF
! Wall street. book as interesting to
American readers at least as any story
4 by Balzac, rich In the romances of
sudden fortunes and equally sudden
slumps, and full OF stories about such
famous early characters in the street
as Uncle Daniel Drew, suffering Ira
vers, 'Public-be Damned Vanderbilt,
and many others. If Mr.. Clews' BIZ
I ographical sketches OF Edward H.
I Hartman. Thomas Fortune Ryan,
4 August Belmont, and other big men
I of the present time seem mere skele-
ton outlines compared with the richly
human portraits in the first volume, 1t
i will probably be because a certain
4 perspective of years is needed to fol-
low Oliver Cromwel's advice Paint
\ Me as i am. In addition to Mr..
/ Clews' analysis OF recent and present
/ business and financial conditions,
which Will be found interesting and
profitable, the new part contains
many OF his letters and addresses,
which make pertinent a story of Trav-
ers, which Mr. Clews doesn't hesitate
to tell on himself At a dinner Mr..
Travers announced that Mr. Clews
wouldn't make a speech. but 'w-will
s-soon w-write you l-letter.
The stock exchange had its begin
ming in l792 under the buttonwood
tree In front OF what Is now 60 Wall
street. The present building was
erected at a cost OF nearly $4,000, 900.
and according TO Mr.. Clews, 1t costs
nearly 100000 year 10 pay the sal
aries of the various officials. and 10
keep the building in repair. Mr..
Clews paid In fees and other expenses
approximately $500 for his seat in the
exchange. The market value Of a
membership now varies from 100000
to 100000. But that high value
was placed on membership even in the
earlier days Mr. Clews says in proven
by the fact that frequently as much
as 500 a week was paid by specula-
tors for listening at the keyhole dur
ing the calls. Also an open board
after failing to force themselves into
the regular organization. engaged a
building next to the board room and
dug the bricks out of the wall In order
that they might see and hear what
was going on. AT the time OF Mr.
| Clews' advent into Wall street, the
board met in Dan Lords Building,
which had entrances on William and
Beaver streets. Here Jacob Little
made and lost nine fortunes, and An
thony Morse, the lightning calculator,
added up his column of figures four
al a time, and Uncle Daniel Drew
in his cattle drover hat was familiar
sight"
Not everybody may know that I'm
Gle Daniel" was responsible for that
original bit of nature taking called
watering stock The phrase orig
mated In Uncle Daniels practice Of
giving his cattle salt in order to Gre
ate thirst in them that would cause
them to drink large quantities Of wa
ter, and thus appear bigger and fatter
when brought to market For Drew
was originally a cattle drover. and
after that the keeper of the Bulls
Head Tavern, at the New York cattle
yards and was without any experience
of banking or Stock Exchange affairs,
when he first entered Wall street.
He never even read a newspaper,
was wholly illierate and barely learn
ed to read and write enough to be
able to sign his own name In sprawl
: ling, illegibe hand He never chang
ed the style of his dress from that
to which he was accustomed to wear
, when he was drover and when he
was worth thirteen millions. instead of
sporting a gold headed cane he went
around Wall street with the handle
, of an old broken umbrella in his
: hand While treasurer of the Erie he
used every opportunity to manipulate
: the stock to his own advantage and
was the leading bear Of the market
for many years
Drew used to pray for the market
to go up or down according to his
=, holdings, and when on one occasion II
persisted in going up when he wanted
1t to go down he went to one of his
Christian brothers with tears in his
eyes and said: TT is no use, brother
the market still goes up, and stopped
praying and fixed his attention on the
ticker At the summit of his prosper.
y. ity Drew said to a friend who had
rated him at twenty millions; II guess
sixteen will cover it.
/ OF the whole chapter of stories Mr.
Clews tells on William r. Travers, he
thinks one, relating to Jim Fisk the
/ best. When Fisk, together with ia,
Gould, secured control Of the Bostor
, opd proyidepce line of etea m hoate n,
g constituted himself commodore, anC
q when the steamers departed each da,
was always on deck, dressed in com
S modore's attire. He had large pictur
Z es of both Gould and himself painted
/; and hung up at the head of the stair
|, | leadinr IL the larre ga lnnn cabin nl