“The earliest recollection I have of Wall Street is of my first visit
to the financial district. My father had some business to attend to
there and for some reason or other took me with him. We came down
Broadway and I remember turning off at Wall Street. We walked down
Wall and just as we came to Broad or, rather, Nassau Street, to the
corner where the Bankers’ Trust Company’s building now stands, I saw
a crowd following two men. The first was walking eastward, trying to
look unconcerned. He was followed by the other, a red-faced man who
was wildly waving his hat with one hand and shaking the other fist in
the air. He was yelling to beat the band: ‘Shylock! Shylock! What’s
the price of money? Shylock! Shylock!’ I could see heads sticking out
of windows. They didn’t have skyscrapers in those days, but I was sure
the second- and third-story rubbernecks would tumble out. My father
asked what was the matter, and somebody answered something I didn’t
hear. I was too busy keeping a death clutch on my father’s hand so
that the jostling wouldn’t separate us. The crowd was growing, as
street crowds do, and I wasn’t comfortable. Wild-eyed men came running
down from Nassau Street and up from Broad as well as east and west on
Wall Street. After we finally got out of the jam my father explained
to me that the man who was shouting ‘Shylock’ was So-and-So. I have
forgotten the name, but he was the biggest operator in clique stocks
in the city and was understood to have made--and lost--more money than
any other man in Wall Street with the exception of Jacob Little. I
remember Jacob Little’s name because I thought it was a funny name for
a man to have. The other man, the Shylock, was a notorious locker-up
of money. His name has also gone from me. But I remember he was tall
and thin and pale. In those days the cliques used to lock up money by
borrowing it or, rather, by reducing the amount available to Stock
Exchange borrowers. They would borrow it and get a certified check.
They wouldn’t actually take the money out and use it. Of course that
was rigging. It was a form of manipulation, I think.”
I agree with the old chap. It was a phase of manipulation that we don’t
have nowadays.
_XX_
Public-domain text, read in full here on John Shaqi.
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