I myself never spoke to any of the great stock manipulators that the
Street still talks about. I don’t mean leaders; I mean manipulators.
They were all before my time, although when I first came to New York,
_James R. Keene, greatest of them all_, was in his prime. But I was
a mere youngster then, exclusively concerned with duplicating, in a
reputable broker’s office, the success I had enjoyed in the bucket
shops of my native city. And, then, too, at the time Keene was busy
with the U.S. Steel stocks--his manipulative masterpiece--I had no
experience with manipulation, no real knowledge of it or of its value
or meaning, and, for that matter, no great need of such knowledge.
If I thought about it at all I suppose I must have regarded it as a
well-dressed form of thimble-rigging, of which the lowbrow form was
such tricks as had been tried on me in the bucket shops. Such talk as I
since have heard on the subject has consisted in great part of surmises
and suspicions; of guesses rather than intelligent analyses.
More than one man who knew him well has told me that Keene was the
boldest and most brilliant operator that ever worked in Wall Street.
That is saying a great deal, for there have been some great traders.
Their names are now all but forgotten, but nevertheless they were kings
in their day--for a day! They were pulled up out of obscurity into the
sunlight of financial fame by the ticker tape--and the little paper
ribbon didn’t prove strong enough to keep them suspended there long
enough for them to become historical fixtures. At all events Keene was
by all odds the best manipulator of his day--and it was a long and
exciting day.
He capitalized his knowledge of the game, his experience as an operator
and his talents when he sold his services to the Havemeyer brothers,
who wanted him to develop a market for the Sugar stocks. He was broke
at the time or he would have continued to trade on his own hook; and
he was some plunger! He was successful with Sugar; made the shares
trading favourites, and that made them easily vendible. After that, he
was asked time and again to take charge of pools. I am told that in
these pool operations he never asked nor accepted a fee, but paid for
his share like the other members of the pool. The market conduct of
the stock, of course, was exclusively in his charge. Often there was
talk of treachery--on both sides. His feud with the Whitney-Ryan clique
arose from such accusations. It is not difficult for a manipulator to
be misunderstood by his associates. They don’t see his needs as he
himself does. I know this from my own experience.
Public-domain text, read in full here on John Shaqi.
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