I traded pretty steadily and had very good luck. I have never sought
newspaper publicity, but neither have I gone out of my way to hide
myself. At the same time, you know that professional Wall Street
exaggerates both the successes and the failures of whichever operator
happens to be active; and, of course, the newspapers hear about him
and print rumors. I have been broke so many times, according to
the gossips, or have made so many millions, according to the same
authorities, that my only reaction to such reports is to wonder how and
where they are born. And how they grow! I have had broker friend after
broker friend bring the same story to me, a little changed each time,
improved, more circumstantial.
All this preface is to tell you how I first came to undertake the
manipulation of a stock for someone else. The stories the newspapers
printed of how I had paid back in full the millions I owed did the
trick. My plungings and my winnings were so magnified by the newspapers
that I was talked about in Wall Street. The day was past when an
operator swinging a line of two hundred thousand shares of stock could
dominate the market. But, as you know, the public always desires to
find successors to the old leaders. It was Mr. Keene’s reputation
as a skillful stock operator, a winner of millions on his own hook,
that made promoters and banking houses apply to him for selling large
blocks of securities. In short, his services as manipulator were in
demand because of the stories the Street had heard about his previous
successes as a trader.
But Keene was gone--passed on to that heaven where he once said he
wouldn’t stay a moment unless he found Sysonby there waiting for
him. Two or three other men who made stock-market history for a few
months had relapsed into the obscurity of prolonged inactivity. I
refer particularly to certain of those plunging Westerners who came to
Wall Street in 1901 and after making many millions out of their Steel
holdings remained in Wall Street. They were in reality superpromoters
rather than operators of the Keene type. But they were extremely able,
extremely rich and extremely successful in the securities of the
companies which they and their friends controlled. They were not really
great manipulators, like Keene or Governor Flower. Still, the Street
found in them plenty to gossip about and they certainly had a following
among the professionals and the sportier commission houses. After they
ceased to trade actively the Street found itself without manipulators;
at least, it couldn’t read about them in the newspapers.
Public-domain text, read in full here on John Shaqi.
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