DOCSLIB.ORG

Independent Attitude

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Independent Attitude Independent attitude In a great book, Fifty“ Years in Wall Street” the author, Henry Clews, writes about Daniel Drew and his independent attitude towards financial decisions. “One of the most singular and eventful careers in Wall Street was that of Daniel Drew, familiarly called “Uncle Daniel” This man affords another remarkable instance of the possibility of attaining great success by stubbornly following up one idea, and one lineof thought and purpose. His life also shows that education is not necessary to success in the acquisitionof money, but, as I have attempted to show in another chapter, may be a great hindrance. This fact is abundantly illustrated in the lives of both Drew and Vanderbilt. In fact, everybody who knew these two men were of the opinion that with a fair or liberal education they would never have cut a prominent figure as financiers. It is also questionable whether eitherof them, with all their ability in other respects, would have been capable, with their peculiar predilections for other pursuits, of receivinga common school or college education. They, probably, had not the capacity for that kind of acquisition. Perhaps it might have been impossible for any teacher to make Drew pronounce the word shares otherwise than “sheers,” or convince Vanderbilt that the part of a locomotive in which the steam is generated should not be spelt phonetically, “boylar.” It is more than probable that professors in grammar would have found it a hopeless task to convince the Commodore that there was anything wrong in the expression, “Never tell nobody what yer goin’ to do, till you do it,” or Drew that it was improper to say to his broker, “Gimme them sheers,” when he desired his stocks reduced to possession. Both men seemed to think with the character in Shakespeare, that reading and writing, like their other attributes, came by nature. They evidently thought that their abilities for financiering emanated solely from that source, and results largely bore them out in that interpretation. Both had supreme contempt for persons of less ability than themselves in the speculative arena, yet they were terribly jealous of rivals who essayed to compete with them in their own peculiar methods of making money. Cunning and shrewdness were the leading characteristics of Drew. Though illiterate himself, he, however, showed that he appreciated education in others, by erecting and endowing a seminary in his native place. Some people who were not inclined to give Drew any credit for the finer and more generous and genial feelings of man’s nature, said that his motive for this endowment was merely popularity, and a morbid desire, like that of Vanderbilt, to perpetuate his name. www.capitalideasonline.com Page - 1 Independent attitude Another motive, however, less ennobling to man’s nature, seemed to be the true one. He saw that the religious element in society was then influential, and that many religious people of his acquaintance were in good circumstances, and he sought to ingratiate himself with them in order to make use of them in his speculations. This appears clearly to have been at the bottom of his precious gift of a seminary to his native county. It was a curious illustration of retributive justice, if I am right about his motive, that he was obliged to default in the payment of that gift, with the exception of the interest. Daniel Drew, at one time, could command more ready cash at short notice than any man in Wall Street, or probably than any man in < ?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />America. His wealth was estimated at thirteen million dollars. He made a very large part of this out of his speculations in Erie stock, of which corporation he was then managing director and treasurer. Being thus on the inside, he was enabled to leave everybody else on the outside in the ups and downs of the market, which he himself generally engineered. The Street was frequently amazed by fluctuations of 20 or 30 per cent. in Erie Stock, sometimes in the course of a day or two, through the able manipulation of Mr. Drew. It was a sorry day for Drew when Jay Gould took his place in the control of Erie, and it was equally disastrous for the Erie property. From this period Gould began to grow rapidly to the full stature of speculative manhood, while Drew moved as quickly in a downward direction, until he found himself again at the lowest rung of the financial ladder. It was not wonder that he said of Gould, “his touch is death.” Drew’s losses followed one another in quick succession, until his thirteen millions had melted away like snow off a ditch, and eventually he died in debt and broken hearted. His last days stand out as a sad, but eloquent warning to the avaricious. And this reminds me of a festive event, the chief incidents of which, I think, are worthy of reproduction. I remember being at a dinner party ostensibly given to the old gentleman when in the very zenith of his financial fame and prosperity. It was a kind of mutual admiration society, Drew being the king-pin of the social coterie. On account of his thirteen millions he was the centre of cringing admiration, and was by a number of www.capitalideasonline.com Page - 2 Independent attitude the assemblage almost deified. As is usual on such occasions, speechmaking was in order, the oratorical talent being called out by the toasts as they went the round of the board. When it came my turn to speak, I followed suit, to some extent, in picking up the thread of the general glorification extended to the honored guest, to whom I paid marked deference. “We are honored,” I said, “on this festive occasion, by a gentleman of vast wealth, one who can control more ready money than any man in America, and be it said to his honor, it has all been of his own creation. He is a true representative of American thrift and enterprise. His money and his genial disposition together combined make all men his friends, and I know of only one antagonistic spirit to the continued growth of this already marvellous fortune; but that one, in all probability, may yet work his ruin. I refer to our honored guest, Mr. Drew, and his one enemy which I have in mind is ‘Avarice.’” In five years from that memorable dinner Daniel Drew was a ruined man, and his thirteen millions had vanished like the baseless fabric of a vision, leaving nothing but the miserable wreck of an avaricious spirit behind. The manner in which Drew was supposed to make religion the handmaid to speculation was satirically touched in the following verses published in the New York Tribune about fifteen years ago: He was a long, lank countryman, And he stoppeth one of two. “I’m not acquaint in these yeere parts, An’ I’m a lookin’ fur Dan’l Drew.” “I’m a stranger in the vineyard, An’ my callin’ I pursoo At the institoot at Madison, That was built by Dan’l Drew.” “I’m a stranger in the vineyard, An’ my ’arthly wants are few; www.capitalideasonline.com Page - 3 Independent attitude But I want sum p’ints on them yer sheares An’ I’m a lookin’ fur Dan’l Drew.” Again I saw that laborer, Corner of Wall and New; lie was looking for a ferry boat, And not for Daniel Drew. Upon his back he bore a sack, Inscribed “Preferred Q. U.” Some Canton scrip was in his grip, A little Wabash, too. At the ferry gate I saw him late, With his white hat askew, Paying his fare with a registered share Of that “Preferred Q. U.” And these words came back from the “Hackensack” “Ef yew want ter gamble a few, Jest git in yer paw at a game o’ draw, But don’t take a ’and with Drew.” Mr. Drew was negligent in his attire, even to the verge of slovenliness. He dressed like a drover, having originally been employed in that capacity. By the way, the significant term of “watering stock” originated in the practice of Uncle Daniel giving his cattle salt in order to create a thirst in them that would cause them to imbibe large quantities of water, and thus appear bigger and fatter when brought to market. Until he met with Gould and Fisk, it was difficult for anybody to get the best of him in a deal. He was wonderfully prolific in resources for the purpose of getting advantage of those who attempted to overreach him. A good story, illustrative of this trait in his speculative character, is told of the time that he was so severely www.capitalideasonline.com Page - 4 Independent attitude squeezed in Northwestern stock. He was greatly grieved at his ill luck, while the brokers and operators who had been prosperous at his expense were highly elated. They considered it a great thing to have caught the wily old Daniel napping. He was accordingly made the victim of much ribaldry and jesting for several days in Wall Street. Some of the young men carried the joke so far as to meet him and laugh significantly and irritatingly in his face. He seemed to take it all in good part, for he had a happy flow of animal spirits, but he had a terrible rod in pickle for these young men who were making him an object of ridicule. He watched for his opportunity, and one evening as several of them were enjoying themselves in an uptown club, Uncle Daniel walked in,sans ceremonie.
Load more

Recommended publications
  • Fifty Years in Wall Street
    ffirs.qxd 12/9/05 11:33 AM Page iii FIFTY YEARS IN WALL STREET HENRY CLEWS Foreword by Victor Niederhoffer JOHN WILEY & SONS, INC. ffirs.qxd 12/9/05 11:33 AM Page i FIFTY YEARS IN WALL STREET ffirs.qxd 12/9/05 11:33 AM Page ii INTRODUCING WILEY INVESTMENT CLASSICS There are certain books that have redefined the way we see the worlds of finance and investing—books that deserve a place on every investor’s shelf. Wiley Investment Classics will introduce you to these memorable books, which are just as relevant and vital today as when they were first published. Open a Wiley Investment Classic and rediscover the proven strategies, market philosophies, and definitive techniques that continue to stand the test of time. ffirs.qxd 12/9/05 11:33 AM Page iii FIFTY YEARS IN WALL STREET HENRY CLEWS Foreword by Victor Niederhoffer JOHN WILEY & SONS, INC. ffirs.qxd 12/9/05 11:33 AM Page iv Foreword © 2006 by Victor Niederhoffer. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Full version originally published in 1908 by Irving Publishing Company. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4470, or on the web at www.copyright.com.
    [Show full text]
  • Looking Back at Wall Street We Present Our 11Th Rarities Sale
    RARITIES SALE 11 800 717-9529 The World’s Largest Inventory of Collectible Stocks and Bonds. Over 6 Million Pieces. Jay Gould (1836-1892) Addison Jerome (1811-1864) Henry Keep (1818-1869) Jacob Little AB1 Looking Back At Wall Street We Present Our 11th Rarities Sale. Buy or Make a Lower Offer..... We want to express our thanks for the great response to our recent catalog and for the many kind compliments that we’ve received regarding our catalogs as well as our new web site. We think that you will find both colorful and user friendly! We will continue to present several special offers all over our web site on a weekly basis. I should stress that both the quality and prices will be espe- cially tempting. You will be able to view well over 1,000 stocks and Bonds, Foreign Paper Money, Americana, etc. Please phone me as I’m always happy to hear from our customers. 800 717-9529 George LaBarre How to Buy in our Rarities Sales BUY - You can buy the items outright at the prices listed, or MAKE A LOWER OFFER - If you would prefer to make an offer, you can pay with a credit card or you will be billed if you are successful. Do not send payment in advance. It is wise to buy or make offers as soon as possible as some items are one of a kind. We can bill you directly or charge your credit card for phone, fax, online, or mail orders. Historic Stock Certificates USA Hans Braun, Germany, 1996, 295pp.
    [Show full text]
  • Short Selling Manipulation Paper
    SHORT SELLING, DEATH SPIRAL CONVERTIBLES, AND THE PROFITABILITY OF STOCK MANIPULATION John D. Finnerty Professor of Finance, Fordham University March 2005 John D. Finnerty Fordham University Graduate School of Business 113 West 60th Street New York, NY 10023 Tel: 212-599-1640 Fax: 212-599-1242 e-mail: [email protected] SHORT SELLING, DEATH SPIRAL CONVERTIBLES, AND THE PROFITABILITY OF STOCK MANIPULATION Abstract The SEC recently adopted Regulation SHO to tighten restrictions on short selling and curb abusive short sales, including naked shorting masquerading as routine fails to deliver. This paper models market equilibrium when short selling is permitted and contrasts the equilibrium with and without manipulators among the short sellers. I explain how naked short selling can routinely occur within the securities clearing system in the United States and characterize its potentially severe market impact. I show how a recent securities innovation called floating-price convertible securities can resolve the unraveling problem and enable manipulative short selling to intensify. SHORT SELLING, DEATH SPIRAL CONVERTIBLES, AND THE PROFITABILITY OF STOCK MANIPULATION 1. Introduction Manipulative short selling has a long and colorful history that dates back to the origins of organized stock markets (Allen and Gale, 1992). Bernheim and Schneider (1935) describe how bear pools operated on the Amsterdam Stock Exchange during the late seventeenth century. Stock manipulators carefully timed their aggressive ‘bear raids’ to exert maximum selling pressure. The price declines attracted free riders, and the combined pressure on the prices of the targeted stocks produced virtually assured profits. The manipulators found that they could defeat any opposition by employing “tricks that only sly and astute speculators invent and introduce,” such as planting false rumors about the target firm’s precarious condition in the press (Bernstein and Schneider, 1935).
    [Show full text]
  • FINANCIAL HISTORY of the UNITED STATES a FINANCIAL HISTORY of the UNITED STATES
    A FINANCIAL HISTORY of the UNITED STATES A FINANCIAL HISTORY of the UNITED STATES Volume I From Christopher Columbus to the Robber Barons (1492 -1900) Jerry W. Markham M.E.Sharpe Armonk, New York London, England Copyright © 2002 by M. E. Sharpe, Inc. All rights reserved. No part of this book may be reproduced in any form without written permission from the publisher, M. E. Sharpe, Inc., 80 Business Park Drive, Armonk, New York 10504. Library of Congress Cataloging-in-Publication Data Markham, Jerry W. A financial history of the United States / Jerry W. Markham. p. cm. Includes bibliographical references and index. Contents: v. 1. From Christopher Columbus to the Robber Barons (1492–1900) — v. 2. From J.P. Morgan to the institutional investor (1900–1970) — v. 3. From the age of derivatives into the new millennium (1970–2001) ISBN 0-7656-0730-1 (alk. paper) 1. Finance—United States—History. I. Title. HG181.M297 2001 332’.0973—dc21 00-054917 Printed in the United States of America The paper used in this publication meets the minimum requirements of American National Standard for Information Sciences Permanence of Paper for Printed Library Materials, ANSI Z 39.48-1984. ~ BM (c)10987654321 For Mollie and Sean I have but one lamp by which my feet are guided, and that is the lamp of experience. I know no way of judging of the future but by the past. —Patrick Henry, March 23, 1775 Contents List of Illustrations xv Preface xvii Acknowledgments xix Introduction xxi Chapter 1. In the Beginning 1. The Antecedents: World Trade Before the Discovery of America 3 Mercantilism 3 • Law and Finance 4 • The Birth of Money 4 • Bills of Exchange 5 • Ancient Derivatives 5 • Insurance 6 • Lending and Trade 6 • Finance in Spain at the Time of Columbus 7 • Finance in England Before the Discovery of America 8 • Ancient Rome and Renaissance Italy 12 • Finance Elsewhere in Europe Before Columbus 15 2.
    [Show full text]
  • REMINISCENCES of a STOCK OPERATOR by Edwin Lefevre the Sun Dial Press, Inc
    REMINISCENCES OF A STOCK OPERATOR by Edwin LeFevre The Sun Dial Press, Inc. Garden City, New York Copyright 1923, by George H. Doran Company REMINISCENCES OF A STOCK OPERATOR to Jesse Lauriston Livermore Reminiscences of a Stock Operator Chapter I I went to work when I was just out of grammar school. I got a job as quotation-board boy in a stockbrokerage office. I was quick at figures. At school I did three years of arithmetic in one. I was particularly good at mental arithmetic. As quotation-board boy I posted the numbers on the big board in the customers' room. One of the customers usually sat by the ticker and called out the prices. They couldn't come too fast for me. I have always remembered figures. No trouble at all. There were plenty of other employees in that office. Of course I made friends with the other fellows, but the work I did, if the market was active, kept me too busy from ten a.m. to three p.m. to let me do much talking. I don't care for it, anyhow, during business hours. But a busy market did not keep me from thinking about the work. Those quotations did not represent prices of stocks to me, so many dollars per share. They were numbers. Of course, they meant something. They were always changing. It was all I had to be interested in the changes. Why did they change? I didn't know. I didn't care. I didn't think about that. I simply saw that they changed.
    [Show full text]
  • The Early History of Option Contracts
    30/9/08 The Early History of Option Contracts Geoffrey Poitras* Faculty of Business Administration Simon Fraser University Vancouver, B.C. CANADA V5A lS6 email: [email protected] ABSTRACT This chapter discusses the history of option contracts from ancient times until the appearance of Theorie der Prämiengeschäfte by Vincenz Bronzin in 1908. The history examines the use of contracts with option features prior to the introduction of trade in free standing option contracts on the Antwerp bourse during the 16 th century. Descriptions of the Amsterdam share option market by de la Vega in the 17 th century and de Pinto in the 18 th century are reviewed. The specific language of a late 17 th century English option contract is provided in detail. The development and practice of option trading in the 18 th and 19 th centuries, as reflected in merchant manuals of that period, is examined. The article concludes with an overview of late 19 th century option trading in securities and commodities. Keywords : Arbitrage; Option; Call Option; Privileges and Refusals; Put Option.; Put-call parity. * Geoffrey Poitras is a Professor of Finance. Thanks to Franck Jovanovic for helpful information on 19 th century French option trading. Resume available for download at www.sfu.ca/~poitras. The Early History of Option Contracts What are Option Contracts? By standard definition, an option contract grants the right, but not the obligation, to buy or sell a real asset, commodity or security at a later date, under stated conditions. This contingent claim can be ‘free standing’, as with put and call options traded on the Chicago Board Option Exchange, or bundled with other features, as in a convertible bond indenture.
    [Show full text]
  • J. Pierpont Morgan
    J. PIERPONT MORGAN (1837-1913). Financier. Probably the most prolific and powerful banker in American Financial history, J. Pierpont Morgan epitomized the financial genius, courage and flair that made possible many of the most important financings of the late 1800s and early 1900s. His career in banking spanned the period from Abraham Lincoln’s administration to Theodore Roosevelt’s. Throughout his career he displayed a financial skill and daring matched by few in the entire history of Wall Street. Following the financial panic of 1893, Morgan helped reorganize nu- merous railroads including giants such as The Northern Pacific, The Erie, The Southern and The Philadelphia and Reading. His formation of The United States Steel Corpo- ration in 1901 created the largest corporation in the world at that time. During the panic of 1907, it was Mor- gan who averted a nationwide catastrophe by lending money to banks to keep them from closing. “A sociable, convivial man who thoroughly enjoyed life and entertained what would now be known as ‘beautiful people’ on his famous steam yacht, the Cor- sair, he nevertheless frightened people by his overwhelming personality and his pierc- ing eye, which was compared to the headlight of an oncoming locomotive. Seldom has a man of such complexity and power crossed the world’s stage.” (The Incredible Pierpont Morgan by Cass Canfield). DUNCAN, SHERMAN & CO. DABNEY, MORGAN & CO. GEORGE PEABODY & CO. J. P. MORGAN & COMPANY DREXEL, MORGAN & CO. DREXEL AND COMPANY DREXEL, HARJES & CO. 1 IMPORTANT POINTS IN J. PIERPONT MORGAN’S BUSINESS CAREER 1837 Born in Hartford, Connecticut 1856 Begins work at Duncan, Sherman & Co., the American representatives of George Peabody & Co.
    [Show full text]
  • The Western Reserve Historical Society
    GEN. GEORGE A GARRETSON Life Member: Western Reserve Historical Society Died December 8th, 1916 Tract No. 97 THE WESTERN RESERVE HISTORICAL SOCIETY Issued October, 1917 Part I Articles of Incorporation Officers—Membership Annual Report for 1916-1917 Part II Side Lights on the Ohio Company of Associates from the John May Papers CLEVELAND, OHIO 1917 2 ARTICLES OF INCORPORATION STATE OF OHIO These Articles of Incorporation of THE WESTERN RESERVE HISTORICAL SOCIETY Witnesseth, That we, the undersigned, all of whom are citi­ zens of the State of Ohio, desiring to form a corporation not for profit, under the general corporation laws of said State, do hereby certify: FIRST. The name of said corporation shall be The Western Reserve Historical Society. SECOND. Said corporation shall be located and its principal business transacted at the City of Cleveland, in Cuyahoga County, Ohio. THIRD. The purpose for which said corporation is formed is not profit, but is to discover, collect and preserve whatever relates to the history, biography, genealogy and antiquities of Ohio and the West; and of the people dwelling therein, including the physical history and condition of that State; to maintain a museum and library, and to extend knowledge upon the subjects mentioned, by literary meetings, by publication and by other proper means. In Witness Whereof, We have hereunto set our hands, this seventh day of March, A. D., 1892. Henry C. Ranney, Charles C. Baldwin, D. W. Manchester, David C. Baldwin, Amos Townsend, Percy W. Rice, William Bingham, Jas. D. Cleveland, A. T. Brewer. OFFICERS 3 The Western Reserve Historical Society OFFICERS FOR 1916-1917 President WnjfciAM P.
    [Show full text]
  • Fifty Years in Wall Street
    ffirs.qxd 12/9/05 11:33 AM Page iii FIFTY YEARS IN WALL STREET HENRY CLEWS Foreword by Victor Niederhoffer JOHN WILEY & SONS, INC. ffirs.qxd 12/9/05 11:33 AM Page i FIFTY YEARS IN WALL STREET ffirs.qxd 12/9/05 11:33 AM Page ii INTRODUCING WILEY INVESTMENT CLASSICS There are certain books that have redefined the way we see the worlds of finance and investing—books that deserve a place on every investor’s shelf. Wiley Investment Classics will introduce you to these memorable books, which are just as relevant and vital today as when they were first published. Open a Wiley Investment Classic and rediscover the proven strategies, market philosophies, and definitive techniques that continue to stand the test of time. ffirs.qxd 12/9/05 11:33 AM Page iii FIFTY YEARS IN WALL STREET HENRY CLEWS Foreword by Victor Niederhoffer JOHN WILEY & SONS, INC. ffirs.qxd 12/9/05 11:33 AM Page iv Foreword © 2006 by Victor Niederhoffer. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. Full version originally published in 1908 by Irving Publishing Company. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 750-4470, or on the web at www.copyright.com.
    [Show full text]
  • Merchants' Magazine
    Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis THE MERCHANTS’ MAGAZINE AND COMMERCIAL REVIEW. JUNE, 1865. JACOB LITTLE. B r M atthew H ale Smith. H eated, throbbing, excited New York found time to stop one half hour and adopt resolutions to the memory of Jacob Little. Perhaps it may find time to profit by the lessons that life teaches. A few years ago Mr. Little was the autocrat of Wall Street. He was king of the Stock Board. Men took off their hats as he passed. They would have bowed down to him if be had desired it, as the faithful did to the golden image on the Plain of Dura. He originated the bold and dashing style of busi­ ness by which fortunes are made and lost in a day. He was known as the Ursa Major, the Great Bear of Wall Street. He held on to it till it led him to an untold fortune, and hurled him down at the last, as it has hurled down before many a strong man. No one has brought to that line of business more ability; no one has followed it with different re­ sults. M E. l i t t l e ’ s EAELY HOME. Newburyport, in the State of Massachusetts, was the birth-place of J acob L ittle. He descended from the line founded by G eorge L ittle, who in 1640 came from England and cast his lot with the infant colony of Newbury, and who obtained a grant of land which still remains in the family.
    [Show full text]
  • Descendants of George Little of Newbury
    m :^^:?^:?^^^^»-^^^-^^€^^^^— m ' •' .•,'/w/-.i?-i:>v. i \>/^y'' mm-. t I purchasp:!) from the INCOME OF THE AINSLEY FUND ^ KSTAI'.MSUKI) T!Y RF.Ql'KST OF KMILV L. AINSLEY IX I938 9^ (^ / / NEWBURYPORT. FROM POVVOW HILL. Best i OF ITTLE, WHO CAME TO ^ewhuTQ, cffluHH^chmetts, in IBiO, Compiled by George T. Little. I r CAMBRIDGE : llrfntetf at tfjc SEnibcrstts i^ress, BY CHARLES J. LITTLE. 1877. PREFACE HE compiler is only too well aware of the incompleteness which marks several parts of the following Genealogy. Be- ing unable, however, at pres- ent, to supply these deficiencies, he has decided to have it published, knowing that when printed the informa- tion it contains is less liable to be lost, and hoping that some one fitted for the task may be led to prepare a more extended account of the family. The abbreviations which occur are those used in genealogical works, and need 8 PREFACE. no explanation. The figure at the right of the Christian denotes the e. name generation ; g. Moses^ shows that the grandson of George Lit- tle is referred to, and he is thus distinguished from his father and his son, who both had the same name. In order to avoid confusion it has sometimes been necessary to add the names of a person's father and grandfather, which are en- closed in brackets. The colored plate of the coat of arms is copied from an old painting belonging to the estate of the late Miss Han- nah Little of Newburyport, which has been in the possession of her family for over a hun- dred years.
    [Show full text]
  • Wall Street's Gilded Age: Nicknames Ofher Capitalists and Robber Barons
    Wall Street's Gilded Age: Nicknames of Her Capitalists and Robber Barons Richard A. Sauers Lenape Investnzent Corporation The "Gilded Age," loosely defined here as 1861 to 1901, saw the emergence of a small group of men who played a leading role in the Industrial Revolution. Aptly described as both capitalist and robber baron, they were responsible for much of the economic framework that exists today. Through the takeover battle for control of the Erie Railroad Company, at the beginning of the period, and the organization of United States Steel Corporation, at its end, this essay examines historical and contemporary biographical information to explain that the nicknames of seven men involved in these two entities predominantly reflected not only their activities in the stock market, but also their occupations and character traits. The New York Stock Exchange, symbol of America's financial strength, traces its origins to an agreement among twenty-four Wall Streee brokers gathered in the shade of a sycamore tree on a spring day in 1792 (Buck 1992). The "Buttonwood Agreement," as it became known, established the trading of stocks among themselves on a common commission basis: "We the Subscribers, Brokers for the Purchase and Sale of Public Stock, do hereby solemnly promise and pledge ourselves to each other, that we will not buy or sell from this day for any person whatsoever, any kind of Public Stock at less rate than one-quarter percent Commission on the Specie value of, and that we will give a preference to each other in our Negotiations. In Testimony, whereof, we have set our hands on this seventeenth day of May at New York, 1792." Names 54:2 Oune 2006): 147-172 ISSN:0027-7738 Copyright 2006 by The American Name Society 147 148 • NAMES 54:2 (June 2006) This simple covenant was instrumental in the development of the stock market, formally organized as the New York Exchange and Stock Board in 1817, becoming the New York Stock Exchange in 1863.
    [Show full text]