Memories
Last year in Manhattan a little old man of 77 gave an interview: "The best bank in the world, if you put the right things in it, is the bank of memories. . . . I've had fun."
The oldster was Pliny Fisk and his fun began in 1881 when he graduated from Princeton to the investment banking house of his father, Harvey Fisk, who had made a fortune helping the Union finance the Civil War. Four years later Pliny Fisk became the firm's trader on the floor of the Exchange, was there christened by his bearded fellow-members the"apple-cheeked boy of Wall Street." But Broker Fisk soon cut a man-size figure. In a few minutesone afternoon he sold $2,000,000 worth of securities to Hetty Green—after the doorman had tried to eject her because of her shabby clothes. By the turn of the century he was head of Harvey Fisk & Sons, which was known in Wall Street as one of "The Big Four" .
In 1901 Pliny Fisk had pegged the Government bond market at 110. One day,he happened to be standing behind the late Edward H. Harriman on thefloor of the Exchange when Harriman, who had gone heavily short,attempted to break the market by a sudden offer to sell $500,000 worthat 90. Fisk promptly accepted, offered to take all others at 110.
When Harriman admitted he couldn't deliver, Fisk let him off for $50,000but blandly extracted a promise that Harriman would try to compose hisbattle with J. P. Morgan Sr. over the Northern Pacific R.R., which wasthen depressing the market. Harriman was soon closeted with Morgan, andPliny Fisk thereupon put every available dollar into the market. Whenpeace was announced next morning, he had an overnight profit of$800,000.
Although Fisk helped finance such projects as Bethlehem Steel and theHudson Tubes, his most famed deal was the creation of AmericanLocomotive Co. in 1901. Baldwin Locomotive Co. controlled two-fifths ofthe industry and Fisk obtained the necessary options to consolidate therest into one firm.
An ardent yachtsman like his idol, J. P. Morgan Sr., Pliny Fisk in 1919visited Tangier on his 33-ft. Riviera. He always believed afterwardsthat it was there he caught sleeping sickness. He eventually recovered,but not before he "lost control of things." He quit Harvey Fisk & Sons,sold his Exchange seat for $55,000. Faulty judgment slowly took hismillions. In 1924 he sold the Riviera and his $500,000 house in Rye.He dropped out of his clubs—the Union League, Metropolitan,University, New York Yacht.
Lately all he had left were his memories. Last week he no longer neededthe $100 a month which the estate of J. P. Morgan Sr. had been sendinghim: at the Home for Incurables, cancer of the throat brought death to78-year-old Pliny Fisk.
Prev:Dropsy DonorsNext:Cancer Test
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
