The Stock Exchange in Caricature

It has been a few years since I've searched the web for stock exchange history from the 1898-1902 period.  A few days ago, prompted by the new pile of Eames & Moore memos, I discovered, through Google, a volume called The Stock Exchange in Caricature, published in 1904.  Like King's Views of The New York Stock Exchange, the volume features brokers, bankers, and players of the New York financial scene.  But unlike King's, there are no photos.  Instead, we have drawings in caricature, accompanied by what the publisher refers to as "quatrains", but which in many instances are examples of doggerel.  Whatever the case, the volume is a rather quaint monument to the egos of those caricatured.  I invite you to follow the link and check out the "private collection of caricatures, cartoons, and character sketches of members of the New York Stock Exchange."

Apparently on 177 copies were printed.  The linked online version is copy #3.

Rudolph Keppler was President of the NYSE in 1903 when the book was under production.  Appropriately, he appears as the first to be caricatured in the book, accompanied by the following quatrain:

Rudolph Keppler in caricature

Rudolph Keppler & Co. Cancel

Featured initially on this site in January, 2012,  Rudolph Keppler was head of his own firm and the President of NYSE from 1898 to 1903.  Ransom Thomas was President in 1904 but did not appear as a caricature in the volume, perhaps he wasn't as caught up with himself to appear in the book, like Chauncey McKeever.  Romantic Records of N.Y. Aristocracy?   Locust Valley lockjaw time...

I'm searching for a Chauncey McKeever cancel.  His first initial was I, for Isaac, and he is the author of Romantic Records, among other books, above.  Meanwhile, the real I. C. M. from King's:

Isaac Chauncey McKeever, member NYSE, and son of General Chauncey McKeever.  

General McKeever was a hero of Civil War in the service of the Union Army

New York Stock Brokers: Rudolph Keppler & Company

Rudolph Keppler

President, New York Stock Exchange, 1898-1903

RUDOLPH KEPPLER & CO.

SEP

22

1898

In April 1903, President of the New York Stock Exchange Rudolph Keppler inaugurated a new stock exchange building and floor.  This building remains the NYSE's home today.  The New York Times of April 24, 1903, reported on the first day of trading in the new exchange:

BROKERS ON NEW FLOOR

Struggle to Make First Transaction on Stock Exchange.

Opening Day in the Marble Building Not Strong for Securities--Medals for Committeemen and Gavel for President Keppler.

The members of the New York Stock Exchange settled down to business yesterday in their new quarters.  The flowers and decorations of the day before had all been removed, and the big board room wore a strictly businesslike aspect, except for a big twenty-four-foot wreath of flowers sent by the Produce Exchange.  President Rudolph himself presided at the opening of the day's business, and there was a large attendance of brokers on the floor.

When the gavel fell many brokers vied with each other for the honor of making the first transaction.  Of course, where business is begun all over the room at one and the same time, it is a difficult matter to determine such a 'first transaction,"  but the ticker reported it as 100 shares of Mexican Central at 27.   The sale was made by Charles Gregory to Zimmermann & Forshay.  The next recorded transaction was in Chicago Great Western, while succeeding transaction, in their order, were Colorado Southern, Pennsylvania, Rock Island, and St. Louis and San Francisco...

After the close of business the Governors of the Exchange held their first meeting in the new building.  Besides the routine matters, the meeting transacted some special business.  This was the presentation of certain marks of appreciation to the members of the Building Committee.  This committee consisted of Ransom H. Thomas, Chairman, Rudolph Keppler, J. T. Aterbury, R. P. Doremus, H. G. S. Noble, and Ernest Groesbeck.

To each one of these members was presented a gold medal five inches in diameter, of pure gold, value of over $500, and a set of resolutions.  The gold medals were framed in a case of leather, which was so arranged that when opened it showed both sides of the medal.  They were designed and made by Tiffany & Co.  On one side was an embossed picture showing every detail of the Broad Street facade of the new Stock Exchange, and on the other was the following inscription: "The New York Stock Exchange to ____ (here the name of the committeeman was inserted) in grateful recognition of services rendered during the construction of the Stock Exchange Building.  MDCCCCIII." ...

The ivory and gold gavel which was given to the Exchange on Christmas, 1900, for the purpose of closing the old century, opening the new, and closing the old building and opening the new, was presented to President Keppler, who has presided over the Exchange for nearly five years, longer than any of his predecessors.

Scott 2630c, NYSE commemorative invert from 1992 sold in 2010 Siegel rarities of the world sale.  The stamp features an inverted facade of the Broad Street front of the Exchange.

New York Stock Exchange Presidents

Yesterday's post on Edward Sweet & Company got me thinking about whether I could put together a group of cancels and photos of the Presidents of the NYSE in the years before, during, and after the 1898 tax period.  The Presidents included here were part of firms that operated during the 1898 tax period, and consequently cancelled stamps during that time. 

The collection is a work in progress, but with the stamps from mine and Dave T's collections I was able to assemble a decent survey, with only one company cancel, that of Pomroy Brothers, missing between 1886-1912. There is also representation going back to 1878, by Mr. Ives of R. H. Bissell & Company.

Brayton Ives

President, NYSE, 1878-1879

Mr. Ives was partner in the firm R. H. Bissell & Company.

cancel for R. H. Bissell & Company

Thompson scans

There is a gap here from 1880 to 1885....1898 Revenues is seeking cancels for the firm of Vermilye Company.  Please write to 1898revenues@gmail.com if you have any 1898 series stamps with Vermilye cancels.

1882 Hudson Hawley painting of the New York York Stock Exchange on Broad Street

In 1903, the NYSE would move to a new and grander location on Broad Street.

James D. Smith

President, NYSE, 1886-1887

Cancel for James D. Smith & Company

J. D. S. & CO.

SEP  8  1899

Thompson scan

William L. Bull

President, NYSE, 1888-1889

Senior Partner, Edward Sweet & Company

perfin cancel for Edward Sweet & Company

E S & Co

Langlois scan

Watson B. Dickerman

President, NYSE, 1890-1891

Watson Dickerman was a founding partner of Dominick & Dickerman, a firm that would be renamed Dominick & Dominick upon Mr. Dickerman's departure from the firm.  Dominick & Dominick is still in business today and remains privately owned. 

Cancel for Dominick & Dickerman

DOMINICK & DICKERMAN

JAN

6

1899

NEW YORK.

Langlois scan

Frank K. Sturgis

President, NYSE, 1892-1894

Sturgis was President of the Exchange during the Panic of 1893.  The panic produced the second greatest economic depression the US has experienced after the Great Depression of the 1930s.

Cancel for Strong Sturgis & Company

S. S. & CO.

APR

10

1899

Langlois scan

Francis L. Eames

President, NYSE, 1894-1898

Cancels for Eames & Moore

EAMES & MOORE

JAN

2X

1901

NEW YORK.

die cut:

E & M

Thompson scan

Rudolph Keppler

President, NYSE, 1898-1903

Rudolph Keppler presided over the Exchange when it moved into its new and present facilities.  The Harper's issue above, on which Mr. Keppler was the cover feature, contained an article on the Exchange entitled "The American Gambling Spirit" by Edwin Lefevre.  Lefevre was a noted stock broker and journalist who chronicled the stock market in the early 20th century.

cancel for Rudolph Keppler & Company

RUDOLPH KEPPLER & CO.

SEP

22

1898

Langlois scan

Current NYSE, opened in 1903.

Ransom H. Thomas

President, NYSE, 1903-1904

Cancel for R. H. Thomas & Company:

R. H. THOMAS & CO.

SEP

5

1899

NEW YORK.

Langlois scan

Henry K. Pomroy

President, NYSE, 1904-1907

Pomroy Brothers cancel needed.  David T - Any P. B. cancels in your collection?

Ransom H. Thomas

President, NYSE, 1907-1912

Mr. Thomas returned as President during the market panic year of 1907.  The panic of 1907 was stabilized through the actions of J. Pierpont Morgan; the ensuing investigation of its cause and proposed remedies led to the creation of the US Federal Reserve.  Imagine a Ron Paul America with no Federal Reserve -- life would go back to financial panics, delivered at least once a generation, controlled only by kingpin financial barons like J. P. Morgan.  Paul can have his vision of America.  It is not mine.

Cancel for R. H. Thomas & Company:

R. H. THOMAS & CO.

SEP

5

1899

NEW YORK.

Langlois scan