THE SOUTH IN WALL STREET
[Speech of Marion J. Verdery at the third annual banquet of the Southern Society of New York, February 22, 1889. The President, John C. Calhoun, presided, and in introducing Mr. Verdery, said: "The next toast is 'The South in Wall Street.' What our friend Mr. Verdery has to say in response to this toast I'm sure I don't know; but if he proposes to tell us how there is any money for the South in Wall Street—to give us a straight tip on the market—he may be sure of a very attentive audience. Now, Mr. Verdery, if you will tell us what to do to-morrow, we will all of us cheerfully give you half of what we make—that is, of course, if you will guarantee us against loss.".]
Mr. Chairman and Gentlemen:—When Colonel Fellows concluded his speech and sat down next to me, after he had by his matchless oratory electrified this audience and had immersed me in the flood of his eloquence, both literally and figuratively, for in the graceful swing of his gestures, he turned over a goblet of water in my lap [laughter], I felt very much as the little boy did who had stood at the head of his spelling-class for three weeks, and then was stumped by the word kaleidoscope. He thought for a moment or two, and then seriously said, "he didn't believe there was a boy on earth who could spell it." I did not believe, after Colonel Fellows finished, that there was another man on earth who could follow him. [Applause.]
Mr. Chairman, in the course of my experience I never knew of but one absolutely straight tip in Wall Street. To that, you and this Society are perfectly welcome. If you act on it, I will cheerfully guarantee you against loss, without exacting that you shall divide with me the profits. It is a point that the late Mr. Travers gave our friend Henry Grady. [Laughter.] They had been to attend a national convention at Chicago, and on returning were seriously disappointed because of the failure to have nominated their chosen candidate. As they came across the ferry in the gray light of the morning, Grady, who was seeking consolation, said: "Mr. Travers, what is the best thing I can buy in Wall Street?" The noted wit of the Stock Exchange replied: "The best thing you can buy is a ticket back to Atlanta." [Laughter.]
Two old darkies, lounging on a street corner in Richmond, Va., one day, were suddenly aroused by a runaway team that came dashing toward them at breakneck speed. The driver, scared nearly to death, had abandoned his reins, and was awkwardly climbing out of the wagon at the rear end. One of the old negroes said: "Brer' Johnson, sure as you born man, de runaway horse am powerful gran' and a monstrous fine sight to see." Johnson shook his head doubtfully, and then replied, philosophically, "Dat 'pends berry much, nigger, on whedder you be standin' on de corner obsarvin' of him, or be gittin' ober de tail-board ob de waggin." And likewise, it strikes me that any keen enjoyment to be gotten out of after-dinner speaking is peculiarly contingent—"'pendin' berry much on whedder you is standin' off lookin' on, or gittin' ober de tail-board of de waggin." [Laughter.]
If Wall Street is all that spiteful cynics and ignorant fanatics say of it—if we are to admit that it is a den of thieves, where only falsehood, treachery, and iniquitous schemes are propagated; if there is any ground for believing that all the exchanges are side-shows to hell [laughter], and their members devils incarnate [laughter], I fail to appreciate any advantage to the South in being there, and in no place where her presence could not be counted a credit would I assist in discovering her.
But if, on the other hand, we repudiate such wholesale abuse of the place, and insist, for truth's sake, upon an acknowledgment of facts as they exist, then the South can well afford to be found in Wall Street, and if prominent there we may proudly salute her.
Wall Street is the throbbing heart of America's finance. It is a common nursery for an infinite variety of enterprises, all over our land. Innumerable manufactories, North, South, East, and West, have drawn their capital from Wall Street. The industrial progress and material development of our blessed Southland is being pushed forward vigorously to-day by the monetary backing of Wall Street. The vast fields of the fertile West, luxurious in the beauty and rich in the promise of tasselled corn and bearded grain, are tilled and harvested by helpful loans from Wall Street. Old railroads, run down in their physical condition and thereby seriously impaired for public service, are constantly being rehabilitated with Wall Street money, while eight out of every ten new ones draw the means for their construction and equipment from this same source of financial supply.
To all attacks recklessly made on the methods of Wall Street, it seems to me there is ample answer in this one undeniable fact—the daily business done there foots up in dollars and cents more than the total trade of any whole State of the Union, except New York; and, although the great bulk of transactions are made in the midst of intense excitement, incident to rapid and sometimes violent fluctuation of values, and, although gigantic trades are made binding by only a wink or a nod, nine hundred and ninety-nine times out of a thousand, the contracting parties stand rigidly by their bargains, prove they good or bad. [Applause.] So much for the heroic integrity of the so-called bulls and bears. Out in the broader realm of commercial vocation, and through the wider fields of pastoral pursuit, it occurs to me this lesson might be learned without any reduction of existing morality. [Applause.]
In Wall Street the brainiest financiers are congregated. Vigorous energy, unremitting industry, clear judgment, and unswerving nerve are absolutely essential to personal success. In the light of those requirements, we venture to ask what place has the South taken.
Honorable Abram S. Hewitt in his speech before this Society one year ago, said: "If by some inscrutable providence this list of gentlemen [meaning members of the Southern Society] were suddenly returned to the homes which I suppose will know them no longer, there would be in this city what the quack medicine men call 'a sense of goneness,' and I think we should have to send to the wise men of the East, Dr. Atkinson, for example, to tell us how to supply the vacuum." Taking my cue from that generous compliment, I venture to suggest that if the South should suddenly withdraw from Wall Street, it would occasion such a contraction of the currency in that district as would demand even a more liberal policy than Secretary Fairchild has practised in purchasing Government bonds. [Applause and laughter.] The aggregate wealth of Southerners in Wall Street to-day is over $100,000,000 and the great bulk of that vast amount has been accumulated within the last twenty years. That is to say, "The South in Wall Street," has made at least $4,000,000 annually since the war. Under all the circumstances, who will dispute the magnificence of that showing? It must be remembered that the great majority of Southern men on entering Wall Street were poor; so poor, indeed, that they might almost have afforded to begin their career on the terms that I once heard of a man in South Carolina proposing to some little negroes. He told them if they would pick wild blackberries from morning till night he would give them half they gathered. [Laughter.] The Southerners of Wall Street, with but very few exceptions, entered that great field of finance with but one consolation, and that was the calm consciousness of being thoroughly protected against loss from the simple fact that they had nothing to lose. [Applause and laughter.] A hundred millions of dollars is no small pile when stacked up beside—nothing. Of course we are not called upon to analyze this fortune, nor do I mean to imply that it is evenly divided. Some of us it must be admitted spoil the average dreadfully, but we all may get the same satisfaction out of it that the childless man derived, who said that he and his brother together had three boys and two girls. [Laughter.]
The South is a power in Wall Street. She is identified with the management of many leading financial institutions, and has also founded private banking-houses and built up other prosperous business establishments on her own account. It would be in bad taste to mention names unless I had the roll of honor at hand and could read it off without exception. The President of the Cotton Exchange and nearly forty per cent. of its members are Southerners. One of the oldest and strongest firms on the Produce Exchange is essentially Southern. That private banking-house in Wall Street, which has stood longest without any change in the personnel of its partnership, and which ranks to-day with the most reputable and successful establishments of its kind, is Southern in every branch of its membership. Seven of the National Banks have Southern men for Presidents, and the list of Southern cashiers and tellers is long and honorable. It was a Southern boy who, ten years ago, counted himself lucky on getting the humble place of mail carrier in one of the greatest banking houses of America. That very boy, when not long since he resigned to enter business on his own account, was filling one of the most responsible positions and drawing the third largest salary in that same great establishment.
Another instance of signal success is told in this short story: Less than six years ago a young Georgian tacked up a cheap little sign on the door of a sky-lit room in the "Evening Post" building. To-day his is the leading name of one of the most conspicuous houses in the Street, and the rent of his present quarters is more per month than the first office he occupied cost for a whole year. One of the most famous Southern leaders in Wall Street to-day [John H. Inman] was so little known when he first attracted attention there that many people assumed he must in some way be connected with a certain great ocean steamship line, simply because he bore the same name. To-day it is just as often supposed that the steamship line is an offshoot from him, because it bears his name. A great Italian painter once vitalized a canvas with the expression of his poetic thought and called it "Aurora." In looking at that masterpiece of art I have sometimes been reminded of this distinguished Southerner. Immediately after the war the South was enveloped in darkness. Out of that gloom this man emerged and came here to the East, where the sun shines first in the morning. Judging him to-day by the record he has made, we are warranted in saying that on coming here he adopted Usefulness as his chariot, and that thereto he harnessed the spirited steeds of Enterprise, Progress, and Development. To-day we see him driving that triumphal car through the land of his birth, and making the sunlight of prosperity to shine there. [Tremendous applause.] Sharing with him the honors of their firm name is another Southerner, whose career of usefulness and record of splendid success suffer nothing by comparison. Two other Southern representatives, because of admirable achievements and brilliant strokes of fortune, have recently gained great distinction and won much applause in Wall Street. If I called their names it would awake an echo in the temple of history, where an illustrious ancestor is enshrined in immortal renown. [Applause and cries of "Calhoun! Calhoun!">[
It is not only as financiers and railroad magnates that the South ranks high in Wall Street, but Southern lawyers likewise have established themselves in this dollar district, and to-day challenge attention and deserve tribute. Under the brilliant leadership of two commanding generals, the younger barristers are steadily winning wider reputation and pressing forward in professional triumph.
One question, with its answer, and I shall have done: Are these Southerners in Wall Street divorced in spirit and sympathy from their old homes? [Cries of "No! No!">[ You say "No." Let the record of their deeds also make reply. One of them had done a thing so unique and beautiful that I cannot refrain from alluding to it. It touches the chord of humanity in every true heart and makes it vibrate with sacred memories. In the cemetery of the little town of Hopkinsville, Ky., there stands a splendid monument dedicated to "The Unknown Confederate Dead." There is no inscription that even hints at who erected it. The builder subordinated his personality to the glory of his purpose, and only the consummate beauty of the memorial stands forth. The inspiration of his impulse was only equalled by the modesty of his method. Truth, touched by the tenderness and beauty of the tribute to those heroes who died "for conscience sake," has revealed the author, and in him we recognize a generous surviving comrade. [Applause, and cries of "Latham! Latham! John Latham!">[
Turning from this epitome of sentiment, we are confronted by abundant evidence of the substantial interest taken by Wall Street Southerners in the material affairs of the South. What they have done to reclaim the waste places and develop the resources of their native States is beyond estimate. They have not only contributed liberally by personal investment, but they have used every honorable endeavor to influence other men to do likewise. Loyalty has stimulated their efforts. Their hearts are in the present and prospective glory of the New South. They are untiring in their furtherance of legitimate enterprises, and the fruit of their labor is seen to-day in every Southern State where new railroads are building, various manufacturing enterprises springing up, and vast mining interests being developed. The steady flow of capital into all those channels is greatly due to their influence. There is more money drifting that way to-day than ever before, and the time will soon come, if it is not already here, when the sentiment to which I have responded will admit of transposition, and we can with as much propriety toast "Wall Street in the South," as to-night we toast "The South in Wall Street." [Great and long-continued applause.]