Fifty years in Wall Street
operation at his fingers’ ends, in fact he commanded the situation to
such an extent as to make his power felt. Mr. Cammack, Mr.
Woerishoffer’s associate, while usually a bear, is a very different man
and not to be feared, for that gentleman usually sells stocks short only
on reliable information, and always to a limited extent. If he finds
that the market does not go down by the weight of sales, he soon
extricates himself at the first loss. In this method of doing business
lies his safety. In this way he will sell often 10, 20 or 30 thousand
shares of stock and make the turn, but will not, like his late friend
Woerishoffer, take a position and stand by it through thick and thin,
and browbeat the market indefinitely until it finally goes his way. At
the present time, therefore, the bulls have no great power to fear
whenever they have merit upon which to predicate their operations. The
future will be brighter for Wall Street speculators and investors than
it has been for a long period, and with the public who may be expected
to come again to the front, greatly increased activity should be the
result.”
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CHAPTER XLI.
WOMEN AS SPECULATORS
WALL STREET NO PLACE FOR WOMEN.—THEY LACK THE MENTAL EQUIPMENT.—FALSE
DEFENSES OF FEMININE FINANCIERS.—THE CLAFLIN SISTERS AND COMMODORE
VANDERBILT.—FORTUNE AND REPUTATION ALIKE ENDANGERED.
As speculators, women hitherto have been utter failures. They do not
thrive in the atmosphere of Wall Street, for they do not seem to have
the mental qualities required to take in the varied points of the
situation upon which success in speculation depends. They are, by
nature, parasites as speculators, and, when thrown upon their own
resources, are comparatively helpless. Although they are able, through
craft and subtlety, to rule the male sex to a large extent, yet, when
obliged to go alone, they are like a ship at sea in a heavy gale without
compass, anchor or rudder. They have no ballast apart from men, and are
liable to perish when adversity arises. When some of our strong-minded
woman’s-righters read this—and I hope for this honor from them—I can
imagine certain of them launching epithets of scorn against my head, and
even charging me with dense ignorance regarding the history of the great
women of the world, and the wonderful achievements of some of them. They
will, no doubt, cite Joan of Arc against me; Queen Elizabeth, Catharine
of Russia, the unfortunate and beautiful Mary, Queen of Scots, _et al._
Women, in general, rarely summon beautiful women in their own cause, but
in this case they will probably do so; for it is a trick of the sex to
bring feminine beauty to play as a tramp card when man is the game.
The wife of John Stuart Mill, Mrs. Elizabeth Cady Stanton, Julia Ward
Howe, and a host of other great female reformers and revolutionists
will, without doubt, be quoted against my theory. Several of the
strong-minded novelists and their chief works will be cited to show how
unfounded is my charge. Ouida, George Elliot, and George Sand will
probably be arrayed in judgment against me. The one answer to all this
must be that such women are the exceptional cases, which prove the rule
and sustain my theory. Besides, these fair ones, with the exception of
Ouida, and, to some extent, Elizabeth Cady Stanton, and possibly, George
Sand, have never tried their hands at speculation. They have excelled in
their particular lines, but when all their secret history is known, it
will be found that men were the source of their inspiration. I am aware
that the opposite theory is held, through false gallantry; but the
chivalrous knights who credit the fair sex with more speculative brains
than they possess are in a petty minority, and will always remain so as
long as men have manhood enough to decide according to their judgment
instead of their emotions.
Fact is the best test on this question, and I will recite a few facts in
the history of some of the female speculators of Wall Street, quite
aware that I touch a very delicate subject. The namby-pambyism and the
pseudo “gallantry” now so prevalent, are generally opposed to any fair
statement in regard to woman’s real financial capacity, and, worse than
all, woman’s true interests and functions are greatly aspersed and
prejudiced by these false sentiments. When carried away, as she so often
is, by the insidious flatteries of man and the showy frivolities of
fashion, a woman is rendered temporarily blind to these important facts;
but, in the exceptional instances, where she reasons calmly and reflects
prudently, she pays the greatest respect to those of our sex who
dispense plain advice and blunt opinions. Dudes and designing flatterers
may revel for a time in their conquests, but the opinions of men of
judgment, honesty and virtue will eventually triumph with those of the
other sex who are most discerning.
Let me, then, illustrate my estimate of women as speculators by a few of
the more prominent examples I have known in Wall Street, who have
essayed to make a fortune after the manner of men. I shall take up the
present Lady Cooke and her sister, Mrs. Woodhull. Lady Cooke has now a
virtual “castle in Spain,” or rather in Portugal, besides one of the
most elegant mansions in London. My knowledge of the history of those
sisters and their financial relations and business connections with the
late Commodore Vanderbilt, go to illustrate the fact very clearly that
the cleverest women cannot be successful in Wall Street; and if this is
so, where will the ordinary female be found when she essays the role of
an operator?
The notorious firm of Woodhull, Claflin & Co., in their peculiar
combination, included Commodore Vanderbilt. I shall say something about
their methods of operation before touching upon the history and
biography of the two sisters, which is remarkable in the extreme. Very
soon after the Commodore had aided to set these two women up as brokers,
in Broad Street, the firm was known all over the land. The present
titled Lady Cooke was then plain Tennie C. Claflin, and she was plain in
every sense of the word, excepting in face, which certainly was quite
pretty. She had, however, less personal magnetism than her celebrated
sister, Victoria C. Woodhull, but doubtless made more impression on a
well-known journalist of this city and upon the Commodore than any one
else, until she met Sir — Cooke. Tennie was rather phlegmatic in
temperament, and could therefore exercise but little influence over the
ordinary man, but she was cool and calculating, and had evidently more
brain than she seemed to possess. She could wear a winning smile, but it
was manifestly put on for the occasion.
I recollect her calling at my office one afternoon. After the usual
interchange of civilities, she told me she wished to deposit a check for
$7,000. The check was signed by the wealthiest man in Wall Street, and
was promptly accepted by my cashier, and duly credited. A few days after
this event, Miss Tennie drove up to my office in a cab. She wore a look
of enthusiasm and pleasant surprise. In her countenance one could read
at a glance that she had a heavy thought to divulge. So she said she had
a “point.” I don’t care for “points” as a rule, but I was bound by all
the laws of chivalry and business courtesy to give the lady a respectful
hearing, and I did. The point had emanated from a very high source, and
for that reason, also, was entitled to respectful consideration. The
charming Tennie wanted to buy 1,000 shares of New York Central. Though
always on the alert for business, I was not then at all anxious to
execute the lady’s order. I received Miss Claflin with all due respect,
and without giving her any intimation that I perceived, by my peculiar
inspiration, “the gentleman in the fence,” I tapped my little bell, to
which my office messenger responded. “Tell the cashier,” I said, “to
make out Miss Tennie Claflin’s account.” This was simply the work of a
few minutes, and Miss Tennie was instantly furnished with a check,
including interest for the time of deposit. Miss Claflin bowed herself
out, and I heaved a sigh of relief, and thought that everything was over
so far as that check was concerned. But I was slightly mistaken.
Tennie went to the Fourth National Bank immediately, and presented the
check. She returned to my office in a few minutes afterwards. P. C.
Calhoun was then President of the Fourth National. When Tennie returned,
she said, “Mr. Clews, the bank wishes to have me identified.” I called a
boy and told him to accompany Miss Claflin to the bank, and identify her
as being entitled to the amount of the check. This sealed her credit for
that amount at the bank, owing to which I obtained the rather doubtful
distinction of having been made the medium of largely aiding to
establish the firm of Woodhull & Claflin in Broad street. Myself and the
Fourth National Bank were said to have been the “sponsors” for this
consummation. As soon as I ascertained how my name was being connected
with those ladies, I had a private interview with the President of the
Fourth National, which prevented Tennie from using my name to a great
extent thereafter. I have never attempted to take any credit to myself
for this affair, but there is one thing evident, and that is, that I did
not get euchred in the matter. The Commodore was then regarded as the
power behind the throne, or behind the fair sex. If the sisters had any
scheme in the background (and I have reason to believe they had,) I did
not get caught in it.
Far be it from my purpose to insinuate that these celebrated “sisters”
are a sample of all the women who intrude into speculative circles.
These facts, however, show by what sort of methods two of the most
notorious female speculators of these times gained their success. It
would be an aspersion on womanhood to suppose that many women would be
found willing to resort to like methods; but it is safe to say that, as
a rule, women can have little other hope of success than by using their
blandishments to win the attentions and the services of the other sex.
There are doubtless exceptions to this rule, as in the case of Mrs.
Green, whose unaided sagacity has placed her among the most successful
of our millionaire speculators. She is, however, made up of a powerful
masculine brain in an otherwise female constitution, and is one among a
million of her sex.
If women are fortunate enough to escape being fleeced when they enter
Wall Street, it can only be from extraordinary luck, or from the
protecting counsel of their brokers, or from compassionate indulgence
shown to them when swamped by their losses. My own experience shows that
when they lose their money—as they usually do—they are by no means
sparing in their pleas for consideration; and this fact shows that women
who aspire to this path to fortune are not usually endowed with the
self-respect, the modesty and the independence of masculine favors which
characterize all high-minded women. In truth, this is so well understood
among the habitués of Wall Street, that while a woman who frequents
brokers’ offices is not likely to find any lack of attentions, yet she
is sure to lose caste among those who bestow such gallantries. In a
word, Wall Street is not the place for a lady to find either fortune or
character.
The explanation given by Mrs. Victoria Woodhull —— is somewhat different
from the statement herein made by me in reference to the establishment
of the brokerage firm, run ostensibly by the famous sisters; and as this
celebrated lady shows in some of her recent utterances that she has done
so much for humanity, truth, and financial reform, her statement is