Pliny Fiske - Banker

Pliny Fiske was born in 1860 in New Jersey. 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 minutes one 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" (with Morgans, First National and National City Banks).

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 the floor of the Exchange when Harriman, who had gone heavily short, attempted to break the market by a sudden offer to sell $500,000 worth at 90. Fisk promptly accepted, offered to take all others at 110.

When Harriman admitted he couldn't deliver, Fisk let him off for $50,000 but blandly extracted a promise that Harriman would try to compose his battle with J. P. Morgan Sr. over the Northern Pacific R.R., which was then depressing the market. Harriman was soon closeted with Morgan, and Pliny Fisk thereupon put every available dollar into the market. When peace was announced next morning, he had an overnight profit of $800,000.