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Once in Golconda: A True Drama of Wall Street 1920–1938 by John Brooks

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Chapter Four

So Near the Apes

I

One spring day during the late 1920s, a small group of Americans, acting in a time-honored tradition, met secretly and hatched a plot to make themselves some quick money. The method they chose was manipulation of the price of the stock of Radio Corporation of America, then one of the hottest issues on the market. Under a formal partnership agreement, duly approved by their lawyers, they committed themselves to deal in one million shares–valued, at the current price, at ninety million dollars. They then enlisted, for a fat fee, the services of Michael J. Meehan, the Stock Exchange member best in a position to carry out the manipulation because he acted as the floor specialist for Radio stock. At the start of the ...

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