Price manipulation at the NYSE and the 1899 battle for Brooklyn Rapid Transit shares

Timothy A. Kruse and Steven K. Todd

Financial History Review, 2013, vol. 20, issue 3, 279-303

Abstract: In 1899, James Keene, a prominent bear, and Roswell Flower, a well-known bull, both attempted to manipulate the share price of Brooklyn Rapid Transit (BRT), a young commuter railway company. Flower and Keene were stock ‘operators’, who used pools of cash from like-minded investors to push share prices higher or lower. In their efforts to garner profits, BRT operators claimed insider status, planted rumors in the press, used leverage to accumulate large positions, manipulated borrowing costs and camouflaged trades. The events of 1899 can shed light on current market dynamics, and we draw parallels between the predatory trading strategies used in 1899 and those of today.

Date: 2013
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