Tuesday, July 8

Don't Kidd About the Pirates

Image = Wikipedia
By Art Cashin

On this day in 1699, a formerly prominent businessman was arrested in Boston and sent to London to be tried for capital crimes. He claimed it was all a mistake but the authorities denied him counsel and shipped him off in chains.

Four years before, he had even been one of the respected businessmen in Wall Street. His house on Hanover Square was impressive. And he had even been a driving force in raising funds for Trinity Church which would stand in the graveyard at the end of Wall Street.

But his fame as a trader and a seaman brought him to the attention of the king. The king solicited his service to stamp out the piracy that plagued the sea-lanes. On the day he set out, records show that most of New York turned out to cheer him on.

After early successes, however, disgruntled former crewmen began to claim that he had thrown in with the pirates themselves, and had become the worst of the lot. And, when he dropped off part of his recaptured loot with his friends the Gardiner Family (of Gardiners Island), stories spread that he had buried treasures from the East Coast to the Caribbean. (In fact to this day some maintain that Jacob Astor may not have become wealthy in the fur trade - but by discovering a huge cache of this man's treasure in what is now
Central Park.)

Anyway, despite his protests of innocence (and lack of counsel) he was found guilty of five counts of piracy. And, in May of 1701, he was dropped through the hangman's trap door and into history. Thus one of Wall Street's earliest luminaries - Captain William Kidd became the symbol of piracy for three centuries.

To celebrate take some sweet young thing to the "Traders Lounge" and explain that the connection between Capt. Kidd and Wall Street was purely coincidental. But caution her not to comment about the eye patches of the patrons. It tends to agitate their parrots.

Many thanks to Mr. Cashin and UBS Financial Services who graciously allow his historical musings to be republished on this site. To enjoy more of Art's posts simply click on "Cashin's Comments" in the label section on the sidebar.

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