HIGH FINANCE: The Forecaster

The short, wiry figure of Frederick N. Goldsmith, 83, was as much a part of Wall Street as the pigeons on the Stock Exchange façade. For 50 years it had known his rumpled Panama hats, battered briefcase and friendly "Hi!" A successful man, he had made as much as $39,000 a year writing his market forecasts. Some 200 steady subscribers paid him up to $25 a month for his predictions.

Then Goldsmith came under the critical eye of New York State Attorney General Nathaniel Goldstein. In advertisements of his service, he had claimed to have "inside" information. The investigators,...

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