About “Wall Street Rag” (1909), from Edward A. Berlin’s King of Ragtime: Scott Joplin and His Era (Oxford University Press; second edition, 2016):
“Wall Street Rag” [is] a piece that refers to the Wall Street Panic of 1907, and may reflect on employment he reportedly had at the time. … Joplin may have personally observed the distress of Wall Street workers as, according to unconfirmed, but plausible, information, he had been playing piano in a restaurant in New York’s financial district, possibly Fraunces Tavern, at 54 Pearl Street, the historic site where George Washington made his farewell address to his officers. …
“Wall Street Rag” is a highly unusual work. First, it has a programmatic narrative that assigns a different mood to each of the four strains:
A–Panic in Wall Street, Brokers feeling melancholy
B–Good times coming
C–Good times have come
D–Listening to the strains of genuine negro ragtime, brokers forget their cares
Modest as this narrative is, it reveals several points about Joplin’s perception of ragtime: not all ragtime is “genuine”; only the African American creation is authentic; and genuine ragtime is a happy music, endowed with the power to alter moods.
The program indicates that the piece should begin in a melancholy mood. The obvious musical device to suggest melancholy is the minor mode, but Joplin avoids the obvious. Instead, while in the usually “happy” key of C major, he introduces modal ambiguities and dissonances. Over a C pedal point he presents tonal vagueness with diminished chords, a prominent repetition of the dissonant and tonally ambiguous tritone interval of C–F-sharp, and a suggestion of the minor mode with a flatted sixth degree of A-flat. The final strain is dominated by unprecedented dissonances. These are off-beat discordances — at times, actually tone clusters — placed in a high register. The programmatic intent is probably to suggest the twanging sound of ragtime banjo strumming.
Below, William Appling performs “Wall Street Rag,” from this important collection.