Daly's Bartenders' Encyclopedia by Tim Daly (1903, p.117)

1 juice of one whole limelime juice acid
1 pony glassJamaica rum base
3 dashesRaspberry syrup base
1 wine glassWhiskey base
4blackberries — Source says four or five.garnish
1 slicepineapple — Mash in the bottom of the glass.garnish
4raspberries — Source says four or five.garnish
ice — shaved iceother
1 spoonfulpowdered sugar — Dissolved in seltzer.sweetener
  1. Mix the raspberry syrup, sugar in seltzer, lime juice, whiskey, Jamaica rum, and shaved ice well with a spoon.
  2. Mash the fruit in the bottom of a large punch glass, pour the mixture over it, and serve.

Garnish: Mashed berries and pineapple

Ice: Shaved ice

Daly explicitly ties it to bankers and brokers.

The separated fruit-mash stage is the key part of the service logic.

See also: Yale Punch, Whiskey Punch