It is arguable that the scenes with Meyer Wolfsheim in both films are much more abbreviated than in the text. Each scene has its own merits, and so to judge which one best conveys Meyer Wolfsheim, it would be necessary to establish some criteria. To decide which portrayal is closer to the text requires readers to form an image in their minds based on their interpretation of the words on the page and then decide which film portrayal rings more true: an obvious gangster, or a more covert one.
For example, the persona of Meyer Wolfsheim in the more recent film directed by Baz Luhrmann could be seen to project more menace than in the scene from the earlier film directed by Jack Clayton. His costume, a white suit and fedora, is more stylish and suited to the 1920s, and he moves more aggressively toward Nick to offer him a "business gonnegtion." His human molar accessory is a tie pin, which is much more on display than the cuff buttons that are concealed in his 1974 counterpart. He interacts with the dancing girls in a louche manner, and he seems generally more comfortable in the skin of a gangster.
The persona of Meyer Wolfsheim in the 1974 film version is much more low-key in the restaurant scene. He acts more gentlemanly, aside from pointing out his cuff buttons to Nick. His clothing looks out of date for the 1920s and enables him to pass for a nondescript older businessman instead of making him stand out as an obviously flamboyant mobster. His manner of interacting with Gatsby seems more paternal. He does admit to being close to Rosy Rosenthal, but he is more matter-of-fact than menacing.
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