A Week in Wall Street: By One Who KnowsJackson, Frederick
General
A Week in Wall Street: By One Who Knows
Jackson, Frederick
Wall Street (New York, N.Y.)
“Why, you have the means,—the stock may be had at twenty, and a
hundred thousand dollars would control the whole of it. It must be done
quietly; and then by contracting on time we should have the power to
deliver without loss when we sold; and by making three contracts to
receive to one to deliver, we can make them pay whatever difference we
choose.”
“That would be too much power to get in our hands, Dan, would it not?”
“True, it would not answer to trust every man with so much; but in your
hands and mine, I think we would not abuse it.”
“What amount of exaction do you think would be an abuse of such power?”
“Why, it would be wrong to take more than two hundred per cent. profit,
unless we got hold of some one who could well afford it.”
“But that would be using force to appropriate other people’s money to
our own use. I think it would not be justifiable.”
PLAN CHANGED.
Mr. Friendly, though not devoid of sound sense and a good judgment,
usually suffered his eagerness for speculation to blind his mind to
every probable result but the glitter of gain. He had never looked
on the subject in this light before. He intended nothing but a “fair
business transaction,” and was desirous that his friend Bottomly should
share in its success. His mind revolted at doing a positive wrong;
he therefore abandoned his plan, but adopted another on the instant,
which though less culpable on his part, was in the end productive of an
equal degree of evil. Always quick and decided in his actions, he said
“well John, you are always right-minded, though you are sometimes wrong
headed, we will say no more of this plan for the present; but I think
well of a speculation, and therefore you shall buy me five hundred
shares to day at ‘the board,’ I will send you in a check for ‘ten up,’
and the rest we will arrange to-morrow.”
THE BANK PARLOR.
Having decided upon his plan of action, Mr. Friendly then immediately,
sought the directors who held stock. Fortunately he found them all in
the bank parlour. They had just been talking over the affairs of the
company, I will not say that they had been discussing its affairs,
for their conversation was like any thing else but a discussion, and
consisted of sundry expletives directed principally against their
predecessors in office. And here let it be remembered, that those
gentlemen, whose ambition had led them to desire such a post of honor,
were but newly installed in their places. And, having purchased stock
to procure their election, with knowing but very little about the real
state of the company’s affairs, they were now unable to get rid of it,
and were lamenting their folly and cursing the authors of it. For be
it known, that their ambition and vanity had been stimulated by their
predecessors before the election, to induce those gentlemen to seek a
post which they wished to abandon themselves, knowing that sooner or
later it would disgrace them.
Public-domain text, read in full here on John Shaqi.
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