With this elucidation of terms, I am ready to proceed with my friend’s narrative, whom, true to his habit, I found at the spot, and anxious for a listener; and, from the nature of his remarks, I am induced to believe that he suspected me of some desire or design to enter on the business of stock jobbing. HOW TO QUALIFY FOR WALL-STREET. “If,” said he, “you have any intention of entering into business in Wall-street, you ought first to know, that, although there are many respectable men and firms here, who have accumulated property and credit, by a long course of industry and application, as in any other branch of business, there is, nevertheless, a very large class, who look upon every new comer as a fit subject for their stratagems. And very few such escape one of two extremes: either the loss of their property, or a sacrifice of conscience, honor, honesty, and every noble principle, to the mean and sordid one of getting money. The first sacrifice you would be called upon to make, would be, confidence and respect towards your neighbors—you must disbelieve every thing you hear and see, and look upon every one as having a design on your purse: no very comfortable position for an honest man.” FANCIES BETTER THAN SOUND STOCKS. A very large portion of the stocks termed ‘fancies,’ and in which they mostly deal, are entirely worthless in themselves; unlike articles of merchandise, which may be seen and examined by the dealer, and which always have an intrinsic value in every fluctuation of the market, these stocks are wholly wrapped in mystery; no one knows any thing about them, except the officers and directors of the companies, who, from their position, are not the most likely men to tell you the truth. They serve no other purpose, therefore, than as the representative of value in stock gambling, which might just as well be wholly imaginary, and of any other kind, as these; and you would soon learn, that the reason why there is so much dealing in _depreciated_ stocks, and so little in those which are solvent and at par, is this: Nearly all the fluctuations in their prices, are artificial—a small fluctuation is more easily produced than a large one, and as the calculations are made on the par value, a fluctuation of one per cent. on a stock worth only twenty dollars a share, is just five times as much on the amount of money invested, as it would be on a par stock. Consequently, if a ‘Flunkie’ can be drawn in, he may be fleeced five times as quick in these, as in good stocks. HOW FALSE LIGHTS ARE SHOWN.