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.)
The arts and tricks resorted to, in this kind of gambling, are the
same as in all others. When the brokers and speculators engaged in
it, have no customers on whom to practice, and each one is shy of the
other, they lovingly play among themselves. To keep up appearances,
large transactions take place, which, by mutual understanding, are not
to be fulfilled, and like children at chequers, when the game is out,
the kernels are thrown into common stock again, and a new one begun.
And, strange as it may seem, these transactions are published in all
the commercial newspapers, and go forth to the world as the evidences
of value, and the condition of the money market, to deceive the unwary.
Every editor, who properly regards the welfare of the community, over
which his position gives him great influence, ought at once to refuse
the publication of any sale of stock, but such as are of standard and
intrinsic value; for it is by these means, that so many are drawn from
their regular pursuits, into ruinous speculations; when, if nothing but
truth were told them, they would stay at home, and save their money—to
say nothing of the mischief of idleness and dissipation, which the
habit of gambling engenders.
WHO IS TO BLAME.
I must not be understood as applying what I have said, or shall say,
to every man in Wall-street: far otherwise. Nor would I be understood
as applying it to brokers exclusively, or to any one in particular. I
only say, that if the coat I shall cut out suits any man’s shape and
dimensions, let him put it on. On the whole, the brokers are less to
blame than those who support them; and, if left to themselves, their
trade in fancy stocks would soon cease. If people will gamble, there
must be some place to do it, and some persons as directors, agents, and
co-partners in the business; and, until the people are reformed, it is
doubtful if Crockford, in London, and the brokers in Wall-street, are
not more honest and respectable than their supporters.
SECRETS LET OUT.
Public-domain text, read in full here on John Shaqi.
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