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.)
His knowledge of men and things is regulated by their _properties_,
and his estimate of the proper pursuits of life has received a bias
from his literal construction of the Apocalypse, in which the streets
of the new Jerusalem are described as being of pure gold; and he
appears to regard the possession of it here, as the surest passport
on his way there. In exactness and punctuality, he is a model for
imitation. He generally operates “for a fall,” and, like his great
progenitor, his interest compels him to take pleasure rather in
demolishing than in building up. His assiduity and skill are such,
that, united with his great physical force, mechanically denominated
“_a purchase power_,” he can tear down more in one week, than the whole
fraternity can build up in a year; and he has been known to topple a
Bank, an Insurance company, a Railroad, or a whole bevy of brokers, by
a single application of his lever.
But such is the variety and opposition of interests created by the
multitude of heads, and the multiform opinions entertained by them,
the circumstances of which are varied by every transaction that takes
place, of which none but those concerned in them can have any control,
that the wittiest sometimes get outwitted, and the strongest outdone.
GETS TRAPPED.
Not long since, a squad of Bull-backers, had for some months been,
secretly, and unknown to Mr. T., getting control of a certain stock,
intending to “corner” some one with it; and, aware of Mr. T.’s tearing
down propensity, after due consultation, they laid a scheme whereby to
entrap him. Deputing an agent of well known paucity of dollars, they
sent him to Mr. T. to get a loan of money on a large amount of the
aforesaid stock. The loan was completed for the term of 90 days, Mr.
T. advancing two thirds the nominal value. Whether he had any ulterior
object, or not, in lending the money is not known; but, as he seldom
made such loans when such object did not sooner or later disclose
itself, it is suspected, that in this case, he looked beyond the
present bargain, and, believing that his debtors would be obliged to
sell the stock he held, for what it would bring, to pay his loan when
due, he commenced his operations for a fall in the stock, by selling
it all out. It so happened, however, that the Bull-backers aforesaid,
were the buyers of it, and this was just the snare into which they
desired to lead Mr. T., knowing that when their agent should pay up
his loan, and call for the stock, T. would be obliged to buy it of
them, at such increased prices, as they should dictate. And Mr. T. was
soon made sensible of his condition, by his debtor calling long before
the time, and offering to pay up the loan, and withdraw the Stock. He
was certainly surprised, but his quiet and collected manner betrayed
no emotion. And here I must render another tribute to his character.
He certainly bears his profits and losses well; as great men are said
Public-domain text, read in full here on John Shaqi.
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