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 good Dutchmen at first looked astonished at a project so bold and
vast; they next smoked a pipe and doubted; but on an explanation being
given by Mr. Solomon Single-Eye, of all its advantages, accompanied
with a prompt offer to embark HIS _whole fortune_, and give his
services for nothing, the shares were eagerly caught up. And as the
scheme rose in public estimation, the shares rose in nominal value,
greatly above their subscription price; and such was the clamor for
more, that the directors—having nothing in view but the public
good—disinterestedly consented to sell out theirs at an advance of
only seventy-five per cent., in order to appease public opinion,
in respect of their apparent partiality in having retained any for
themselves. Still, however, the inquiry for shares was eager and
constant, so great was the public confidence in the integrity and
shrewdness of the directors, and of Mr. Single-Eye, particularly.
At this juncture, Mr. Jacob Broker opened an office near the
wall-street, that was to be, for the sale and purchase of shares.
MR. JACOB BROKER.
Mr. Broker was a man of great shrewdness and penetration. His
education, to be sure, had been somewhat neglected, having been
superintended in his youth by a strolling professor of the “black
art,” whom to follow, he ran away from home at the age of fourteen.
But his genius was of that universal kind which all men desire and but
few possess—and hence the facility with which he adapted himself to
his new employment. His initiation into the black art now stood him
instead of capital, and made it easy for him to convince the honest
Dutchmen of his power to turn “metals of drossiest ore to purest gold.”
To him, therefore, they all went, whether to buy or to sell shares
in the Wall-street Stock Company. And as he had often learned by the
sad vicissitudes of life, the necessity of turning an honest penny
for himself, he reasoned as all philosophers would do in the same
circumstances, “that if he took not the tide of fortune at its flood,
he might again suffer under the same unhappy conviction.” In other
words, he thought, and acted accordingly, that if he did not embrace
the opportunity to improve his fortune when it offered, it might
never present itself again. He shrewdly guessed that he might greatly
aid the rise in the value of the shares by appearing to be _entirely
disinterested_—while at the same time he contrived, generally, to be
the real purchaser when people employed him to sell, and the seller
when they employed him to buy: by which means, as the stock gradually
rose in the market,—the commission being considerable, the profit
more—and as he bought and sold the whole number of shares several
times over, he was enabled to abstract from the pockets of the honest
Dutchmen and placing it in his own, in solid cash, nearly the whole
amount of the nominal rise in value on all the shares.
HONESTY AND DISINTERESTEDNESS.
Public-domain text, read in full here on John Shaqi.
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