Graham's Magazine, Vol. XXXI, No. 3, September 1847Various
General
Graham's Magazine, Vol. XXXI, No. 3, September 1847
Various
Literature -- Periodicals; Literature, Modern -- 19th century -- Periodicals
The stock operations alone would stagger the credulity even of the
initiated, who should keep an accurate account of the amount changing
hands from day to-day, and sum the whole at the expiration of the year.
Many millions’ worth of this species of property would be found to have
been bought and sold, making some richer and some poorer, and leaving
some, but, doubtless, very few, about the same in purse at the end of
the year, as they were at the beginning.
If a person, standing on the steps of the exchange, were endowed with
the faculty of reading the heart of every man that passed him, what
numbers of agitated bosoms, what hopes, what fears, what emotions of
vexation, sorrow, anger, and despair, would come under review;
particularly after a panic among the speculators, and a consequent fall
of stock!
There are a few fortunate individuals, who owe to Wall street all they
possess—having speculated and staked high under the benign influence of
Fortune, while that goddess was in a kindly humor; but there are
hundreds, nay, thousands, who have seen their wealth melt away there,
like snow in a sunny nook on an April morn. “Make or break—neck or no
joint,” are the mottoes there; for when a man once gets into the spirit
of speculating, as this species of gambling is mildly termed, he is not
apt to back out till he has made a fortune, or lost what he
possessed—won the horse, or lost the saddle.
The reader will see, in the course of this essay, to which of these
categories I belong; for I, too, have been afflicted with the prevailing
mania for stock-jobbing, and have shared in the hopes and fears, joy and
sorrow, which are produced by the uncertainty of such operations, and
the momentous consequences which often follow in their train. It is my
purpose to give a short sketch of my doings in that line of business,
(now so much in vogue,) for the amusement of those who never go into
Wall street, and the benefit of such adventurous spirits as may be
disposed to try their fortune at the same table.
It may not be known to the majority of my readers, that the prices of
stocks, in New York, are very much influenced by the weather; indeed, I
have sometimes thought that their value, as a marketable commodity,
depended more on the state of the atmosphere than on their intrinsic
worth. I have known a snow-storm cause a sudden fall of two to five per
cent.; and an April shower, though it lasted but an hour, more or less,
have the same effect to the extent of one or two per cent. I have myself
suffered in my speculations by a change of weather; and the only
fortunate hit I ever made, I ascribe entirely to the opportune clearing
up of a long storm.
Public-domain text, read in full here on John Shaqi.
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