Lights and Shadows of New York Life: or, the Sights and Sensations of the Great CityMcCabe, James Dabney
History
Lights and Shadows of New York Life: or, the Sights and Sensations of the Great City
McCabe, James Dabney
New York (N.Y.) -- Description and travel; New York (N.Y.) -- Social life and customs -- 19th century
The chief cause of this intense strain is the uncertainty attending the
operations of Wall street. The chances there are not dependent upon the
skill or the exertions of the operator. Some powerful clique may almost
destroy the securities upon which he relies for success, or may make him
wealthy by suddenly running up their value; so that no man who does not
confine himself to a strictly legitimate or commission business--and but
few do so--can say one week whether he will be a millionaire or a beggar
the next. The chances are in favor of the latter result. Nine out of
ten who speculate in gold or stocks, lose, especially persons
unaccustomed to such operations. Like all gamblers, they are undismayed
by their losses, and venture a second time, and a third, and so on. The
fascination of stock gambling is equal to that of card gambling, and
holds its victims with an iron hand. The only safe rule for those who
wish to grow rich is to keep out of Wall street. While one man makes a
fortune by a sudden rise in stocks or gold, hundreds lose by an equally
sudden fall in the same commodities. Even old and established firms
sometimes give way with a crash under these sudden changes.
The legitimate operations of the street and the speculative ventures are
becoming more and more concentrated every year in the hands of a few
operators and capitalists. These move the market as they please, and
fill their coffers, and sweep away younger or weaker men with a
remorseless hand. It is useless to oppose them. They are masters of the
field in every respect, and when they combine for a common object, their
resources are inexhaustible and their power beyond computation. A dozen,
or even half a dozen of the great capitalists could ruin the whole street
were they so disposed, and once they came near doing so. This is the
secret of the cordial hatred that is felt by the majority of Wall street
men for Vanderbilt, Drew, and other great operators. They know and dread
the power of these men, and would readily combine to destroy them singly.
The mania for stock gambling which now sways such masses of people, may
be said to date from the war and the petroleum discoveries. Since then
it has rolled over the country in a vast flood. The telegraph is kept
busy all day and all night in sending orders for speculations from people
in other States and cities to New York brokers. Everybody who can raise
the funds, wishes to try his or her hand at a venture in stocks.
Merchants, clergymen, women, professional men, clerks, come here to tempt
fortune. Many win; more lose.
Public-domain text, read in full here on John Shaqi.
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