The Secrets of the Great City: A Work Descriptive of the Virtues and the Vices, the Mysteries, Miseries and Crimes of New York CityMcCabe, James Dabney
History
The Secrets of the Great City: A Work Descriptive of the Virtues and the Vices, the Mysteries, Miseries and Crimes of New York City
McCabe, James Dabney
New York (N.Y.) -- Description and travel; New York (N.Y.) -- History
The chief cause of all this intense excitement, is the uncertainty
which attends such operations. No man can tell one week whether he will
be a beggar or a millionaire the next, the chances being decidedly in
favor of the former. Nine out of ten who speculate in stocks or gold,
lose. Like all gamblers, they are undismayed by their first reverse,
and venture a second time. They lose again, and to make their loss good
venture a third time, risking in the end their last dollar. The
fascination of stock gambling is equal to that of the card table, 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, one thousand are ruined.
Even the soundest and best established firms fall with a crash under
these sudden reverses. The safest are those who buy and sell on
commission. If the profits go to other parties, in such cases, the
losses fall upon outsiders also, so that under all circumstances a
legitimate commission business is the safest, as well as the most
profitable in the end. This is proved by the fact that there are very
few old firms in "the street." Houses supposed to be well established
are failing every day, and new ones springing up to take their places.
Nothing is certain in Wall street, and we repeat it, it is best to
avoid it. Invest your money in something more stable than speculations
in stocks.
A KEEN GAME.
Public-domain text, read in full here on John Shaqi.
Reviews
Reviews
No reviews yet
Be the first to share your thoughts on this work.
Elsewhere in the archive
Join the Discussion
Join the discussion
Sign in to leave a comment or review.
Sign InorCreate an account