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
Some years ago, the famous Jacob Little resolved to bring down the
market value of Erie stock, which was then selling readily at par. He
contracted with certain parties to deliver to them an unusually large
amount of this stock on a certain day. A combination was immediately
formed in the street to ruin him. The parties concerned in this league
took his contracts as fast as they were offered, and bought up all the
stock in the market. In doing this, they firmly believed they were
placing all this paper to be had out of the reach of Mr. Little, who
would be ruined by being unable to deliver the stock at the time, and
in the quantities agreed upon. His friends shook their heads ominously,
and declared that his enemies had been "one too many" for him this
time; but the "Great Bear," as he was called, kept his own counsel.
When the day for the delivery of the stock arrived, his enemies were
jubilant, and all Wall street was in a fever of excitement; but he was
as calm and as smiling as ever. Repairing to the office of the Erie
Railway Company he laid before the astonished officers of the road a
number of certificates of indebtedness. The faith of the Company was
pledged to redeem these certificates with stock, upon presentation. Mr.
Little demanded a compliance with this contract. The Company could not
refuse him, and the stock was issued to him. With it he met his
contracts promptly. The result was fearful to his enemies. This sudden
and unexpected issue of new stock brought "Erie" down with a rush, and
the sharp witted operators who had bought either at par or at a
premium, solely to ruin their great rival, were ruined themselves,
almost to a man.
A "DEAR" SALE.
But a short while ago, a house in Wall Street, which had ventured too
far in its speculations, failed. It settled its liabilities honestly,
but had not a penny left. One of the partners had used U.S. bonds to
the amount of fifteen thousand dollars, belonging to a relative, and
these had been swept away. Whether for the purpose of replacing this
amount, or for his own benefit, the broker resolved to get possession
of a similar amount in bonds at once. The failure of his house had not
become generally known, and he determined to lose no time in his
operations.
Public-domain text, read in full here on John Shaqi.
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