The Stock Exchange from WithinVan Antwerp, William C. (William Clarkson)
History
The Stock Exchange from Within
Van Antwerp, William C. (William Clarkson)
New York Stock Exchange; Stock exchanges
In Wall Street, according to this viewpoint, everything is tainted,
sinister, reprehensible, covetous and unscrupulous, just as it follows
the onward march of invention, science, and progress. This sort of
criticism will not, of course, continue. The man in the street--the
average layman to whom I have ventured to address this chapter will
learn sooner or later--in point of fact he is learning now--that the
questionable practices in Wall Street which started all this hubbub,
and which were a natural and a human accompaniment of the slowly
developed technique of this or any other business, have now been
effectually stopped. It has been a very long time, for example, since
Jay Gould ran his printing-press for Erie certificates, and that
incident cannot possibly happen again. The Keene type of manipulator
has gone, never to return. “Corners,” too, have seen their last day
on ’Change, and so also have other artificial impediments in the way
of natural supply and demand. It has been years since the Cordage
scandal, and the Hocking Coal incident marked the end of that form of
manipulation. Yet there are persons who talk of these things as though
they were daily occurrences, overlooking the fact that the New York
Stock Exchange, by its own efforts put a stop to the evils complained
of, and will never tolerate their return.
McMaster in his “History of the People of the United States” tells us
that in the early days in New England public sentiment was so aroused
against the legal profession that lawyers “were denounced as banditti,
as blood-suckers, pick-pockets, windbags and smooth-tongued rogues.”
At that period in our history feeling ran so high against banks and
bankers that Aaron Burr was only able to procure a charter for the
Manhattan (Banking) Company by resorting to the subterfuge of naming
it, in the Act, “a Company to furnish the City with water.” No doubt
all this rancor and hostility seemed a very serious matter to the
lawyers and bankers of those days, just as the criticism of to-day
strikes home to members and friends of the Stock Exchange.
Public-domain text, read in full here on John Shaqi.
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