New-York tribune., 1842-01-03
STOCK, and stools-Gnmb,ing.

stock. nud sfools-Gnmb!ing.
To ne Editors orthe Iribunt
In the presen, dcranged state of our monetary
=tr,rs. The public are looking with anxiety and
hope for reform in the various branches OF our
Stare anl! General Governments as well as the in
att,i,ions generally of the Country But the writer
has regarded with satisfaction The manner in which
you have begun the work in quarter that more
;rt, ;,;iy ether needs that Puication which is only
10 be Elected by the frowns Of the business COM
nunily throughout the land. The Board OF the
Stock Exchange is annstitution that was founded
i,y its original uenbers for objects Of great utility
and was long time conducted upon principles OF
integrity, and its members were all worthy OF tic
confidence and good opinion Of their clients. But
llov i ii now The name OF n Broker has be-
come by-wcrd, and Wasiroet notorious as the
theatre of dis graceful and dishonest transactions
the magnitude of which is the only shield that the
perpetrators possess from sharing the society and
fate of the common feon. The cases that you
have cited in your article of Monday are all fair
specimens oftllc present systctnoi Stock Gambling
as it is carried on at the Brokers' Board. But II,
degrading and wherng Influences are carried even
to farther pitch, and lnaay of the embarassments.
the bankruptcies and astrcsses, 50 peculiar to the
present times, may be traced TO the banesUl inila
ences OF the New York Board OF Brokers. Under
the present system, it opens field for hundreds of
persons, who may hold subordinate situations III
l., 4 o,J
other houses, operate upon the Information thu,
they may possess of the transactions and positions
.i teir employers; the effect OF which operators.
though they may result edvantageously for time
10 the pocket OF the operator, disastrous in the
extreme TO the interest and welfare of those who
are thus made to suffer for the dishonest and de-
ccilflll conduct of the clerk. WHO, they suppcsc Is
acting as ever in good faith, and holding invo!atc
those secrets that sboud never be known beyoa'
;he walls Of their burcaux. Nor is it confined 10
The Scbordinales, bs, men holding ghplaces OF
trust and responsibility are aso tempted 70 share
in the running game, and finally when their rash
and impudent undertakings have resulted, from
their own blinded ud cement, in losses greatas
10 be rreparabic we find the President, The
Cashier TIC public officer the Clerk, ana the rcch.
less advcnurer. all brought under the new but too
common class sitlca,ion OF Dcaulter and loss OF
character. loss of means, nnd the and cor.
tempt of all honest nen, become tnc future portion
upon which they and their fam..ie. have 10 buil1
the fabric Of another lot.
As am familiar with the operations, es well a
with many OF the members propose 10 show th-
manner in which ,hc public made 10 suffer,
and by which property is deprcciated, and public
confidence destroyed.
/ call at tbs, Office OF a Broker and reque,t him
10 sell Tor me say $1,000 OF some substantial divi-
esld-paying g5-stock At or about the last previous
quotations. which We viii suppose be 05. At
ter th. adjournment at the Bosrd agen cali ut
rs Office 10 ascertain the sales 0: the morning. and
10 my di,may find quotation at my stock al
something like 8S, while my Broker has made no
..lcs Upon Investigation | find that when the
stock vas called ne had offered at 3d. and there
being no bidder at that pricc. reckless and
eoronous Bear as The depreciators are called J
oiFers the same stock. ti1e, At lower and lower
=snd lower prices, and hna!ig rendered boIder by
not finding purchaaers he comes outwIth the SAM
stock at an oacr sell AT some siX or clstt per
cent. uadec any previous quotations. ne conse-
c;Gences of thus are apparent FOR holders OF the
understanding ,hs intrigue of the Board suppose
themselves tninformed in rsgard 10 some facts al
tecting credit, thrust heir stock upon The mar
ket which dcpre,sas still fariherit price Thus
The stock OF some well conducted and honorabc
'astituten, or perhaps STATE, is d Preciated to
price thai lnnreS us credit and destroys the pro-
perry ol innocent holders; and ali 10 satisfy tic
craving, gambling spirit of-a class OF reckless
stock -lobbers, whose only profession calling IS
10 f1ii their pockets by any rooans no matter how
destructive they may be to the credit Of the ruohc.
or the welfare of the WIDOW ard orphan
viii giyc asother case. We wili suppose :
large holder OF Ii!iaois Endiau;i Bonds comes
#ifro Wali-street for the FuePose OF neso,iatins
Iosas os ms stock and. for shas ohiect employs
broker 20 procure for him the required amount q
money upon The hypothccai'cn OF these secnfltieS
CT curse zoe, broker rs acquainted with the pos
ton inch ne places the bonds. as well
tccQliar situation OF each party with wncm ne j
,.eg3,ia,inc. hoih borrower and eRder. ano tEl0
i,arsiag TIC extei.t OF The VANS and resources
the oac and the copfi,ence OF the securities use'
ot The other Before tho loans tHUs createt al
sronc Ii 70 u close Y the expiration fthe time 10
which ,hey axe lna,ic. the broker discovers symP
toms Of disease IN th money market she hnds ths
ts article is growing scarce, and timt there IS
pIobabiilt5 .; iisa prlccs beng paid FOR money
1tich with u : always Ilc farorunner of panic
What does shc do! Perhaps he Is nos n rucmhe
1.-THE Board; ou tt,,, game mas, be psy.d ars
,fi,, pisq s:tst Be !sh fie therefore soes TO tn.
otfee Of :, ehufIl, Who IS o.tpnafe holder of :
ssar. and 10 .Eisal he tounnRicatss plans tn.
ts-q,s ol their dciiberStioas ate=scoa apparent
=argc asa9asf5s Of bonds Sre tcatlessly. ff-rel a