Burlington free press. [volume] (Burlington, Vt.) 1827-1865, 1847-10-22


most daily inhitting poverty and misery upon
many who are baited on, by reckless and un-
prncipled sharpcrs, to " make haste to get
rich.'
But the effect of the manTuvcrs detailed be-
low, is not coniincl to the Bulls and the
Bears" who are personally engaged in them.
The artificial elevation or depression in the
price of the Stocks which these gentry seize up
on for their galvanic experiments, msleads hon
est and bona fide Country Stockholders as to the
value of their investments and frequently indu-
ces them to make sacrifices which are wholly
uncalled for,and which correct understanding
of the matter would prevent
1t will be seen the article is from Nep
York paper. We believe that City is the prln-
cipal theatre for the performance of this species
of financial legcrdcmain, and we trust it will
be long time before New England morality
will come to regard such Operations " with
anything but Reproduction and disgust.
SroCK GAMBLING. Permit me. through the me-
dum of your paper, to give such OF the public
as are animated. a little insight into the myste-
ries of stock gambling. particularly that depart
thoughtless and unwary may be warned in time
against one of the most ruinous of all operations,
into which an inexperienced person, of weak
resolution can be drawn by the fraudulent
jolery of an artinl and designing speculator.-
An operation out of which, if one can escape.
though stripped of every vestgc of property, yet
with remnant of honesty, or of character, he
is lucky.
The origin and progress Of all cohering is
L. Al. A.; ,1 L.. L.
nv sense of rirht is bluntcd by constant schem-
" ing to defraud his neighbour looks about hin, in
: the market for some stock deprecated to a
point which enables it to be easily commanded
by small amount Of money the character of
the stock being 50 bad with the dealers that
they would be disposed to sell it for future de-
livery upon its merits or rather want of merit.
n. lie then looks about him for double set of VIC
Tins first, for those whom he may be able to
bring into the combination conerers,-and
then for those who may be induced to contract
to sell and deliver the stock which the combina-
ton arc going to place in a position to prevent
their obtaining it to fulfil other contracts. flav-
ing found the iirSt-persons with capital and
without experence--they commence their pur-
[. chases on joint account. He at the same time
without the knowledge of his associates, gives
-, separate orders in confidence to certain brokers,
II, who are directed not to transfer the stock to him
lot Iilat WOulu DGuHN Illll) cltlicI W HUI
it for him. or else deliver it to him by their pow
49,. err of attorney and certificate in their names.--
~ Having bought pretty largely on time. the com.
ae bnaton now commence their purchases fol
L cash, Cor immediate deiivery,) and endcavor thus
~ to compass the whole capital. They obtain from
49, the institution list of the stockhoders,-an'
IN. this in secret they canvass, TO discover how
u" much of the stock not actually on their owl
~ hands can be thrown upon the market Salts
wi wi the stock which they have purchased on time
T When the sellers for the first time discover tina
~ they a. e cornered they can find no stock witt
~ which to satisfy their contracts-the price rise
in enormousl y-ten, twenty. even fifty per cent
-" or more. Now our schemer begins to realise
He gives his brokers orders to sell his stock o
n. their hands or in their name, this goes off rea
CO. Oily, and is simple operation. But still he ha
~ a large interest in the common stock, which h
- cannot sell and deliver without the knowcdg
nns of his associates lie manages this part of tn
aar business in the following manner. lie goes o
l sends some creature of his to brokers reputed t
;os be Bears. with orders strictly conidena) t
us sell out his interest in the common stock deli,
~ cred at his Office any day within thirty sixty. {
~; ninety days and ifhe pcrceives that the mca,
w. =. of his associates almost exhausted, and tn;
~ the combination must soon break down, he sci
.e u thus ON time, double treble the amount of h
-" individual interest in the common stock \
III this while he is cxhortng his con(edrra,cs
nh hold firmly, and to purchase more, and the
;n probably are buying for themselves and the con
'"S mon stock the very shares which he is selling
Now his matters are all arranged to his liking
his dupes have spent all their money in maxim
. margins on hypothetical stocks the loans al
becoming due, and mast be met; the weak Sc
lers have failed and made some miserable sett
mcnt: the stronger ones have at great sacritiC
bought the stock which our schemer has sol
and made good their contracts. No demand ar
7. longer exists for the stock. lie now declar,
- his inability to sustain the fabric any longer
r IS :" 1t must fall" lie maniiests deep emotio
,o, wccps like a crocodile, and recommends his a
"o' sociates to sell AS speedily as possible and sd,
THE the most they can from the wreck. Neccss
THE requires a compliance with his advice TT
stock is pushed off upon an inactive market,an
- falls perhaps fifty per cent. in one day. Oh
Spectator has his tools ready, to purchase
fulfill the contracts that he has made; he I'll
-, his pockets with differences acquires wealt
w makes some settlement of the affairs o! Il
ana combination. Uhe world being ignorant of h
, be true position in the tranSaction) reJoces IN II
,he own cunning, and iealS no sympathy for tho
49,, who have been ruined by his knavery. Son
'0'' of them pcrchance have, in their cndeavors
SUI sustain themselves. been tempted their ow
tiers means being insufficient to speculate on Il
tely property of others entrusted to their charge;
fact have been led to forge, or to perpetrale son
similar crime.
Thus ends conspiracy, fraudulent in its i
Pos ception, and every step of which is marked by
disposition to rob and to deiraud. a transacti'
non which has oft times brought poverty upon hous
, of holds, where even luxury might always ha
prevailed-and teniold worse, has cast into 4
o"' dust many a once happy family, who now
ssa- ment the fair fame OF a father or brother lC
ut" forever and who now stands before the wol
ACE branded as felon.
the Think not that this is a fancy sketch. No
o, it is true picture OF every corner which has
WIS ken place in Wall street. 1t is the observat
he of one who has spent many years in an atmc
pol phere of stock operations whose business Ia
, TO been with stocks, and who would now raise !
,oh warning voice and cry out $ avoid this, and
"''' deed all other kinds of stock gambling oper
ohs tions, if you would avoid ruin: ruin pecunia
tor ruin moral-ruin of that priceless jewel.
lda- honest reputation" H..
,;,g " Y. Journal Of Commerce.
sla-
School Rocks.