The Ottawa free trader. [volume] (Ottawa, Ill.) 1843-1916, 1847-11-12
COrnering.
A PEEP INTO WALL sTGrry.

All of our readers who are accustomed
to notice the accounts of stock -iobbing, and
other descriptions of gambling in Wall
street, must have observed The word "ccr-
nerng" frequently used to signify certain
game very often played there, but we doubt
whether many of them understand the mo.
dus oper0ndi It's one of the most exciting
operations known even to Wall street. and
when well done, is very lucrative. To
play il to advantage, however, man shonld
have tongue like velvet, and an mistaken
disbelief in future state of reward, and
puhishments. The journal If Commerce
describes the process thus:
In the first place, a gentleman whose CIV.
cry sense of right is blunted by constant
scheming TO deiraud his neighbors, look
about him in the market for some stock de-
preciated to point which enables it easily
to be commanded by small amount of
money; the character Of the stock being so
bad with the dealers, that they would be
disposed TO sell il for future delivery upon
IFS merits or rather want Of merit. lie then
u
iirst, for those whom he may be able to
ofinS INTO the combination as corncrcrs-
and then for those who NAV be induced io
contract to sell and deliver the stock which
the combination are going to place in a po-
sltion to prevent their obtaining it to fulfil
other contracts. Having found the first
persons with capital and without experience
they commence their purchases on Joint
account. He at the same time. without the
knowledge of his associates, gives separate
orders IN confidence to certain brok erS. who
are directed not to transfer the stock 10 him.
(ior that would betray him. but either 10
hold it for him, or else deliver il to him by
their power of attorney and certificate il,
their names.
Having bought pretty largely on time, the
combination now commence their p,rchas-
cs Tor cash, or immediate delivery, and en-.
dcavor thus to compass the whole capital.
lhey obtain from the institution list of the
stockholders, and this in secret they canvass
to discover how much stock. not actually in
their own hands can be thrown upon the
market. Satisfied on this Lead, they now
commence calling in the stock which thCy
have purchased on time. When the sellers
for the first time discover that they are cor
ncrcd, they can find no stock with which TO
satisfy their contracts-thc prices rise cnor-
twenty, even fifty per cent.
or more, for the brokers who have agreed
to supply him, must have the stock, cost
what it may-and all the stock in the mar.
kct is already in his hands. he can command
just what terms he considers fair and euui.
table. In fact, he is not only the only buy
or in the market. but the only seller, for he
never wishes TO purchase till he knows there
is none for sale but what he holds. The re.
suit OF all which is, ruin or compromise. and
ms 1t is a contract that il is impossible TO ill.
II is frequently the latter; the fnancier. in
consideration Of scarcity of the invaluable
product, generously letting them off On
prof, OF seventy-fve or eighty per cent. 4
few happy hits like this, soon make him
independent, after which. he generally re-
tires to either Wavorly or some other FASH
onable place, lives like prince, leaves in
his will S25,OOO for the conversion of the
Congolslanders, and finally dies universal
y regretted" that is, if the newspapers
lon't lie.