New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-04-07
The New-Yorh stock Exchange.

after having been a broker one year. clerk with
broker two years. No other qualification 10 necessary
except that Of good reputation aud credit These have
sometimes no, been very closely inquired into and
Some have been admitted who did not deserve IT, either
from their character the of their capital II
unfortunate that the facilities Of obtaining yeli-
hood by stock speculation great that many who
are unwilling TO submit 10 the drudgery Of lie are in
duced 10 hang about Wal st aud by the purchase and
sale Of perhaps 80 shares Of fancy stock are enabled to
gain subsistence cut Of the profits OF the transaction
But fortane IL precsrious aud these operations always
end In ruin The sPeeuators divided between the
tRsdes and the Ostsidrs Those who are out possess
ing perhaps as little 500 $500 capital ena
bed 10 speculate by placing that 10 the hands Of
"der as margin. The latter buys 80 shares time,
and II II should ap sells profit In this the
capital Of the outsider is increased and he may 90
Increasing his risks accordingly. The cases Of loss
however are frequent and the outsider may by bad
stroke, lose tee whole Of mis- capital.
There is no place where credit has been, unfortu.
stely, more easily obtained than la Wan-st A few
months of promptitude enables TO get credit for
stock speculsions - large amounts that If he il
bold, and moves in fortunate time, he may make
large fortune. This however IL very seldom the
The caution Of broker. has lsey somewhat increased
by msfortunes growing out Of such confidence and i,
10 not 20 easy 10 Octaln cfedt as formerly
Considering the vast amounts Of business done on the
Stock Exchange there is less capital engaged 10 /, than
In any other Of the large departments OF de- II will
be readily that broker may make large transac
tion without any capital capitalist gives broker an
order to buy $4,000 u. ). Skies Which he purchases
q, the Board. He draws his check for the amour and
check and the commission. In this it will be
10 "a of ia
substitute but if he be not in good credit the party
selling will require a certified check for the amount be
fore he transfers the stock
la our long observation OF Wallst We find few ope-
rators retiring with competency But very few for
tunste cases have occurred within our recollection
indeed 1t is almost always the that p1sr@ancs in
speculation sTomps the party, and he ends worse OF
than he began In the mean time he has handled large
sums Of money lived 10 luxury, drove bis fine horses
and excited envy. Alter this climax ii is difficult for
him to return TO the unexctabe routine Of honest and
humble labor, aud he moves about decsyed gentle.
man, making small operation for a commission,
ly acting as the go betreen between sympatbzlDg
patrons, who try to help him aong-
Sett aside any view of the moral influences of
Stock Speculation believe the Board and Brokers
be honorable among themselves and always fulfil their
contracts with fidelity that ought be initiated by all
the contracts made the Board cannot be enforced by
ldp as all time sales unless the party selling really pos
sesses the stock a, the tame Illegal Whatever may
be- tho motive, these contracts fulfilled sometimes
under immense sacrifices and We know Of where
hundreds Of thousands Of dollars have been paid out
10 fulfill contracts that could not have been enforced
by law.
Taking the Board of Brokers a whole, II 10 com
posed Of very respectable men-some occupy high po
sitions socially and are deservedly respected.
Many of them have every phase of fortune have
been rich and poor alternately many highly respects
BILE have changed positions with those who their
interiors and this day struggling against pride
and poverty with a tenscity which will not renqush
Its aims Hope alone sustsins them. They look for
ward to fortunate period when they shall be able
TO redeem their position and stand again at the top OF
the ladder.
Wall st. IL the world in small compass although the
changes are rapid and frequent than In any other
branch OF business.
We have seen within twenty years slmos. two thirds
of the members Of the Stock Exchange fail in their
contracts and probably onehalf of their present mem
bers at least have been obliged at times to compromise
their debts
The Brokers Of the Board, those who buy and sell
only on commission and take s"Ayer' for them
selves are Jep Probably there is not half dozen Of
them who attend strictly to commission busness-the
temptation to make venture Is too strong for them
and they cannot resist II.
Tb,. Is not the case on the London Stock Exchange
The members must enter into bonds when elected, and
thew are forbidden to speculate their account
The iobbers alone the outside being the taH' or
bears These bonds are the security to their fellow
members that they will be able OF compelled TO fulfil
their obs a,ions to certain specified amounts On our
stock Exchange everything 10 lett to the integrity and
hosor of the member lie may may not falihl-the
forfeit ia only his at the Board This may appear
rather loose system but 1t works ss well as II they
were compelled by law to fulhll their contracts Inc
contracts are regarded debts of honor and are gen
orally met with great promputode
In most of the transactions time for outside specu
i.,ors the Brokers very great risks and we believe
we may say with confidence that they are oitener
cheated than any other clsss of men, by weak ana a
prncpled outside spectators who may OBTAIN 'neir
confidence indeed we know of cases where brokers
have ost $4,000 by the deslcation OF single
outside operator while they are debsrred from any pro
lection from the law As II stands.
The fluctuations In property In Wsllstreet are per
hsps the extraordinary parts Of ts history for IN
no country in the world do stocks RISK and FALL to
the same extent We know OF party who purchased
some Stock In Railroad Company. 1t cost him 20 per
cent lie made voyage to the Eas, Indies In the
me snimo the stock fell TO g. but on his return sold
at so, leaving him small prottl Such were the sin
gusr changes of this stock but this 10 frequent oc
currence In Wsllstreet and those who have watched
the market for yesrs well know the extent to which
they occur.
The technical terms Of Wallst we believe are well
understood the buyers and sellers are dencmnsied
bulls" and "bears"-ihe buyers or bulls wish to
toss ass up they anxious to sell at preht the
bears" TO trsmple them dorH-they having sold stcch
deliverable next month in 80 OF 90 days and there