The daily Minnesota pioneer. [volume] (St. Paul, Minn.) 1854-1855, 1854-11-06
From our Regular New York Correspondent.
Matters aud Things in New York.
NEW YoRk Oct. oath 1854

+ e--h = 0E"S = ohk, OCt. <4tll, 1904.
The "tight times" have brought to light
many operations of the stock jobbers. There
is more gambling in Wall Street than in all
other parts of the city together. 1t is not
with cards or dice ; nevertheless. it is gamb-
ling of the worst kind with stocks for money
There is large class who devote themselves
to buying and selling worthless stocks at ficti-
tious prices by false representations, By
combined effort they make stocks rise to-day,
and sell out = casting suspicion against them
tomorrow, depreciate their nominal value, buy
in again. making their money out of the UNI
initiated and green ones. There are various
kinds of stocks that may be denominated Fan
cy, and for each have rod in pickle, but
will at this time only expose that class Of Mi
ming Stocks known as Coat Stocks. ~
Mr. Jacob BAREBACK, is not worth dollar,
and has for time been living on the interest
of what he owes; feeling he must raise the
wind he luckily hears of some coal lands for
sale in Pennsylvania, borrows a hundred dollars
of friend which he promises to return next
week, goes to the owner, and gets a refusal for
thirty days of 5000 acres at S. per acre. He
then returns to the city, and proposes to the
Hon. Caleb Ironhull to join with him, stating
in glowing colors the prospect, = he pictures
the immense fortune both can make, and finally
induces Mr.. Ironhull to go with him and "view
the promised land" which results in their
agreeing jointly to form stock company with
Mr.. 1. as President. They purchase the land
by paying $4,000 down, which is paid in stocks,
if possible, and give their notes for the balance
payable in one or two, and three years. They
then form company, and issue stock to the
amount of Sl,50O,00O, which purports to be
/" the capital!' Mr.. BAREBACK receives from
the President, Mr.. IronhulI, 100000, in stock
for finding the land, and the President takes
an equal amount for making the purchase, and
appoints Mr.. BIS son Secretary and Transfer
Agent. The remaining Five Hundred Thous-
and is set apart for the expenses paying for
the land, and building railroad to the mine
Now they devote themselves to telling of the
wonderful mine to all they come across, they
" would not Sell the stock for less than par -
not they. sit will be worth more" If they
consent to do it, "they do it as friend" and
they caution "not to say anything about it,"
" Cannot fail to make a $1,000 per day net
profit when they get a going, and more too
1t will not cost 80 cents per ton freight and
all only 81. Coal at 81 ;-$5 profit Oh each
ton, immense profits, the royal road to for
tune.
Mr.. BAREBACK induces Mr.. Bitewell to sell his
house for the stock, and make him Director.
and by exchanges of stocks equally valuable
get Board of Directors who publish pam
phlct describing the land and the coal, togcth-
CIR will, Report from the celebrated Prof
Hum, who says there is an incxhaustiblc sup
ply Of the best quality, and that it will cost
next to nothing to mine, and that there is not
such another mine in the whole country-a for
tune to the owners-his fee $500 Upon these
representations they borrow, giving their notes
a year or more to run, offering bonus as all
induccmcnt. They get all the money they can
exchange it for all the property possible
refuse to sell the stock except at a high price
unless in an undcrhandcd way-get some fat
geese pluckcd. They try other games as long
as possible, then they issue 100000 in bonds
which take the precedence to the stock, sell
all possible the same way. They try to effect
a loan in Europe in which they fail-the rail-
road is nearly built-the mine not opened
their notes not met, their stock forfeited and
worthless and those who lent their money TAX
en- in and done for. The originators pocket
the cash, and the affair ends by the whole con-
Germ failing. blenders object to being feeced
they sue them for usury in accepting of their
generous offer of few shares of their valua-
BILE stock, which they do in hopes Of making
them forfeit the principal, and whether they
succeed Or not, they keep no property in their
possession, and all is lost.
That's "a regular Scbastopol' is now the
phrase used instead of hoax, humbug, and the
like. The news of taking Sebastopol was the
greatest hoax of the age - even greater than
Richard Adams Locke's moon hoax, which set
all the world and his wife agog in 1880. But
it may turn out to be the truth by the time of
the arrival of the next steamer.
Farther details are published respecting the
finding the remains of Sir John franklin and
MS party. 1t IS supposed that they died of
starvation near Great Fish River and that they
were at last driven to the last resort of starry
ing men, cannbalism.
During the last two days 9,344 cmigrants
have arrived at this port.
MONEY MARKET. - Money still continues