The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1870-03-17

connected with dealings on the Stock Ex-
change. .u... au 4.yiI.
The plan Is based on the experience Of
tho September gold panic. Ii Is simple
and concise. On September "a, those
who had covered their short sales Of gold
at profit, as they thought, Of 20 per
cent, found they hRd, In place thereof,
realized loss OF fabOut 10 per cent They
found themselves long Of gold at 14O, In
stead Of short at 100, when the price was
1872. ThepesOns who bought from them
at 16O failed. Those from whom they
bought at 140 to cover their shorts at 15O
did not fail To insist in their taking the
gold ut 140.a I. y
The SdmS thing that teGs thus done in gold
IQSt September ii HOto organized 10 Do doi0 In
StOtkS tel6cH tho tIM6 CONES, only on q moro
general and gigantic SoaSe.
New firms, with sufficient capital to
have credit at the banks and in tho street.
have been started. Old firms in good
standing, and members Of the Stock Ex.
change, nre IN the conspiracy to perpetrato
this gigantic fraud on our banks and rich
stock firms and operators. Certain firms
in high Standing at the appointed time
viii give numerous orders to thirty.sccond
brokers. These again, in turn, will bC In.
strlCtcd 10 rcdistrihutc their orders TO all
the breakers they can. Prices Of stocks
will be run mp mally, rs gold was from l45
to 100 last September "a. Tho rich shorts
in stocks arc expected TO settle large diff:
fercnces in stocks, Just rs they did in gold
before / r. NJ, on September "a. When
the rich shorts have lcGn frightened into
settling md paying, ms in gold in Septem-
her, then the CGnspirators will sell Nll they
can for cash or regular or sellers options
in every stock through their "tetatng"
firms, and while, ut tho same moment,
their "buying" firms are bidding tho mar.
kct up md buying oil that offers, rs they
did in gold. Next day the "buying firms
will Of course flil, US In September. They
will, however, so manage us to fall "honora'
bly," regularly, and according to law.
They will thus not only avoid suspicion,
but secure the sympathy Of the Stock Ex.
change M unfortunate victims Of n wild
and senseless panic engineered by the
"bcarS." Tile "buying" firms will also
get all the checks they can certified by the
banks. They calculate To settle easily
with the banks, who VIM want TO conceal
their losses by paying some cash, sNy 90
per cent or IS per cent, and giving their
notes III full, with interest for the balance.
The "buying" firms Nrnat present rcputed
rich and In high standing. They Calcu-
late to stick NIL tho tllirty-Sccond brokers
they can by asking them to buy In their
own nalnc, and carry the contracts In their
own name till next day. "NeSt day" the
"buying" firms will fill. They will, how
ever, agree To make 1t all fright" If tho
thirty.second brokers will just assume all
the liabilities rs their own, and settle for
them by their own notes and in their own
name. The SELLING" firms will Of course
deliver the stocks they sold. There will
be no grounds for suspccting them, or for
investigating their transactions, because
they simply sell what tho victims Of their
own Volition choose TO buy.
It has been asccrtaincd that there are
nineteen brokers' firms already on tho list
10 be used us "buying" firms. All, ex-
cGpting three Of Them, are in entire ignOr'
ancc Of this conspiracy, and Of how they
are to be used in pcrpotrating this gigan-
tic fraud.
The selling firms arc few, and pos
sess choice names in high standing. They
are Cminently religious, good, and wealthy
men; in flct, men that always make their
"calling and election sure" They arc the
"salt OF the cartll' to pickle Its sinners.
They can obtain their clergyman's Certifi-
cate at any moment for anything they ask,
Tho banks, mOnCy.lcndcrs, and rich
stock firms and operators, destined as vic
tins by these swindlGrs. ought to lose no
time in taking measures to protect them.
selves. Those who will sell short will be
certain To DO viCtimizcd. Those who buy
long ought TO- call up margins. There
arc over ono thousand members Of the
Stock Exchange whose contractsmembers
arc forced 10 take. 0ne.half Of these
may be used, an.eittingly, by these conspl
ratorS A' ', 'h ~. o.