The Pulaski citizen. [volume] (Pulaski, Tenn.) 1866-current, 1870-05-27
LIFE IN WALL STREET.
LFrom " Zen Years in Van street.,I

! may be best illustrated by the expert
ence of W. He came into the mar
ket in 1862, with six hundred dollars
| bought gold at 10 and sold itzat 135
| bought again three times as much, sold
| it for 160; went into Erie at SO, sold il
for so; bought Pacific Mail at 40, sold
it for 155. In March, 1858, he had $40,
600 at his bankers. But this was only
the beginning. Something was going
on in Harlem, so he bought 2,000 Har-
lem Morse was at work at PittSburg,
so he bought 1000 Pittsburg; Erie was
feVerishly moving on to so, so he
bought ], 900 Erie. Meanwhile Hooker
was moving OD Charlottesville, and
there was silence in the stock market
for the space of day. Now the news
came of a retrOgade movement, in plain
English, repulse, The army was this
side the RappahannOck, the signal was
given, and the cOhOrt of bulls moved Oh
their enemy's works. Erie sold up to
10, Pittsburg los, and Harlem in its
proportion. He pOcketed S9O, 600 more
by this venture, and in March, 1854, he
stood $3.50, 900 ahead of the market
Then for short space he had charm
ing life. A pair of spanking bays, tan
dem, whirlei h q to the Park in tall
Belmont. with funkey in livery on
the back seat, WI bug on his hat
Over his morning repast fiOated the ar.
Omatic steam of Mocha, and the flavor
of exotic fruits. He 1unched off part
ridge, stuffed with truff1es, washed
down by a bottle of Chateau diYqem,
OF the liquid pellucid gold of the vim
tage of Xeres, and his dinner was nine
courses of fish, ,sSesh and fowl at Del
monico's, fianl II by the most tooth
some eHtreGneI1tS, and wines that would
e.. ~,
But soon W suffered q change
"a sea change into something mott
rich but strange" He had a few
"pOintsU on Gelena, then selling for
142. There was pool in it which was
going to put it up to 175; it was actu-
ally worth 200; there was an actual
dividend of forty per cent. to be declar-
ed; William b. Ogden was in the
mOvement-these were the points. He
bought 5000 shares. Then he bought
1000 PittSburg at 123, and 1000 Fort
Wayne at III In ten days he lost
S270,000. This was in the great panic
of April, 1864.
met W six weeks ago. He
informed us that he had just breakfast
ed on a modest plate of has3l and q cup
of something called coffee, but in which
the strongest imagination could not de-
bian berry. His coat was foxy, his hat
had a suspicious shine, and he was
generally run down at the heel. Such
is the present condition of this indiVid
ual, but the future may have great
things in store for him. Let us hope it
may. =
RING OPERAIIONS.
The average volume of Taessi in an
stive year has been eStil lp,OQO,-
coo, 600. This does no lae the
acipal part of the dea yoyern-
ht bonds (the ssTaots IS
enormous, though dith
ed, even approximately
ings in gold, which,
mated, will amount
and III those famous
and 25th of Septem
$500, 900, 600, forty
hands We minutes. IIr
son G.. Dme bid for six SnIs
old Southern, and was ready to ta
1AnthOnY w. Morse was in the ha
sding for five or six milliOnsE
kpe block; but some of tho
|ids you will say. True, but tin
bids in open market, nevertheless
ST illustrate our proposition equallyj
yell. Transfers of a million gold or
stocks LON A. to b. on q single bid,
are of s lost daily occurrence. The
weekly q rings of the Gold Bank in
flush tim6 Nceed a thousand millions
of dollars. receipts and deliveries
of stocks afICtI a by one firm, lately,
were one hun1fezd and fifty millions in
Il month. Lockwood & Co. have re-
ceived as high as s., 900 in brokerage in
one day, and this at one--eighth per
cent. indicates q daily business of four
mi q loader
of 1864, had fifteen million dollars
worth of stocks on call at one time.
Among the gigantic operations in
Erie, New York Central, and gold,
during the past two years, such prOmi-
nent firms as Lockwood * Co., David
GrOesbeck & Co, William Heath d Co.,
Rufus Hatch q Co., Smith, Gould,
Martin & Co., etc, have held blocks of
stocks and gold to an almost fabulous
amount. More than one leading Ope-
rator may be found nearly any day
who is long or short of five millions of
stocks or gold, or both, on his OIC7 6c-
count, and these are mere flea bites
compared TO the great Hudson, Har-
lem, and Central pool of 1860, which, it
is said, hold directly or by proxy from
fifty to sixty millions i'll these stocks,
besides n controlling interest of fifteen
or twenty millions more in the Lake
Shore consolidated line.
How can such immense business be
transacted? y large part of it is done
by the payment of the difference be-
tween the buying and selling price, the
securities bought and sold not being
actually delivered. The remaining
portion of the business is done by means
of certified checks, a convenient device
of the credit system. Suppose B, Il
broker, has bought of G, a broker, 5000
shares of Lake Shore at 80, for which
he has to pay $3.50, 900. B, having a
capital of only $50, 900, but being of
Where he keeps his account will certi-
fy his check as good for $50, 900, though
lie then may have only $4,000 on de-
post. Before 3 O'clock z. VI. B will
have obtained loan on the 5000shares,
or have delivered the stock to other
parties, who will pay him for it in GER
titled checks, which he will deposit in
his bank, and thus make good his over
draft.
HOW TO OPERATE.
A most weighty maxim, verified by
Wall street experience, is this: Cut
short your losses, and let your profits
run" This has been the making OF
many a speculatUT, and yet how few
have the nerve to practice it. Pat.
Hearne, the late noted sporting-man,
was wont to operate thus. He would
buy one hundred shares of some stock,
and when it rose one per cent. he would
buy another hundred shares, and 50 Oa.
! AS soon as it fell one per cent. he sold
the whole. This, everybody will say,
is sound plan of operation, In the
rise of 1864, a well known young Ope-
rator made $4,000 in Reading, by ope-
rating on this principle, and lost it all
by forsaking this principle and letting
his losses run. Again, in 1865, he sold
short 100 shares of Erie, on credit, hav.
/ ing no money to use as a margin; as
/ the price fell he kept selling. This was
during the Ketchum break in August
/ In four days he made SO, 900, but few