New-York tribune., 1870-04-22

MEN AND MYSTERIES OF wAIIeST BY JANIS X.
MrDEGRr. l2mo. PIP 34i. Fields, Osgood Co.
Mr. Mcdbery has been fortunate i'll lis choice of a
subject, and fortunate in the time of his books ap
pcarauce The mysteries of Wallst. have an ire
sistiHe fascination for the general public, and never
has curiosity been more intense wider spread than
during the last year OF extraordinary speculations
and dramatic catastrophes. Mr Medbery is literary
man by profession, but he has studied the history
and operations Of the street with much care that
lac has become an efficient guide through the fnan-
ciaiahyrinths. and his Xplauaions are clear minute
aud entertaining lie describes the organization
usoS and rules OF the Stock Exchange the Gold-roOm
fbe Mining Board and the other great institutions
Of the market he tells the difference between va
Tous classes of bankers, brokers' and operators lie
inteprets the argon of tho streets and be explains
very fully the various methods by which money can
lie made and lost through sales loans, calls puts,
corners, aud other Inventions for dealing with fic-
titiOus commodities. We know of no source to which
the reader ignorant of speculation can better recIr
for enlighteumeut. Mr. Medbery sketches the his
tory Of Wast., giving an. account OF the most
famous operations and crises of the past as well
as the present day, and many viii be surprised to
lean that the mania for stock gambling was quite
as strong among OuT fOTcfatheTs as it is now, and
the operations We're in proportion TO the amount
of capital actually c0ncenGated IN the street.
quite as heavy in their time as they nave
been since the war. The portraits OF famous i
operations Jacob Little, Henry Keep, Vanderbilt,
Drew, Fisk, the Jeromcs, Durant. and others,
rather meager but interesting as far as they go,
and some Of the stories told of them believe are
comparatiy ely new, and certainly are amusing. AS
specimen of Mr.. Medberys style and an illustration
Of Wallet morality, we shall give one extract:
-Four years ago q 1rm now dissolved, had clerl,
named Jackson, vho wa- simply invaluable. He never
nade mi-take>-could figure up the most complicated
transaction with rapidity and cieyerness that inya-
Iiaby edouudd TO the profit of the brokers, however
might ne with thcr customers. Ono day The house had
nve hundred shar5s cf Fort Wayne 10 deliver. Jackson
sent the hoy out with three hundred, intending 20 take
In the remaining two hundred during the morning. and
10 make ne uG'ance good Back comes the once lad
with check foI an amount covering i've hudred shares;
hcfore uig distributed the missing shares 50 complete
w. ny sales here a0deTe that IL was quite inpo5sibleto
Smith, Jones & Co.. who had unwttinglv checked for
more than hcH so oo came Ionnd !" jhe nm loI an
,eIcn hi, oath i'm court jackson was innocent lie Ger
tnv sent over the whole The injured brokers were
ip an unhappy plight THeiT cheek equivalent TO IA
legal receipt They were short with vengeance, and
Tue members Of the house in which jackson was
poyed were keen OF honor. Nothing left undone TO
,ct n the facts. In two three days of the Fort
Wavre va- traced. Everything pointed to the clerk;
One evening they called him into the inner Office
"Now Jackson understand how the matter occurred.
il q natural t'mpatiOn. You have been specuat,
Iug, aDd you wanted 10 do better or course you would
never steal Anybody. II those shares are pro
duced by tomorrow there Will De no trouble Other
wise"
Jackson was not q character for a novel He neither
turned pale it his p. They might do their worst,
but he not 10 the conspiracy. Next morning, how
ever package carefully tied and containing the equiva
saent of the missing shares found 10y the OfcebOy
when lie came down town and unlocked the door The
partner sem il Smith, Jones & Co.. and Jackson
kept at his des without being tTOuhed with further
Two after, when the house broke the
clerk provided VITA iatterlng testimonials, and to-
day is one Uf tie sIn,Ttest men in the street
Brokers have certain phrase Implying peculiar in
Justice 20 which customers frequently subject.
"Speculatug orders" i the technical wording
wishes Tor stock bought. His broker executes
Ile order In half hour the shares rise
He charges his customer for the stock at Gl aud clears
ng1ees 10 sell at seller 90 and believing from the fact
that this stock - very active, that his customer viii
probably close the transaction in four five days, he
sells al lower gUTe seller 10, and charges average
the day bids a. thirty days This may afford diff
ference Of two per cent M favor 0f the broker Perhaps
pcted. as anticipated Technically the customer has
not suffered inUry but il is Not thought advisable to
spread abroad the fade of his astuteness There are
hundteds OF ways 10 speculate upon orders without
much risk OF discovery, and with thin gauZe OF justl
cation for every JraC On OF hoOrotc honor All these
quenty they are demOrdzcd by them. Aud If the hui
nature OF bIOScrs clerk grows weak, and he
cnSiOnaly makes slips OF the whereby his pocket ia
benefited 10 j. human nature in the broker 10 cOndOle.
lest his spcCulGOns orders should be brought to light
unpleasant WAYS. II asserted that this is OF the
most fOrcnie motives foT absention from criminal pro
cedure. Some outsiders who have lost money 20 far
10 Insist that the most respectable houses have
secrets that all the better i0r remaining secrets.
NEW CyCLOPEDIA OF ILLUSTRATIONS ADAPTED
10 CHRISTIAN TEACHING. BY the Rev: Ei'oS