The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1870-06-24
4 VAIL FROM WALL STREET
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Edward b. Ketchum, the Catalina
of Wall Street, Again Oh
'Change and His Ruin.
~~~>or~>~~~>~~N~n~r~~>--
Failure OF a " ealthy
TIE ROMANCE OK FINANCE.
PERlLs OF sro' ks AND GOLD.
Inc Enecss Of e Cotton. Crop, Foreign
Excaange and Political Events
W an the MhrAek


ic rs ceiieo 10 look into thelnner mysteries OF
sxuaordn Ary operation by which wealthy broker
has LOST Ms all ana by whios Edward B. Ketchum
. aga' n a ruined man FIR. James Boyd, whe
or ye Lrs has been member OF the boards, stand
ng A the highest reputa among all dealers and
ope fators on the street. and noticed everywhere in
W III street as cautious, successful and reliable
y ssterday morning sent the following aconic note
q the President OF the q old Excnange:-
10 TIVE PRECEDENT OF NEW YORK GoLs Ex
DEAR SRI comp, ied-to announce that am unable
NEW Y Wy nne Very aovp
The enectupon the, Board was sudden and start
ing; and now the Question is, what will be its
effect upon The COZ lm'anTty9 or course the thou.
sands who are dailyin the habit OF asserting with
a curious mixture OF vehemence ignorance and
prejudice. that Wall street is vast faro bank, and
that lite followers ana supporters are little better
than common gambl ers, must have their say. They
must declare at served them right" Guided as
the blind architect of such opinions are, by reck
less and Puritanc al hatred Of that which they do
not understand, Il ey keep on manufacturing public
sentiment
HOST lie TO WALL STREET,
which comes otk upon every occasion when men
are driven to ru by the ramest and most legitimate
operations.
This case is a case in point. Those who would
the cityare corrupt and rotten hasten to proclaim
that Wall sire t Ia bad and vena IL is not Mer-
chandise reqt hres demands, and bought and sold
by the same cunning employed in buying and selling
gold or ST Dcks. The aim OF all BUSINESS en-
terprses are the same-prodt. Wall street has
felt the p' lblic criticism and scorn-mOst OF
1t unjust and fanatcal-only because in Wall
street pro 1t is more rapid; only because upon
small CO ptal, by legitimate and careful system
the largest sums can be realized from the smallest
outlay. There is a vast deal OF claptrap about
'specnla' aon,n az If "speculationr were merely
matter CT stocks and bonds-as il speculation had
no other deld that OF the moneyed, produce or
real estate marts. The truth is
ALL BUSINESS IS SPECULATION,
whether 1t be dry goods, fancy goods manufactures
Incorporated companies, or any vocation demand
ing other than intellectual or manual labor for capt.
tai. The merchant who imports buys at the lowest
figure and endeavors to sell at the highest and the
great wheel OF competition moving over his chosen
stock creates artificial values, nucuatng prices and
trying uncertainties. Ne man. therefore, who closes
his books for the day Sleep feeling assured that
the morning may not make him an utter bankrupt
And in fact, this is the rule OF every day life. 1t
matters not II politics, law, medicine or the clergy
are examined every calling is, in a measure very
uncertain speculation
SO all this talk about the terrible and vicious tend
ency OF late IN wall street can Just as well be
tailed about Church street, Beaver street, Pine street.
Broadway or 'the swamp"
FAST TO DEFAME
Wall street for many reasons, but probably no cause
Is so fruitful as a loss In stocks How common IL is
TO hear, "Oh dealing In stocks is nothing but gam
bling The atmosphere OF the street is foul and
OF e
who prattles In this way is loser. His euogium
is only mis- chagr,n. As a novice he has tried his
hand and failed or as q long v0tary OF stocks and
gold he mas covered his name with shame and his
credit is not good for a tooth brush or shirt.
Such men write books about Wall street. They
recount Its frauds Its dangerous excuses, its rife
pits It's hidden ambushes and Its terrific rOttenness
can be found IN wall street, Of the wonderful genius
displayed In capturing the market of the success
OF those who become anchored there for life
After single failure they up the sponge and
retire, impressed with the belief that they have
seen, experienced all, and have been lost to them
selves and their fellows. They therefore expiate
their offences by writing works Of
CONTENTION AND ABUSE,
But what they say Is cOlOred by their melancholy
fate and the acute reasoner can detect it, 1t is ali
one-sided all against. In tine, finance was never
their forte
This readiness to denounce brokers and operators.
TO the dscredtt of the public, Is becoming UNIVERSAL
but after all 1t is only the cry OF the crowd who
but Is such strange exemplifcaton of 1olly-chid
ish prejudice-that one is amused more than ter.
That hundreds In the community do not believe in
TINS system OF condemnation is patent For in
stance, there Is very rigid and
HIGHTONED MINISTER
who weekly dscources against all sinful abornina
lions, who makes 1t his business to buy and sell
keen eye on mems faces and FOOTBALLS, and who is
actively prepared for any emergency His name,
too who give quiet orders to their brokers' and they
are not uncomfortable lights in the Church. These
persons may preach against Wall street, but they
done likewise, while before the world their converse
ts bitter lamentation.
These observations are necessary because
X. EDWARD B., KETCHUM.
whose name and career are familiar to the world,
has again sought the scenes and vclssitudes of his
early triumphs and defeats and has again suffered
tofal but 1t Is believed not irretrievabIe ruiD
60 many wouiG say oh he had no business to go
was fool" &c. that 1t should be shown That it ls
only arrant idlocy which says man cannot be as |
GOOD as successful and as hon0red In Wall street as
1t is now hut short time since Mr.. Ketchum was
Prison. While in durance, as the public knows, he
pursued an exemplary, manly and straghtor
ward course-obeying, submitting and abstalning.
His prison life almost made him o hero Al
10 time did he exhibit the slightest defiance to the
discipline, but was passive to all restraints and with
elaboration his friends could not overcome he de-
ermined to resist every movement looking to his re-
ease. He made up his mind That the laws had been
Fioiated; that his criminal conduct should be pun
shed as provided for in the sentence OF Recorder
i0f1man, and that no pardon would be accepted.
III VIII remember how ably
THE LEGAL ANOMALIES OF HIS CASE
we're exposed BY Mr.. Bartlett; how without con-
fiction he had received sentence. and how he was
NIoHHluHy ueJdl0eu IN Custody. Inc decision or |
udge Barnard was peremptory and the inclination
y Governor HOFFMAN was doubtless to reverse, as an
executive, what he had mistakenly ordered on the
,ench. At any rate, Mr.. Ketchum could have had
rs liberty but he refused and after serving out his
line ne shook the door OF Sing Sing from his per-
on ana returned to New York, received by his
rlends and family as II he had done no wrong; as
ne VINO mad actually, as the facts proved, committed
series OF extravagant and stupid blunders IN the
lidst Of Dewidering and almost
MADpENING OPERATIONS.
Mr.. Kerchum Is now thirty-two years OF age. In
ne prime OF lIe ana possessed Of his KEEN analyti
rom Wall street. It was IKE returning to an early
nd only love, to the old ship the old homestead
lie could not conquer himself, and why should he ,
He therefore went 70 Wall street. The same friends
no stood by him when, at the age OF twenty 1--WE |
was the bOdest and most daring operator on the ;
rect rocking corporations. holding the credit OF
ousands in his hands, came to his side and offered !
i'm their pecuniary aid and personal encourage.
ent He needed but little stimulus TO return and /
as again in Wall street.
Perhaps the cartier history OF Mr.. Ketchum Is
miliar to all up TO the time OF his disastrous fail
-e. When he swept away $4000,000 his repute was
'0uesA Aside from his honor as man ne was