, 1873-11-15
How You Pay Your Money and Don't
Take Your Choice.
Devastations Of Margin" In and
Around Wall Street,
A Blue Outlook in Gotham.

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eonfortoh,o indoa1 VI, ~ s' ,,a :1 @ s.s
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syaronnta cnr ,on,n ~ ~ 1,,a, ~ t,a nx"a, "
rrro xxhotor xo ~. For t,an, ~. ,a,,s ~ a..
~ =, ia 1o,r =. e.,,ans 49, s ~ ~! 49,.
:. ~, ,;a -, s..a.... 49, ,,:', :'".,"N s ss4o
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~" =, "'e =, 1."oi' . ""'s pu' Ani'iiono
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nm nn,s - ''.'ey.,, @'I Observation-Disclosures,
fSeo'' - 'osu''s"' s..nssm "''"n ~
rho ,,o,rt,, y, ,1,.a;,, ~ .>n. ;. T. -,.,,,~
a. raso1, % e" -, .nMs NV ~ 10 "isulu
.1,s - peAos' W." 80 ptonsa a ~ i.4
sTss.;.s ~, S s.:"' - nA,1 ,'As puS |1oo 'nto
.aa1, that ,,a,,t 'nan.,, ~ en- ~ IN 10y ~ W 'o
=. 0 49, wv siv,oou4l nl".h''t
anu ~ mny toa'.1o ~ sn1 lo!omlns ofolthg-
Expressing ;s, 10 tasa sn"s "a's'' 'Aso A'ais'i'-a
"1e1o a1.,, nal'4ou ~ A,alsHl'
;nI. o su'! ., 'euas =, =. AIeoo nosclu II 10
1'1p.o .".o ~ 40 Al'1''onco "t'tous inas'ef
u.o WIZ ~, w .na ,aso NJ, 4naAo ~" t1enu,
sA,. ~. VIZ ~ sno ~.
.s,.s ~ us;,"as:,s soa , "uo WI '"nun' m'a
49,, s',,,, u'1. ese"u4po@'', .lu''eu ,'.
ss a"up. - p'l'u!' " lnoaos' Ut 1r'ltoh
70 sot ~. 'e".u ~ soai a'i'o'-
1.yA' .'o..A uio noS H4snont sour e1asp'
,.n@s ~ o"e.o. st'.'n .y'"o' -, ,..
-, "nas .e'4 "ouooi' 1nan' 'nas A'n,eln mas become
tho speciality OF New York' that millions put
thef fortunes into Siargltl, dover their aatgh-
tefs' orocs banking institutions, savings insttn-
t'ons, trust companios and vonturo upon Ill
sorts Of oxtravagance-in a1argn.
Tbcro In on]v ona drawnoc,; tn tha l,ooutr of
o1oro;n ,r,,nt 5r.,rtoo,. :. fa,.. t,a,,.';a.,,,.
a"16.n. AoA' " ""o o'eA 10 @a'eo 'cen'llcal'I
@oo"n 3s
sHn1NKAaB.
&+.1 ~, Ill
a1;otio noon1e-naan1c WIN oro y, ;n,uhrs ~,
,,s,.l ~. 80 .o'"ao W
"ns uan eon'n4u'y. nh. "no 10 not do
servo TO ave III q country or Progress and
Enterprise like o,1rs,-peoplo who have heaped
IN their fortunes ponny by penny aud shilling
ht sh;l,;n9 .a,o1 .uc,, r,oa,,,a 49,, a;aa.,as
~. .s1.,,,.s ~ . t~~r "as u4o.o'eA
snat pAuhS % a,o Ill fo'tcn anu ficAetsy asa'o'
that railroads arc shaky and trust companies
bankrupt, and (c}inging to tho absurd and OK
nloded fjctiou tint n man mnv IN what In will
t,;th ,,;s ,,r,,, ho 81, ,,;,,,an,3,, -. -. 49,
49, t'o o"n@ w ~ nsea'"4s "o ~ ofa" oue
nicaD hoard it, this terrible flenl Of shrinkage
nay swallow up all your Margin In q si,,ale
morninr md vour crocor n,ov so11 ro;, ,rt
r. a+a.1. n.; ;e.,.,, T,a 10y ssus: 49, ~ Wv
booHtoopors ore roinr Without Their al ainnnsa
and mlionares aro Holling their liYorios. has hit
tho half-mion or 10 of Nes-Yorkcrs who have
hoo ,,,t+;n, o,,o- ,o,,,, +ho, o,,ta h,rra. ,,,t,
a1o.o;r
Margin .az,,u,. .,,
AEI1s SEVERELY.
For instnnce 1t il in every body's mouth TINT
tho estate Of the lato Horaco r. Clark, supposed
to hayo been ut least $40, ,00O, 600 in value is in
process Of going through the Bankrupt Court.
4 well known gentleman who las figured recent
". md is genoraIly alluded to by fho nress as
AComtnoaore Ya.derbilt's noxt friend,d from
capitalist has become q borrower tliat ten Or
which have been doing IN Immense banking,
busincss On d caDital Of Morrn, hayo smasho1
hopelossy and that there Is NOT soul in tbin
vast 1eighborhond, perhaps not in the circuit OF
q hundred miles around our City Hall, who ia
DOT retrenclline Ills expenses, if nothing more.
If, when shlinlfago came. It did nothing moro
than Obstinate Margin, it would amount to moth
ing in another week ono might bo b1lliona;io
ae1in. But unfortunately, although YOU paid
Nothing for your MARGIN. w|en yoI1 hnya losst Ell; Il
you hive lost iuas as much again in
uAnp, so1rp CASH.
For instance BY the Investment Of 81 900 in
paner. you nav renlizo a76. 900 in 11apor !: Int
to i, Z, and G, with whom you may not oven
have noddiug acquaintance. in the exact flruro
of S75,000, and tAey are baso enough to daninnd
lint sum in ereonbocha. Tho broker has lost
Shore bonds aro safo in the vaults tloy have
never left bt,t YOU owe lust a75 (]0 and nnt;l
YOU have raid it. oyory cent, YOU can do no moro
business.
GuproSlnE. now, ltlHLGa1 OF more 1lHfTifl. VOL
ownod the stocks themaelyes. Very well you
would be scarcely any better off. THOR value.
aud your fortune, uro dependent merely and
solely upon whether YOU can 20 on buyine moro
of tie sama sort or not. As long as YOU can
take every share TINT is offered, yol arc worth
your millions but, il you cannpt. then you
must unload mud doprcciatto your own conitnl.
Quoer property this i If you do not soll il
you canuot pay your butcher. Ii you do, it Will
not satisfy lis bill.
Sueculatiu! in stocks ia TIM nntv pnme in
which
NOBODY WINE.
Wo nsotl to complain, in tho old days. before
Kaiser William Decifno yirtuous. and naitj wo
should have 10 more cakes md ale, Of tic tlreo
Zoros at Baden Baden, but somctirnos you
could win cold even there, Tho t.nu1n they NAV
in Wall street in ono in which notioilv wins n ami
and tho bank breaks too,
This was precisely tho trouble with tho Clark
estato-schoiI-and- Banker. Union Trust -Co,nnany
combination, Yheyo three had C. NttIo triangular
pomo with some a9. .5f1. inn nj I,nio.Sb IN tIn
faults of that wooden Institution, Now. tho