Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-07-20
WALL STREET swINDLEs.

For consummate ingenuity Of device
the average New York swindler can
discount the world. The President of
the Stock Exchange Of that city, has
for come time past been in the receipt
of letters asking for information con-
corning certain advertisements relating
to Wall street operations, which appear
in many of the newspapers throughout
the United States. These advertise
ments give glowing accounts Of the
ease with which money may be made
n stock speculations, and the adver-
Users pretend to have peculiar facili-
ties which enable them to control"
large numbers Of shares with an insig-
nifcant amount. Some Of the adver-
tisers also offer to send, free of charge,
a pamphlet containing full particulars
Of the mode In which their transactions
are effected, and when called upon
actually do send a book containing what
purports to be an explanation of their
way Of doing business. The so-ealled
explanation consists of a plausibly-
constructed theory Of speculation, well
calculated to deceive. A very liberal
use Of the street terms is employed,
and margins" "puts," "calls, " priv
neges," spreads" "bulls," "bears,"
etc, are referred to in such way as to
essentially confuse the mind Of the
reader. 1t is also claimed by the ad-
vertisers that they have combinations,
by which the amounts confded to their
care cannot fail to give large returns,
and that they cannot be lost to the fact
that the strength of the combinations
is such that they are able to resist
almost any pressure. The Times says
hat many of the respectable banking
houses are constantly receiving
letters from persons asking for inform
alton regarding these advertisements,
or from persons who have been victim
lied, asking them to indicate by what
means they can obtain the restoration
of their money; but that, unfortu-
natelv,t there seems to be no redress IN
der the law, as the persons engaged IN
the business are too wise TO allow them
selves to be caught in any transaction
that would involve them IN criminal
prosecution. This point seems to be
well settled, as legal advice has been
sought in several instances, and the
opinion of the counsel consulted has
always been that there is no legal rem
edy. The money sent to be in
vested is intrusted Internationally
to the advertisers, for investment
as they may deem best, and if
they report that it has been lost, no
oae can prove that such was not the
case, and even if it could be so proved,
all that could be done by the loser to
recover his money would be to bring
q suit for breach of trust. Besides
this there would be great difficulty IN
fixing upon the person against whom
the suit should be brought, for although
toe advertisers put forth a firm name,
it would be impossible to find the per-
sons representing 1t, from the fact
that they do not exist.
The amount of credulity brought to
light by the correspondence referred 70
is wonderful. Letters have been re-
ceived from all parts Of the United
States, not only from persons who
might not be expected to be better IN
formed. but from business men, and
men in positions which would seem al
most to exact a better knowledge of
the world.