The Redwood gazette. [volume] (Redwood Falls, Minn.) 1873-1940, 1875-07-29

upon the person against whom the suit
shouldbe brought, for, although the adver-
tisers put forth firm name, it would be
impossible to find the persons representing
it, from the fact that they do not exist The
amount Of credulity brought to light by
the correspondence referred to Is wonder
full. Letters have been received from all
parts of the United States, not only from
persons who might not be expected to be
better informed, but from business men
and men in positions which would seem
almost to exact better knowledge of the
world. Under date Of June 10 railroad
man writes to the President Of the Stock Ex-
change from Wisconsin, inclosing circu-
lar, asking to be informed whether certain
persons or firms are members Of the New
York Stock Exchange, and in good stand
ing as bankers and brokers, as advertised.
He also wants to know whether their
mode of operating in stocks known as
puts" "calls" and spreads is used
in specializing on the Stock Exchange.
He goes on to say that there are parties
circulating this circular, and advertising
quite largely in this Western country" He
says that if they are good, reliable firms,
and will do what is right, there are persons
there who wish to speculate in stocks and
securities on that system.
Another man writes to the President
from Indiana that he would he Obliged if
the President would give him the names
of some of the most reliable and response
BILE brokers in Wall street, as he had seen
certain advertisements and circulars and
had felt considerable interest in the move
ments in stocks and gold. These men,
although led away to certain extent by
the brilliant promises held out to them,
had yet sufficient caution to inquire into
the standing of the persons making them
before confiding their money to their
care. Not so, however, was it in the case
of the unfortunate writer of the following
letter, addressed to the President Of the
Stock Exchange:
PHILADELPHIA, May "a, 1876.
SIR: 1t is with great anxiety and expecta-
ton that I write this letter to you. I will
state the case to you as it is. 1 am sales
lady in street: Meeting with losses 1
was obliged to 90 into the world to make
living. Last September I read work on
stock speculation which is the property of
the firm. l wrote for the work and it was
sent to me. The firm in New York from
whom received the book advertised at that
time in the Philadelphia papers. The work
gave accounts how money was made SO quick
ly and easily that l became convinced also
could do the same By great saving and
strict economy, and depriving myself Of the
common comforts of life, had accumulated
by degrees the sum of $l25, which saved
carefully, thinking of the assistance it would
be to me should be deprived of a situation
in store. l read the book carefully, and
finally concluded to write to the firm in New
York, asking their advice. They replied,
giving encouragement. / wrote again, and
still received the same encouraging answers.
wrote to them of my being unaquainted
with stock operating, and would leave every
thing to their care. Their answers al
concluded / would send the money
to them and let them attend to the
business. I was happy, thinking how
could increase my little sum to a greater
one. sent $lO6.25. They wrote that they
had bought a double privilege; Time passed
was dull, and it was a loss. 1t made me sick
at heart and unable to attend to business. I
wrote frequently to them, stating my situa-
ton in life, and how had saved the money
with so much sclf-denial They wrote me
they would buy, call" and send the profit
they have not kept their word to me. l con-
cluded would write and ask your advice in
the matter. hope you possess a kind heart
and can give me hope of gaining my money.
Please reply early. Yours truly, etc.
1t was with much regret that the Presi-
dent had to reply to the letter by telling
the writer that he not only could do moth
ing for her himself in the matter, but that
he was afraid there were no means of re-
dress, and that her money was irretrieva-
bly, lost. The above are only sample cases
of large number that are constantly
brought to the notice of the Stock Exchange,
and clearly indicate that the number of the
victims of the advertisers must be simply
immense, for it is supposed that not one in
fifty ever thinks of applying to that source
of redress.-N. Y. 1inaea. .IuZu 16.