The sun. [volume] (New York [N.Y.]) 1833-1916, 1876-10-15
SHARKS OF WALL STREET.
COUNTRyMES LED INTO sPECULA.
TION md NUN.
rir,'- with which Legitimate Brokers have
no Rcintions-A Journal that Rivals 5ay
GOuid- Tribune -Gouidism In Full biaom
-lnvitntions to Build mp Fortune.

Frori ne chicago Times
New YoRK. oct. G. Within the past few
wears the fdCihties Tor aiding grecuhoins 70 part
creased. just after the war fabulous stories OF
the immense fortunes made In single uhS on
the turn Of particular stock wore puuI.sng9u i,,i
and wide IN the ur~srapors, ana eagerly &c
vOured bv renders thousands OF m,les from tne
scene II these operatons. SoDeuouN nau 70
loae the money int somOuudN else won, out inc
winner and not the loser figured In the marvel
ious tales related. DalLled with tue RlowlnR
stnrIos of spcculatlon. and eager TO enter upon
"A lifc presenting All the excitement OF the faro
table hundreds o. young men, with fortunes Wnss
York nd embarked In Wall street. or course
thev were feeced. The old bulls ana behrs
poun cd upon their victims, one with sharp
horns and the other with cstening teeth, ana
bore away the spoils, leaving the unfVrtunatee
lads TO recuperate at SIS week In brokers
ufices. Operating then was done almost exclu-
sively upon margins. IT tho greenhorn nau
margins enough to purchase suit 81 clothes
with when he was compellod 10 leave the erect,
he might he considered n lucky man: There
L. no denying that those Young men led bril-
liant life. "a the world goes Drives In the park
behind highbl ed stenpers In the afternoon; pri-
vatc boxes at b.ll- and OPERAS In the evening a
champa gne supper NJ Delmonico's after mid
night, was the prog ANNE.
One by one, swiftly aud surely, these RltterinR
1s7S. none hut the oldest and luckiest operators
came out with "A dollar. when the green speCu-
intors left the field the war between brnins and
cunning continued just rs nercely as ever, but
on much smaller scale. Age aud experience
batiled against nerve, skill and capital. but the
time new branch Of the stock gambling bu-i-
meas came into existence. The new business
was STYLED stock brokerage. and the firms en-
sa9eu III " lrolest ca 70 bul anu ser stouhs'
bonds, gold. Hud "stock urN ioges. The ordi-
nary buying Of stocks and bonds Is really
nothing but dchling IN STOCK privileges. he-e
firms advertised far ana wide, also IN New York
Iapors, inviting persons OF an classes anu con
dinons TO speculate. Each hdNertsemtni re-
questcd the reader e. send 10 the office OF the
firm and procure a pamphlet giving fun inior-
nation about stock ,pernlhiin.. ana the r ga,
ttcular manner IN which each tran-acte bust
ness. Judging toy the extent of the notices
which appeared ~ the different firms dealing IN
stock privileges in nearly every newspaper In
the country Thousands " dollars must have
been spent IN advertising. The nrns also
printed pamphlets AMI weekly financial reports,
which are given way to ali who apply therefor,
TIE great chnrnctI ristlc of the firms engaged IN
these transactions was the manner IN which
body, poor as well Is rich. For slO.GS (tno 63
cents being the firms commission, the pur-
chaser can control 10 shares oi ANY stock he may
wish flr % dnys. Tho II any advantages result
ing from the timely investment Of $40 are glo-
riOusly set forth Ia theiradv rtisements.
now JAY GOULD USLoADED.
several Of the Arms which used to be actively
engaged Ia this husiues- have either gone out of
II entirely or dwindied into insigni0cance "a
ordinary cur stone brokers. number OF the
firms which have thus fctifed dealt only IN
certain stocks. II a bner wanted load OF
Western Union We went TO particular dealer
ia that stock If he wanted Pacific Mail he went
To- 0uother; for Cniou I. cihc 10 another. Heavy
operators WISHING to unlo ed / laced thousands Of
IN small lots to country sprcuiaturs. VINO. OF
course IN thc long run were AWAY, taken IN
Al The time J ~ Gould forced Union Pacific up
from - to ~. Preparatory to unloading. he
PLACED thousands OF shares with one OF these
brokers for sale. Ii wah GENERALLY under
stood ON the street, "a well a, by advertisements
through the country, That the broker was selling
simply To buy tins one stock. When the crash
came the hummer OF badly bitten operators was
lesion The advantages when the confidence
dealers possess for getting lid OF any particular
stock which they desire aI- numsrous. The
stranger who has a few hundreds of dollars TO
Invest, In nine cases ont OF ten knows Sbso-
lutely nothing about stocks more than what he
reads ia the d My LewrpApers.
IL Is safe 10 say That at least four out OF every
ten buyers 81 stock privileges of these firms
leave II TO he nrn,'s dlstretion as to what stock
they shall inNe I ln. The rfm desire it perfect
" understood that thsv do not wish business
done 10 that way; They lreter the buyer to
name his own stock: still, II he insists that the
nrm should Lee Their experience In operating
FOR him. they would su-gest that he should GUY
such and such stock, as Information which the
tim pOsatss from tGcnts On all street would
lead Them 70 bencve that AZ viii 81 erhte ~ aud
Dakota. or Colorado t-lo4raphs them 10 Ouv ~
thoy tbink best, not even taking the rec .ution
to name The figure at witch he desires I'M. pur-
chase to 10 made. Meantime tue siOck referred
to may have moved Ut or doNnt Two or three ~
ures while he wus telcsr phinc. Hc knows
nothing Of what It h.s d 40 until the ueartst
daily paper containing stOtk reports reaches
him. he firm has purchased for HIM Ut great
gam Of the operator whoso stock the benevolent
firm Is unloading. Calls at their RESI-. 0ctiNe Of
these nrms do even "a moderate city busiut -.
lhoH profits must accrue from country custom-
ers, and To keep alive thty must either dc u ter
Ilnc uhuc OF pocket "a ~ oI toe cnsh sent ~ To
them 10y greennurrs; tor 90 one uui lsreeunotns
would think Of Operating Ia stocks In the way
sugcesied. WIN the hrnis eigaEed - tuls BUSH
ness the legitimate brokers have no business re-
laiiuns.
Your correspondent made tour through the
Offices Of some OF the nrms engaged Ia this trade
ono morning Of the present week. al the time
when business l. most active ON Wall aud Broad
streets. The most gorgeous OF these dealers IN
stock privilege for the Pablo at large does
business on the second floor Of a huildin. on
broadway. lhsy have had published hand-
someiy bound pamphlet for disinbuiion 10 Gus
toners and others. euti,led " Mall Street Carl
c4tures. illustrated Information Tor stock spec
nlntors; The Secret Of Success IN Wall
street " Is another title given the book. and on
the first paSeis cut VI the corner OF wall street
and broadway. Tue sisn Of the hrin Is seen in
Is not at all whore the cut would make II seem
10 bc. Oae f,aure Of the sria's busiuo So u that
all communications are stTlctly private A
bflet history OF tnO SHOCK Exchange II gwen IN
the book.
THE TRInuNE's RIVAL
The Arm publish u journal. which, II may
safely be presumed, Is n ",on 70 the mantpula-
Several page, aIo voted to explain itiOns % the
way Of specnlntiun win stock fuylleges, show
ana aud telling ihc rcrdcr nos, Il he Invests $40 q
IN IN "pGt' Or " Cali' Tor Thirty d.l., he can
c .-e may be- f. tells low Vanderbilt, Gould. and
Russell Sage have trade n mes, and sagcly
rouurks that White Tie kinsa arc t.us en-
sasen "a re }, ~ iy5s',H W. ~, amer rpeie,"r7
"spreads or "sit ddl' ,," 'gc eSplpned. I'VE
Instance kinlh %, .t',yr tie nr6b crs. ana II
any one foes VIA he wuul. Do, dslre-,eI by the
loss If funds "nich heVioposr, 10 o,- in spccu-
laliln, let Inn gir Wal stt,ot wills hcr'r."
The oni'e IS a ST. 81 me. 1t II lihey - hn-
press tie county visitor WA0 hUNer raw d le.lti-
mate brokers otlcr on lsrlai street ~ iniidA,.
A t.ll, black walnut Pnititioi. about six f"st IA
height, the top Of WLicL Is ,uiD.,HnirG Win
M