Daily Los Angeles herald., 1878-12-07

IL Will Willy, . cappsr for Trackem
& Cinchem, brokers. Willy gives
him = point on Savage, and the
General pretends to be "roped in"
He gives an order for 100 shares.
The next day the firm claims to
have bought at $174 per share.
A resale is Immediately
ordered, and an account is
rendered at $l2 SO per share.
The truth was that the highest
Board rate on the day of buying
was $16.S7, and the lowest on the
day of selling, $ls.25. Thus we
have clear steal OF some $500. we
remark that some brokers are not
ed for always seeming to buy at the
lowest quotations, a popularity
that clients soon discover. The
capper Willy had been well-to-do
man, was taken in by the sharks,
lost his property and his self
respect, and had sunk to hispresent
condition. The General "puts up a
Job, on Trackem & Cinchem,
cleans them out and gives Willy the
property they had taken from him.
One of the party next interviews
q banker, and the author thus de-
scribes him:
Meantime, the Judge resolved to
interview the great head centre of
the stock business of the Pacific
slope, Mr.. Highwater, of the bank
ing house of Highwater & Obrain.
Now he had met Mr.. Highwater on
various occasions, and the banker
had always been very affable to
him. It is well-known fact that
he always was affable to men OF
large means, for though he was
reputed to be the richest man in
San Francisco, he was known to be
as greedy of wealth as the poorest
father of large family could pos
sibly be, and was never 10th
to devise q means to excite
| interest in the stocks he
controlled, to induce his rich neigh
bors to invest in them, which vir-
tuaily meant the transfer Of their
funds to his Golfers. TO accom-
plish this end he employed num-
berless agents, to whom he gave
from time to time opportunities to
make very considerable sums OF
money whilst accomplishing his
purposes, but he almost invariably
contrived to gather in their gains
when he had used them as much as
he desired. And whilst he plotted
to become possessed of the fortunes
of the well-to-do, he by no means
lost sight of the working
classes, whose earnings he had been
so successful in gathering iDi
that it was estimated that there
was not one in ten of the entire
adult population, of whose means
he had not received from o small
portion to the whole; and yet; like
the horse.leeches' daughter and the
gaping grave, his Unsuitable desire
for gain still cried out, "Give!
givew By these means he had
succeeded in gathering the bulk oI
the coin formerly in circulation into
his own vaults, and changing the
condition of San Francisco from
that of an active, thriving, grow
ing city to one of stagnation, with
extended poverty and distress.
The conclusions to which the
learned investigators came are
thus memoriZed:
"In the opinion Of this Society, stool
operations, as at present conducted
| are
"Subversive of morality and truth;
Conducive to frauds and trickeries;
Productive of disasters and distress;
luxurious TO industry and commerce
and
'Disgraceful 10 many concerned"
The story is vivid and life-like
and abounds in references that will
be appreciated by everybody who
has had anything to do with stock
gambling. 1t is bright and pleas
ant. Its villains reform, its slsil
come to life again, and everything
is lovely.