Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1881-05-06
HOW THE LAMBS ARE SHORN.
Some OF the Tricks of fhe Wall stree,
SharperH-
IL


broker.
There are dozens OF ways in which
the thing can be done," was the reply,
"PleaSe state some of the methods, !"
persisted the seeker after information,
who was Star reporter.
''Well, if you will promise not to
print my name will tell you how many
of the brokers fleece the unwary. The
first step to be taken toward fleeing
the lamb is to pull wool over his eyes.
If there is Il certain stock to be unload
ed upon him he must be made to be-
lieve that it is to his advantage to pur-
chase.
"How is that?'
Zone favorite method was illustrated
a few days ago, when certain parties
sought to unload ST. Paul stock by
causing report to be circulated that
a corner was being formed in that
Wall street specially. They secured
the insertion in metropolitan journal
that shines for all of bogus an
nouncement that prominent broker
was at the head of pool for making
the alleged corner. The result was
that hundreds of amateur spectators
were induced to purchase st. Paul ut a
fig:lre much above its actual value"
"Who are the lambs p
''Of course, they are not old brokers
or experienced spectators. They are
composed mostly of two classes. In the
first place, a large number of raw re-
cruits' are found among those who
know little or nothing of the ins and
outs of Wall street, but who have an IT,
resistible impulse to try their luck on
the wheel of fortune. The other large
class is composed of persons who, hay
ing extra cash on hand, desire to make
investments, so that their money will
not be idle. In this class may be found,
am ong others, elderly maiden ladies,
widows, retired tradesmen and profes-
sional men who have little store laid
by for q rainy day. These people are
easily misled."
"Do you mean to say that dupes arc
to be found among intelligent profess
sional and business mem"
Certainly. Mr.. Henry O'Riley
Tucker, business manager of the Troy
Daily Times, who is considered one ol
the best and sharpest business men in
the state, was recently "fieeced" to the
extent of $4,000 in stock speculations. =
''Was he swindled outright?"
"Well, he was not tleeced by what
could be called an illegal method. He
was induced to purchase some mining
stocks the prices OF which had serious
tumble, | would not mention Mr.
fuckers case did l not know that he
| olvo, Of 40
a wealthy man and can well afford tC
sustain the loss"
"Do you consider mining stock.
especially attractive bait for the cap
ture of gudgeons?"
Eyes; they have been for some time
all the rage People are induced to in
vest in them by the promise that theil
money will be returned TO them doubled
or trebled in amount"
How about oil stocks?'
ooh, oil is played out us II medium
for speculation. You see, the Standar,
company has menopolized the busines
by securing, either directly or indirect
ly, the control of all the wells in Penn
sylvania. So, you see, the sharper
had to turn their attention to some
thing else, and they hit upon minin,
ventures. 4 mine is something like al
oil well. If it is unpro iuctive there i
almost always hope that little NOR
digging will reach the metal sought
Even if the managers have no hop
that the speculation will pan out the
make the stockholders think that
will pay to continue the enterprise
The shares are thrown upon the MAJ
ket, where they are gobbled up by tn
gudgeons, who do not know that the
are caught until they feel the hook" ]"
GLOW about railroad schemes ?"
Zone of the latest bats thrown on
for the unwary is ex-President Grant
Mexican Railroad scheme. The spec
ulators who are interested in this Ell
terprise expect to gain the cOnfidenc
of the public on account of the fac
that the Great American Present Take
is i'll the management. | would not b
surprised if the time came when a fe'
men who are on the inside will sit bac
on their easy chairs and laugh i'll the
, sleeves to think how the small fry il
vestors were entangled in the net.
"Do you think, then, that ex-Pres
dent Grant will lose no money in tn
!, enterprise, no matter what may be tn
result ?'
''In reply to that question, will sa
that the ex-president has been secure
, by several spectators as their figure
, head. The chances are ten to one ths
the shares held in his name are in real
,, ty owned by other parties"
''Then where docs Grant expect
, profit in the matter?"
"By receiving certain compensate
for the use of his name. You ma
wager your bottom dollar that he doc
, not give his influence for nothing. II
is not the kind of man to do a thin
unless he sees that the ducats are fortl
coming"
"Tell me something about ia
;, Gould"
:Mr. Gould, so far as Wall street
concerned, is like a tremendous whal
among sunfshes. When the whal
moves his fins the small fry are KNOCK
ed about hither and thither. NJ
:, Gould controls things through the shet
force of his money. He never el
:. cages in a small transaction. He mu
! have large game or he will not cond
] scend to waste his powder-and h
. powder is more effectual that nitro
glycerine or dynamite"
"Was there anything crooked aboI
the Open Board of Brokers' that va
= recently disorganized?"
"Oh, no; not so far as the organic;
! ton itself was concerned; but the exis
= ence of such an institution afforded a
opportunity for speculation to som
men who could not purchase seats
;, the regular Stock Exchange"
"Were there any lambs shorn in tn
open Boardy'
81 presume SO; but nearly all of th
e transactions we're on comparativel
: small scale"
e esIfthe open board was an institutio
B so desirable to certain spectators, VIII
. was it failure?"
Because there was so much rivalr
; among the members. The constitt
0 ton and bylaws were defective. Thel
: are few of the members, howeve
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