The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1886-01-08

Dear Pabiio 1. Pc g Il ,,a s ,ek..
The ideal business nf The Now York
Stock Exchiugr Is uuqu,.,tl ,nailr ~
iegllimale as that of tn. Pislucc Ex.
change, or of any Intermediary il,-
tween the seller and The hti or That
there arc grave evils inc alt TO its
opcratlnn II equally unu,A ,tionabln
Toe war inr the prrSeryat.lu nf the
national Union largely cnut.rud thu
Amrrlean nrol,ic inl0 4 uail in Of Sn,,c-
ualors. The rage for sud- In wealth
was further IuIeu> iicd bv the di~cl,.
crlcS oil mineral oil and this precious
metals Im'se CREATED intumrrable
companies Tor thocNulnIatinhn t MINES.
Inc Construction ot rai.r1ad =, sand other
objects sudden aud ytolenl aactua-
lIuds IN tho price uf STOCKS. s,nd tao
u1liy report thereof h the ucw,naprrS,
agsravaIc lhc speculative spirt. Com
s'1cr'tons ot morality ant prudcncc
"rn SCI at naugnt hy lnoso wno will ue
rich, and whn dream OF opnlenco by
olncr me. huds ln.n ihu slow and stcauv
measures ui their fathers. Profession
al men, merchants. mauu,ac urcrS,
lueehancS, farmers, widows, and
spindcrs, bliudud by the gare of sue.
cess, aud hoping Ia Streus .ucn tnetr
slender incOnr, have a.lyvs 'i.esi sa,Sr
ssvis,gs upon the Ih achrrdus sea oil
WaH street. aud lost them all. 10
them tho exchange building is u whllod
eupuiehre IN whcn fortunes lie en-
lomued. "A sea in which voraCiou> sharks
rund or swallow tno little iisn WHO dare
10 enter It's trOubied waters, IA gamb-
ling saloon wllcro deceit and dcsprra-
ton wait upon the payers. 1t may
nave been such TO them, simply be-
cause tney made II sucn. not because
functions.
An Immense amount OF gambling is
done in plratlc1i relation 10 1t, aud in
spite vi the strenuous eXertlUuS oil the
stuck-OrokcrS 10 prevent it. Tue
"Uucket SHOPS" situated IN the large
towns and cItios OF tho country AFRO tnu
Instruments ny whlcn 1t Is carried on.
Tne proprlctors of these nc,arlous cs-
taullSnmcnts surrcpIillouslv obtain
quotations from the Stock Exchange.
tickets are refused ~ them W thu
Western Union unless TOUR members
OF tho board voucn Tor tho wOrtnlncss
oil each applicant Tho quotations de-
sired are furnished by porsons who
nave bound themselves TO that tcle-
graph company not To do SO, and VINO
have Obtained injunctiOns from the
courts restraining the corporation FROM
removing tnelr Instruments Former
insulyeut members OF tho Stock Ex-
change, now known us exempt mun-
Oers,' aro among the users of the
knowledge thus acquired, Because ol
this grievance the Chicago Board OF
Trade has compelled tho Westuln Uniun
To remove lis lIckers from their offices
Ia precedent that the New York Sluck
Exchange Will proUaby follow unless
this grievance be redressed.
In these bucket shops IL black board,
with list OF stocks ut prices quoted il
Now York inscribed thereon, is dis.
played. Speculative CLERKS and others
are invited 10 bet upon these quota.
lions, under the pretense OF the put aud
call system. For examplc. ono 10 atr.
duced 10 Duy, on u margin of 81 per
snare, five shares oil Missouri, Kansas,
and Texas stock ut lot. If it rises to
III. lie gets back his margin and gains
90 Ii 1T drops 10 LOT, ne loscs his
iuarg or bot. The secret Of ruin in
thousands Of Instances is to BIZ found in
tue gambling OF bucket shops. Yet
the wealthy patrOniz' and are flecced
by them. QMrk OF Knavevi,lo keeps u
BUCKET shop, and receives tho quota
tons. He ccniidentiilly informs his
trusting patrons that he has certain
knowledge tnat an inactive stock is
about 10 rise IN prico-say the Denver
and Rio Grande, now selling ut 9-and
persuades them to venture 81 per share
to the extent Of 1000 shares. Tnis
done, he lelegr tphS 10 "A broker to "'seil
5000, ID. and X g. quick, quick" in
Dlocks from 81 to 3. The sening bro
ker, alone or with assistance, makes
his offers, which are accepted by anoth-
er broker 10 whom Ozark has telo-
graphed to buy tho stocks offered At
those prices. Tho last quotation, 8,
fixes the price. The telegraph an
nounces it NJ Knaveville. The $4,000
margin, minus tho one-fourlh of one
per cent. brokerage on the fictitious
sales is swept iuto the swindlor's peck
at.
While the Stock Exchange has legit
innate and invaluable uses, ii is none
the less true that it has been and is
converted into gambling arena by
the great speculative operators, most
of whom have sprung from the lower
walks of rural lie. who control the
management Of railroads whose stocks
are active. The facts Of good or bad
harvcsts, freight or passenger irnilic,
rates of transportation. can not explain
The fluctuations OF their prices. The
secret is to be found in the parlors oI
directors. There flaming reports o.
prosperity ara prepared. aud uncarued
dividends declared, to ''bull" the stock.
There accounts arc cooked" so as tt
exhibit decreased earnings, needless
expenses for rolling stock aud improve
vents OF permanent way incurred
floating dots swelled, acccptanccs is
sued for discount, and that will pur
posely be allowed to goto protest whei
due. earned dividends passed, evl
prophecies uttered, to ''Ocar" the stock,
b ways that are dark and tricks thai
are vain." the consDirators acqulr'
colossal wealth. Wheat.eg, ~ Aar
per's MagGziIe Tor Nvv- DIOer.