Devils Lake inter-ocean. (Devils Lake, Ramsey Co., Dakota [N.D.]) 1884-1905, 1886-02-06
IN srocKs.
Operations Of Buck .-snoPs sad How IL
Dear Pohlle IL Eleec-d OH 9 ocka.

Of Buck ..snops aad How ~
Dear Pebble I. F'.-e.d on 8 oekA.
The ideal business Of the New York
Stock Exchange Is unqucstionably as
legitimate as that Of the Produce Elk. |
change. or OF any intermediary b.
tween the seller and the buyer. That
there ure grave evils incident to its
operation il equally unquestionabla
Tue wal TOR the preservation Of the
national Union hugely converted tho
American people into u nation of spec.
uiatora The rage for sudden wealth
was further intensified by tue discov- !
cries Of mineral oil and the precious |
metals These created innulnerabte
companies for the exploitation Of mines, |
the construction Of railroads, aud other
objects. Sudden and vio!cut huctus.
tons in the price Of stocks, aud tho
daily report thereof in the newspapers.
aggravate tue speculative spirit Con-
stderations of morality and prudence
are set ut naugtnt by those who will 10
rich. and who dream Of opulence by
othvr methods than the slow and steady
measures Of their fathers. Profession
III men, merchants. mauulac. urers,
mechanics. farmers. widows, aud
spinsters. blinded by the glare of sue
cess. and hoping to strengthen their
slender income. have a%dventured their
savings upon the %treacherous sea of
Wall street, and lost them NIL. To
them tho exchange building is u whited
sepuichre in which fortunes lie on
tomued,a sca in which voracious sharks
rend or swallow the little fish who dare
to enter its troubled waters. o gamb-
ling saloon where deceit and despers.
ton wait upon the players. 1t may
have boen such to them, simply be-
cause they made It such. not because
they awaited themselves Of its real
functions
Au immense amount Of gambling is
done in p,ratical relation to it, and 10
spite Of tt1e strenuous exertlous Of the
stock-orokcrs to prevent it Tho
''vucEet SHOPS" situated iu tho largo
towns and cltlcs Of tue country arc tue
instruments W wnich it il carried on.
Too %proprietors Of these neiarious o.
Establishments surrepti,iously obtain
quotations from tue Stock Exchange
AsSASAS 0AV &OA0oOsk W tOCI0 w kQ0
Western Union unless four members
Ut tho OoarL vouch tor III. w~ortn,ness
Of each applicant. The quotations de-
sired are furnished by persons who
nave bound themselves 10 that teleL
graph company not to DO so, aud who
have oblulned iujuuctions from tho
courts restraining tue corporation from
removing their INSTRUMENTS. Former
iusolvout members OF lAo Stock Ex-
chango. now known us ''exolup, Melu-
oers. are among tho Users VI the
knowledge thus acquired. Because Of
tnls grievance the Chicago Board Of
Trade nas com pb!leu tho Western Union
" reu,uSc lis llcKcrs from thor offices
IA p%rcccdon, that the New York Stock
Exchange wall prouably follow uuless
tu1s grievance BIZ redrc-s.d.
In those bucket shops . blackboard,
with list Of STOCKS 1t prices quoted in
Now YORK io-crlued tuoreon, is dis.
played. Speculative c,or9s n others
are invited 10 bot upon these quota
t'ous. under tue preteuso Of the put aud
call system. For example. QUO is in.
uucud ~ GUY. ON margin Of 81 per
snare. tive SHARES OF Nj ,snurl, Kansas.
an,t Texas slock Ut lot. il it rises to
Ut. ne gets BACK hl~ .uA-Sln aud xxlus
~. Ii u drops TO LIT. uc loses bis
murg n OF Dv,. Tue secret Of ruin in
thousands oi Instances Is to b. found in
Tue gamul,ug VI oucket shops. Yet
tue wealthy pn,ron'z, and are Aseced
by the,n. Y nrk Of Kuaycvi.lc keeps =
bucAet SHOP, aud RECEIVES tho quota.
tons. He ccmtideu.luliy informs bis
trusting pstrons that uc has CERTAIN
knowledge taat III inse,ivo stock is
ABOUT ~ rise III prlco-say the Denver
nnd Rio Grunde. now selling III 0-snd
persuadcs thom to venture IL pcrsnre
u the extent ot 1900 sharee. Tnls
done. hu lelcgs .pMs 10 q 5rokor to ..ssil
30U. d. u r. G-qu.ek. quick" in
bucks irom 1t lo6 The ss.linR bro.
ker, alone or with assistance, makes
his offers. whion arc accepted BY snoth.
or broker 10 whom Qalrk has tsls-
graphed to buy the stocks offered at
those prices. Tho las. quotation. Q.
fixes the price. The telegraph an.
nounocs it a, Kuavcvillc. The SIS. o00
margin, minus the one-fourth Of one
per cent. brokerage on tho fictitious
sales. il swept !u.o the swindler's peck.
ct
While tho Stock Exchange has lcgit
imato and ;nvaluubl. usos. i, is none
the leas :ru that i. has been and il
converted into "A gambling arena BY
the groat speculative operators, most
Of whom have sprung from the lower
walks OF rural life. WHO control the
management II railroads whose stocks
are active. The facts of good or bad
harvcsls. t:cisat OF passenger traffic,
rates OF transportation. can not explain
the fluctuations Of their prices The
sccrr, is 10 b. founH in tho parlors oil
directors. There claiming reports Of
prosperity arc prepared. and unearned
dividends declared, to bull" tho stock.
Tnero accounts arc cooked so US Il
exhibit decreased earuings. needless
expenses for rolling stock and improve
vents Of permanent way incurred,
hoa,ing d b,s swcliod. acc.psanees IT,
sued for discount aud that will pur.
posely be allowed to 20 10 protest when
due, earned dividends passed. owl
prophecies uttered, to ''bear'' the stock.
By ways that arc DARK and tricks tho,
are vain." the oopspirators acquire
colossa. Wealth.. HcoAey. W Aor.
rey's Ma9a<ine for Nurtm1er. .