The Progress., 1894-05-05

MANY or THEM OF The NIDHt0l
STANDING FOR HONESTY


stocl,s Arc Essential Tor Our Commercial
Progress AMI Are Legitimate Article" OF
Traffic Remarks on the Sc"sti'" Man.
A Cure For Anger
Across tho island in Ne" York IN
1855 wall Of Stone was erected to keep
on tho Indians, and along til" LIMO of
that wall a street was laid, called Wall
street 1t is the uightieSt street in tn"
world today. The history of Wall street
/ is largo part Of the history It this
country. P'$plo talk of its h"'ng a
street that runs from Trinity church to
tine East river. II reaches from the At
Iantic to the Pacific and from tho lakes
to the gulf So many bad things have
been done on Wall street that with Somo
people it stands only for high toned
scoundrolism Go mp and down that
street and look at the names ON The
signs and tho names OF tho m0ncycd
institutions, md You Will find the names
Of more upright moM than you can 'lnd
in the Same space in any part OF the
world.
Stocks have become ono Of the essen
tial means Of our commercial and p0Ilt-
iCal progress. They are therefore AZ To-
ultimate an article Of traffic as gro
ccries, and it il necessary that thcro
should be distinct class Of men dcvot-
ed to this business. And while there are
financial dcsporadocs in tho street
which is the misfortune Of all profess
sions-there are many men there OF tho
highest standing for honesty.
Tho board of brokers WAS organized
90 years ago, and in that time not more
than two or three members have been
found guilty Of fraud while connected
with it-a financial honesty unequaled
by any monetary institution in the
. world. Many men Of Wall street arc
prominently identified with tn manage
ment of our churches colleges and char
tiles. Every merchant is in some sense
a Spectator, and it is just as legIH-
mate to deal in railroad stocks IS it is
in dry goods Stop Legitimate specula-
ton, and you might as well shut up all
shops.
The stoCkbroker ie commission mer
chant, and the dollar he earns is as
honest dollar as | earn by preaching.
But abuses have Crept in among the
brokers, which all the honest men of
their profession deplore equally with
, candid observers from without. Con-
fine speculation to bona fido stocks and
2 bona fide investments, and the moralist
: will have no ground Of complaint. II
G YOU sell man fanciea" worth dollar
for $40, are you giving him the worth
of his money? You say a man is a
y fool to buy worthless article, ! say
n YOU are a knave to sell a worthless ar
c tiCle.
Legitimate commerce is a contract
between responsible parties and an &C.
i tual exchange Of equivalents. Betting
# on the rise and fall Of markets is iden-
Y tically the same with betting on horse
G race. SO the laws of our country regard
u it, Our laws prohibit the sale of stock
: which is not possessed at the date OF
q contract, and also provide that money
% paid for goods delivered by way of pre-
MUM or difference in pursuance Of con-
tracts or wages so made may be recov-
cred
y, ~ 1t is great social evil that unprin-
=. cipled spectators should by a few reck-
less wagers roll up large wealth and
If then use it to dazzle the town with their
il vulgar extravaganza, disgusting young
men with their slow and tedious way OF
earning money, and thus leading them
It into the treacherous realm of specula
rt ton to end by robbing their employers
and blasting their own characters
: Money is frequently poured by de-
faulting clerks into brokers hands as il
from acknowledged millionaires. Soon
er or later the theft is discovered, thu
-. young man sent to prison, the firm
~ shoulders the loss, and the broker baSkG
IA III COuItHl.
~ Now, believe that we need a Law
W. which shall make every broker respon
v sible for his dealings. Let him satisf,
- himself as to the individual responsible
ity and means Of the man for whom h
III negotiates deal and make him liabl
s. for all loss if he accepts money from
r. one whose position makes the honesty o
- his money questionable, and there will
~ be an end to despoiling the safe who's
a custody was given to their honor. viii
as liam II. Vanderbilt once said, Not on
III man in ten who goes into Wall street i
not loser in the long run. Many
40 Wall street investment might be pu
8, into this little fable: This is a pictur
RS, of Freddy's Rabbits. But it is the Pic
# ture of Fox. The Fox is very Fat
~ Where are Freddy's Rabbits"
CD The Sensitive Man.
r. The most troublesome man in. tb