New-York tribune., 1902-12-05
WALL. STREET PESTS ACTIVE
SO-CALLED LAWYERS WHO GUARANTEE
To RECOVER LOSSES MADE IN
SPECULATION.

There are MANY stock speculators who are losers
in Wall Street for naturally not all can win; and
this fact has opened a field for profit for certain
INSCRIPTIONS lawyers, who generally succeed IN
casting the victim into still deeper mire of imam
cial loss and dependency. At the moment wan
Street is pestered by class of attorneys who pre-
to be able to losses made in the stock
market There may be some cases Where orohers
prefer to pay -backmail rather than into court
to prove the genuineness of their TRANSACTIONS
but in great many instances the blackmaiiers
are told proceed and nine times out of ten they
not heard of again. Many people, especially
women who lose money in the Street brood so
much their losses that they finally persuade
themselves into believing that their brokers are
responsible for their troubles. And when they
of attorneys who profess to be able to recover
such losses they gladly pay over the remnants OF
their bank accounts TO these smart young men,
In the confident belief that their lost money Will
be restored The woman who loses money
in Wall Street should not forget that his or her
broker is merely an agent who buys or sells stocks
according to his customers orders save IN the
case of bucket shops (Which Illegal concerns
brokers have absolutely nothing to do with man S
losses gains, and even in the case or puckel
shop the customer is to blame the more for having
trusted his money to concerns that nave no fecos-
nized standing in Wall Street.
1t is remarkablesfact that while several months
ago commission houses a rule advised their
customers to take profits. the greater NUMBER OF
margin holders refused to act on the ADVICE ana
subsequently not only had paper profits wiped out
but were in many cases, in debt to their brokers'
Yet there disgruntled losers who would not
settle the difference with their brokers. but VINO
demanded of their brokers amounts eQlVd-
lent to their losses.
Women In particular are bad losers in Wall
Street. and brokers have had much trouble with
some of them who Go not understand speculation
that their accounts not generally desired IN
deed, cases. they refused The lawyer
shark naturally finds the woman speculator an
easy victim. After receiving a large retainer, ne
goes the commission house through which MS
client has operated, and In a clustering manner
demands the privilege of examining the DOORS ol
the firm, 4 refusal being followed by threat 10
bring suit against the house the ground that
his clients buying order for stocks had never been
executed The mere suggestion that tne1r mditaG y
and legitimate commission houses. and 1t IS on the
ete snch Claim than be accused in open
of act such that on which the lawyer z oasez
his confidence tnat he will be able to recover recover
money for his customer. OF course, II the brokers
decide to pay the lawyer sefs +b the
herself little better off than before she engaged
| In a recent case, in which woman specula tor
had lost money and brought suit aganst 81 g ba cor
stated that actual transactions mad neen dnaeT
all the money originally deposited margin Ar Ar
effort made by the plaintiff TO colnpsl d airi5
| in answer the attorney for the brokers proved ny
Taion ba ato each and eVT ransaoton had
| made and recorded in the usual way on me ho3l
| of the NeW-YO Stock EXCnanSe. ny
case was thrown out of court. and the judge TOLD
| the lawyer and his client that Their case wa
| simply based guesses, as proved py tne "a an II;
davits produced by the defendants. which idenunec
| every transaction In the account In TINS case y
| is interesting note that the brokerage mouse
| when asked by the woman's lawyer for perInlsslor
| TO examine it's books, agreed to grant the per:
| mission on the condition that if books snoWec
| that the transactions had been made on the nooi
| of the exchange and correct the woman
| client would allow judgment 10 be taken for tnt
| O her indebtedness to them The laWSei
| biustered some more and declined to agree 10 tbs
/ condition. s-,- -.
| People who deal through New-York stock EH
change hoNses may rest 8sSured thdt tnelr trdIStc
tions conducted according TO the rules OF III @
| exchange which provide for expulsion when or
| ders are "bucketed-' Stock Exchange ,nrms pu!
| and sell on orders. and If spectators have thel
! margins wiped out by declining Market IneS
| cannot blame their broker In a rapidly faliihe
| market broker is compelled by the laws OF busi
| ness common sense and honesty to protect him
| self and IL a customer fails to respond 10 a cal
| for additional margin. the broker has no recourse
| but TO Iiqudate the account: indeed. he would no
| he broker deal with IL he did not. Peo
| pie who operate on small margins frequently IoSs
their money and thep blame their brokers for tht
L