There are many persons, whose transactions in the stock and gold markets amount to millions of dollars each year, who cannot enter these boards as members. They are regarded as unsafe, and their petitions are invariably rejected. They usually operate through regular members.
CURBSTONE BROKERS.
Any one who can pay one hundred dollars a year for the privilege, is allowed to operate in the "Long Room," as the lower floor of the Stock Exchange is called. His capital may be one, one hundred, or one thousand dollars, but if he pays his dues regularly, no one is allowed to molest him. No rules or regulations bind these operators. The honest man and the rogue mingle freely together. Persons dealing with them have no guarantee of their good faith, and must look out for rough treatment at their hands. They overflow the hall, crowd the steps and sidewalks, and extend out into the street. From this circumstance they are termed "curbstone brokers," a name which will probably cling to them. A few of these operators are men of integrity, who being unable to enter the regular boards, are compelled to conduct their business in this way. They have regular places of business in some of the neighboring streets, and are as fair and upright in their dealings as any member of either of the boards; but the great majority are simply sharpers, men who will not meet their losses, and who will fleece any one, who falls into their hands, out of his last cent.
STOCK GAMBLING.
It has been remarked that the men who do business in Wall street have a prematurely old look, and that they die at a comparatively early age. This is not strange. They live too fast. Their bodies and minds are taxed too severely to last long. They pass their days in a state of great excitement. Every little fluctuation of the market elates or depresses them to a fearful extent, even though they may not be conscious of it at the time. At night they are either planning the next day's campaign, or hard at work at the hotels.
[Illustration: United States Sub-Treasury.]
On Sunday their minds are still on their business, and some are to be seen hard at work in their offices, where they think they are safe from observation. Body and mind are worked too hard, and are given no rest.
The chief cause of all this intense excitement, is the uncertainty which attends such operations. No man can tell one week whether he will be a beggar or a millionaire the next, the chances being decidedly in favor of the former. Nine out of ten who speculate in stocks or gold, lose. Like all gamblers, they are undismayed by their first reverse, and venture a second time. They lose again, and to make their loss good venture a third time, risking in the end their last dollar. The fascination of stock gambling is equal to that of the card table, and holds its victims with an iron hand. The only safe rule for those who wish to grow rich, is to keep out of Wall street. While one man makes a fortune by a sudden rise in stocks or gold, one thousand are ruined. Even the soundest and best established firms fall with a crash under these sudden reverses. The safest are those who buy and sell on commission. If the profits go to other parties, in such cases, the losses fall upon outsiders also, so that under all circumstances a legitimate commission business is the safest, as well as the most profitable in the end. This is proved by the fact that there are very few old firms in "the street." Houses supposed to be well established are failing every day, and new ones springing up to take their places. Nothing is certain in Wall street, and we repeat it, it is best to avoid it. Invest your money in something more stable than speculations in stocks.
A KEEN GAME.
Some years ago, the famous Jacob Little resolved to bring down the market value of Erie stock, which was then selling readily at par. He contracted with certain parties to deliver to them an unusually large amount of this stock on a certain day. A combination was immediately formed in the street to ruin him. The parties concerned in this league took his contracts as fast as they were offered, and bought up all the stock in the market. In doing this, they firmly believed they were placing all this paper to be had out of the reach of Mr. Little, who would be ruined by being unable to deliver the stock at the time, and in the quantities agreed upon. His friends shook their heads ominously, and declared that his enemies had been "one too many" for him this time; but the "Great Bear," as he was called, kept his own counsel. When the day for the delivery of the stock arrived, his enemies were jubilant, and all Wall street was in a fever of excitement; but he was as calm and as smiling as ever. Repairing to the office of the Erie Railway Company he laid before the astonished officers of the road a number of certificates of indebtedness. The faith of the Company was pledged to redeem these certificates with stock, upon presentation. Mr. Little demanded a compliance with this contract. The Company could not refuse him, and the stock was issued to him. With it he met his contracts promptly. The result was fearful to his enemies. This sudden and unexpected issue of new stock brought "Erie" down with a rush, and the sharp witted operators who had bought either at par or at a premium, solely to ruin their great rival, were ruined themselves, almost to a man.