Plain Truths about Stock Speculation; How to Avoid Losses in Wall Street. with a Visitors' Directory in and Around New York

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General Books LLC, 2009 - Literary Collections - 152 pages
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This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1887 Excerpt: ...it had a contract with the Gold and Stock Telegraph Co., which did not expire until the Spring of 1886. The Oil Exchange first began dealing in railway stocks and bonds in 1884. Speculators can buy or sell there by the hundred shares, or in fractional lots of ten shares upwards. Stocks could and can be bought in less amounts than 100 shares at the old Exchange, but stock is not easily borrowed to make deliveries on fractional short sales of less than 100 shares. This difficulty is obviated at the Oil Exchange, and small lots can be bought, sold or borrowed freely. A new ticker service, invented especially for it, came into use in 1886. Now, while the Consolidated Exchange claims to be independent and to make its own quotations, it continues to follow closely the prices made at the Stock Exchange, which latter used to stigmatize its rival, in derision, as nothing but a huge bucket shop. A large part of the members are young men, many of them "cheap Johns," ravenous for customers and commissions; who will buy or sell ten share lots for their clients on the smallest margins of 3, 2 and even i per cent. They will do the best they can for their customers. But as self-preservation is nature's first law, they will look out for their own safety, first, last, and all the time. Most all the business is on margins, and a small capital goes a good ways, when they can get the stocks bought for customers, carried on interest by a trust company, which holds the stock bought as collateral. A young man who can buy a seat costing a few hundred dollars becomes a broker. He then wants a partner who can put up some capital. A cheap office is hired, perhaps, up on a fourth or fifth floor. The partner's business is to attend to customers, and look after the book-keeping...

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