Men and Mysteries of Wall Street (Classic Reprint) - Hardcover

James Knowles Medbery

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9780260394286: Men and Mysteries of Wall Street (Classic Reprint)

Hardcover

ISBN 10: 0260394289 ISBN 13: 9780260394286

Publisher: Forgotten Books, 2018

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Excerpt from Men and Mysteries of Wall Street

Cent British consols or United States 5-20s. Commo dore Vanderbilt can convert the bulk of his vast prop erty into money in a day. There is no similar market ready to perform a like service for William B. Astor. The Spragues of Rhode Island are slaves to their fac tories. The heavy cattle-raisers of Texas, the great far mers of California and Illinois, the mill-owners of New England, are not merely subject to fluctuations in the prices of their products, they are the veriest victims of circumstance whenever they attempt to turn their prop erty into coin, or the equivalents of coin. Daniel Drew, the drover, had come to comprehend this serfdom very thoroughly before he took up his quarters at the Bull Head Tavern and mastered the subtleties of Erie specu lation. Up and down the human gamut it is everywhere the same, even to the affairs of the most modest of capital ists. The clergyman whose ten years' faithful ministry has resulted in the painful saving of a thousand dollars is very much at the mercy of his parish if his money is in land, and quite his own master if it be locked up in bonds or shares, merchantable at once in the great city which lies an hour's distance from his village. The tradesman in extremity is keenly aware of the advantage of collaterals over mortgage. Gloucester fishermen know the difference between sloops in the Bay of Fundy and a package of Boston and Maine R. R. Stock stowed away in a bank-vault.

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