Wall Street Speculation

This is an early 20th century work on Wall Street and the stock market, particularly speculation. From the intro: "Wall Street speculation is the most stupendous game known to the world of chance; as compared with it, the game at Monte Carlo pales into utter insignificance; in no other game are the stakes so high, is success so transitory and failure so overwhelming. It is a game in which the wealth of Croesus changes hands in a single hour, a game in which a few manipulators behind the scenes pile up millions on top of more millions year after year; but in which the vast majority of the outside public, who tamper with it, go to financial and often to physical and moral ruin. Many, who are unacquainted with Wall Street methods, regard speculation in stocks, on a margin, as legitimate business; this however is an error, which we may as well acknowledge first as last; it is, as I say, a game, run by Wall Street's millionaires and multimillionaires, who since the organization of the Stock Exchange have succeeded in filching from the pockets of the general public, without giving any equivalent whatever, untold millions. The public's annual average of loss to Wall Street has usually been estimated in former years, at $100,000,000 per annum; but owing to the more recent enterprising methods of the "Street" in manipulating the game, this estimate is now far too small, as we shall see."

It is a peculiar feature of Wall Street speculation that the novice never gets his courage worked up to buy stocks until the market is right on the top, and he never concludes to sell until the market is clear on the bottom.-from Wall Street SpeculationWhy small traders shouldn't rely on brokers. Why you shouldn't trust the financial "news" in the business press. How the market is manipulated into decline and panic by savvy insiders. In a 1904 lecture, reproduced in this slim but provocative volume, Franklin Keyes explained in simple language a nugget of wisdom that should be commonsense: the general public cannot avoid getting fleeced by the buccaneers of Wall Street. Keyes's words are shocking but, in retrospect, obvious, and still highly pertinent today. You'll never look at a stock-market report in the same way again.FRANKLIN C. KEYES was a New York lawyer.

The circulation of a mere rumor that the Morgan interests are accumulating Steel or that the Standard Oil crowd is getting out of St. Paul is sure at any time to create a market following. Most of the tips that are hawked about the Street are based on the supposition that somebody-or-other of consequence is buying or selling certain stocks. I do not know of a single case where anyone has been able to make money consistently by following information of this character, even when the information comes to him first hand. -from "A Speculative Decision" In 1917, an insider at a Wall Street brokerage firm took a close look at his company's most active traders and analyzed their trades to glean the secrets of their success... and what he found is still applicable today. Writing pseudonymously, he here offers a wide range of sage advice about: .buying on the way down .determining trends .how a bull market starts .the correct use of stop orders .when and what to sell short .and more.

Excerpt from Plain Truths About Stock Speculation: How to Avoid Losses in Wall Street, With a Visitors Directory in and Around New York This work contains plain truths, plainly told, of the dangers and folly of dealing on margins. To the uninitiated it is a revelation and exposure of the trickery and sharp practices which prevail in the marts of speculation. It is a warning to keep out of Wall Street; and any man or woman who, after reading this book, goes there, will do so with their eyes wide open to the traps and pitfalls which will surround them. It tells of the only true and generally safe way to deal in stocks and make money. To the investor it is an invaluable guide. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.