Notes: A bound volume of 39 consecutive issues of the weekly house organ of the first stockbroker to offer options ("privileges") trading to the public. Tumbridge offered investors call and put options and straddles (called double privileges) for as little as $10 for options on ten shares, plus 63 cents in commissions.
The offerings were pure speculation, as Tumbridge's customers didn't own the stock, they were simply betting on which way the shares would go while the stockbroker collected commissions and fees. "We instituted small privileges contracts in order to give the man of small means an opportunity to operate in the same manner and at the same terms with one of greater capital."—March 30, 1874, p. 5.
Each issue offers a summary of Wall Street news for the previous week, a chart of stock prices, bond prices, snippets of general business news, future prices for stocks, and lots of content explaining the Tumbridge system couched as letters from subscribers and news articles about big profits that were (allegedly) made from specific call or put option buys.
Tumbridge's pamphlet, Secret of Success on Wall Street (1873), offered free in each issue, turns up now and again on the antiquarian book market. This newspaper is notably scarce, with OCLC locating only one broken run that does not include the first four months of issues in this bound volume. As such, it is a rare example of the beginnings of the 19th century equivalent of day trading and a little-known chapter in Wall Street history.
Issues begin with April 4, 1874 (Vol. III, no. 1) , and end with December 26, 1874 (Vol. III, no. 39). Each is eight pages, on newsprint paper. 8 by 11 inches.
Edition + Condition: A very good bound volume in half sheepskin and decorated paper-covered boards. Some issues trimmed close to the type but with little or no loss to the text. An early reader has marked some stories with pencilled brackets or arrows. Covers with light wear and a bit of cracking to the outer joints, but generally very good.
Publication: New York: W. Tumbridge & Co., 1874.
Item No: #360745