《股票作手回忆录·第二十四章·收尾反思》第4节
There are other devices of stock-selling promoters that should be barred. The Exchanges should not allow trading in listed stocks that are offered outside to the public on the partial payment plan. To have the price officially quoted gives a sort of sanction to any stock. Moreover, the official evidence of a free market, and at times the difference in prices, is all the inducement needed. Another common selling device that costs the unthinking public many millions of dollars and sends nobody to jail because it is perfectly legal, is that of increasing the capital stock exclusively by reason of market exigencies. The process does not really amount to much more than changing the color of the stock certificates. The juggling whereby 2 or 4 or even 10 shares of new stock are given in exchange for one of the old, is usually prompted by a desire to make the old merchandise easily vendible. The old price was $1 per pound package and hard to move. At 25 cents for a quarter-pound box it might go better; and perhaps at 27 or 30 cents. Why does not the public ask why the stock is made easy to buy? It is a case of the Wall Street philanthropist operating again, but the wise trader bewares of the Greeks bearing gifts. It is all the warning needed. The public disregards it and loses millions of dollars annually.
注释摘要
这段文字揭露了二十世纪初华尔街两种常见的股票促销把戏，这两种手法在当时完全合法，却让无数普通投资者血本无归。利文斯顿，也就是杰西·利弗莫尔的化身，在这里以一个老练市场参与者的身份，向读者展示了金融促销术背后冷酷的逻辑。 他首先抨击的是"部分付款计划"。想象一下这样的场景：一家公司在股票交易所正式挂牌，这意味着它的股价每天都会在报纸的财经版上白纸黑字地刊登出…