The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1879-10-28
WALL. STxE EFT.
The Flood of GreenieS..Th Erie
MOVement.

A letter in the Philadelphia Ledger
says Wall street is having some novel
experiences, consequent rpon the ram
pant stock speculation that has been in
progress there during the past three
weeks or more. A sort Of people are seen
in the brokers' Offices now that have ney-
er been there before. Many of them are
worthy persons from the rural districts,
who have been lured TO the city by mar
velous stories Of the rapidity with which
fortunes are to be made by accepting
"point" in this or that stock, of whose
intrinsic value-if it have any-they are
profoundly ignorant.
They bring with them few hundred
or a few thousand dollars, the savings, it
may be, of good many years Of hard
labor, to put up as margin for buying
hundred or few hundred shares Of the
wild cats" that, under the adroit manip-
ulation of professional spectators,
have lately risen to the surface. As
rule, these people have made lucky
turn, inasmuch as the market has been
steadily on the rise, and as they return to
the country they relate their luck to
friends and neighbors, who in turn catch
the craze, and bring fresh customers into
the street. The brokers have reaped
rich harvest Of late from this class, and
from present appearances the harvest is
not yet ended.
The time must come, however, when
the last man that buys the "wild cats
will have the privilege Of keeping them
for an indefinite period, and then the
rural capitalists will wake up to the fact
that they have been dabbling in things
that have no market value whatever, ex-
cept as old paper, which might do for
trunk lining. Most of them admit this
possibility, but as none of them think
that he is going to be the unfortunate
last man, the game goes merrily on, and
each successive day sees new lot Of Gus
toners coming to take chances. Another
feature of the craze, if that is the proper
word, is the opening of parlers up town
for the special accommodation Of lady
spectators. ~ .
One of these is On Broadway, not far
from Thirteenth street, fitted up in the
most sumptuous style, and amply pro-
vided with telegraphic facilities for OBJ
tanning quotations and for communica-
ting orders to buy or sell to the brokers
down town, The scene there, from 10 in
the morning to 3 p. IN. is a busy and ex-
citing one. l have it on good authority
that very large capital has found its
way into these establishments in the
course Of the week, and as most of the
operators have unqaestionably made
money, the business is likely to increase
until the tide begins to turn, when it will
all melt away like snow in frying pan.
ALI this but goes TO show how the gam
bling spirit is on the increase among us,
sowing the seeds Of what must one day
prove a sad crop Of misfortune and pow
erty. The clearinghouse keepers are
pretty deep in the business, and some Of
them who but afew days ago were una
bic to pay their rent may now be seen
driving about on the bonlevards in phse-
tons after business Is over and occupying
the front seats at the theateror the opera
in the evening. The whole thing locks
as if "The Gilded Age" were really com
ing back again, with aColonel Sellers"
and "Mn. Gilaerys and ''Ths Mighty
Dollar" in the foreground.