The Cincinnati daily star. [volume] ([Cincinnati, Ohio]) 1875-1880, 1879-08-30
xHE HORRORS OF sToCK.GAMBLING


HAN iSia people GREATNESS with ex-
eitement and suspense. There was a war
among the newspapers. Some of them
urged that the adoption of the new CON
sdtution would effectually destroy the
evil features only of stock gambling, and
others affirmed that it would break it up
entirely. Neither prophet was correct,
There is another sudden boom of stocks
not supposed to represent mines of much
value, and it would not be surprising if
under the present excitement the whole
hst OF wildcat stocks are borne IN unt;
not another dollar can be wrested from
he stockcrazed community; then in less
than the twinkling of an eye will they go
crashing down.
California is the home Of extremes, and
the old truism that "extremes meet" is
FULLY substantiated there. There is no
middle class. Everybody is very rich or
he is very poor. Either he lives in a
home which realizes an Arabian NIGHTS
tale, or else he moves and has his being
m Poverty Flat. The cause of social life
representing only the zenith or the nadir
OF existence, is not traceable only to the
abundance of "heathen Chinee," but it is
directly connected with stock gambling,
1t is mania that is in the air 1t is an
mmateral sort of spontaneous combus.
non. 1t is generated from corrupt men
ui ana moral atmosphere, and its germs
produce disease even as a pestilence
spreads over an entire city. For it is
moral corruption and a sure undermining
OF all the integrity of mankind when a
man or community resolve to enjoy all
the rewards OF labor without performing
any Of the labor 1t is like packing meat
without salt. The result is but loathsome
decay. A stock gambling community
becomes charged with the one idea that
money is to be made without the usual
equivalent. Men forsake their business
and women leave their homes day after
day, in storm or sunshine, to haunt the
stock yards, If they can gain access to
them, and if not to join the dense throngs
Of thousands who pack the streets. Eager
faces wait and watch before the bulletin
boards. Every half hour the records ap,
pear. He who runs may read. 1t needs
no seer to discern here that such mass
OF productive people must work ruin
anu destruction in community.
Ii the stock business could be honestly
managed; if mines were scaled in accord.
af1ce with their real merits; if there was
any thread of uprightness in all this dark
web OF misery, and treacherv, and deceit.
there would not result this unwholesomc
state of feverish, restless excitement; the
man or woman 0or the woman Of the
period takes her right and CANDLES as she
hkes), would not enter the race bv an in
ealculable leap in the darkness. But out
OF hundred or more listed stocks not
niore than dozen will represent realities
IN the way of mines that pay anything,
These are the last sourht after; and the
mere chimeras OF wild fancy, the willo'.
the wisps, are the ones men go mad over.
A set of men determine to make for
tune. Under the lax laws CORPORATION
is granted all the privileges of an individ,
nal, without any of the individual re-
sponsibilities, and they proceed to incor
porate with an estimated capital Of $500
coo. Very likely not one of them is
worth dollar; nor dollar of this alleged
capital has been paid in. Enough shares
are at once given away to set this corpo.
ration ahoat Then shares are sold to get
working capital, which fine phrase inter
Preted into English means to set the
miners at work and pay salaries to the
officers who do not work. AS soon as
fair amount Of stocks are sold assessments
follow thick and fast They come down
on the unfortunate stock holder like the
wolf on the fold, but having bought the
stock, they do not want to lose all they
paid by not paying a little more, so they
honor the draft, and their money goes to
pay the fiddler to whose music they dance
ull 1t turns to veritable dance of death.
Another trick of the trade is this The
managers of some mine, which has once /
naid but now OIL, floats up and down like
! half wrecked ship on the ebb and flow
Of popular excitement-the managers OF
this feel an irresistible longing in their
secret souls to do some benevolent act,
and they must have money. The conclu
sion is fixed fact. The premises are
probiematical So, cautiously, seme par
icular friend is told in strictest confidence
that the old lead is found, and hundred |
shares bought at once will rake In for
tune. Usually, to insure the friends sue
cess, he is told not to go above certain
figure. Reluctantly consent is given to
tell 1ust one or two and SO the ball is set
In motion, gaining in momentum from
each particular friend that hears the tale.
Suddenly the stock develops wondrous
activity, and large number of shares
change hands, but the anticipated rise
does not come. No boom fills the air.
Something else does, though. An assess
ment is levied and the stock drops Of its
own dead weight How many of these
poor, deluded victims will ever know that
the man who under the suise Of an act of
friendship started this rumor which en-
trapped them was simply creating mark |
ct in which to unload his own stock.