The news and herald. (Winnsboro, S.C.) 1877-1900, 1880-11-16
x.y U.ihh s1,REE1.,.,

J"e' So' o'ch' l,aPc not yet written
q hnc OF that article. But havo ma-
tcrial enough to write q book bigger
than Macanlay's History Of England.
know all | want to know about Wall
street. And, if you will pardon the
dlgression, l may add that 1 am got
ting bald-hcadcd.
The first thing that I did was to
climb into tho gallery Of tho Stock
Exchange, and look down into the den
Of 1000 "bulls" and "bcars" that
WERE GRowLING, HowLrNa, ROARING
AND BELLowINa
there. I have boon IN bcdlam, and
have presided at a Democratic State
Convention. But l mover saw or heard
anything like this. l said to myself,
this thing cnn not go on long. This
thing must stop before night. These
men will kill themselves. This thing
will burst, explode Of its own informal
fury. But looked up and read tho
,, legend above the President, "Fountlcd
IN l1l2,"and thon concluded that it
wou'd still go on.
,"n | went to broker whom I had
'H.:t a! thr Union Club, and told him
h.'i wanted TO learn. IIc kindly
j, Hold OF tho tapc which continual
= ..'a,is out from tho ticker, us the
'.'.' wheel Of fortune is called which
...' sanity records tho risc and decline
, .,""AS, and tried 70 explain all about
~; Il impossible to get inter
''.,8. 70 were about 200 different
..,... &, ,.vgia un the list. These
,.H ..,N ~ one, two or three
'.. .'t ....'>.. "r some sort of nb-
.#..u., a. .,'Hs In. could not under
.'-'". s.. ".,'.r, Ilsa. and | was con-
s'">I-. a,uju~ confused,
.<>.ui'".t go" "NVHG,'' gathered and
,'r"uVIH" !" Nll,t ot eager, nervous and
iMN"pUt Neu. Zen, fifteen or twenty
Mla .t',l> you'd clutch at tho tape, as
|, !! slrr"mri out with its endless lines
OF quotations, and muttor to them
selves, jaDbcr at each other, swear like
pirates. drop tho tape and dash away.
Others would dart in, clutch tho tape,
S"ca: or rhucklc, rs their fortunes
went, wheel about, give orders to their
broktr to buy or sell, as they propht-
sled the future OF tho market, and SO
il went on all day from 10 till 3, when
the battle was ended hy the fall OF the
| hammer in the Stock Exchange.
When tell you that there arc more
than five thousand OF these "tickcrs"
or Indicators, YOU can form some idea
OF the magnitude Of the business. If
we give ten men to each "tickcr." YOU
have tho spectacle of fifty thousand
stalwart men standing &c :n.cro holding
up iittle dotted string, waiting, hol-
loW-eycd and anxious, on the smiles
Of tickle Fortune. 10 this $4,000 YOU
may add 1900 brokers. You must
give each broker at least livo clerks,
ollicc-b0ys and messengers, which
swolls tho list 10000. no This &C, 900
YOU can safely add 100000 spectators
on tho outside. SO you have IL total
engaged in this gambling Of moro tlan
Il quarter Of II million.
The stockbrOker is not necessarily a
rich mon. Ho must, Of course, have a
seat III the Board, which costs about
1900: But, other than that, he re-
quircs littlo moro than an Office, and
an Indicator or "tickcr." lie takes
tho stock which hc buys for you to his
bunk, and borrows the money which
ho pays for it. BnL they do not long
remain poor if they havo Il fair patron
age, for thcir commissions arc enorm-
Gus, double their old price, md they
have no risks whatever. They rarely
deal in stocks themselves, and thcv
are careful to have plenty Of "margin'
for their own protection.
| or the broker am bound to say
that believe him hcnCSt, and notvoid
OF all conscience. Besides, found
him, as rule, wcll-rcad wcll-travcl-
| Gu gentleman. They chronicle f,wnr
commercial tNilurcs by far than do the
merchants OF the great city Of New
York, and they rarely figure in the
courts.
But to return to my sucicct. Find
ing but little interest in this great
maclStrom OF excitement without talk
ing part, |, under tho advice of nv
| broker, bought u little Wabash.
bought Wabash, because il was the
| first stock on the list which could
distinguish from tho mass Of two hum
orcd names. And cnmo to rcmem-
bcr it because had hccn born on its
banks, rs it were. Indeed, on tho very
! banks Of the Wabash River hnvo seen
my father turrow the field for corn in
! the spring. while my mother followed
! aitrr. dropping tho corn in tho fur
row: while three little boys toddlcd
"J'r. myself Of the number, and COW
"J"" t.' grain that lay in tho little
,.,".E u ihc mellow earth. And SO
= "''h touch Of tenderness that
..''., Wabash. and became one of
- .'g . iarty holding on to the tape
'..,'-, waiting the turn OF For
.' l'I net hctray me. NV stock
o. 81. 'Nr inward from fhc first