The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1880-11-03

Stocks, and what He Learned.
Last spring received letter from the
editor OF the chief London magazine, ask
ing me to write him an article to be emit
lied "A Week in Wall Street."
knew nothing Of Wall street then. !
resolved, however, to oblige my friend. l
went into Wall street at once, to get the
desired information and experience.
This was six months ago. Ihave just
got back. l have not yet written line oil
that article. But l have material enough
TO write o book bigger than Macauley's
"History OF England" know all want
to know about Wall street. And, II you
will pardon the depression, may add that
1 am getting bald:headed.
The first thing did was to climb in the
gallery OF the Stock Exchange, and look
down into the den Of 1000 "bulls" and
"bsars" that were growing, bowling, roar
ing, and believing there. have beer In
Bedlam, and have presided at q Demo.
cratic State Convention, bat never cav
or heard anything like this. l said 10
myself, this thing cannot go on long.
This thing must stop before night. These
men will kill themselves. This thing will
burst, explode OF It's own internal fury"
But looked up and read the legend above
1.-The President, FOUNDED in l742," and
then concluded 1t would still go on.
met at the Union Club, and told him what
| wanted to learn. He kindly took hold
OF the tape which continually streams out
from the ticker" as the little wheel Of
fortune is called, which constantly records
the rise and decline OF stocks, and tried to
explain all about it.
found 1t impossible to get interested.
There were about two hundred different
names OF stocks on the list. These were
represented by one, two, or three letters
or figures, or some sort OF abbreviated
word that could not understand or dis
tipguish, and l was constantly getting
confused.
Around this "ticker" gathered and
grouped a knot OF eager, nervous and
anxious men. Ten, fifteen, or twenty at
time would clutch at the tape as it
streamed out with its endless lines OF quo
tations and mutter to themselves, jabber
at each other, swear like pirates, drop the
tape and dash away. Others would dart
in; clutch the tape, swear or chuckle, as
their fortunes went, wheel about, give or
ders to their broker to buy or sell, as they
prophesied the future OF the market; and
so 1t went on all day, from 10 to 8, when
the battle was ended by the fall Of the
hammer in the Stock Exchange.
When I tell you that there are more
than FIVE thousand OF these "tickers," or
indicators, you can form some idea OF the
m,<yaitude OF the business. II we give ten
men TO each "ticker," you have the spec
tacie q City thousand salwart men stand
inc there 60ldiug up little dotted string,
waiting ho,, IoS.eyed and anxious, on the
smiles Of tickle fortune. 70 this fifty thou.
sand Won NAV at.'d tEo thousand brokers.
You must give each broker ut least five
clerks, Office boys anu measen gers, which
swell the list ten ,thousai7d; 70 thls Sly
two thousand you can satei.v add Two nun
dred thousand spectators on the outside
So you have total engaged In Snis gah'
bling OF more than aquarter oil a iAiii,on.
The stock broker ia not necessarily
rich man. He must, OF course, have seat
in the board, which costs about S2O,UuV'
But other than that he requires little more
than an office and an indicator, or ticker"
He fakes the stock which he buys for you
Ito his bank, and borrows the money which
he pays for 1t. But they do not long re-
main poor II they have fair patronage,
for their commissions are enormous,
double their old price, and they have no
risks whatever. They rarely deal in stocks
themselves, and they are careful to have
plenty OF margin" for their own pro-
lection.
OF the broker am bound to say that !
believe him honest, and not void oil all
conscience. Besides, find him as rule,
well.read. well'traveled gentleman.
They chronicle fewer commercial failures,
by far, than do the merchants OF the great
city Of New York, and they rarely figure
in the courts. =.
But to return to the subject. Finding
but little interest in this great maelstrom
Of excitement without taking part, l,
under the advice OF my broker, bought a
little Wabash. bought Wabash because
| It was the first stock on the list which l
could distinguish from the mass OF two
hundred names. And I came to remem
Der It because I had been born on its
banks, as 1t were. Indeed, on the very
banks OF the Wabash river l have seen
nv father furrow the field for Germ in the
spring, while my mother followed after
dropping the corn in the turrow; while
three little boys toddled after, myself OF
the number, and covered the grain that
lay In the little squares OF the mellow
earth. And so 1t was with touch OF ten
derness that bought Wabash, aud be.
came one OF the eager party holding on
to the tape-watching, waiting the turn oil
fotune's wheel.
She did not betray me. Ny stock began
to move up from the first. 1t was not so
dull now. How interesting 1t was l
called the click OF the "ticker" the pulse
and heart beat OF the nation. II the land
was healthy and prosperous, the pulse
beat high and buoyant. II the land was
threatened with drought, short crops, or
misfortune Of any kind, the pulse was low,
feverish and dull. 1t was like poem.
had now an interest in the prosperity
OF the land beyond sentiment. was q
part owner in the one hundred thousand
miles Of railways In America. From that
day forth I studied the geography OF my
country as never before. My little up
town room in the fourth story was lined
with maps Of American railways. In less
than week could quote the opening or
closing prices OF half the stocks on the list.
How patiently ! held on to the tape
along with the other timid and hopeful
little lambs! We would exchange opin-
ions, encourage each other, and lay great
plans for the future. We became very
confidential, our little knot around that
"ticker;" and when one OF our set lost
money he had our honest sympathy,
They were pleasant days these first, Tor
stocks went up steadily, and it seemed Of
last, when and where had least expected
It, was to make q fortune without either
eare or toll. am perfectly certain that
in those lew weeks ! grew to be better
man.