Wheeling Sunday register. [volume] (Wheeling, W. Va.) 1882-1934, 1883-09-02
STOCK GAMBLERS.
How the Rich Msn's Sons Sink
Paternai Wealth.
How Regulations are Blasted and Money
Sunk In Wall Streets Specula-
tive Pools.

so TO speak. lney Keep u oalahce az
| their brokers and issue orders to buy or
sell which r duly executed on the
floor of the Stock Exchange. But
though of all grades, they are OF one
type. They may be recognized by
their sharp, eager faces, their pale
cheeks, their restless movements and
their premature conversation.
Their talk is big. They speak of the
| prosperous condition of the country, tue
| Increased earnings of railroads, and OF
starving Europe stretching forth her
arms to receive our products. Iney
are generally ''bulls." Most young
men are. They believe in the wealth
of the future. Very few sell ''short,"
and if they do it Is because they nave
learned to hedge" in speculation AS Ill
gambling.
is TO buy for a rise. 1t makes very lit
tie difference what they buy. They
are so sanguine that they purchase in
Discriminatory from the whole list.
What they touch must turn into gold
That is the way they feel. Ii they meet
with a reverse il does not check them;
| they still rush On ia their career to
ruin.
Iftheir i'll luck continues, as is most
likely, they are pushed to questionable
| means 10 obtain the resources to con-
tiDue their operations.
Lock at them nOw-thcir eyes are
sunken and CLEAN with unnatural light
as ifthey had awakened from an opium
| dream. They are such eyes as may be
seen any night across a ganbllug-taOle.
No considerable amount Of the profits
of stock brokerage acCrGeS from the
business supplied by these boy specuia.
tors. The better class of brokers, OF
course, will have nothing to do with
them. They will not touch a penny OF
! Their money, and advise them to 90
| uach 10 their WCthtrS, their schools, or
| their lrgliimate business and keep out
| of Wall street with
Its RaDias aud HhirIpOOIs,
! through which even tue oldest and
most experienced find it difficult 10
| cross 10 Tie shores Of assured success.
But the Youngsters are not Obliged To
| hunt long iUr mCu who are ready to
pocket their money. They find mca
Who are ready To laJt"r them with the
be,ief that they are financial prOdiSies;
who do not hesitate to I'LL their brains
with stores of sudden wealth, and urge
| hem ~ their career of speculation.
| They 2ive the boys the freedom of their
| Offices, and there is something very
.a~-cjaatiuG about a stock brokers ollie
WHEN ]. ?'u!O-t irresistible.
lh, floor j. richly cirpc;cd and the
| tun4itut upholstered. Pictures hang
| uu the vail. \ sofa or two on winch
| & S.r.tch ones weary limbs; the stock
| indicators. which they watch with eager
eyes, talking Of the rising or falling
prices.
~ thousand shares OF Western tn
| ion at a." announces one OF the tape
J .raGers, or tape-wOrms, rs they might
| almost hr called, il close students a
be Justly termed "bOUK-wOrnS,' y
minute lcfore the stock sold at 7&i, and
| the v0ung SpeculatOr makes 4 lightning
| calculation of the amount that some
| one has made 10y buying ut 81 and SELL
ing ~ Il. "What Onc has uOne others
may do" says the young fellow, snd he
il drawn into tEusGlrc, ~ surely rs Cap
| tain Wllh Wa drawn into the rapids of
Niagara.
Thr T:nnpOr EirculatOTS.
ne iN1AN II lAtNTN Nv liz We 80
| ID @. the street, rUnOrs Of what this or
| ,!'at big operator is doing and, as like
~ not, fails a prey to the sharks hired
ly large spectators to lead the iguOr-
| ant TO purchase what they desire to un-
load al Il t. best possible prices.
Watch the crowd of brarlless faces
| tlqt lang around tie stock Indicators
iu the downtown restaurants and other
public places, or in their teens, gam
| bling their weeks earnings ON the
| prIcts OF stocks. Oliice.b0yS, clerks,
| cashiers are drawn into the wall street
at aud fail u prey 10 the Wall street
>piders. But it is young men who
! have fallen heirs To fortunes or whO are
supplied with ready cash by their faith
| rls, or, better still, who have access to
| he vaults of some banking institution
WHO are squeezed for what they are
worth most eagerly by the suarpers into
whose hands they fail.
4 Young man several years ago was
lea >Sn,Cuu. He went Immediately into
Wall street, bought a seat in the Stock
Exchange and was wiptd out i'll a few
u.u't-. lie then went TO work at Il
ia a., salary and at last accounts had
nothing whatever 70 dc.
The case Of Young Stc1man, who
bought Li~ father to ruin last week by
ms reckless speculation through Cecil,
Ward Il Co, IS all example Of what l.
g,invon in a less degree every day. n
rimI,rr in the history Of one OF the
l~sillrts last week has not been written.
On" of the partners in the firm Is a
vuurg nI%n lust of age. His father Is
rich. The son wanted TO go into Wall
street. The father protested. The son
ptrsi,tcd and gained his point. In a
lew months he gained an experience
more or less valuable, but lost all his
money. His father came down To the
office one day last week and sadly went
over his sons affairs To see what sac
rifce he could make to pat his son on
his feet.
SNamped by Oil.
\ Young man Of twenty-five or
twepty-three about two months ago,
during the excitement III oil, was
pointed ont TO the reporter as having
made S7j,OUO in a few weeks. A fort
night later the reporter was engaged in
writing up the failure ofthe same young
man. A sudden decline bad wiped out
his gains and left him in debt.
Cases could he cited by the score Of
hoys whose fortunes and characters were
ruined by speculation. 80
Not long ago the sOn-in.law of the
president of a prominent bank down
town squaudered in speculation $4,000
or 5000 of stolen money! His family
connections saved him from State
prison, but his reputation is lost. He is
| only twenty-five years DID.
a boy employed in an office to copy
| the quotations from the tape not long
ago was found to have lost several thous-
| and dollars of his employers money in
speculation.
Occasionally one hears of a success
| fui case. The reporter knows OF a
wealthy citizen Of Brooklyn, still young,
who Just before the panic of 1878 was
taken in by his father as a partner In q
brokerage firm. In a year or two, by 8
streak Of good luck, be cleared a million.
| He declared that he had enough, with
drew from the firm and wentto Europe.