Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1883-08-23
Wall Street Filled With Youthful Gam.
blers-HOw the Sons OF Rich
Men sink
Paternai Wealth on the Floor OF the
Stock Exchange-The Reckless
Bush to Ruin.

conversation.
Their talk ia big. They speak of the
prospercus condition of the country, the in
creased earnings of railroads, and Of stary-
ing Europe stretching forth her arms TO re-
Give our products. They are generally
s'bulle." Most young men are. They be-
lieve in the wealth of the future. Very
few sell "short," and if they do it is because
they havs learned to "hedgs" in speculation
as in gambling. Their game is to buy for a
rise. 1t makes very little difference what
they buy. They are go sanguine that they
purchase iudiscrlminately from the whole
list. What they touch must turn into gold.
That is the way they iesl. II they meet
With a reverse it does not check them; they
still rush on in their career to ruil.
If their ill-luck continues, as is most likely,
they are pushed 20 questionable means 10 OBJ
tain the resources 10 continue their opera
tions.
Look at them now-their eyes are sunken
and gleam with unnatural light as il they
had awakened from an opium dream. They
are such eyes as may be seen any Ozark night
across a gambling-table.
No uncomfortable amount of the profits of
stock-brockersge sccrues from the business
supplied by these boy spectators. The bet
ter class of brokers, OF course, will have moth
ing 10 do with them. They will rot touch q
penny OF their money, and advise them to go
back to their mothers, their schools, or their
legitimate business, and keep out Of Wall
street with its rapids and whirlpools, through
which even the old St. snd most experienced
fad il difficult to cross to the shores OF as
sured success. But the youngsters are not
obliged 10 hunt long for men who are ready
10 pocket their money. They Gnd men who
are ready to hatter them with the belief that
they are financial prodigies; who do not res
itats TO fill their brains with stories of SUD
den wealth, and urge them in their career OF
speculation. 1hey give the boys the freedom
of their Offices, and there Is something very
fascinating about a stock brokers' Office
which Is almost irresistible.
The floor is richly carpeted and the furni-
ture upholstered. Pictures hsng en- the wall.
A cola or two on which 10 stretch ones weary
limbs; the stock indicators, which they watch
with eager eyes, talking OF the rising or fall
"a thousand shares of Western Union at
IA" announces one of the tape-readers, or
tspe-worms, as they might almos: be called,
if close students can be justly termed book
worms." A minute before the stock sold at
733, and the young speculator makes a light
ming calculation OF tue amount that some
one has made by buying at 734 and selling
at "a. "What one has done others may do"
SAYS Tue young IclION. duu ne 10 uEdWu lulO
the snare, as surely ss Cap. Webb was drawn
into the rapids of Niagara.
THE RUMoR CIRcULAToRs.
He hears in these offices the idle gossip of
the street, rumors of what this or that big
operator is doing and, IS like as not, tails a
| prey to the sharks hired by lsrge spectators
10 lead the ignorant TO purchase what they
desire 10 unload at the beet possible prices.
/ NN,,al H. nra~l 81 haardlaac ,caa thai
hang arouni the stock indicators in the
| downtown restaurants and other public
places, or in the bucket-Shops, and one can
5 e The boys, yet in their teens, gambling
their weeks earnings on the prices of stocks.
| Off &c boys, clerk, cashiers sredrawn into the
| Wall street net and fall a prey 10 the Wall
ctr, ct spiders. But it is young men who
| have fallen heirs 10 fortunes or who are sup
piled With ready cash by their fathers, or,
| letter still, who have access 10 the vaults of
sop,c banking institution who are squeezed
for what they are worth most eagerly By the
shsrpeis into whose bands they fall.
Ayoung man several years ago was left
| $50. COO. He went Immediately into Wall
| street, bought a seat in the Sock Exchange
and was wiped out in 4 few months. He
then went to work at asmall salary and at
last accounts had nothing whatsver 10 dc.
The case of young Stedman, who brought
| his father to ruin last week b. his reckless
speculation through Cecil, Ward & Co., is an
example OF what Is going on in a less degree
every day. A chapter in the history OF one
Of the failures last week has not been writ
ten. One of the partners in the firm is a
| Young man Just of age. Els father is rich.
The son wanted togo into Wall street. The
father protested. The son persisted and
| gained his point. In a few months he gained
an experience more or lees valuable, but lest
all his money. His father came down 10
he ofie one day last week and sadly went
| over MIA sons affairs 10 see what sacrifice he
| could make TO put his con on his feet.
swAMPED BY OIL.
A young man Of twenty-five or twenty
| three about two month ago, during the ex-
| element in oil, was pointed out to the re,
| porter as having made SIS, 00o in a few
| weeks. A fortnight later the reporter WAS
| engaged in writing up the failure of the same
| young man. A sudden decline had wiped
| out his gains and left him in debt.
Caas could b. cited by the score OF boys
whose fortunes and characters were ruined
BY speculation.
Not long ago the son -in-law OF the rresi.
| Dent OF a prominent bank downtown squan.
dered in speculation $4,000 or $40,0 600 Of
stolen money. His family connections srved
him from State prison, but his reputation if
| lost. He ia only twenty-five years old.
A boy employed in an Office to copy the
quotstlons from the tape not long ago was
f1unl 10 have lost several thousand dollar;
Of hi4 employers money in speculation.
Occasionally one hears of a successful case
The reporter knows of a wealthy citizen q
BROOKLYN, still young, who just before the
panic OF 1873 was taken in by his father &c
a partner in a brokerage firm. In q year OF
1 .ro -, a .,raaI - oOod lp.b he nlaaral a
milliop. He declared that he had enough
withdrew from the finn and wtnt TO Europe
II g father and brother continued 10 bust.
ness, and in a few months were swept dowr
by the panic of 1873. So strong are the
temptations OF Wall street that employers
and bank officials are taking extra precau.
| tious 10 prevent their clerks from speculat.
ing.
GOVERNMENT CLERKS WATCHED.
: Collector Robertson recently made a strict
examination into the habits of the clerks en-
ployed in the cashiers office TO discover il
any of them were speculatiDg in stocks OF
grsin.
Not only are clerks being watched, bu
bank directors are keeping their eyes on the
| president and cashier. The story is said Of
: president Of a Broadway bank, and one q
the great capitalists Of the country, who wa:
4 CaIleu ufOu year aSo W L u AN ul'SSt'
orr, who said:
"Mr. President, 1 ind that you are specu.
lsting in 5 oeks."
"Well?'
~ object most emphatically. A bank pres
| dent has no business to speculate"
"Ah!" said the president, sueerinsly
"Wha' is the value Of your interest IN this
bank?"
The director stated the amount, the presi'
dent drew his check for it, and the director
withdre. frem his presence and the bank.
The Produce Exchange hrs several mem
\ bers who are not yet of sga,a ami The young
men WHO shout their orders 10 buy or cell &C
loudly are for the most part clerks OF BIZ
| commission houses. But they make many
/ quiet ".urn" on their 0 v account, often viii
dIre result s.
No more disastrous failures ever occurred
than those Of Henry Clews and Jay Cooke
The recovery Of both men has bsen mar
velous, and has been achieved by Legitimate
methods and a safe, Conservative buslnts
policy. Both are gain rich, bat MIR. Ciew'
alone is in sctive bnsinefs st the old stand
He lost Is, 900 900 on a certain dark day IL
1873. He Was so poor thst he had 10 senC
his wife TO her own family for SIX months 70
support. He i. worth to-day, it Is faid, a
least $1,000, 900.
Cure 1nat Cold.
Do not suffer your luug- to become dis
essed by allowing a cold TO continue without a.
effort 10 cure 1t. Thousands have died prematur
deaths, the victims of consumption, by simpl