The morning news. [volume] (Savannah, Ga.) 1887-1900, 1889-03-12

TYROS IN WALL STREET.
Some Rich Men Who Go There to Learn
the Busineee
From the Ne,o York Star.

FROM the NeC York Star
Because Of dull times the surplus young
men are leaving Wall street. Booms com 6
only once or twice in ten years and fix the
standard Of prosperity in the street. Dur
ing such excitements a horde of young
men are drawn into the financial whirl by
the attractiveness of brokers' life ana the
plentitude Of clerical work. Then the
maeket slopes of to a normal State, leaving
the majority Of the newcomers stranded
high and dry, and people call it dull
times" No matter how hard the times
may be the chronic Wall street hanger
on Will never let go so long as he can find a
crust of bread to live on, the gambling dis
ease entering his soul like the opium habit
1t requires, however, a long apprenticeship
to reach tIis state. The young clerks are
the first to shake loose when things slacken
on the stock exchange, and they lose no
time in going into some other business.
They and the specializing public are the
only people who ever withdraw from
Wall street, save the gamblers compelled
to stop by reaching the end Of their rope
Most of the young men who go to Wall
street to learn the business of the stock
broker ara the sons of wealthy parents am
bilious to see them rise to the dignity of
membership in the stock exchange. So
great Is the pressure for places in the big
banks and in the brokers' offices that wages
have been forced down, aud the average
Wall street clerk does not earn as much
money as the average dry goods clerk. Gen
orally he doesn't need to. The gorgeous
youths who swell around the purlieus of the
street, and who are met in exclusive society
at night make enough to pay their club
dues and cigar bills, and many a son of a
millionaire is learning "the financial bust
ness, as one Of them said to reporter q
day or two ago, doing an errand boys work
for bank for 81 day.
These youngsters are the first to give seri-
Gus ear TO gloomy outpourings as to the flu
ture when times are dull, and carry the
tale to their fathers. The cut-and-dried
arguments of the professional bear-who
allows his financial opinions to color his
views OF life-strike with startling force
upon their young minds when taken in con-
nection with their own meager earnings
and especially, as is frequently the case, if
they have been dabbling in stocks and had
their fingers burned. Their retirement
from the street quickly follows, and next
they will turn up in some warehouse or be-
hind the desk of an insurance office.
One OF the most amusing examples of this
was young WormSer, who thought he had
discovered great scheme on foot among
the operators. and straight away jumped
into the market with all his callow friends,
only to find out when too late that his tip
was on the wrong side. Wormser's little
venture cost him some cool quarter of a
million, and he was promptly sat down
upon and put where he could not harm
himself by the elder members of his fam
lily.
Among the young men who have recently
had their fling in Wall street and enjoyed
the bliss Of temporary success are Eddy
Schmidt and Will Grovestine. The former
was protege of Sam Ward, who started
him in Western Union deal, out Of which
he realized a couple Of hundred thousand
dollars. With this as a starter he became
an active and successful operator, and he
ran it up to $700 900, and was then wiped
out Being one of the most popular and
well-liked young men in world where those
conditions 20 far TO assure success, he began
again and a second time made large sum
OF money. But II was the old story and
again he met his Waterloo
Then he abandoned the street for good,
and he is now an agent for New York life
insurance company at large salary. In
Wall street he is now only pleasant recol-
lection among those who stop TO think, for
the brokers have proverbially a short
memory, and cannot stop in their busy
life to keep track OF those who have gone
under.
THE OFFICE BOY BUYS A SEAT
Another man, beginning as Wall street
clerk on &75 month, speculated from small
beginnings until he had nearly a million
dollars and lost it, and no is not yet "a
years of age. His brief and brilliant
career in Wall street is typical of that of
hundreds OF other young men who have
kept closer 60 the shore in the speculatious
and been more cautious, but in every case
met with the same fate. They all start off
with few hundred dollars aud gradual
run IL up" as the saying is. until, all OF
sudden, the time comes for II to Iun dow n,
and this Is usually accomplished with more