The morning news. [volume] (Savannah, Ga.) 1887-1900, 1894-08-26
WALL STREET LIFE.
Men, 08Ce Rich, Now Bucket Shop
Spectators.

erty Does Not Exist.
FROM the New York Times
In Wall street men remain poor because
of the immense possibilities for getting
rich. Paradoxical as this may seem, il is
a fact and is accepted as such by every
old habitue OF the street. Ask any of
them as to its truth and he viii tell you
that it is so, and will illustrate it with
stories of his own experience and that of
others whom he will point out on every
hand, who have been specializing there
for many years. Men are to be found
there who could write experiences of
twenty years of poverty in Wall street;
poverty that will not down in that place
Of quick and immense fortunes.
Wall street, the infatuating; Wall
street, the home of the ignis fatuus of
speculation; the graveyard of regulations
ana of inherited and acquired wealth,
has its seamy side-more seamy and
shiny than that of any other section of
the city, because of its great contrasts.
Honest poverty does not exist in Wall
street; dishonest, indolent, willful pow
erty is to be seenion every hand Honest
poverty prevails drought various sections
of the city, where the poor are willing to
work, and are anxious to get employment;
where an honest return for their Drawn
and muscle is all that is desired and
where they have no idea OF great specu-
ldtive returns.
These men remain poor because of their
inability to obtain steady employment at
the trades in which they are proficient.
Ia Wall street you will find men who have
lost fortunes, aud who have been on their
last legs, financially, for years. How they
ana their families have existed while
they have been trying to cure the bite
with the hair of the dog that bit them,
heaven only knows. There are TO be
found men who have lived in attiuence;
men who have been at the head of large
corporations or businesses; men who have
inherited and lost fortunes in speCula-
ton, and who have not done days labor
since they lost all-manhOod, position,
and money, years ago, Yet these
men live, and turn up the street from day
TO day to talk finance, the affairs of the
country and speculative commodities
with as much assurance of being right
and ultimately getting back their own as
they had years before, when they had
money with which to try to carry out
their IDEAS
Their faces are familiar to most of the
brokers and traders and the stories of
their lives are known to all but the latest
Corners. They borrow a few dollars here
gvh9 knew them in their more prosperous
days, with which to pay their rent or
butchers bill, and straightway again fail
victems TO the siren ticker and her twin
sister, information" What the ticker
but half accomplishes its sister In
formation" completes in perfection.
Poverty ana wealth have their loca-
sions as clearly defined in Wall, Broad
and New streets as they have in the dis
tricts from Fifth avenue across and
though "Mackerelville" to the East river.
In the speculative center, poverty's de-
grees are as clearly marked, aud its quar-
ters are as well known to those accus-
toned to the street as they are in other
sections of the city to those who have oc-
casion to pass through them. The poor
man of the tenement district is honest
with himself The poor man of Wall
street and its environs is dishonest with
himself. He spends all of his time cheat
ing his weary mind with sophis-
teal arguments that he can enrich
himself without labor If he
is only fortunate enough to
catch the tide of speculation. He is
always waiting for speculation to bring
wealth and lay it at his feet, and this,
Notwithstanding the fact that in many
instances he has lost fortunes while wait
ing, and has dissuaded himself from prof
iting by his past experience Speculation,
or the desire to acquire much by risking
little, is innate. 1t is characteristics OF
the race, and will expire only with the
last man and he, even then, win hope to
gain blessed eternity for the trihing
good that he has done--to reap much
where little was sown.
Wall streets vast speculative mael-
strom must be kept circulating year in and
| year out, that those who look on may
become entranced with its swiftly-moving
4 ~ ,,3 oil III,
in, II requires a strong swimmer, indeed
TO regain its shores with any of the solid
! gold that is reflected in its surface rip
! pies. The obtainable wealth lying at the
| bottom of its vortex is small-smal in
deed, when compared with its multiplied
reflections. The magnifying power of the
| refracted light Of speculation is what
| causes men to. sink from afluence, with q
/ financial ability to handle thousands of
! shares of stock, TO an impoverished con
! dition in which they talk of the doings of
the street, and are happy when they are
! able TO guess the market Alright and to
| trade in. two shares of stock at a time in
some bucket shop
10 keep this soul and property destroy
| ing speculation active aud inviting to
| those who look for large and quick re-
! turns at minimum risk, the leaders or
/ chief spectators must spend vast sums
of money and tremendous energy. 1t is a
conservative computation that places the
cost of manipulation by the leaders in the
street a Sl0,0J0,OO0 year Yet. not
withstanding this fact which is recog-
uized by all men who have spent much
time in Wall street, its seedy denizens
continue at the game and practically
starve their families in trying to get the
better OF those who can afford TO spend
such a sum yearly for the purpose of
keeping speculation active TO enable them
TO work OF properties at a profitable
price. Let anyone walk through Wall,
Broad, and New streets and give some
sikh attention TO the men that he sees
seemingly Longing about with little or
| nothing to do. He will see them stand
ing in groups of three or four, and some
| times more.
These groups will vary in dress, from
those who wear the most fashionable
clothing to those who can hardly be
called shabby-genteel. If he will, be may
listen 10 the conversation in most OF the
groups, and the greater number of them
nc may .oln without an introduction OF
| any sort, except an inquiry as TO the con-
dition of the market When his question
is answered he will usually be asked
DO you know anything" which is the
characteristic manner Of asking in Wall
street If one has any information to i'm
part respecting the present or future
| market. Many of these men who will
asa stranger for Information have been
worth hundreds Of thousands of dollars