The times. [volume] (Richmond, Va.) 1890-1903, 1894-09-18
LIFE In WALL STREET.
MN, ONCE RICH. NOW BUcKETSH0F
SPECTATORS.
How Fortunes are Lost In yaia Attempts
70 0uess which Way the Mar
ket 10 Going.

getting rich. Paradox,cal as this may
seem. IT is fact. and Is accepted as
such by every old habitue CT the street
Ask any OF them as To it's truth. ana
ne will tell you that It is so. and VIII
illustrate II with stories OF his own eA-
perience, and that Of others whom ne
viii ront out on every hand, who nave
been gpeculating there for many years.
Zen are 10 be found there who couIu
write experiences OF twsIty years OF
toverty in Wall Street; Poverty that VIII
not oown "a that place Of quick ana I'M
mense fortunes.
Wall Street. the infatuating; wall
s,yco, The home OF the ignIs fatuus OF
speculation; the graveyard OF repulauSV,hs9
ana of inherited ana acquired WedItn,
has its seamy side-n0fe S.d"y a.
shiny than chat OF any ot' 49, con-
OF the city because of It's gfea' sVi
trasts Honest poverty Joes NOT en-
In Wall Street: dishonest. indoi"nt' VIII
fui poverty is to be seen on even ,'" ~
= Honest poverty prevails ihroush3u' va
,io,s sections OF the city, wncre the poor
are willing TO WORK, ana SlN 1900
10 get employment; where an hYYle9s
return for their Drawn ana husc'e az
ali that is desired, and where they nave
10 idea OF great speculative returns.
These men remain poor because Ol
their inability &c obtain STEADY eIup'oS
i,roficient. In Wall Street you WIN nnu l
who have lost fortunes, and VINO nave
been on their last legs, hnancidiiy, ~, tOi
years. How they and thelr Iah'. .
have existed while they have been ny
ing TO cure the bite with the mar on
the dog that bit them, heaven Only
knows. There are 10 be found men WIZ WIZ
have lived in afiiuence; men VINO nav nav
been at the head Of large eorporauoi.s
or businesses; men who have lhheiIte1
and lost fortunes In speculation, and
who nave not done days lapor sllNv
they lost all-manhood, position, anu anu
money wears ago. Yet these men i've,
and turn up in the Street from DAY 10
day TO talk finance, the affairs Oh Wy ule
country, and speculative cohnhl"ui,, i,
with as much assurance or Delhs IIsn'
and ultimately getting back theif own
as they had years before, when they
had money with which TO Try 10 carry
out their Ideas. 100, -, ,ha
brokers and traders, and the stories ..
their lives are known to an put 1ne ne
conars. They borrow few dollars ma, net
who knew them In their more prosper gus
DAYS. with which 10 pay their rent Oh
butchers bill, and siraigntWay sShlr gym
fall victims to the siren ticker yb aia me the
ticker but half accompl us sister
Information" completes In peTIec.looi,'ii Hons
Poverty and wealth have thelr IoGatt onS
as clearly defined IN Wall. Brossd, r aiie
from Fifth Avenue across and through
"Mackerviiie" to the East river, Ia o oi,e
speculative center, poverty degrees az az
as clearly marked, and It's quarters are
az well known to those accustomed 10 me
street as they are IN other sections OF
the city to those who have occasion -, 10
pass through them The poor man VI w
The poor man OF Wall street and It's en-
yirons is dishonest with hlmsen. re
spends ali of his time cheating M WAY .bat
mind with sOphisticaI arguments lndS
he can enrich himself without laDor IL
he 10 only fortunate enough TO eaten , tlie
tide OF speculation. He is Always WANING
for speculation TO bring wealth ana Jay II
80 bfe feet and this Notwithstanding
the fact that in many instances ne mas
lost fortunes while waiting ana mas
dissuaded himself from prohtihg by nus
past experience. Speculation, or t he
desire 10 acquire much by rsking little
is innate. II is CHARACTERISTIC OF the
race, and viii expire only win the last
man; and he, even then, WIZ IL h tIpSn,n ~
good that he has done-to reap HUGH
where little IS sown. -,
Wall streets vast speculative mael-
strom must be kept circulating year III
and year out, that those VINO look on
may become entranced with It's swifuy-
moving current and eventually plunge
in once I'm. II requires strong swimmer
indeed. to regain its shores with any Vi
the solid gold that Is rejected III lts
surface ripples. The obtainable wealth.
lying at the bottom of its vortex Is small
small indeed, when compared Win
SIS multiplied reflections. The magnify
ing power of the refracted light OF spec
ulation Is what causes men TO SINK
from afiiuence with q financial AFFINITY
so handle thousands of shares OF STOCK.
10 an impoverished condition In Whlcn
they talk of the dOings Of the street anu
Ore able to guess the market aright ana
20 trade I'm two shares of stock at a
time In some bucket shop.
To keep this soul and poverty destroy
ing speculation active and inviting TO
those who look for large and quick returns
at minimum risk, the leaders or
chief spectators must spend vast sums
OF money and tremendous energy. 1T is
conservative computation that places
the cost of manipulation by the leaders
I'm the street at 100000 year Yet,
Notwithstanding this fact which Is Fecos
niZed by all men who have spent much
time I'm Wall street, its seedy denlZens
continue at the game and practically
starve their families I'm trying to get the
better of those VINO can anOrd 10 spen9
such sum yearly for the pnrpo o%a n I
keeping speculation active 10 ehapie
them to Work. OH properties at prol.-
table price. Let any one walk throuEil
Wall, Broad, and New streets give
some slight attention to the men that ne
sees seemingly lounging, about WIN III
lie or nothing to do. He VIII see them
standing In groups OF three or -FOUR, ana
sometimes more. L.. ,,,,
those who wear the most fashionable
clothing TO those who can hardly De
called shabby-gentcei. If he VIII, ne may
listen TO the conversation In most OF
the groups, and the greater number or
them he may join without an introduc-
ton OF any sort, except an inquiry as
10 the condition of the market. when
his question is answered, he VIII usually
be asked. do you know anything
which Is the characteristic manner OF
asking in Wan street II one has any
Information to impart respecting the
present or future market. any OF these
men who will ask a stranger for infor-
nation have been worth hundreds OF
Thousands of dollars. and some OF them
millions. and have heipe n 10 eylf , t,,,S
stand at it's outer edge and Nalnly Try
10 pick up some bit OF the wreckage tnat
may be thrown ashore. .., -.
Let him ingratiate himself with them
and they will tell him Just what
} "C;eorge.h Jim" Uncle Russell, anu
the rest of the leaders intend 10 DO Tor
the next six months. or until some Won
derful coup has been made. with all the
knowledge that they profess To- nave.
ne Will find them invariably broke,
or nearly so. no matter now me lhelr
appearance. They began life in the
away Occasionally In the past they
received Information which was correct
for the time being. Upon this they made
some money. A time came however
HUtn an lut iHAVs Nt'S
ceived was false, and they lost twenty
times the amount of money that they
had been allowed 10 make Then they
received Information which they thought
undoubtedly authentic. and this was their
opportunity 10 recover lost money. A
plunge was made, the result was the
same as before, AM the spectators with
inside Information were made paupers.
With u.Oney gone and brain almost
paralyzed. they continued TO sttnd about
The Exchange Ct the offices In which