The times. [volume] (Washington [D.C.]) 1897-1901, 1899-01-22
STOCK BROKERS HARVESTS
Millions Made in a Few
Weeks.
CRAZE FOR SPECULATION
Securities Continue to Advance in
Speculative taiuc-The Talent"
Making Large Winnings - One
WashinGtoniIn Has Cleared Up
one Hundred Thousand Dollars.

Speculation on the New York Stock
Exchange and in the various commission
houses throughout the country has reached
the spectacular phase. Fortunes are being
piled up. Every day. or two there is a
new millionaire to add to the long list
The people who are reaping thousands Of
the golden harvest are legion. Business
on the exchange is so large that many
brokers are forced to turn much OF it
away \ million shares of stock a day
has become common occurrence Ii the
increase continues the record OF a million
and half shares may soon be reached
Yesterday in only two hours three-uuar-
tiers Of million shares were bought and
sold, or at the rate of a million and a
half shares for full day.
The floor of the exchange is crowded
with brokers wild with the desire to
trade. In minutes prices fiuctuate points.
Stocks like New York Central one OF the
most staid on the list, advance in price
three points in three minutes. Seats on
the exchange have become so valuable in
the last two weeks that prices are refused
for them such as were never paid before.
The commissions on last weeks business
We're over million dollars. In two hours
yesterday the brokers earned $500. 600, or
an average of $500 for each firm
The Washington brokers and Spectators
have been doing very large share OF this
tremendous business. It is said that nearly
every house in the city is doing more
business than ever before. The specula-
tors have all been long" OF the market
and their bank accounts have all been
swelled. Some OF the individual winnings
have been almost fabulous for Washing.
ton Allowing for all the exaegcration
that the average Spectator is supposed to
use in telling Of his good luck it is certain
that great sums have been won.
One prominent house in + Street advised
all lis customers to buy Manhattan during
the first week Of the year The books Of
this concern show that one customer alone
purchased l2,Gr9 shares OF the stock at a
price near par On Friday when the price
reached IFS this man. one OF the most
successful spectators in Washington. had
cleared more than 500, 900 in two weeks
The other holdings of this stock alone in
this one house made the total profits on
paper on Friday more than 500, coo.
Washington people generally have been
buying the grangers. the AtChison securi-
ties. the Pacific stocks and many others
that have had phenomenal advances in the
last two months. II is not an oYcrdrawn
estimate 10 state that during the last three
months The talent" In this city has cleared
in winnings from stocks three or four mil
lion dollars
There are twenty or more brokers' Of
fees OF various kinds in the city. They
are all crowded every day with people with
money won in stocks and anxious to re-
invest it.. Larger Offices are being in
gagged and increased forces of board boys
and clerks engaged The Offices are kept
open until late in the afternoons while the
brokers figure up their commissions.
The only people that are not coming
tr1Nn, tI. ,-f.r
gradually disappearing Three or four
have been closed up in the last month.
The others have made connections of va
riOus kinds in New York to take their bust
ness As II is out of the question to buck
ct II in such an amending bull market
One of the noticeable features of the
speculation is the appearance of new faces
in the brokers Offices. People are buyin;
and selling stocks VINO six months ago did
not know The difference between stock
and IL bond. The department clerks figure
largely in this group. Most Of them so far
have been winning handsomely. as every.
body else has. because prices have ad-
yanCed steadily with no recpssiOns.
Inc flows in the faVoritc restaurants
and the tailors are doing an excellent busi-
ness. The larger part Of the winnings
that are not reinvested in stocks are spent
in new raiment. This is the invariable
itie III W dSuliistOEt as IL IS IN New York
or anywhere else.
The second chapter OF The story of tbis
great bull movement has not yet been ac
complished. So far there is nothing 10
tell hut the tale OF winnings II Is I
very hard. however. TO see the finish
Of most Of this new wealth The most Sc
ductive OF all speculation is pyram ding.
When a man has won $500 in sto ks he
buys another 200 shares and makes more
money with il. His account swells all the
time. bat he is afraid TO take his profits
for fear Of losing better things in the fu-
turc. There is always top to every mar
ket boom, and when il comes II is the in
variable rule that It is least expected
Some day there will come break in the
market of five or ten points, and the ac-
foundations Of weeks az profits will dis
appear in as many hours or even minutes
That is the story the wise men tell, who
have seen booms in Wall Street bafore.