The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1901-05-06
CLERKS RISK AL.
Pledge Wages For Months Ahead
to Put Up Margins.
Expect to Get Rich by Following
in Wake of Phillips.

Chicago May 6.-Ten thousand clerks
in Chicago are specializing in stocks
and grain. Most of them are of the
class employed in La Sale street and
the adjacent neighborhood, where the
epidemic spreads easily from employer
to employee Thousands of clerks have
become 50 absorbed in the craze that
they have bargained their wages for
weeks ahead to loan sharks" and are
playing chance with the yet unearned
others are not: still others will be on
the wrong side of the ledger when the
final accounting comes.
Books in the offices of the loan
sharks of the city contain an echo of
the era of speculation. Mortgaging
their salaries and raising money on
every possible possession. clerks in the
Offices of brokers, banks, and the va
rious great Industrial companies are
seeking to reap small fortunes. Some
have tied up their salaries for six
months, and have put up margins with
the money thus secured Their theory
is that salary mortgages can easily be
paid with ''one single stroke of good
luck, even if they have to pay 10 per
cent. a month
Board of Trade clerks are chiefly in
corn, for to them it is a simpler science
than stocks, and many of them are
seeking to be second PhilipseS- Then.
in the banks and in the stock brokers'
offices, the speculative bent is, OF
and other stocks which have had sky
rocket tendencies
There are 10000 clerks who are play
ing the stock and grain markets" said
a La Sale street broker Many of
them have tied up their salaries on the
10 per cent a n onth plan to raise money
for margins. These fellows have seen
men with money tell of fortunes by jul
dicious investments. and they are lay
ing plans to follow the same course
ChicagO's brokerage world Is honey
cOmbed with the dealings of clerks and
financial agents They won't have sal
aries for months if their schemes fail
to work out and yield a profit. In the
event of failure the constable and the
Justice court will have an inning, and
there may be numerous sad stories to
relate in the end This game of playing
stocks and grain is a serious matter,
but clerks in the brokers' offices refuse
to see the risk
This is a rich mans market The
man who deals on 'shoestring' margins
may end in the bottom of the lake. One
days fluctuations are likely to wipe out
the accounts of hundreds of these young
men Then those who have n erely
pledged their salaries will have a hard
enough time getting on their feet.
Those who have borrowed from rela-
tives and friends will suffer humiliation
and some who may have used funds
not their own in the hope of repaying
by their winnings viii face open prison
DOORS
AS result of this rage for specula-
ton, business is excellent for the money
1oaners.
s'The clerks" said one money loaner
ARE of the class who see speculation
and know something of its inns and
outs They are looking for big win
nings and consequently have not been
particular in the security offered
making every effort to get every cent
with which to try to do something big
in the markets. They have received
money on the usual contracts of 10 per
cent. interest each month, and if any
slump in the market comes there will
be many regulations and positions
which will have to be protected Spec
ulation has drawn every possible
prophet into its trail. 7 guess the loan
men will be all right which ever way
the market goes No, never was
prophet on markets and have nothing
to say. ] leave that prediction to Rus
sell Sage. Well get our money all
right
Among the clerks thmselves there IS
no denial that the speculation fever is
epidemic.
Every one of the boys who can raise
the coin is trying to rag off a bunch
of money said Board of Trade clerk
I'VE are following the trail of George
Phillips chiefly You see. corn can be
grabbed up on margins, and a few hun
bred dollars will allow a good range
for the market The stock exchange Is
q rich mans market. to our eyes
Charles Head Smith may grind out
100000 and John Dupee grab up ST.
0S0 000 but we know that there was
money put into the mill to get this coin
out. Consequently. corn is a better
game to play. Ten per cent. a month";
Why, sure; the fellows are tied up
every way But Just wait until things
pay out Wen all go into the money
1Oaning business ourselves
There are small fortunes in mar
gins being swept off ain ost every day,
but the commission men have little
comment to make on that score In one
big office alone there are more than 400
clerks engaged in speculation
IT'S a gamblers game" said a clerk
from this Office. I'VE make our pools
and then we go after big game accord
ing to tins from the Office. There are
Just 433 fellows over there who aspire
to fame in this way. and such a mar
lzet as this offers opportunity for trial.
The money? Q. we get that in every
way possible. We are willing to take
our chance, though. Big winnings2
There have been none thus far"
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