New-York tribune., 1906-10-21

lie on our holdings and put our funds elsewhere
such action on the part OF our own and similar
concerns IS well known TO be certain under the
circumstances mentioned, and a strong conserva-
i've influence is thus exercised upon those who
may stand in need OF fl"
As internal trade developed 10 meet the exi-
gences Of the war. the railways found their
business increasing beyond their most sanguine
expectations. The dividend paying roads had
extra profits 10 divide; industrial enterprises
which had been financially embarrassed not only
paid of their debts but paid handsome profits as
well and attracted their full quota of investors
Eno SPECTATORS; but, more than all else, every
one wanted 70 own railway stocks.
Within few weeks after the first issue Of
legal tender notes stocks began 20 rise The
higher and faster they rose the fiercer and more
Widespread speculation became, with no thought
Of the end. II was estimated at the time that
more than S2J00DoO0 Gn paper money! was
realized profits by the operators in stocks be-
tween 1862 and 1864. Many popular stocks rose
9'p per cent. During these two years everybody
Seemed 70 be speculating in stocks They were
The one theme Of conversation on every occa-
tion-on the streets. in the drawing rooms. at the
tubs and theatres.
IN and out back and forth the shuttle of spec
ulation few, gold and oil and stocks, oil and
stocks and gold; the pauper Of yesterday the
millionaire Of to-day, the erstwhile millionaire
begging a little credit Of his broker with which
to try one more turn of Fortunes wheel.
One man. II is related. whose sole possession
OF value was horse, sent him TO the stable OF
q broker whom he persuaded TO buy for his
account q hundred shares Of stock. A few
months afterward ne drew from the broker q
balance OF 100000. Another broker one Of the
Oldest and abIest operators the Street. de-
clared that he intended some day TO paper his
Office with the pronnissory notes Of his friends;
out before the exciting four years were over his
Own paper was equally cheap.
Another speculator. a milliner from up
town. so short Of stature that he was saved
from total eclipse in the crowd OF brokers by
nothing but his voice, which rose like nnuff1ed
thunder, as he shouted his offers and bids. made
10000 and went 10 Europe with II, 20 study.
ts he said de new fashions for my emporium
Foreign diplomats, whose salaries were pay.
abe in gold. cast their modest CONTRIBUTORS OF
the shining metal into the cruciole or wan
Street again and again. and drew out fortunes
IN exchange. TWO or three enteTprising indlVlo-
uels made handsome fortunes by hlrlng even
ing roorns'' for the stock gamblers, who FOUND
the day TOO short. and charging an entrance zee.
When night came the throng or speculaIorS
adjourned 10 the Firth Avenue Hotel. ano lnese
evening rooTns'' adjacent, where the DIN OF thelf
trading made pandemoniUm until long past Ihe
hour when honest people should have been
Esleep The FIFTH Avenue Board" II was called.
The iabors Of the brokers ana their cieTss
We're something 10 surprise the lo-to-4 lrioI.I
lals OF the present day. BY $50 a. M C,ley
began 70 gather on William street. at the Goal
Hole" as the Gold Room on account oI us
oingy appearance, was called, and py lo;oo It,S 10
police could hardly keep the street open: an
Day long the tide Of speculation ebped shd
nowec from the exchanges 10 the sreeIs Hii9
eeck again shouting. swearing, guar e.is 81
frequently coming 10 lusty blows All lno ioAo
ing members OF the board yelled themselves so
hoa-ss during the day that they were scafGety y.
sba s 70 speak at night Phe CLERKS s+ 1igt and
men II 20 partake Of liberal olnner a.
oelmonico's furnished by their employers as q
stimulus 10 eYer+ion The bank transactions or
one house are said 10 have been, On more thah
one occasion, over S4.O00OO0 in single Gay
ms commissions Of q leading nrin were iio
Vuently $1,000 q day. -.
. One leading operator there was whose repuIa- I
ION FOR shrewd reading Of the signs OF the
onass lowered far above that Of al MS asso
astes. He had achieved fame and fortune IA
iew osyE, but while bis star was In the seoelso-
tnt u outshone all others IN the nnanclAi mn
nent Spectators crowded his ONCE cay after
nay. begging for Just hint, just Whisper OF
tevice what 70 buy OF sell They paid MN
pope that the rnarket would believe he was buy
0s Tor hinDest end. following bis isao. aoroo