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The Game Of Stocks

The Game Of Stocks image
Parent Issue
Day
8
Month
January
Year
1864
Copyright
Public Domain
OCR Text

This exciting game was never mor uesperately played thau duriug the last welve nionths. The perturbations of Vall Street havo been treniendous.- lmost fabulous fortunes have been p[uired iu the spaee of a few weeks, and. n soiuü instances in a few days ; aüd on he other hand, the life-time savings df mndreds of iudustrious men, drawn by uch examples iuto the vortex of speci ation, have disappeared as suddenly as gaow flakes thut fall into the sea. The r.utatious in sume de&cription of stocks ïaye been almost unparalleled. Tli shares of a certain oompany jran op sixty per ceut. n the course of a fow daya, and it 3 within our knowlcdge that ou# man, who two years ago could not have ï-aised eight hundred dollars to save hiin 'rom perdition realized by bis dealioga n this scrip alone five hundred thousand dollars I An indiv.dual, who was only a short time ago a hand on board a' bajf steamboat, lias found his Ophir in Wall Street. Hö is today a millionaire, djreets the operation of banks, and cxeroises controllirii' iufluence over at least ouq important railroad. Incredible as it may seem it is litef ally true, Writers for the press are rarely favorites of fortu.De, Should there be a shower of gold tl; place to luok for thein would be between the drops, but even one of these chanced to be iu the right place, at the right time, during an auriferous downfall in Wall Street. He was the fiuaneial reporter af a daily paper - a gentleman wl)O work.i ed hard, and thought Uis lahovs fairjj compensated at twenty dollars a week. - Being an econnmical pèrson he eontriveij to save out of his moderate earnings a few hundred dollars. With thia small sum he commenced to "opérate." His sources of information wcre of the right kind, his head c'ecr aud cool, bis courage dauutless. Nebody save the broker he euaployed was aware of what he was doing, for he was a wise rnan and kept hip on counsel. He moved about the "street" a mere "reporter," witli vigilanteye to his duties, it was supp&sed, but appareutly uothing more. Êy and by, however he threw up his situation and with two hundred aud fifty thousand dollars in his pocket, retired to Europo, to live an aristocrat 1 But there ia another side to the picture, of which the world at large sees and knows very little, For every speculator who bas been enriehed by the lute ïocketlike rise ia 'faney stocks," fifty have been beg'gared. If onecould look into all the households thút, have been hopelessly impoverished through the stock gambling epidemie, which for the past year bas prevailed amoug all classes and conditioos, such spirits of successes as we have referred to would sseni a very meagre dividend upon the general investmeut. The golddealing njunia - we cali it a manía, for I any person witnessing the excitement öf the crowd engaged in buyiüg aud selliug, the commodity.withoutkuowing thecause of their wild looks and vehemeut geatioulations, would deern them maduien-- bas ruined thousands, and will yet mi thousands more. Advice, we presume, wöuld be thrown away upon those who are already fairly awhirl in the Wall Street maelstrom ; but to those who are hovering about the margin of the vortex, uncertain whether to tempt its peiil or not, we say most emphatically - avoid an ab}-ss which engulfs et least seventy-five per cent. of all the Jasons who embark on it in seareh of the Golden Fleece.- -

Article

Subjects
Old News
Michigan Argus