AMERICAN WAR GAMBLING.

Taranaki Daily News, 22 January 1916, Page 8

AMERICAN WAR GAMBLING.

GETTING RICH QUICKLY, The New York correspondent w t.hi; Daily Express says 'that large forttines are being made in America by many of the men and women —who are plunging into the mad speculative race which is now the dominating interest for America's middle class. The record is held by Mr. J. K. Buff, a New York kerb broker, who has mnde £IOO,OOO with an original investment of £l3O Some months ago he bought 50 shares of "Electric Boat" at 525, and, by pyramiding his winnings, is now half-way to becoming a dollar-millionaire. Another New York speculator invested £O,OOO for his baby daughter in Bethlehem Steel soon after the war began.' The stock is now worth £14,(100. Thousand pounds "clean-ups' within a week by margin speculators with small capital are common. Long Beach, New York's fashionable seasideresort, is still talking of a banquet given lately by a man who a year ago owned only a single suit of clothes, but who made' £IO,OOO in Wall street. Since then nine' commuters out of ten in trains spend the homeward journey every evening in studying the newspapers' financial columns. Women are catching the speculative fever as badly as men. The newspapers are beginning to warn tlifl public of the dangers of get-rich-quick gambling, and predict a smash that will sweep many thousands into misery before the present madness ends. This gambling fever is responsible for the request made by a number of New York brokerage houses that the Stock F.xchange should be closed a full day, in order to give their clerks 48 hours' rest from the ,terrific strain of attending to tho constantly increasing army of speculators. The Stock Exchange . governors refused their consent. This ?s the first time in history that Wall street has asked for any respite from its work of offering to create millionaires overnight. It Is said that it is easier to find a niillionaii e than an office boy at present in Wall street. A seat on' the Stock Exchange has just been sold at £12,400. This ia £4OO above the previous record,