The Lancaster ledger. [volume] (Lancaster, S.C.) 1852-1905, 1852-10-20

going up; it's OIL the up track, with full
head OF steam ou-whiz! phiz!-and al
that"
Every true, sir; Tut we must have ou
margin"
"Well, how muchl"
"Ien per cent. will be forty-three hun
dred dollars-say four thousand, sir"
My money was lying idle in the bank
and 1t was really better t. pay the mar
gin, as | would thereby save interest, or
that sum; so | gave Baitem my check 70,
tour thousand dollars, took his receipt
and departed full of golden expectations.
The stock list now became a subject o
my continual study, and twice a day, as
TOOK up my morning and evening paper
l turned eagerly to the table of sales to
look for the expected advance in prices
For several days Erie remained about sta.
t'onary; then it began to stagger little
and then Gown it went plump three per
cent. My hair rose as l saw that fifteen
hundred dollars of my margin was swal-
lowed up, and | began to comprehend the
meaning Of the word.
hurried to Mr.. Baitem, but before 7
could get there found the stock was Of.
tered still another per cent, lower, and
ihal' "i course, was five hundred more
""' ni my precious ten thousand.
What the dickens has got into your
~ :liz phn" stock, Mr.. Baitem?r said l.
What does it all meanw
why, sir, is it possible you have not
heard! 1t is the French revolution!n
81 have heard of the revolution. of
course" said ], ''if you choose to call it o.:
but what has Louis Napoleon's seizinr the
relns OF government to do with the Erie
Railroadf"
There Is panic, sir, in all the large
stocks-unsettled state of thngs-fcars of
a general war in Europe-can't tell where
it will endr'
"While we talked, clerk came in and
reported Erie eighty-onc and half in the
street.
Worse and worse" said Baitem.
The panic was fast communicating
itself to me.
us it best to selll" | inquired.
"Don't know-can't tell am olw,vs
delicate about giving advice in stock mat
ters.
L wished he had been a little more deli
cate about it a few days previous.
"How low has it ever beenl" inquired
nervously.
"Oh, it has been down to seventy with
in the past year"
And how much would lose if it should
lall back to seventy AGAIN.
cool reply.
"Then sell, for mcrcy's sake, sir, rs soon
as possible, and save something"
Baitem sold on that afternoon, and pock-
eted twenty-five hundred dollars OF my
margin to pay ''ditfereuces," and went
home II Sadder but not wiser man.
After gazing long and mournfully at
the drawing of my cottage, rubbed ont
one wing, and then came sadly to the
conclusion that could not afford to build
1t, even III that crippled condition.
j. ck Rather called in the evening, and
| related I" Kim my dolclu! de5utim VIII
street, at Which hc seemed little s.os.-
c,rtcI.
ut WW work 81 sometimes" he said.
"ThIs r'.G'icrn" Il conp defat, ms they call
/, hvs doh" =. - ,nIscilici, and that, Of
c'.ursc, nni.'. .."u,I anticipate. Its very
bad, ccria"',. What pity It is that
YOU did not sell instead Of buying in the
first Ili>lanrr."
"Scll what"
Erie stock, To he sur, :"
"But had none L. sell"
"No matter; You might have >oI,! five
hundred shares just rs well as to have
bought them, even if you had lone. You
could sell short, YOU know"
Sell shorE We'll, ,Lat Is just what
have been doing to-day, according to my
reckoning. I'm Short about twenty five
hundred dollars OH the operation, any
how
Jack laughed. "You don't understand
me. You should have Did your Erie
stock, deliverable say in sixty days from
the time OF sale, or Oh any intermediate
day at your option"
"But who would have made such a
FOOLS purchase of me, when had not a
share in the world"
Nobody; but they would have bought
it OF your broker, who would have sold
tor YOU and taken n Margin
blast the margins! don't want to have
any thing more to do with them"
"But don't you see that you could hav-
ing furnished your Eric to the buyer to-
day, at fifteen hundred dollars profit"
puzzled at this awhile, and finally
did see it, and thought there was jus,
where 10y my mistake. might do il
yet.
"Ty it" said Hope.
"Beware!" said Caution.
at is not too late" said Rather; ''th,
stock may go down to seventy, particular
ly il there is n general war in Europe, anC
| should not be at all surprised if the Who'll,
continent were in blaze this very mo
ment."
"Nothino more probable.n replied.-