Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-06

Adventures, and Good and Bad Luck-.-How
to Make a Fortune and iese
a Fortune.


A decade in Wall street might sup
ply the historian with startling Incl
dents in even greater number than
are to be found in Mr.. William Wor-
Ellington FowIer's stout volume, en-
tilted as above, which has recently
come from the press of Worthington,
Dustin & Co., of Hartford. The ten
years embraced in the work-from
1857 to 1S67-especially contain as
much of wild excitement as any other
like period that could have been Sc
lected, though the author has drawn
them out to twelve, thai he might in
trOduce the gold panic of 1863. The
Illustrations, by Mr.. Arthur Lumley,
are very fair, though unequal in
merit. Some of them, which repre-
sem buildings and localities, have a
certain value in giving the outward
aspect of Wall street in 1869.
Here is q singular account of
EXTREMES IN wALLsTREET.
The "ferce extremes of Wall
street may be illustrated by the ex-
perienee of W. He came into
the market in 1862 with $500, bought
gold at ITO and sold it at 1876; bought
again three times as much, sold il for
100, went into Erie at 80, sold it for 80,
bought Pacific Mail at 10, sold it for
l65. In March, 1868, he had $4,000
at his bankers. But this was only
the beginning. Something was going
on in Harlem, sc he bought
1000 Harlem; Morse vas at work at
Pittsburg, so he bought 1000 Pitts
burg; Erie was feverishly moving to-
ward 80, he bought 1000 Erie. Mean
while, Hooker was moving on Chan
cellorsville, and there was silence in
the stock market, for the space of a
day. Now the news came of a retro
grade movement, in plain English, a
repulse. The army was this side the
Rappahannock; the signal was given
and the cohort of bulls moved on
their enemy's works. Erie sold up to
ITO, Pittsburg los, and Harlem in its
proportion. He pOcketed 500, 900
nor by this venture, and in March,
1864, he stood $4,000 ahead of the
market. Then for a short space he
had a charming life. Apair Of spank
ing bays, tandem, whiried him to the
Park in a tail Belmont, with a turnkey
in livery, on the back seat with a bug
on his hat. Over his morning repast
hoated the aromatic steam of Mocha
and the fiavors of exotic fruits. He
lunched of partridge stuffed with
truffles, washed down by a bottle Of
Chateau d. Yqem or the liquid pellUcid
gold Of the vintage of Heres, and his
dinner was nine courses of fish, flesh
and fowl at Delmonico's, thanked by
the most toothsome OF eat~emetS and
wines that would make a Mussulman
fOrswear his creed.
But soon W suffered a change
"a sea change into something mot
rich but strange" He had q friend
who gave him a few "points" on
Galena, then selling for I42. There
was a pool in il which was going to
be put up to Us; it was actually
worth 200; there was an extra divi-
dend of 40 per cent. to be declared;
William 3. Ogden was in the move
ment-these were the points. He
bought 5000 shares. Then he bought
5000 Pfttsburg at 1873 and 1000 Fort
Wayne at IA. In ten days he lost
$40, 600. This was in the great panic
of April, 1854.
We met W six weeks ago. He
informed US that he had just break
tasted on a modest plate of hash and
a cup of something called coffee, but
in which the strongest Imagination
could not detect a drop of the Infusion
of the Arabian berry. His coat was
foxy, his hat had a suspicious shine,
and he was generally run down at
Fhn hna1 Arah - tho nra1nnN nanIf |
ton of this individual, but the future
may have great things in store for
him.
FAILURES OF THE STREET.
3. had for many years supported
himself, and earned something more
by his profession; but all his surplus
income went to pay his losses and
commissions, in thepurchase and sale
Of stocks. Justlbefore the panic which
followed the bombardment and fall
Of Sumter he had mOrtgaged his lab
DratOry, chemicals and retorts to his
broker, and staked the proceeds in a
margin on border State bonds. In
less than two weeks his money was
gone, and his brokers account
showed him in debt $500, besides the
mortgage of $1,000 which he owed.
He therefore went back to his profess
sion, and in six months had cleared
1920. This sum would pay off the
mortgage which fell On the LIST of Jan
1ary, 1862, and save him from abso-
lutte ruin.
About the first Of December he re-
proposals to go into the manu-
of saltpetre for making gun
powder, in partnership with a wealthy
capitalist. The basis on which the
expectation of great profits was
iounded, was the low price of nitrate
Of soda, which is one of the principal
materials out of which saltpetre IS
made. This fact was enlarged upon,
md also that nearly the whole stock
Of nitrate of soda -four million
OOunds), then on hand, was held by
.wo firms, and had been bespoken by
he capitalist who furnished this in
ormatiOn.
3. suddenly recollected that a friend
n the business of manufacturing
chemicals had bought, some months
four hundred thousand pounds
IF nitrate Of soda, with a view to
make it into salpetre, but had given
Up the purpose, and had offered to sell
t to him, B., for two and a half cents
!! pound.
"What is the price CT nitrate of
Oda?" inquired B. of the capitalist
With whom be was negotiating.
Three cents a pound" replied he.
Nc conclusion was arrived at re-
pecting the proposed business, but
hat afternoon B. called on the chem
cal manufacturer, who sold him the
-four hundred thousand pOUuds),
t two and a half cents per pound, ten
'er cent. of the purchase money pay
bic cash down, the balance in thirty
This operation stood thus:
90, 600 lbs. nitrate of soda at two .
and a half cents per lb............. $4,000 I
aid cash on LOCO
'ue from B., payable in 30 days. 5000
The next week was spent by B. in {
-ying to work of his purchase at an
dvance over what he gave, but deal &
would only buy.at q. b. began to
eel blue. {
The news now came of the seizure s
f Mason and SlideH. The fear of 8
with England followed, and S
villainous saltpeter," otherwise nj
rate of soda, began to look up in the {
c
Two OF three weeks after this, while S
!. was sitting in his laboratory, one i
t the parties to whom he had offered l
ne nitrate OF soda at three cents, .
in and offered three and a half 4
ents a pound, and when his offer was v
advanced it to four and then C
} five cents. U
whats got into the market?" in s
uired b. C
Haven't you seen Queen Victoria's !
reclamation, just received, prohibit I
X the expectation of arms, SaItpeter. b