The Columbus journal., 1885-04-08
STOCK SPECULATION.
The Fascination It Possesses for the 4
era9e Mortal.

L
| The Fnscinstion II Possesses for the Az
erage Mortal
"Yes, I suppose there 10 . kind d
fascination about stock speculation q
first" observed veteran stock opera.
tor, as he fished up on. the end of his
knife the crisp fragments Of fried oys.
tiers from his plate in the manner of q
man who had lunched we'll. and is,
therefore. rather disposed to be leis.
urely. 81 suppose you have had some
experience in the Market" he added,
as he glanced up at the Star man. who
sat on the opposite side Of the table.
The conversation which had begun
while the waiter was filing the orders,
had yielded to the superior attraction.
Of the lunch, and then was resumed
with the toothpicks and contentment,
which follows q well-ordered meal.
Nearly everyone has Little episode
of this kind in the course of his life, +"
continued the operator, "perhaps sew.
eral. depending q great deal on the dis
position of the man and his occupa-
ton. 1t is rather an interesting study
for one situated as am to look back
which have taken place in my business.
don't know as should use the past
tense, for the changes are going on
daily. New men come in: old ones
drop out. / say drop out; to use the
parlance of the street, squeezed out
would be the proper term. No one ever
goes out voluntarily-that is, very
seldom. Idon'tmean that they wait until
they have lost all their money. Very
few 60 into stocks to that extent Or
dinarily man does not linger in q
fight until he has been knocked down
three or four times before he realizes
tina. he is whipped. Some men. how
ever, never know when they are
whipped. 1t is good deal the same
way in the stock market. Stocks are
very perverse. They usually act in an
exactly opposite way from that which
the astute Judgment of the operator
has defined. A man may not be con-
vinced that he is wrong by appeals to
his reason, but when his bank account
is dwindling away he is liable to have
his eyes opened. One of the most beau
tiful spectacles in my business is to see
a man who is new to the market. He
has probably made his first venture on
point given him by a friend. 1t
proves to be success. He is then at
once firmly of the opinion that he is q
great financier. What he does not
know of Jay Gould. the freight business
of the railroads, and the various causes
which affect the stock market, is not
worth knowing. He takes q newspa-
per for the quotations, he haunts the
stock-room, and he talks of nothing
else. He is not satisfied with giving
orders to his brokers, but he must run
down two or three times q day to see
how the market is going. Then, after
awhile. he seems to lose his interest in
the stock market, and he probably an
nounces confidentially to his friends
that he has given up stock operations.
He has been squeezed that is all.
"Some one else steps in to fill his
place, however," said the operator,
after a pause, land so the world moves
on. Speculation in stocks has never
been more general than it is at pres
ent. remember the time, and it is
not more than three or four years ago,
when there were only two places in the
city where direct daily quotations from
the New York stock market were re-
ceived. Now there are at least five es-
tablishments where the quotations are
received by special wire and q regular
business done, besides about ten places
which we call bucket-shops. All these
places seem to be well-patronized. but
the class of customers is constantly
changing. A man will deal at one place
for a time, and then, when he meets
with q loss, will conclude that the
brokers are not dealing square, or some
thing of the kind, and will 90 to some
other place"
What class Of men are interested in
stocks?" asked the listener.
'tAIl classes and all kinds" was the
reply, ''and women, too. 1t seems that
everybody goes on the market at one
time or another. But, generally speak
ing, the department clerks are most
largely represented. Just now, how
ever, business is dull, as people, es-
pecially those in Office, seem to be in
clined to save their money. I
have never been in faro place, but
/ imagine that the fascination of
that game must be something like that
which is associated with the stock mar
ket. Of course stocks are not a dead
open and shut thing, but, like all spec
ulatiOn. there is more or less chance
connected with it. A man who is in
the market all the time loses more than
he makes. l guess there is no doubt
about that Seven-tenths of those who
speculate lose"
1.-The secret of successful stock spec
ulation," remarked the operator, IS If
he was stating an every day fact known
to all men, instead of being what all
men want to know, sis to 90 on the
market only occasionally. That is my
rule, although. he added. with .
shade of regret in his voice. 81 don't
always live up to it. But it is a good
rule. Go in occasionally. Put your
money in when there is . favorable
opening, and when you have made .
reasonable profit get out. and stay out
until you get another chance. get
caught. of course, sometimes, but l exc
pect that. never get excited. 1t is
foolish in the first place, and, in the
second place. you are apt to lose
money. With these few simple rules
think that you would be able to get
along in the stock Market" added the
operator with . smile. Washington
&ar.
The Value Of Lemons.