The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-08-16
SPECULATION ASA VOCATION
Life on the Exchange, with Something
About the Lambs and Corners.
Making and Losing Fortunes in Day-Dab-
bling in Futures Mania-BrOkcn and
Successful Operators.
Chicago News.


'Of course, there is as much money lost as
there is made on Change" said a member of the
Board of Trade. ''but the boys don't talk about
their losses. careful, cool man who under
stands the ropes can often manage to come out
ahead in his speculatons, taking them for the
entire year. The big operators, who have enor-
nous sums of money behind them, Of course
become powers In the market. and can sway it to
suit their fancies. They make the most money.
The 'tailers' tagging these big fellows often
quite successful if they able to keep we'll in
formed. The lambs suffer the most They are
awfuly scarce On Change now. They have been
wool has stopped growing. The boys who have
been scalping each other for months past would
be mighty glad to see few lambs enter the
fold But they haven't come yet. The old sheep
are too cunning and too mindful of the money
they lost in speculation about the time of the
McGeoch collapse to be enticed into the fateful
Enclosure oday.
What the Board of Trade wants is new
crop Of spectators. The old ones are about
played out. The big men who formerly traded
heavily, like Lyon, Fairbank, Hutchinson, Dow,
McGeoch, Keene, Sturges, and a score of others,
are doing little or nothing now They have had
their day. Some of those [ have named are
rich, very rich and they dabbe little now in
speculation for amusements sake Others
stopped specializing because they had to-Dame
Fortune turned her head against them The
men to take the places of these giant operators
of the old days have not yet appeared on our
board. To be sure, we have a few big and sue
cessful operators, like Ream. Williams, the
Adams brothers, and some others. We have
Armour. too, but he seems now to be giving his
time to ST Paul stock. In the country the same
is true. Each town and hamlet had its coterie
of grain spectators year or two ago. They
can't ne found now So, you see, new crop is
needed, and by and by it will come. A few
months of brisk business, good prices for farm
produce and money gets into circulation, times
improve people grow ventureSome--the steam is
soon up-and away the whole crowd goes in a
whrl of speculation Those who grumble and
say mistake has been made in moving into this
vast expensive building, will find this fall that
the board needed the room and made a wise
change.
Yes, the boys think they are doing we'll now
If they make expenses. Some of them
obliged to economic little. You will notice
this in their dress They don't have so many
fashionable suits as in flush times. The old. rich
men don't care so much about the condition Of
business. Many of them would be glaG to get
out of the trade and lead sedentary lives the
rest of their days They are in the predicament
of Deacon Hobbs, the Prohibition candidate for
Governor last fall. He has talked of retiring
for years past. Says he has money enough, and
there's no real reason why he should continue in
business. Yet he doesn't stop. Why? Simply.
as he himself says, because he has lot of good
customers and can't make up his mind to give
them up. This is the fix of more than one on
Change. The fact is a man who has built up
fine business and made himself wealthy takes
pride in his work, and wants TO 60 on. He has
acquired the thirst for pling up wealth, or his
business has become such part of his life
that it is part of his recreation. He can't give
it up. l fancy it would kill Mr.. Hutchinson to
deprive him of his business interests. What
would such restless spirit do in quiet resort
like Lake Geneva?
Then the mania for speculation is On them
all. It's strange how fascinating the whole thing
is. The life is full of danger. The whole coast
is streWn with wrecks-old vessels and new ones
yet the money pours INTO the sea. Once
SpecUlator always a Spectator. After man
has been on the Board of Trade few years, he is
good for nothing else. He may be successful
stays-buying, selling, doing all his means or
his friends will let him do. Congressman Dun
ham once said he felt more at home on Change
than on the floor of Congress. Well he might,
for Durham started as an Office boy, and worked
up to the head of a big firm, and was elected to
the presidency of the board. There's where his
success has been
Il have said the speculative sea is strewn with
wrecks. ] might point out a more of
men right before my eyes who have been worth
$4,000 to $25O,OOo, and have lost all. They
haven't stopped specializing. but few of them
now have the nerve and financial back
ing n.R , Necessary to trade heavily
dozen fortunes. He's come up again Few
have been so fortunate. That tall gentleman
good looking, slightly bowed with age many
years ago was the largest shipper of grain in this
market Now he's eking out living at insur.
ance and some odds and ends ] know one
broker. who makes a speciality of certain grain
market. who lost handsome fortune in specula-
ton. The craze TO try his luck again is still
strong with him, and now when he finds him
self left on the wrong side, he gives his position
away by being absent from the board for several
days Fla is popular, though, and gets plenty
Of brokerage Another man lost over $780, 000
his all, IN few hours, and the boys pity him
because the blow almost unbalanced his mind.
One of the old provision kings is now making a
living by the assistance of his friends. He was
reckless operator in his time, often putting out
big lines running up into the million bushels
just at the close of day when he didn'G appear
to know what he was about"
What becomes of the unlucky speculators?"
"A very few of them seek other pursuits
Most OF them die in the harness, lingering be-
tween plenty and starvation for long time
Their friends keep them up by giving them bro
kerage and pointer now and then to operate
on. There's millionaire on Change who is &c
centric. but a true example of the proyerb "a
friend IN need is friend indeed He sticks by
his friends to the last, and has helped many a
man out of bad spot. Many broken specula-
tors who are members of the board become ex-
cellent brokers, and it is not difficult for them to
get business enough to enable them to live
nicely, even in these days when rates of com
mission are chopped all to pieces Other defunct
spectators hang around the curbstone, trading
now and then in puts and calls. Many are in
the open board. Some sink lower and lower.
and become loafers in the bucket-shops. There
is a fallen one on the sidewalk yonder who has
got down to the tramp stage. His clothes are
seedy. his person unkempt nobody knows how
he lives L suspect he sometimes ventures to
ask certain of his old comrades for "a dime or a
quarter and then sneaks off in side street for
free lunch and a glass of beer Poor man,
he'll wind up in a paupers grave"
Good Judgment quickness, nerve and execu-
tive ability. We have what you might call the
quick-turn operators. Norm Ream is a fair
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