Evening star. [volume] (Washington, D.C.) 1854-1972, 1885-01-17
A STOCK OPERATORS TALK.
Why Men Go into stock Speculation
and Why They Come out.

and why They Come Out
VETERAN STOCK OPERATOR TALKS ABOUT SPEC
uLATIoN IN THIS CITY AND THE INCREASED
FACILITIES FOR THE BUsfNEss-soNE GOLDEN
RULES TO ENABLE ANY ONE TO ATTAIN Sue
CESS AND KEEP AHEAD OF TIE MARKET
Eyes. suppose that there is kind of fasci-
nation about stock speculation at first" OBJ
served veteran stock operator. as he ished up
on the end Of his knife the crisp fragments Of
Tried oysters from his plate in the manner of a
man who has lunched well and is, therefore
rather disposed to be lesurey. Il suppose
that you have had some experience in the mar
ket. 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 filling the orders, had yielded to the
superior attractions Of the lunch. and then was
resumed with the toothpicks and contentment
which follows wel-ordered meal. NEARLY
every one has had little episode Of this kind
In the course of his life," continued the opera
tor; perhaps several. depending a great deal
on the disposition of the man and his occupa-
ton. 1t Is rather an interesting study for one
situated as am to look back over the past and
notice the changes which have taken place in
my business. | don't know as should use the
past tense, tor the changes are going on daily.
New men come in the old ones drop out. | say
crop out; to use the parlance OF the street,
squeezed out would be the proper term. No
one ever goes out voluDtarily-that is very sell
dom. don't mean that they wait until they
have lost all their money. Very few go into
Stocks TO that extent. Ordinarily man does
not iinger in fight until he has been Knocked
down three or four times before he realizes that
ne Is whipped. Some men. however. 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 judy
ment OF the operator has defined. man may
not be convinced that he is wrong by appeals to
his reason. but when
HIS BANK ACCOUNT
Is dWlndllng away, he is liable to have his eyes
opened. One OF the most beautiful spectacles
In my business is to see 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
hrmiy OF the opinion that he Is q great fnan-
cler What he does not know about Jay Gould
the freight business Of the railroads, and the
various causes which affect the stock market is
not worth Knowing. He takes O newspaper 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 day to see how
the market is going. Then. after while he
seems to lose his interest in the stock market
and ne probably announces conhdentially 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, how
ever, said the operator, after pause, land 80
the world moves on. Speculation in stocks has
never been more general than it is at present
| remember the time and it is not more than
tnfee or Tour years ago, when there were only
TWO places in the city where direct daily quota
tons from the New York stock market were
received. Now there are at least five establish
uIlOt0tionG nv
special wire, and a regular business done, be-
sides about ten places which we call bucket
shops All these places seem to be well patron
lzed, but the Class of customers is constantly
changing. A man will deal at one place for
Time, and then. when he meets with loss. will
conclude that the brokers are not dealing
square. or something of the kind. and will go
to some other place"
THE PEOPLE WHO SPECULATE
what class OF men are interested in stocks"
asked the listener
''All classes and all kinds" was the reply.
land women, too. 1t seems that everybody
goes on the market at one time or another But.
generally speaking, the department clerks are
most largely represented. Just now. however,
business is dull. as people, especially those in
office. seem to be inclined to save their money.
l have never been in a faro place, but imagine
that the fascination Of that game must be some
thing like that which is associated with the
stock market. OF course, stocks are not dead
open and shut thing. but, like all speculation.
there is more or less chance connected with it,
A man who is In the market all the time loses
more than he makes. / guess that there is no
doubt about that. Seven-tenths of those who
speculate lose"
1.-The secret OF successful stock speculation"
remarked the operator, as ii he was stating an
every day fact known to all men, instead of
being what all men want to know sis to 60 on
m al Iv hat
although" he added. with shade of regret in
his voice, II 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 a reasonable profit
get out, and stay out until you get another
chance. I get caught, Of course, sometimes,
but expect that. l never get excited It 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.