The Democratic press. [volume] (Ravenna, O. [Ohio]) 1868-1901, 1886-06-10
Unlucky Spectators.

"What is the average speculative lif5
of an outsider who tackles the board Of
trade and tries to pull the tail out of the
markets?" was the conundrum pro-
pounded to the head of one of the oldest
commission houses on change.
The veteran sat silent moment, and
then, as the faintest shadow of smile
trickled across his face, he looked up
and remarked that he thought bank
cashier usually lasted longer than man
who played his own money. Then.
graphing the subject in sober earnest,
he said: That is funny question and
it suggests new field of investigation
/ do not know what would be the aver
age duration of 4 speculative life, but at
a rough guess should say two years. Ii
may not be that long, and certainly i'd
is not longer l have been in the COM
mission business twenty-five years and
am prepared to say that if you can keep
a speculative customer on your books
for two years on an average you are do
ing mighty we'll Usually the gambler;
who stays with you that long gets into
you anywhere from $1,000 to $40. .000-,
More Spectators than L can count on
the fingers of my two hands have quits
owing me $4,000 and over. q
'.Not one man in ten wins in specula-
ton, and ninety-nine out of every hum
dred will go broke if they stick to il
long enough. Commissions eat up
speculative capital mighty fast. We're
it not for the constant infusion of new
blood into the game we would all go to
the poorhouse, / am thinking. Specu-
lative capital has to be renewed everN
four or five years The kitty gets it
all about that often.
II have made fortunes for many hum
dreds of men. and have yet to see One
to stick to speculation and his money
| will give you one illustration. A few
years ago a doctor called on me with a
letter of introduction from bank CASH
ier in the town of -. He thought
there was going to be big advance in
oats. thought so, too. The Doctors
first venture was $50, 900 bushels. The
purchase loosened the market and
started a regular boom. We bought all
the way up, and at the end of the month
had a squeeze. The deal netted the
rural practitioner $4,000 clear profit in
thirty days. 1t developed during tha
play that the deal was on joint account
with my friend the cashier. / gave the
doctor two checks, and then took him
| into my office and rendered him a piece
of fatherly advice, for l had taken quite
| fancy to him. Take this money and
get out of town as quick as the Lord
will let you, said to him. 1t is more
than you ever expected to see. Put it
where you cannot get it. Stick it into
farm and give it to your wife or your
son or your mother. Give it to any,
body. Put it where you can enjoy the
interest but where the principal will be
beyond your reach. Stay here and you
will lose every cent sure as fate. 1
never knew it to fail Oh, no, he
| couldn't think of it. He wanted $780,
600. In four months time he was
broke and in my debt $1,000. loaned
him money to pay his fare home. In
six months the bank cashier was on
trial for misappropriating trust funds
He had blown in his winnings and a
portion of the capital of the bank.
That is the history of thousands and
tens of thousands. They have streak
| of luck and it gives them the big-head,
and they 90 broke in a vain endeavor to
pull the tail out of the old thing. -
| CHICAGO Ne1US