The National tribune. [volume] (Washington, D.C.) 1877-1917, 1886-07-22
LIFE OF A sPECULATOR.
| History or Outsiders Who Tackle the Board Of
Trade-A Veteran Talks.


"What is the average speculative life Of an
outsider who tackles the Board of Trade and
tries to pull the tail out of the markets7" was
the cOnundrum propounded to the head Of one
of the oldest commission houses on Change.
The veteran sat silent moment, and then,
as the faintest shadow Of a smile triekled 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 a
new field of investigation. j do not know what
would be the average duration of a speculative
life but at a rough guess should say two years.
1t may not be that long, and it certainly is not
longer. i have been in the commission bust
ness % 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 well. Usually the gambler who
stays with you that long gets into you any
where from s., 600 TO $4,000. More Spectators
than / can count on the fingers Of my two
hands have quit owing me $4,000 and over.
Not one man in 10 wins in speculation, and
80 out Of every hundred will go broke if they
stick at it long enough. Commissions eat up
speculative capital mighty fast. Were it not
for the constant infusion Of new blood into the
game we would all go to the poorhouse, Pm
thinking. Speculative capital has to be re-
newed every four or five years. The kitty ,
gets il all about that often.
Il have made fortunes for many hundreds
Of men, and l 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 letter of introduction from
a bank cashier in the town Of. He thought
there was going to be big advance in oats.
thought so. too. The doctors first venture was
250.0O0 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 prac-
titiOner $4,000 clear profit in 30 days 1t de-
velOped during the 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 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.
: Ii is more than you ever expected to see. Put
it where you cannot get it. Stick it into q
farm and give it to your wife or your son or
your mother. Give il to anybody. Put ID
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.
/ never knew it to fall Oh, no, ne couldn't
think of it. He wanted 100000. 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 portion of the
capital of the bank. This is the history oi
thousands and tens of thousands"