Savannah morning news. [volume] (Savannah) 1868-1887, 1886-12-19

watched the market. On the very after
noon of the day he bought his STOCK it
was quoted at AZ. On Monday it was sold
at 40, on Tuesday al 80, on Wednesday at
30, on Thursday at 3D. and on Friday and
Saturday at 30. 1t is just as apt to run
down TO as it is to run up TO $50. OF
course the small investors are holding on
to their stock, eagerly awaiting the turn.
They might better have bought chips In a
faro bank, for then they could have seen
now they lost their money, and the chances
for winning would have been on the very
verge Of even.
Five years ago had tip on Memphis
and Charleston. 1t came fIom the eX-
peTienced financial editor OF daily Re-
publican newspaper. We bad worked
and chummed together from boyhOod.
Brothers could not have thought more OF
each other. One afternoon L received
letter from him urging me TO raise 81 600
ana buy Memphis and Charleston railroad
stock for rise. The money was to serve
as margin. He assured me that he
mad invested nearly all that he was
worth in It. Il am on the inside" he
wrote, "and | will stake nv life on the re-
suit"
knowing the man 80 well, l borrowed
$1,000. On my wav to broker l dropped
into my friends office in Wall street. He
treasured me OF the certainty of the invest
ment. English capitalists are going to
lease the road for ninty-nine years." he
SAID. The stock is now selling at AZ.
When the news about the Englshmen
crops out 1t Will go up among the SVs.
It's the only sure chance that | ever had
In my life. It's just like picking up
money"
On the suggestion that it was barely
possible that be might be mistaken with
regard to the Englishmen, he
continued: "Ah! but l saw the
check FOR the purchase money. 1t
was drawn tor $4,000, 600, and 1t will be
cashed tomorrow. | had the check right
here on this hand" he said, Shaping mis-
right palm with his lett.
NO man could be more sure OF an event.
The check had been shown him, he as
sured me, out of goodwill and gratitude
by man who was indebted to him for
many newspaper favor. Influenced by
his confidence, hesitated no longer. |
went to broker who was a warm per-
sonal friend. He had never seen me dab
bling in Wall street before. "What brings
you here now?'' he asked.
He was a member of my Masonic lodge,
and worthy member. He heard the
whole story and shook his head. "Pll
not buy the stock for you," ne said. "My
knowledge and my judgment forbid, It's
quoted at AZ to-day. That's the highest it
will ever go, In my opinion. The British
syndicate is ghost story-tatfy for flats.
Go back to your desk and keep reporting
dog fights and murder trials, for you're
out OF place in Wall street. You are
worse than an idiot playing with electr-
CITY,"
The $1,000 was returned. The market
was watched by me as closely as cat
watches ground bird. The brokers' pre-
diction was fulfilled. The stock went
down like cOrkscrew. Within two days
my margin would have been wiped out.
Within five days the stock had touched 81.
The financial editor lost $5,000-money
sadly missed by his widow and children
TWO years afterwards.
More than one man in this city, by the
relation of similar incidents, might shed
lurid light on the crop of tips now ready
for the sickle, The warm air from the
mining and stock boards has ripened them
like cOTt0u bOlls. Those worth picking
are few and far between. Even these are
rarely picked, however. OF the score or
more tips offered me in a lifetime, only
two were OF intrinsic worth One was
the offspring OF Uncle Rufus Hatch, when
arrayed in all the panO2ly OF his financial
glory. he quietly advised me one day to
put my savings into Pacific Mail as per- |
manent investment. The stock was then
selling at IL. Fancying that l knew
Rufus better than Rufus knew me, L |
thanked him and took good care not to
make the venture. Had | followed his |
advice might have been worth as much |
as Joe Howard, Jr., and George Alfred |
Townsend. AS it is, l am worth no more |
than Uncle RUFUS.
A second golden tip was given by Alden |
Stockwell in the flush days of Pacinc |
Mail. In return for fancied service he |
advised the purchase of the stock. "Hold |
IL until il reaches 60" said he land then |
sell it,
Cautiousness overbalanced recklessness,
as usual. The investment was not made. |
Pacific Mail went up to 81 within four |
days, and then fell with crash that |
buried in its ruins Stockwell and all his
friends. AMOS j. CUMMINGS.