St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1886-11-22
FORTUNES nYLUCK.
The Wall Street Man Frequently
Gets Rich by the Purest Accident.


and somewhat surprised them by asserting
that luck has had more to do with the max
ing of sudden and immense fortunes in the
street than is commonly supposed. He re
ferred for one example to his own exper-
fence, and sad that twice he had found
himself hundred thousand dollars or more
better off at night than he was in the morn
ing. and had at once realized, although
when he went down to the street that day
he had no idea of making such comfort
able sum. Three times by sheer accident,
for which he was not to blame, he had lost
pretty little fortune. and he believed that
his Own experience could be matched by
very many of the spectators of the street.
Of course, he excepted those great opera
tors who, from their control of immense
amounts of cash. from their ownership of
controlling interests in large properties,
and their ability to manipulate the market,
were placed beyond the power of lucky or
unlucky accident to affect greatly their
wealth.
Perhaps the most remarkable case that
ever came under my observation, the broker
went on TO say, Twas that of one of the
most conservative men now on the street.
He is now simply broker. and since Black
Friday has never Speculated one dollars
worth. You remember that three or four
men brought on the panic now known as
Black Friday by cOrnering gold. and run
ming the price up till many operators were
ruined, the street was in wild panic and
universal smash seemed imminent. These
men relied on what they believed to be good
assurance that the government would put
no gold On the market that day. and they
no cd ffu oil of
the gold in the country that was available.
Right in the midst of the panic, when the
street was like mad-house, and many men
who in the morning supposed themselves
rich, were almost stark staring mad over
the ruin which had befallen them in few
hours, and when almost the highest
figures had been touched and
nobody was selling short, this
broker to whom l refer suddenly
lost his head. He had covered early in the
morning at a comparatively small loss. and
had been looking in during the day without
any personal anxiety. except that caused by
the fear of a panic that would knock the
bottom out of everything. Suddenly, he
never knew why, nor has he any but the
most vague recollection of the transaction.
he rushed into the bawling, bowling pit and
sold right and left at their highest figures.
He probably might have avoided his con-
tracts or his friends have invalidated them
for him. for he was undoubtedly insane
when he did this. At all events, he was
still selling when suddenly there came that
little message from Secretary Boutwell, that
Knocked the bottom out of the corner in the
twinkling of an eye: Sell So, 600, 900 of
gold
In half an hour more my friend would
have been lunatic pauper. and as it was
his brother. | think, or some near relative.
found him utterly irresponsible, and with
good deal of difficulty led him away to his
Office. There. when he was told of the
order of Boutwell's, and that the bottom
had dropped out of the panic, he did not
seem to comprehend the truth at
all, but mumbled something which
nobody understood. His contracts, how
ever, were found, and taken care of by his
clerks and rapid estimate showed that
he stood to the good not far from quarter
of a million. When they told him he did
not seem TO comprehend. He had not been
drinking, for he was a teetOtaller. Sud-
denly they missed him. They could not
find him in the street, nor in the gold room,
nor at any Of the other brokers' offices he
was accustomed to visit. Nobody had seen
him. He had not gone to his home, and
his family at midnight, becoming thor
oughly alarmed, notified the police that he
was missing and temporarily deranged. He
was found wandering up Broadway long
past midnight, muttering his calls and
recognizing no one. Nor did he know any
one for nearly two weeks. He was on the
verge of paralysis of the brain and barely
pulled through. When, after two weeks
ho 10
first thought was that he was on Change.
He remembered nothing of his operations.
but recalled very wildly so much of the
panic as he had witnessed before he had
began to operate himself. 1t was long
time before his physician permitted him to
be told that he had by his crazy freak made
a fortune. He has kept it, too. for from
that day to this as l said. he has never
bought stock except for investment.
There was another case that I'm al
ways reminded of when l see young man
in the street, who is a very bright chap. and
will be heard from some day. His father
was the president OF savings bank some
where down East. and somewhere in 1870
took lot of Southern Minnesota seconds at
80. He intended to buy them for the bank.
but thinking ne had a good thing kept them
himself. The panic of '73 knocked South
ern MinnesOtaS down to nothing, and the
president threw the bonds into box in his
library at his house. He was afterWard
obliged to compromise with his creditors
aud threw in lot of stuff, among it being
as he supposed. the Southern MinneSOtaS.
The whole lot at that time wOnld not have
brought over $500. Later this man came
to New York and went on the street. He
made money at first, but either in the sum-
mer of 80 or early in 81 he was badly
bitten i'll oil, and was. as he supposed,
ruined man again. The very evening that
he had made up his mind to ask the next
day for all accommodation from his cred
tors. his boy, who was then about IA, came
TO him to ask if he might have piece of
paper with pictures on it to paste in his
scrap book.
The father was about to say yes without
looking. when he recognized the crisp rust
ling of parchment paper such as is usu-
ally used for bonds. He snatched the bond
from the boys hand, and it was South
ern Minnesota, worth about par.
"'Where on earth did you get this?" he
asked
why. up in the attic in a chest where
some of your books and papers are and
there are good many more of them"
L uOH L lllnk the Ialn6T was long IN
making tracks to the attick. and there he
found his lOng-fOrgOtten Southern Mnneso-
tas. They were worthless when he put them
away, but they were worth their face now
something like $50. 600. l think; at all
events. enough to put our friend on his
feet, and he hasn't touched thing since
that hasn't turned to gold. He has just
taken the boy into his Office, and mighty
bright lad ho iS and his ia ther fhjnLc he ic
a genuine mascot.
Il could tell you of a number of other re-
markable pieces of pure luck that have
made some of our operators middling rich
and | doubt whether the Thousand and