Wichita eagle. [volume] (Wichita, Kan.) 1886-1890, 1888-04-24
SPECULATION'S VORTEX.
ANXIETY AND AGONY OF ALTERNAT.
ING HOPE AND DESPAIR.
Wall Street an Excellent School for the
Study of Human Nature-How Men Are
Swallowed Up in the Whirlpool-Sev.

" ALI SITeet All L4Ccllcht SchDoh wi hAAD
Study of Human Nature-How Men Arc
Swallowed Up in the Vhirlpool-sev.
eraI Cases.
have observed for years how money is
swallowed up in the vortex OK speculation.
1 am continually going to Wall street,
feel proof against its temptations-as l Ike
to watch its currents and study human nat
ure, Of which it is an excellent school.
meet acquaintance there from every part
of the Union One day l encounter Smith,
of Denver, and l inquire after Jones, OF
Omaha, who told me, three months before,
that he had cleared $500, 900 by his opera
tions.
''Jones? Oh, they've scalped Kim That
last bear attack or the market cleaned him
ont completely. He has gone home without
anything; and he had s4Oo,0 900 or S500,O00,
made by iano speculation. when he came &c
New York two years ago.
II am very sorry for Jones" l reply. HE
was a good fellow and full Of energy"
''He was all of that" remarks Smith.
'But be wasn't quite smart enough for Wall
street. told him last spring how he was
going, but he wouldn't believe me. Now
he wishes, fancy, that he had taken my
advice. A man has to get up pretty early in
the morning to stand the racket down here.
aren't you afraid, Smith, that they'll get
your scalp one Of these daysF'
''Not a bit They've tried it often; but /
wear all my hair yet l know their ways.
I'm too old a bird to be caught
Some months later l ran upon Brown, Of
Chicago, and after little chat express the
hope that Smith is fourishing.
"Flourishingl Not exactly. Haven't you
heard what happened to him! No? He went
short on Reading and he got busted in short
order. He's SO poor that he's in cheap
boarding house in Harlem. You remember
what a figure he used to cut at the Windsor.
He's trying TO get up again; but he never
can. His father left him handsome for
tune ten years ago, and he couldn't raise $500
today. He's too hopeful, too reckless. He
doesn't know when to take in SAIL
But mayn't you be in the same condition
some time' The Stock Exchange is the most
uncertain Of places. A man of your pur-
suits is always living on mine"
"Dont bother about me. l watch these
thieves They can't hurt me. 1 always sleep
with one eye open, and they know it Chi
cago is sharper than New York. A man edu-
Gated there can get on anywhere. Robinson
and I-you know Robinson, Of St. Louis
haven't got caught yet, and we don't intend
to be. We're as wide awake as any of the
boys, and they know it"
Six months later am shaking hands with
Robinson in Exchange place, and refer to
Brown, hoping he is still prosperous.
Il wish ne were; but the fact is that he is
broken down. That big tumble in Western
Union hurt him irreparably, and he had a
stroke OF paralysis the next week, and he
hasn't been down town since 1t was partial
only, but it makes Brown look old. He's
grown fifteen years older since last June.
His sudden success turned his head, and
he went in too deep. I'm afraid he hasn't
much left. A man in Wall street has to
learn when TO be bold and when to be eau
tious, and Brown never learned this. It was
one of the first lessons that | learned, and
learned it thoroughly. I've been operating
here six or seven years, and in that time I've
seen scores of fellows ruined. But I've never
been crippled even, and ascribe my Uniform
success to judgment Some people call it
luck Bah, there's no such thing as luck"
A1~N 40 LOS .CH4 J~t5AA<SAAS ASiAibAOs OAc
ran not always keep on the right side Of
the nlarket.'
Few can; but am one of the few"
One evening, just after week of great
in stocks, a disturbance almost
panic, l ran upon a well known
broker, many, of whose customers are from
the west. We fell to talking Of the disasters
Of the week, and he mentioned that Robinson
had lost lot of money on Manhattan, and
bis margined stocks had been sold out. he
must have lost several Kindred thousand dol
ars, may be $500, 600. He is going TO ST.
Louis to dispose of some real estate belong
ing to his wife, who has entire confidence id
him and his ability, and with the new stake
be will enter the street again"
you have been stock broker & long
WHILE / asked an acquaintance lately,
what do you candidly think of speculationi
What is the result Of your observation Is
much money made in Wall street9'
almost nothing. Men who make in one
hing lose in another. I've been twenty-five
Years in the street. and Of the hundreds who
lave operated on margins through me l can
scarcely recall half a dozen who have not
suffered in the long run. The truth is nine
cen out of every twenty uleu-perhaps
hirty-nine out of forty-are gamblers by
And when they begin gam
bling they don't know when to leave off No
me can imagine what misery and crime
Vail street causes unless he is on the inside.
often wish l had gone into some other
business. | have seen so much Of the evil Of
pecuiation that never speculate myself"
Since then my broker friend has failed by
us rash attempt TO keep up line of stocks
hat had been dropping for months, and it Is
doubtful if he can resume. He is reported to
ne as desperate Spectator for man OF his
means, though for many years be was one Of .
he most conservative members of the board.
The worst thing about Wall street is that it
uins men morally not less than financially.
he habit of specializing is as bad as dram
rinking or opium eating. No one knows,
ghen he begins, where he viii end A full
curse Of Wall street is apt 70 sap the founda-
ions OF character, debauch the sentiments.
verthrov every principle. Is begets with +
be successful a lust Of greed which nothing
an satisfy, and with the unsuccessful self
morbid anxiety, shattered nerves,
be agony Of alternating hope and despair.
all street puts human nature in tbs gutter,
I'D keeps It there-Jumus Henri Browne In ;
-!obe-O Democrat