Dodge City times., 1888-04-19

. Ihave observed for years how none
il swallowed up in the vortex of specu
laticn. l am continually going t
Wall street, feel proof against it
temptations-as like to watch its cur
rents and study human nature, o
which it is an excellent school. NEE
acquaintance there from every part o
the Union. One day encounter Smith
Of Denver, aud inquire after Jones. o
Omaha, who tod me. three months be-
fore, that he had cleared $5OO,O 600 by
his operations.
'Jones9 o, they've scalped him
That last bear attack on the marke,
cleaned him out completely. He ha:
gone home without any thing; and had
100000 or a50O,OOO. made by land
speculation, when he came to New
York two ears ago"
81 am very sorry for Jones'" reply.
He was good fellow and full of en-
ergy."
He was all of that" remarked
Smith. But he wasn't quite smart
enough for Wall street, l 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
days?"
Not bit. They've tried it often;
but l wear AL my hair yet. l know
their ways. I'm too old bird to be
caught
Some months later ran upon Brown,
Of Chicago. and after a little chat l
express the hope that Smith is flourish
ing.
"Flourishing? 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 a cheap boarding
house in Harlem. You remember what
figure he used to cut at the Windsor?
He's trying to get up again; but he
never can. His father left him a hand
some fortune ten years ago, and he
couldn't raise $500 to-day. He's too
hopeful, too reckless. He doesn't know
when to take in SAIL
''But mayn't you be in the same con-
dition some time? The Stock Exchange
is the most uncertain of places. A
man of your pursuits is always living
on mine"
Don't bother about me. l watch
these thieves. They can't hurt me. I
always sleep with one eye open, and
they know it. Chicago is sharper than
New York. A man educated there can
get on anywhere. Robinson and l.
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 pros
porous.
81 wish he were; but the fact is that
he is broken down. That big tumble
in Western Union hurt him irreparably,
and he had 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 cautious, and Brown never learned
this. 1t was one of the first lessons
that l learned, and 1 learned it thor
oughly. 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, aud 1 ascribe
my uniform success to judgment. Some
people call it luck. Bah, there's no
such thing as luck
But is not your judgment fallible f?
One can not always keep on the right
side of the marketp'
Sew can; but am one of the few"
One evening, just after week of
great disturbance in stocks, a disturb
lnce almost approaching panic, ran
lpon well-known broker, MANY of
whose customers are from the West.
We fell to taking of the disasters of the
week. and he mentioned that Robinson
lad lost lot Of money on Manhattan.
md his margined stocks had been sold
'ut. 'He must have lost several hun
lred thousand dollars, may be $500. 900.
ie is going to st. Louis to dispose of
ome real estate belonging to his wife.
Who has entire confidence in him and
lis ability. and with the new stake he
will enter the street again"
You have been stock broker a lonp
While, " l asked an acquaintance lately.
what do YOU candidly think of specu-
alton? What is the result of your OBJ
ervation? Is much money made in
Vail street?'' ;
"Almost nothing. Men who make
n one thing lose in another. I've been
twenty-five years in the street, and of
he hundreds who have operated on
larglns through me can scarcely re.
all half dozen who have not suffered I
the long run. If men generally
'ere prudent and sensible, it would be
nfortrnate for us brokers; we'd have
,ighty little business. But thev are I
ot. and never viii be. I frequently i
dvise my friends not to speculate: but '
does no good. They learn nothing U
y the experience of others, and next to a