The Worthington advance. [volume] (Worthington, Minn.) 1874-1908, 1888-11-08

W." ~ George and Ethvl and
by the excellent economy of his wife ami his
own patient industry and self-denial in the
matter Of beer and cigars, the hopeful pair
had succeeded in putting $500 into the saw
lngs bank. which it was the young wife's
dream to have presently go into a pretty
home. Her hope never faltered but Johns.
1t must DO confessed, sometimes did. It
seemed very slow and very hard work to
save money out Of q salary of SIS week and
support family besides.
John got to thinking that there must be
faster ways OF getting on in the world.
About this time the stock market began to
attract his attention. He spent odd mo-
ments in reading the reports from Wall
street, and found it quite interesting to
compare the prices of the leading stocks
from day to day and note their fluctuations.
A New York paper published diagram each
month tracing the upward and downward
course of stocks for the month preceding,
which, it seemed to John, threw a great
deal OF light on the subject. In the course
OF TWO or three months he fancied that
ne had discovered o kind of law which
seemed to operate with certain degree
OF regularity, and believed he could deal in
such way as to make and not lose. It
happened that at that particular time stocks
were tending upward and had been for some
months. All the talk from Wall street was
s'bullish." It was said there was practical
certainty that stocks would be higher The
argument in support of this view seemed to
be conclusive. Never before had stocks
been so low in comparison with real estate
and other values. John Luddington looked
into the matter, read the financial papers,
got points from the brokers, and the more
he studied it the more satisfied he became
that there was money in stocks if one oper-
ated with care and intelligence.
He concluded at length to try it in a small
way. One day when he was out for his
noon lunch, he went to the bank, drew out
$50 and hurried to small ''exchange' with
very large name-one Of those establish
ments that are known in common parlance
as 'bucket Shops" although he tried to con-
ceal even from himself the fact that it was
such an institution that he was patronizing.
He tried to exhibit the GOODNESS Of a veteran
Operator" but the effort was failure. He
was in tremble of suppressed excitement.
He had settled upon Northwestern for q
trial effort and hastily scanning the black
board where quotations were marked, with
his head all in a whirl, he hastily went up
to tho desk and left an order for the pur.
chase of twenty shares of that stock.
Common or preferred1" was the prompt
inquiry of the clerk in charge as he glanced
at the memorandum.
John had been contemplating common so
steadily that he had actually ignored the
existence OF some twenty millions of pre-
TERED stock of the road and was aonplussed
tor q moment. The obliging young man
helped him out.
II suppose you mean common-the active
stock, do you not?''
John admitted that that was what he had
made up his mind to buy.
How much do you wish to deposit1'' was
the next query.
Fifty dollars" said John, and the money
was planked on the counter. He had no
mind to put up the ordinary dollar q share
margin and have it swept away if the mar
ket should happen to fall single point. He
would margin for two and half points and
be safe for little ''shake up' at least. The
clerk lookeda trif1e surprised but took the
money and gave HIM the usual memorandum
Of such transactions.
John Luddington did not sleep well that
night. He had q secret in which his loyal
little wife was not to share, a new thing for
him. But he had determined that she should
not know Of this transaction. II the VEN
ture were successful it would be q pleasant
surprise to her; If otherwise, knowledge
Of it would only cause her unnecessary
anxiety.
It was with feeling of apprehension that
he picked up the belated paper next morn
ing and turned first to the stock market,
Had q fire burned up Chicago during the
night he would not have stopped to read
even the headlines until he had seen what
the bulls and bears in Wall street had
done the day before. His pulse beat
more calmly when he saw that Northwest
ern had not declined and read the confident
predictions of the bull brokers that the
market was ''strong'' and would certainly
show rise. Yet he felt feverish all the
forenoon and strangely anxious to know
what stocks were doing He could with
difficulty concentrate his thoughts on his
work, thinking one moment what he might
make and fearing the next what he might
lose.
When twelve o'clock came he did not stop
to lunch but hurried first to the Exchange"
which he reached, as on previous occasions,
by going through hotel entrance and COM
ing in from the rear. He had not yet lost
his selt-respect sufficiently to enter boldly
through the front door. With illconcealed
he approached the blackboard
before which q number of men were seated
and standing. To his CONSERVATION he saw
that Q general decline had taken place.
was 1855 (he had bought it
ut 1870. Almost go Of his $50 was al
ready gone. A drop Of another point Or two
would sweep it all sway. His heart beat
hard and he felt momentary dizziness
como over him. Steadying himself, he
asked ono Of the nen, who seemed
thoroughly posted, what he made of the
market. The man was evidently "bear,"
for he said very promptly and with en- |
phasis that stocks were bound to come !!
down; that they had been too high for
some time, there was nothing to keep them ;,
up, and he had been looking for grand
tumble in them.
Atttls the place seemed very close and
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