The Abilene reflector. [volume] (Abilene, Kan.) 1883-1888, 1888-03-08

| an very sorry 1Or Jones, l. 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 all my hair yet. 1 know
their ways. I'm too old bird to be
caught"
Some months later Iran upon Brown.
of Chicago. and after a little chat
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 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.
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 vet. 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.
ii 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 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
One can not always keep on the right
side of the market?"
Few can; but am one of the few"
One evening, just after week of
great disturbance in stocks, disturb
ance almost approaching panic, ran
upon 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
had lost lot Of money on Manhattan,
and his margined stocks had been sold
out. He must have lost several hun
dred thousand dollars, may be $500. 900.
He is going to St Louis to dispose of
some real estate belonging to his wife,
who has entire confidence in him and
his ability, and with the new stake he
will enter the street again"
You have been Il stock broker a long
WHILE asked an acquaintance lately,
''what do you candidly think of specu-
iation? What is the result of your OBJ
Is much money made in
Wall street?'
almost nothing. Men who make
in one thing lose in another. I've been
twenty-five years in the street, and of
the hundreds who have operated on
through me can scarcely re-
call half dozen who have not suffered
in the long run. If men generally
were prudent and sensible, it would be |
for us brokers; we'd have
mighty little business. But they are
not. and never viii be. l frequently |
advise my friends not to speculate; but
it does no good. They learn nothing |
by the experience of others, and next to
nothing by their own. The truth is. nine
teen out of every twenty men-perhaps
-hirty-nine out of forty-are gamblers
Oy constitution. And when they begin
gambling they don't know when to
cave of. No one can imagine what
misery and crime Wall street causes I'M
ess he is on the inside. l often wish l
lad gone into some other business. i
nave seen so much of the evil of specu-
alton that never speculate myself"
Since then my broker friend has
allied by his rash attempt to keep up a
inc of stocks that had been dropping
or months. and it is doubtful if he can
'esume. He is reported to me as a
desperate speculator for a man of his
means. though for many years he was
'ne of the most conservative members
If the board.