St. Paul daily globe., 1893-01-29

ways OeIleVeQ that the STOCK was DOuDQ
to go very high. l began buying it when
it was in the neighborhood of ITO
and 120 and / never believed that it
would whip a 10 per cent dividend for
me, but the stock is selling now at 155,
and | have great deal of it and expect
to keep it. do not think there is any
necessity for going into further detail
as to my operations, as have said
enough to indicate what did and the
IDEAS that governed me.
''NOw l will tell you some peculiar
things about this story in its beginning
and its progress. When | started in on
the floor of the stock exchange on Feb.
5. 1891, L was not in possession of the
assets of my estate. When my creditors
signed the agreement releasing me from
all my obligations Oh my promise to pay
them i'll full at the earliest possible mo
lnent, it was, of course, their intention
that should have the use Ofany assets as
capital wherewith to resume business,
but found that l could not get hold of
it. 1t was tied up in some legal way
that cannot pretend to explain. 1t was
argued, l believe. that possibly some
further creditors might come forward,
and this would comDlicate matters. 1t
was some time before | got even per-
centage of the assets, and it was three
months before l came into full posses
sion. When l resumed business did
so with few thousand dollars of money
that was loaned me by friends.
Friends Worth Having.
81 know at the time that [ started in
again that there was story in clrcula-
ton that | had command of unlimited
capital, which had been placed at my
disposal by people whom l had favored
and perhaps benefited during my pre-
yiOuS business career. In that story
there is just this much truth. After
my failure there were three friends who
came to ME repeatedly and begged
that l would accept loans of money
from them for the purpose of using it i'll
my business. L told them that was in
no position to take 1t from their hands,
as was still surrounded by the debris
of failure and did not know exactly how
l would come out. | said when the de-
bris was cleared away l might accept
their generous offers. They were men
for whom had made money, and felt
less hesitation on that account. When
it was finally arranged that l should go
back to the exchange l dropped
them notes, saying that was ready aud
would accept the smallest amounts that
they had named Two of these friends
had named $4,000 or $4,000, and the
third friend had named $4,000 to S30,
600. From this friend took S25, 900, and
from the two others S25, 900. making $780,
600 in all. With that $4,000 L made i'll
three months more than the gross
amounts of tine assets which hoped to
have when l resumed business early IN
February.
How He Did 1t.
"As to the fashion in which | paid off
the million dollars L will say paid it off
as rapidly as l earned the money. |
began business ON Feb. 5, and on Feb. z
| had paid off $4,000 of the claims
against me. This covered all the claims
under $500. After this l continued pay
ing, taking the small creditors first, and
gradually getting my debts in few
hands. By the 1st of August | had
wiped out about 100000. The day be-
fore New Years the last of the other
100000 was paid and the task accom-
piished.
IL should not omit to mention that [
was helped very largely by the profits
arising out of my stock commission
business. | have had number of good
customers and have done very much
larger commission business than l eX-
pected to do. When l opened my books
1 bought a very modest ledger,
but the progress Of the business
threatened almost Immediately to out
grow and Outrun the ledger's dimen-
sions. have handled about S600,0OO OF
other peoples money, and this money
has. of course, followed the course of
my own operations. have one customer
who has up to the present time made
$4,000 out of his investments. They
were investments and not speculatlonS,
and were made in Sugar, COrdage and
the other stocks that | have named. L
advised him TO buy couple of hundred
shares of COrdage the other day and as
sured him that believed it would go up
to 100 in time.
The Nervous Strain Incurred.
''And so the million dollars was paid.
1t never could have been done If NY
creditors had not cleared the way for
me and testified to their belief in my
honesty and capability in the noble and
unexpected way that such testimony
was given, and it never could have
been done if a divine prov-
dence had not :given me the
health and the nerve necessary for the
prosecution of my business. L tell you
when man has great interests In the
market. and watches the tremendous
nuctuatlOnS ana InG overwhelming
movement of values that 90 in and
come out with irresistible movement of
the tides, and knows that Sl50,000 or
S2OO.O00 of his own are dependent on the
length and the strength of those move
ments, IL requires no ordinary strength
and no ordinary courage to maintain
the necessary nerve.
LAS | have told you l made up my
mind at the outset that l could not sub
NIT my brain or my nervous system to
the anxiety attendant on small tluctua-
tions. These anxietieS are too constant
and too harasSing and accompanied by
results that are too small, whatever
those results may be. l had the
utmost confidence in the properties
that | had selected, and | could watch,
therefore, great fluctuations with more
eeuanimity than under other circum-
stances L could have watched small
fluctuations. But when everything is
at stake, as it was with me, the tre-
mendous movements of the market: the
Swaying backward and forward of val
ues was moving spectacle constantly
and tremendously impressive, and do
not hesitate to say that | was moved
and impressed in no trifling way"
"How about next year, Mr.. White"
81 do not think that | shall work so
hard. l do not have to make S1,000,0O0
during 1898, and l will not try to do it,"
But the possibilities are still there?'