The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-02-06
SPECULATION IN WALL STREET.
TIE One Inevitable Result that Comes 20 An
Who Qemble In stocks.

Who Gamble In Stocks.
Awhite-hsired veteran OF Wall street stood
watching the crowd Of brokers who were
msdly dartinR about the floor OF the Stock Ex-
chanReduring one Of the recent days Of great
excitement In the Whiskey Trust and Sugar
stocks.
THE under dog is catching IL now" he re-
marked to q friend. with o grim smile. III
you are looking for a moral you can get Il.
How many men have been going around the
street for weeks hugging themselves because
they felt they knew moro about these stocks
than anybody else? How many. inspired BY
the vanity and the desire to shine as prophets.
have impaired their knowledge to friends. and
looked with scorn upon those who differed
with them2 And now their theories have gone
to smash. and not q few have gone along with
them. There are . good many mon Town hero
who think they are good at predicting. but I
have yet to learn OF any who made money out
Of It."
They can't oil lose." suggested his friend.
where one loses another must win. must he
not2"
MY dear fellow" responded the white haired
man. mo man ever specialized In Wall street
without losing in the end. don't care who he
Is. he must lose. Brokers who speculate lose
Just the sameas outsiders. When Jay Gould
speculated he lost millions. Remember. there
is a big differenSe between speculation and
planned methods and bring about certain re-
have been made in that way. Nine times out
OF ten such combinations or deals are based
s ssnses f0n By ae the sstosR "a ias sos halsDe or e etnes.
wise. as 1t may happen to DO. and the
M ni" MP sseeH, II IFS IN r lrne ws,h b ben na1 merei fSh hns.
tened by the manipulators. Gould made his
fortune by manipulation; although no IRE.
to suit his plans. There is a prominent broker
in The street who has made fortunes pvt Of
II ia against q man to say that he speGulates:
because every man at ell well int9rmed about
r,t tssysTal e years e. g"p g We'll stssst . q Po Tss
succsedei in Wall street. Alter 3 long and
had once Won $500 i, in Speculation in Wall
OF the street. never. to speculate any more. IT
was the single bright INCIDENT in a long record
name screeching down to Immortality in his
chapter on Wall street speculation. Since the
Smith T has G returned H9 to- the street eet.e'i II 's SO.
he is lost. and the rule no longer has an eScep-
iii tho history OF. speculation is so dismal"
said the friend. why don't people quit"
MY. boy" said .ths, veteran. don't you
ON enq psa s ) 'n And eH Does not Rfa ape sp II MGe et 9aTSd
in the human breast2 You cannot find a spec
ulator in Wall street who Is not certain that he
will beat the game the next time. 10 will
mover abandon hope-no. not even when he no
longer has enough to speculate with" 49,.
How long have you been In Wall ~strset?"
asked his friend suddenly.
Since early in the seventies
You still seem prosperous
"Ah. my hoy. l have specialized very littlo.
Once in a while my passion for the game over
comes. my discretion. but not often. / devote
myself to manipulation. and have had my
fingers in several pies. When ! speculate I
am no exception to the rule l have laid down."