The Wilson times. [volume] (Wilson, N.C.) 1896-19??, 1897-04-23
Why are They Defau!ters

lie nuu been dealing III futures"
This was the reason telegraphed all
. over the State last week why trusted
bank officer was short in his accounts
A few years ago, when one of the
richest men in the State was forced to
make an assignment, the explanation
was that he was ION the wrong side"
of cotton futures.
Almost every day the papers give an
account of the shortage Of some man
who enjoyed the confidence of the
community. 1t almost every instance
gambling in futures" is the cause of
his shortage or defalcation. He is al
ways sorry he did it. He never meant
to take money belonging to Others. He
never conceived that he would be
advertised as defaulter. He merely
wanted to supplement- his salary by a
little speculative buying of futures. T"
He did not risk much at first. He put
up small margin first at bucket
shop" He made enough to buy his
wife a horse and carriage. Then he
needed a stable. He went little
deeper. Then he needed other sources
of income to live up to the style of his
new equippage. He used still more
trust funds. He lost. He resolved to
try one more time, to make enough to
pay all he had used, and to quit the
game. But his luck had turned The
cards had been staked. Every turn of
the wheel carried him further and into
the vortex from which there was no
escape. He had been defaulter. He
was exposed. His future was blighted,
his family Inundated, and his charac-
ter and reputation had taken fight.
This is the story of many bright
man, and in his downfall there can be
only pity mingled with condemnation.
There are boys and young men in
Raleigh who are putting up their little
earnings as margins to gamble
whether cotton or wheat viii 90 Gp
..., l.o,,4I, :. H., ..4o,. - ,e,o :. .,uu.a
man in Raleigh was saved from ruin
and xposure by the clemency of his
employer. He had used money that
did not belong to him to speculate
with. He had lost The prison doors
almost opend for him, He escaped by
hairs breadth. He learned a costly
lesson
The increase of the dealing in
Cultures" is alarming. In one town of
less than 5000 population more than a
hundred thousand dollars was lost in
three months a few years ago. Now
and then man wins. Then every body
knows. Nine times out often he loses,
and then he says nothing. There is a
fascination about it that holds most
men until they have lost all. Some do
not quit until character all is gone.
A few days ago, gentleman who
sometimes takes hand at the game
himself, said that if the money that has
been lost in futures in Wake comfy
in the past ten years had been invested
in manufacturing industries, it would
have doubled the spindles in all our
cotton factories. This shows the
of the drain upon our people
IN their mania to make haste to get
rich. Speaking along the same line, {
m officer in one of our principal banks
,aid few days ago that it made him
leart sick sometimes to see the losses
n this feverish speculation, and he ,
aid further: I'm my experience as {
,anker, have come to believe that at
east eight out of ten failures can be
raced to dealing in "futures." 1t is
he crying evil among business men,
md it is deInoralizing their clerks aud
he young men about them" News
md Observer. 4
N>d 1