The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-11-27
STOCK PLUNGING IN II.
IT VA LANGLEY MADE 100000 On
A BORROWED 800.

NNoEhAAk aA"h "NhN AA ~
Wall street men who weathered the slump
Of 1877 may remember Langley. the plunger,
who ran such a marvellous race with fortune.
One OF these Wall street men told this story in
an uptown club last week to half a dozen young
men as u warning not TO tempt fortune
too far. Langley operated in stocks before the
Nanoleonic revival or he would undoubtedly
have been dubbed the first Napoleon OF
Finance. He died in poverty. otherwise he
would not have served to point a Wall street
moral and his name was not Langley. but SO
near II that old brokers may easily identify
him.
You have asked me to tell you Of the most
sensational plunginR since l have been III Wall
street" said the elderly broker. and 1 will
answer you by telling the story Of Langley. 1t
IS not fiction and to my mind it Is more re-
markable than any similar tale OF fiction | have
ever read. 1t happened that l had offices with
Langley's broker at that time and / knew every
in and out OF his operations. Let me say at
the outset that in my experience plungers are
n class by themselves and when a man is once
a plunRer he will remain a plunger to the end
OF his career. Such q man was Langley. I
met him first in 1876 when he was q prosper
GUS merchant in Philadelphia. He was re-
ported to be wealthy at that time and his bust
ness was profitable. 1t was not necessary for
him to speculate. but It seemed to he in his
| blood. and he operated through Blackwood.
with whom / had an office. He went in for
thousand share lots and there were weeks
when he seemed to be gambling on every ac-
tive stock in the market without any particu-
lar reason for It.
"Blackwood urged him again and again to
60 slow. but Langley wouldn't have It. The
market began to go against him and when the
slump came in 1877 it not only wiped out his
aopOunt Mt hie hr0kara hIt bia huainaao in
Philadelphia as well. Langley founi himself
in middle life without a dollar that he could
call his W Such blows are knockouts for
some men and when Langley disappeared for
six months or more we thought that he had
office was dramatic. The market was Just be-
ginning to react from its depression when one
been a weii.dressed man. He now aIpppteSSrreedi
IN the shabbiest, kind, Of clothes. Failure was
eyen hungry ssampe na Gn nlS bowed DSSs s so three as o 5qG poe9
men in the office whom he, had known in his
days Of prosperity, and each ONE of them cal;
culated in his mind how much Langley would
AK to borrow and how much he would give
him
Pt can sSot that. s said SAID his ' old II br nata .9 and I
am sincerely sorry }l for you. II car help you
i haven't come here to beg said Langley,
but, L want you to give me a start in the mar
Let me beg Of. you to stay out of it, re-
piled Blackwood. You have paid me a great
deal of money in commissions and now let me
where, but don't touch the stoct Market
That won't suit me- said Langley. and I
If I lose | will disappear. II win will make
more. viii You do ity'
aw uSlaf but Tah nell that had i BS ssh th65H fs sood %S epsy
toner fol-, many years and he could not refuse.
II will put you in the market for $780, he
THE market had closed and the men in the
office, were listening ,curiously to hear how
Lenf BiseE Ess sG'n he 80 SAID. idvs sSor ais %Sns Closed a.
row morning 100 shares Of It with a one-point
ITO the other men in the office this seemed
to be a foolish way to throw away, SlOO. and APP
thoughts. Turning to them and shaking with
excitement. Langley said:
mark li mug words 81 so that sh sfeei s slii ssfl f3;i i iHi
before it. again sells for 81. and events proved
study Of the crop prospects. and he succeeded
N f9recasti9g the big bull movement before
shares for him at It sia and the stock RocEa ADVANCED Sa9 ced
a point in 1.n.,ou, alta p.uu &c..
market. Your margin is SO small that a Slight
replied Langley, and / NOV what / am talk
stop loss of half a point, am going to pyra-
mid this, stock and make something worth
'Blackwood executed his order, and again
S sss s ont move went WIKI Up; s4d dpn eIasy b brad z s shSn fSsr to
despite its little turn for the better. It
wasn't LanGley,s style to get out. He bought
its. and still the stock went up. The little
crowd OF men who used to frequent our ofice
terest. and on the strength OF them Invested in
Northwest themselves. Langley followed that
rose and brushing aaidp the a1vtna of frinDic