The evening times., 1898-12-06

he succeeded in forecasting lhe big bull
movement before Wall Street felt IL
Blackwood bought the 100 shares for him
al 81 IA and the stock advanced point.
Now, Langley said Blackwood, you
have called the turn this time. and let me
advise you TO take your profit and get
out of the market. Your margin is so
small that a slight fluctuation will wipe
you out.
You heard what said about North
west replied Langley, and I know what
/ am talking about. Please buy me an
other hundred with a stop loss Of half
point. l am going to pyramid this stock
and make something worth while or lose
1t ALL
"Blackwood executed his order. and
again the stock went up. Langley had a
chance to get out now with 800 clear
profit, and there was not much general
confidence in Northwest, despite its little
turn for the better. II wasn't Langley :
style 10 get out. He bought more stock
on the strength of his visible profits, and
still the stock went up. The little crowd
of men who used to frequent our office
in those days followed his operations with
interest. and on the strength of them in
vested in Northwest themselves. Lang
ley followed that stock up point by point,
pyramiding as ii rose and brushing aside
the advice of friends to get out with his
profits Some of you may remember
what strong bull market followed the
slump of II, and yet how it's real strength
was doubted from day to day and week
to week but Langley never doubted it.
He asserted In the face Of sneers that
Northwest would have a hundred-point
rise and he said that he was going to
get out of IL all the profit he saw. The
time came when Blackwood saiG TO him;
"'Langley. you have had such luck as
no man in my experience ever had You
can now get out with $4,000 clear profit.
You are no longer a young man Let me
beg of you to take your $4,000 and never
come near Wall Street again
You mean Well said Langley. but
can't take your advice. am going To
clear $I0J. 90 on Northwest and with that I
can make a fortune. ! won't get out until
/ do It's either fortune or nothing with
me now
Langley stuck to It, as he had declared
he would, and he pyramided in reckless
fashion. The time came when the stock
halted and wavered a bit. Langley came
into our office that morning and said:
% BlackwOod. you may close out my
Northwest
He still looked shabby because he had
been too much interested in his stock to
was victory instead of failure in his ex-
preston. When the stock was closed out
there was S1G5, 600 10 his credit on Black
woods books. The regulars In the office
congratulated him and the story of his
success was three days talk in the street
1t was assumed that Langley would now
retire, but Langley had other plans.
Again Blackwood urged him to stop He
told him that his profits would make him
independent for life and that If he again
went into the market he would. with his
plunging proclivities, be sure 10 lose it,
It's like matching coins every time.
Langley. he said, and in the end you Will
be wiped out
Langley would not be persuaded. and.
having won 100000. he determined 10 win
81. .OO0,0O0 Ordinary stock transactions
were a little too slow for him, and he
went in for the most reckless kind of
gambling in the street He figured out
that if the crops in the coming season
should be good there would be a great
jump in the market, and if they were
bad there would be corresponding
slump. He invested in 'straddles' on ST.
Paul In those days 'straddles' were dealt
in more extensively than they are now
For instance. he would give $2De00 say.
for the privilege of buying certain num-
ber of shares of st. Paul at a certain
price. perhaps 10 points above the then
market price or selling it at so many
points below the then market price at a
certain future date. In other words he
was betting that the market would go
way up or way down before a certain
date. You can readily understand what
blind gamble this is IL was against
all common sense, and Langley's career
in it was extraordinary The market
rose. and when Langley called all of his
''straddles' he was $3.50, 900 ahead of the
game.
Such luck was enough to frighteu any
but plunger, but 1t only served to in
| toxicate Langley. He was consulted by
lot of other plungers and for time his
tips seemed TO De sure With a million
in sight he wanted more. His past ex-
perience had taught him nothing II
| never does teach that style OF man. The
gambling fever was in his blood. He was
crazy Blackwood brought every posi-
| BILE argument to bear on him, but in vain.
With 100000 to back him. Langley
| plunged on straddles again in a fashion
! that made other operators dizzy. The ex-
pected happened this time The market
went against him and he lost all but $50
| 900 of his profits. That was enough to
start again with, he asserted. and agair
| he plunged. When his accounts were
| once more settled he was wiped out com.
| pletely. That is u true story and a won
| derful one
What became of Langley" asked one
of the young men.
| He disappeared and returned some
months later with $50 and system He
| lost his money in one turn, Six months
later he came back with little money
| and lost it, Then he disappeared A
| few years later came the report of HIS
! death. Nothing but the charity of hi:
relatives saved him from the most abjec
| poverty