The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-12-19
BIG DEALS IN NORTHWEST
"PYRAMTDEDp HIS WINNINGS
ON SHIPMENT OF MARGINS.
And Then When the Break Came,
Langley Was Left Without
a Single Dollar.
Mew York SUM-

I
! ing the story of Langley. 1t is not
fiction, and, to my mind, it is more
remarkable than any similar tale Of
fiction 1 have ever read. 1t happened
that 1 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 plung-
ers are a class by themselves. and
when a man is once a Dlunger he VIII
! remain plunger to the end of his ca
reer. Such a man was Langley. met
! him first in 1875 when he was pros
| porous merchant in PhIladelonla. he
was reported to be wealthy at that
! time and his business was profitable.
| 1t was not necessary for him to s1ec-
uIate, but it seemed to be in his blood,
and he operated through Blackwood,
| with whom I had an office. He went
| in for 1,00O-share lots, and there were
/ weeks when he seemed to be gambling
on every active stock IN the market
| without any particular reason Tor IL
"BIackwood urged him again and
again to go 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 ac-
count at his brokers', but his business
| in Philadelphia as well. Langley found
| himself in middle life without dollar
! that he could call his own. Such blows
| are knockouts for some men, and when
| Langley disappeared for six months Or
more we thought that he had given up
| the fight His temperance in our Of
| flee was dramatic. The market was
! lust beginning to react from it's depres-
| sion, when one afternoon Langley
walked in. He had always been we'll
! dressed man. He now appeared in the
1t, 1f al
plainly stamped on his face, and he
! looked even hungry. Langley bowed to
three or four men in the office whom he
had known in his days of prosperity.
| and each one of them calculated in his
mind how much Langley would ask to
| borrow, and how much he would give
him.
GETS A s1OO START.
Z" Blackwood.' he said, I am in hard
luck
'.I can see that said his old broker,
| and 1 am sincerely sorry for you. If
1 can help you in any way, 1 will gladly
do So.
81 haven't come here to beg, said
Langley, but 1 want you to give me a
start in the market
Let me beg of you to stay out of
| it. replied Blackwood. You have paid
me a great deal of money in commits
sions, and now let me give you enough
to help you get a start somewhere, put
| don't touch the stock market.
That won't suit me-, said Langley.
and [ am only going to ask you to risk
800 for me. If lose will disappear.
If I win L will make more. VIII you
do ito
''Blackwood felt that it was throw
ing money away. but Langley had been
his good customer for many years, and
/ h mr. ~
I will put you in the market for
$780, he said.
THE market had closed, and the men
in the office were listening curiously
to hear how Langley was going to in
vest his money.
'Blackwood,' he said, Northwest
closed at 31h today. I want you to
buy Cor me tomorrow morning 100
shares of it, with a e-point-stop-loss
order
ITO the other men in the office this
seemed to be a foolish way to throw
away 500, and apparently their express
sions indicated their thoughts. Turning
to them, and shaking with excitement,
Langley said:
Laugh, if you choose, gentlemen.
but, mark my word, that stock will
sell for 131 before it again sells for 81,
and events proved that he was right.
He had made a careful study of the
crop prospects, and heI succeeded in
forecasting the big bull movement be-
fore Wall street felt it. Blackwood
bought the 100 shares for him at 31l4,
and the stock advanced point.
COMES LANGLEY'S WAY.
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 fuctuation will
wipe you out
q You heard what 1 said about
| Northwest replied Langley, and
know what I am talking about Please
buy me another 100 with a stop-loss OF
half a point. am going to pyramid this
stock, and make something worth
While, or lose it ALL
"Blackwood executed his order, anC
again the stock went up. Langley haC
a chance to get out now with $400 cieal
profit, and there was not much genera
confidence in Northwest, despite its lit
tie turn for the better. 1t wasn't Lang
ley's style to get out. He bought NOR,
stock on the strength of his visible
profits, and still the stock went up. Tit
little crowd of men who used to FIRE
quent our Office in those days followed
his operations with interest, and OF
the strength of them invested in North
west themselves. Langley followed tina
stock up point by point, pyramiding a.
it rose and brushing aside the advice o
friends to get out with his profits. SOM
of you may remember what a stronl
bull market followed the slump of II
and yet how its real strength wa,
doubted from day to day and weel
to week, but Langley never doubted it
He asserted in the face of sneers tina
Northwest would have hundred-poin
rise, and he said that he was going t
get out of it all the profit that he saw
The time came when Blackwood saiC
to him:
" Langley, you have had such lucl
as no man in my experience ever had
You can now get out with $4,000 clea.
profit You are no longer a young man
Let me beg of you to take your $50, 90
and never come near Wall street again,
'' You mean we'll said Langley, but
can't take your advice. I am going t
clear 100000 on Northwest, and witt
that 1 can make a fortune I won
get out until I dc. It's either a FORUM
or nothing with me now
WINDS UP 1885,, 900 WINNER.
Langley stuck to it, as he had de
clared he would, and he pyran!ided in
reckless fashion. The time came whe1
the stock halted and wavered a biz
Langley came into our Office that morn
ing and said:
4" 'Blackwood, you may close out m.
Northwest
He still looked shabby, because h
had been too much interested in hi
stock to pay any attention to hi
clothes, but there was victory instea
| of failure in his expression. When tn
stock was closed out there was S105. 90
to his credit on Blackwood's books. TIL
regulars in the Office congratulated hin