Vermont phÅ“nix. [volume] (Brattleboro, Vt.) 1834-1955, 1899-02-03
OUR NEW YORK LETTER,
Wall Street Man Who Is Not a
Spectator Gives Some Points.

NEW YORK, Feb. 9.-[Special. Wall
street is still the center of interest for
thousands, rs it will be for long time,
whether or not the break and general
smash predicted in some quarters shall
soon materialize.
Whether that comes early or late there
is no doubt that the losses on the OK
change, rs well as the gains are bound to
be enormous, because very large portion
of the trading is now being done blindlv,
as it always is in times of active stock
| speculation. A man-not brokcr-who
has been employed in n confidential capac-
| ity in Wall street for many years but who
has never spcculated in his life, gave the
writer few points this morning
Some wall street Points.
I'm not one Of those who see irrepara-
| Bile damage to the country from a Wall
street collapse, because l know from his
| tory that the general business of the coun-
| try may 20 right along on sound and
profitable basis all through slump in
| speculative values. There is some dis
| turhancc, of course, but we could survive
black Friday much better than we
| could failure of crops or any one of half
| L
| mention These latter would mean ruin
to thousands and straitened circumstances
| to millions, where hundreds would be di-
| rectly involved in n speculative slump
| The rise or fall of Manhattan stock on the
| exchange doesn { affect the business of the
| road, nor increase or decrease its diyi-
| dends. The direct benefit or damage is
| borne principally by those who are foolish
enough to gamble in stocks
Its chestnut to say it's foolish in
| any circumstances to dabble in Wall street
| speculation, and you'll find articles and
paragraphs in the newspapers nearly every
| day showing how in individual cases this
sober sensible talk has apparently been
| proved false. But it's o. X. all the same.
Let me tell YOU story.
I'm not enough interested in specula-
ton now to know much about the details
OF winnings or losses. But eight or ten
| years ago, when Wall street was on such
a boom that seats on the exchange were
| quoted at $34, 900 apiece as they are now.
was employed in the stock and bonds
| department Of great Wall street house.
1t has since disappeared, but then IL did
as much business surely as any other con
| cern-possibly 1t was the leading estab-
| lishment of its sort | was young fellow
then, and l had IA little money which
thought | might increase by speculation,
being so situated as l thought that
could surely get some dead sure tips
said as much to a fellow employee, and he
asked me to make n promise
One Winner In Two Hundred.
won object to your specializing all
you care to- he said, il you will only wait
full year before you begin That will
give you time to get your bearings, so TO
speak-to prepare yourself for the arena in
advance. Promise me not to buy or sell
a single share for 12 months Then IL
you want TO speculate I'll give you my
best advice
THAT sounded reasonable enough, and
promised. All that year, at my friends
suggestion, watched the results achieved
by the specializing customers of our firm.
There We're between 200 and 300 of them,
and some of them were noted all over the
country for their lucky strikes on the
street. Well, sir, every man of them, with
one single exception, came out worse Off
at the end of the year than he was at the
beginning. One chap who had at one
time been $500, 600 TO the good was 500
900 TO the bad at the end through his sys-
TEN of pyramiding, which is always com
mon among Wall street spectators. All
his winnings and n fine hardware business
besides were wiped out in about two hours
one day. His was the worse case l knew
about personally, but there were many
others more or less similar
1.-The single winner was about the
queerest customer on our list. He was q
small trader, and he would drop in two
or three times day. Erie was his favor
lite stock
How's Erie this morningf' he would
ell ~, h. q
knows he isn't much. Being told, he
would give his order to buy or sell a hun
dred or two, as the case might be. At
noon perhaps he would come in again
up or DOWN. he would ask If there was
even half point of profit for him, he
would rake it in at once, and he rarely
hung on long enough to lose much.
"His total net winnings in year
amounted to perhaps 5000, possibly 81
900. He paid from $25, 900 TO $50, 900 of
commissions into the house in that time,
though, and he was encouraged by the
concern, for he was a good thing You
see now why have never dabbled in Wall
street speculation.
A Depew Story.
Here's Depew story that may or may
not have been in print before. The chances
are that it has, for the circumstances are
of several years standing, but it was told
today by a man who believes it new
For years the late Rev. Thomas Edward
Vermilye, chaplain Of the st. Nicholas So
ciety, used to respond to the toast "Hol-
land" at the society's annual dinner. One
year he was suddenly taken i'll on the
morning before the speech was TO be made,
The dinner committee thereupon slated
Depew for the toast and notified him at
noon.
Now, DIR. Vermilyes responses had al
ways been elaborate efforts, and Depew
was put to his trumps. He had a lot of
things which could not be put off to at
tend to that afternoon, and he couldn't
begin the preparation of the speech till
they were out of the way. At 3 or 4 O'Clock
he was ready for preparation Being away
down town at the time, he went into the
Office of friend in lower Broadway and
stated the situation.
81 wish you would walk up town with
me" said Depew. "I never can prepare
this speech if 1 go and sit down some
where for l can't think rapidly unless
I'm on my feet. AS we walk want to be
entirely relieved of all care, and I'll be
glad if you'll take my arm and just guide
me. Don't talk to me; don't let me get
run over at crossings; just see me safely
to my office'-it was then in Twenty
third street-"and I'll be under everlast-
ing obligations.
The friend did as requested. Depew
thought hard till they had reached Eight