The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1899-01-08

can't take your advice. I am going
to clear $780, 600 on Northwest and
Win that l 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 de-
clared he would, and he pyramided IN
reckless fashion The time came
when the stock halted and wavered
bit. Langley came into our office that
morning and said:
" 'Blackwood, you may close out my
Northwest.
He still looked shabby because Re
had been too much interested in his
stock to pay any attention to his
clothes, but there was victory instead
of failure in his expression. When the
stock was closed out there was $780,
600 to his credit on Blackwood's books,
The regulars in the office congratulat-
ed 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 mar
ket he would, with his plunging pro-
clivities, be sure to loose it.
Its 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 determin-
ed to win $1,000,0Oo. Ordinary stock
transactions We're a little too slow for
him, and he went in for the most recN-
less kind of gambling in the street.
He figured out that if the crops in the
coming season should be good there
would be great jump in the market,
and if thew had thora wOll16 hh
a 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 s20,0O0 say
for the privilege of buying a certain
number of shares of ST. Paul at
certain price, perhaps 10 points above
the then market price or selling it at
so many points below the then mar
ket price at a certain future date. In
other words, he was betting that the
market would go way up or way
down before certain date. You can
readily understand what a blind gam
Bile this is. 1t was against all common
sense, and Langleys career in it was
extraordinary. The market rose, and
when Langley called all of his 'strad-
dies he was sSsO,0oo ahead of the
game.
Such luck was enough to brighten
any but plunger, but it only served
to intoxicate Langley. He was con-
suited by a lot Of other plungers and
for a time his tips seemed to be sure.
With a million in sight he wanted
more. His past experience had taught
him nothing. 1t never does teach that
style of man. The gambling fever was
in his blood. He was crazy. Black
wood brought every possible 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 mar
ket went against him and he lost all
but $4,000 of his profits. That was
enough to start again with, he assert
ed, and again he plunged. When his,
accounts were once more settled lie
was wiped out completely That is a
true story and a wonderful one
What became of Langley" asked
one of the young men.
He disappeared and returned some
months later with $50 and a system.
He lost his money in one turn. Six
months later he rcame back with a
little money and lost it. Then he dis
appeared A few years later came
the report Of his death. Nothing but
the charity of his relatives saved him
from the most adjective poverty. -
New York Sun. u.s.