Mexico weekly ledger., 1902-08-21

SisAa 49, ~ ~ NAAh1 IL
CHICAGO, July Is, 1S9-.-Dear Pierre.
pont: / met young Hershey, OF Hor-
shey & Horter, the grain and provision
brokers, at luncheon yesterday, and
while We were talking over the light
run OF hogs your name came up some
how, and be congratulated me on hav-
ing sucha smart o n Like an old fool,
l allowed that you we're bright enough
to come in out OF the rain II some.
body called you, though / ought to
have known better, for it seems as II |
never start in to brag about your
being sound and sweet that l don't
have to wind up by allowing a rebate
for shippers.
Hershey was 50 blamed anxious 10
show that you were oyer-weight-he
wants to handle some OF my business
on 'Change-that he managed to prove
you a light weight. Told me you had
ordered him TO sell a hundred thous.
and ribs short last week, and that he
had just bought them in on a wire
from you at a profit offour hundred
and sixty-odd dollars. l was mighty
hot, you bet, to know that you had
been specializing, but l had toswallow
and allow that you were a pretty
sharp boy. l told Hershey to close out
the account and send me a check for
your profits and l would forward it, as
l wanted to give you a tip on the
market before you did any more trad
ing.
/ inclose the check herewith. Please
indorse it over to the treasurer Of the
Home for Half-Orphans and return at
once. / will see that he gets it with
your compliments.
Now, / want to give you that tip on
the market. There are several reasons
why it isn't safe for you to trade on
Change just now, but the particular
one is that Graham s 90. will fire you
if you do. Trading on margin is a
good deal like padding around the
edge Of the old swimming hole-it
seems safe and easy at first, but before
a fellow knows it he has stepped of
the edge into deep water.
The wheat pit is only thirty feet
across, but it reaches clear down to
Hell. And trading on margin means
trading on the ragged edge OF moth
ing. When a man buys, he's buying
something that the other fellow hasn't
got. When a man sells, he's selling
something he hasn't got. And fits
been my experience that the net profit
on nothing is nit. When a Spectator
wins he don't stop till be loses, and
when he loses he can't stop till he
wins.
You have been In the packing bust
ness long enough now 10 know that It
takes a bull only thirty seconds TO lose
his hide; and ifyoun believe me when
! tell you that they can skin a bear
Just as quick on Change, you won't
have a Board OF Trade Indian using
your petit for a rug during the long
winter months.
Because you are the o. OF a pork
packer you may think that you know
a little more than the next fellow
about paper pork. There's nothing in
it. The poorest men on earth are the
relations Of millionaires. When ! sell
futures on Change they're against
hogs that are travelling intodry salt at
the rate Of n a second, and II the
market goes up on me I've got the
solid meat to deliver. But IL you
Lose, the only part OF the hog which
you can deliver is the squeal.
1 wouldn't bear down so hard on
this matter IL money was the only
thing that a fellow could lose on
Change. But il a clerk sells pork,
and the market goes down, he's nigh
ty apt TO get a lot Of ideas with holes
in them and bad habits as the small
change OF his profits. And if the
market goes up he's likely to go short
his self-respect to win back his money.
Most men think that theycan figure
up all their assets in dollars and cents,
but a merchant may owe a hundred
thousand dollars and be solvent. A
mans got to lose mort than money to
be broke. When a fellows got a
straight backbone and a clear eye his
creditors don't have to lie awake
nights worrying over his liabilities.
You can hide your meanness from your
brain and your tongue, but the eye
and the backbone won't keep secrets.
When the tongue lies, the eyes tell the
truth.
/ know you'll think that the old
man is bucking and kicking up a lot
Of dust oyer a harmless little flyer.
But I've kept a heap smarter boys
than you out Of Joliet when they
found 1t easy to feed the Board Of
Trade hog out OF my cash drawer,
after 1t had sucked up their savings in
a couple Of laps.
You must learn not 10 oyerwork a
dollar any than you would a.
horse. Three per cent. is a small load
for IL to draw; six, a safe one; when II
pulls in ten for you it's likely work.
ing out West and you've got TO watch
to see that IT doesn't buck; when II
makes twenty you " a blame good
eritter or a mighty foolish one, and
you want 10 make dead sure which;
but II 1t draws a hundred it's playing
the races sr something just as hard on
horses and dollars, and the first thing
you know you won't have even a car
eass to haul to the glue factory.
] dwell a little on this matter Of
speculation because you've got 10 live
next door TO the Board Of Trade all
your life, and it's a safe thing 10 know
something about a neighbours dogs be-
fore you try 10 pat them. Sure
Things, Straight Tips and Dead
.inches will come out TO meet you,
wagging their tails and looking as in
noeent as II they hadn't just killed a
lamb, but they'll bite. The only safe