The Baltimore County union. [volume] (Towsontown, Md.) 1865-1909, 1905-02-25
MD., SATURDAY, FEBRUARY 25. 1905.

betrothed came to America years ago.
He was at first successful, then un-
fortunate, and released me, but I be-
lieved he needed me and followed him.
In New York fell among thieves
who took all my money and made it
appear that / had committed a crime
they had committed themselves. !"
Your betrothed was -
Lars Jacobson.
Nudge, the boomer, was standing
on the opposite side of the street and
saw jacobson take Josephine Smith
son into his arms.
THAT oldish girl has gone at last,
he said. "I' m glad some ones caught
Jacobson if she is a jailbird. The
town couldn't offord to lose him. -
s, Marshall Phelps IN maryland Re-
bR6kican.
PITFALLS AND DANGERS OF WALL STREET
Many fortunes are made in Wall
street every month. What the news
papers tell the public about these is
true. But what we never see in the
newspapers are accounts of the large
fortunes that are lost in the same place
in thesame length of time. The fact
cannot be too strongly impressed upon
the minds of intending Wall street
Spectators thatfor every dollar gained
in Wall street there is a dollar lost,
and as the people who gain the dollars
are always we'll known old timers in
the business, it follows clearly that
the people who lose the dollars are the
newcomers. 1t often happens, too,
that in an unguarded moment an old
timer is ruined in Wall street, but it
is always the other old timers who
benefit by his collapse. The new
comers do not figure in the deal.
Experience" in Wall street counts
for nothing unless the experience is
of many years duration or is had as
friend of a certain clique. No doubt
the man who goes into Wall street
speculation with 81, 900, 900 capital
may with great prudence, be sble to
win ST 900, 600 or SIS, 900, 900 more
after FIVE or ten years. But he will
lose from half to three-quarters of his
original capital in acquiring the
knowledge of "wire pulling" that will
be necessary for him to be possessed
of before he can begin to be making
regular, permanent, steadily increas-
ing gains. Exceptions have been ex-
tremely rare and were the result of a
mere chance. As rule, however,
for a person with less than $25, 900 or
even $50, 900 to go into Wall street is
sheer throwing away of money. I
have seen thousands of men with
capitals larger than that go down,
with the loss of every dollar. Some
of them were men of exceptional
shrewdness too. l tried speculation
when, in 1874, I bought seat in the
stock exchange, but when / found
out what the conditions were I simply
got out at the first opportunity. l do
not wish to be drawn into any con-
stroversy in the matter, so will not
particularize, but the person who is
thinking of going into Wall street
speculation in the hope Of making
money when he learned what is popu-
larly called "the ropes" would do
we'll to ponder over what one writer
has written on the subject: "Some
brokers of the Stock Exchange simply
bid the figures town their bets which
they have made with their dupes- ARE
running a brace game. Pretending
to trade in stock, they delude the
speculating public with the idea that
they bid stock up or down, according
to conditions of trade, war news, and
so on. In reality, their only object
is to bid the figures against the lambs
on the floor who bring in the money
of the lambs on the outside. In the
nature of things, that could be their
only object. The business not being
trading in actual stock, but simply
betting on figures, the only object of
the thimble riggers on the floor is to
bid the figures so as to win their bets.
Several shysters, acting in collusion,
pretend to trade furiously with one
another, their bids in these wash
sales washing a stock up or down" !"