The Washington times., 1922-12-03

for over forty years, II Is hard
to walk under poor mans hat"
When we reached the Astor
House q complete reaction had
occurred. His collar was turned
down. his head came out conf.
dent and aggressive. his hat had
shifted to the back of his head
and on a rakish angle. The hope.
full citizen fairly shouted: "Mr.
Depew. the world has always
gone around. II always will 20
around" He managed with the
aid Of Commodore Vanderbilt to
save his assets from sacrifice
In a few years they recovered
normal value. and Mr.. Schell,
with his fortune intact, found
1.-The world had gone around" and
he was on top again.
SOUNDED LIKE A TIP.
Illustrating the wild speculative
spirit Of one financial period, and
the eagerness with which specu-
lators grasped at what they
thought points. the following is
one of my many experiences:
Running down Wall street one
day because I was late for an i'm.
portant meeting, well.known
speculator stopped me and shouted.
What about Erie?" 1 threw him
off impatiently. saying, Damn
Erie. and rushed on. / know
nothing about Erie speculatively
and was irritated at being still
further delayed for my meeting.
Some time afterward I received
a note from him in which he
said: IT never can be grateful
enough for the point you gave me
on Erie. ! made on II the biggest
kill of my life"
AN OPPORTUNITY LOST.
In 1876 Gardner Hubbard was an
officer in the United States rail.
way mail service. AS this connec.
ton with the government was one
of my duties in the New York Cen.
tral, we met frequently. One day
he said to me: MY son.in-law.
Prof. Bell, has made what think
a wonderful invention. 1t 10 a
talking telegraph. We need $l0,-
900, and / will give you one-sixth
interest for that amount OF
money"
was very much impressed with
Mr.. Hubbard's description of the
possibilities Of Prof. Bells inven.
ton. Before accepting. however.
called upon my friend. Will
lam Orton. president Of the West
ern Union Telegraph Company.
Orton had the reputation Of being
the best-informed and most ac-
complished electrical expert in the
country. He said to me: There
IL nothing In this patent whatever,
nor is there anything In the
scheme itself except as a toy. II
the device has any value the West
ern Union owns a prior patent
called the Gray's patent. which
makes the Bell device worthless"
When returned to Mr.. Hubbard
he again convinced me. and
would have made the investment
except that Mr.. Orton called at
my house that night and said to
me: II know you cannot afford to
lose SO, 900. which you certainly
will II you put 1t in the Bell patent
I have been 90 worried about 1t
that, contrary to my usual custom,
I have come. II possible. to make
you promise to drop It." This /
did.
The Bell patent was sustained
in the courts against the Gray
and the telephone system De-
came Immediately popular and
profitable. It spread rapidly all
over the country, and innumerable
local companies were organized,
and with large interests for the
privilege to the parent company
rarely ever part with any
thing. and may say that principle
has brought me 20 many losses
and so many gains that I am a.
yet, in my eighty-eighth year. un.
decided whether II is q good rule
or not. However, II had &C.
cepted my friend Mr.. Hubbard's
offer, It would have changed my
whole course Of life. With the
dividends, year after year, and
the increasing capital, I would
have netted by today at least one
hundred million dollars. II have
no regrets. know my make
UP. with its love for the social
side Of life and its good things,
and for good times with good
fellows. also know the neces.
sity Of activity and work. am
quite sure that with this necessity