Trying to Make Forty Dollars

1901

Here is a hard luck story apropos of efforts to make a little sum in Wall street: A young man started with $100 and ran it up to $9,960, or $40 less than an even $10,000. The desire to round out the $10,000 goaded him on. He said to his broker, "If I can make that additional $40 on a quick turn I will draw out my $10,000 and invest it in real estate."

It was a strong bull market, but things appeared sky high, and he picked out an active stock to sell short. I think he landed on T. C. and I., which had a phenomenal rise and was due to drop anywhere from 10 to 50 points. He sold 100 shares at par, intending to close it out at 99. But instead of going down the blamed thing soared to 126. At every three points' gain he sold another 100 until he was carrying all he could tote. In 24 hours he lost nearly every cent it had taken him three months to make.

With what little he had left he bought T. I. on the recession to 116, friends of the Hanover National bank assuring him that it was going to 150. Then came the fireworks and the funeral. The bottom fell out of the specialty and young Dr. Knowall found himself $15,000 in debt. He hasn't been in Wall street since. — New York Press.