I have always considered this the most interesting and most unfortunate
of all my experiences as a stock operator. As a lesson it cost me a
disproportionately high price. It put off the time of my recovery
several years. I was young enough to wait with patience for the strayed
millions to come back. But five years is a long time for a man to be
poor. Young or old, it is not to be relished. I could do without the
yachts a great deal easier than I could without a market to come back
on. The greatest opportunity of a lifetime was holding before my very
nose the purse I had lost. I could not put out my hand and reach for
it. A very shrewd boy, that Dan Williamson; as slick as they make
them; farsighted, ingenious, daring. He is a thinker, has imagination,
detects the vulnerable spot in any man and can plan cold-bloodedly to
hit it. He did his own sizing up and soon doped out just what to do to
me in order to reduce me to complete inoffensiveness in the market.
He did not actually do me out of any money. On the contrary, he was
to all appearances extremely nice about it. He loved his sister, Mrs.
Marquand, and he did his duty toward her as he saw it.
_XIV_
It has always rankled in my mind that after I left Williamson & Brown’s
office the cream was off the market. We ran smack into a long moneyless
period; four mighty lean years. There was not a penny to be made. As
Billy Henriquez once said, “It was the kind of market in which not even
a skunk could make a scent.”
It looked to me as though I was in Dutch with destiny. It might have
been the plan of Providence to chasten me, but really I had not been
filled with such pride as called for a fall. I had not committed any of
those speculative sins which a trader must expiate on the debtor side
of the account. I was not guilty of a typical sucker play. What I had
done, or, rather, what I had left undone, was something for which I
would have received praise and not blame--north of Forty-second Street.
In Wall Street it was absurd and costly. But by far the worst thing
about it was the tendency it had to make a man a little less inclined
to permit himself human feelings in the ticker district.
I left Williamson’s and tried other brokers’ offices. In every one
of them I lost money. It served me right, because I was trying to
force the market into giving me what it didn’t have to give--to wit,
opportunities for making money. I did not find any trouble in getting
credit, because those who knew me had faith in me. You can get an idea
of how strong their confidence was when I tell you that when I finally
stopped trading on credit I owed well over one million dollars.
Public-domain text, read in full here on John Shaqi.
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