There is a great deal in starting right, whatever the enterprise may
be, and I did very well after my Bethlehem deal--so well, indeed,
that you would not have believed it was the selfsame man trading. As a
matter of fact I wasn’t the same man, for where I had been harassed and
wrong I was now at ease and right. There were no creditors to annoy and
no lack of funds to interfere with my thinking or with my listening to
the truthful voice of experience, and so I was winning right along.
All of a sudden, as I was on my way to a sure fortune, we had the
_Lusitania_ break. Every once in a while a man gets a crack like that
in the solar plexus, probably that he may be reminded of the sad fact
that no human being can be so uniformly right on the market as to be
beyond the reach of unprofitable accidents. I have heard people say
that no professional speculator need have been hit very hard by the
news of the torpedoing of the _Lusitania_, and they go on to tell how
they had it long before the Street did. I was not clever enough to
escape by means of advance information, and all I can tell you is that
on account of what I lost through the _Lusitania_ break and one or two
other reverses that I wasn’t wise enough to foresee, I found myself
at the end of 1915 with a balance at my brokers’ of about one hundred
and forty thousand dollars. That was all I actually made, though I was
consistently right on the market throughout the greater part of the
year.
I did much better during the following year. I was very lucky. I was
rampantly bullish in a wild bull market. Things were certainly coming
my way so that there wasn’t anything to do but to make money. It
made me remember a saying of the late H. H. Rogers, of the Standard
Oil Company, to the effect that there were times when a man could no
more help making money than he could help getting wet if he went out
in a rainstorm without an umbrella. It was the most clearly defined
bull market we ever had. It was plain to everybody that the Allied
purchases of all kinds of supplies here made the United States the most
prosperous nation in the world. We had all the things that no one else
had for sale, and we were fast getting all the cash in the world.
I mean that the wide world’s gold was pouring into this country in
torrents. Inflation was inevitable, and, of course, that meant rising
prices for everything.
Public-domain text, read in full here on John Shaqi.
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