66 WALL STREET AND THE WILDS 



to-day, was that gambling for another on com- 

 mission was godly, while taking the risk oneself 

 was the other thing. A little later we abandoned 

 that attitude. 



My purchase of five thousand gold was fol- 

 lowed by a downward swoop of the market, which 

 rallied and fell, plunging lower each time, until 

 soon a thirty per cent loss stared me in the 

 face. Then my mentor came to me, saying: 



"We were misled by the news which was not 

 so bad as it seemed. Now the market is going 

 to pot, but I can tell you how to get square. Sell 

 out your five and sell five more short. Then you 

 can ride down on the market and come out even." 



I took his advice, and the market swung up- 

 ward, and a few days later came his advice to 

 turn once more and go long of five gold again. 

 I should have refused, for twice his judgment had 

 proved as mistaken as possible, but the veterans 

 of the Street agreed with him, and men I deemed 

 wise shook their heads as they said, 



"The outlook is very bad, and I shouldn't be 

 surprised if gold sold at two hundred." 



