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The
"computer generation" is capable of day-trading in the
stock market. The results are up and down and are usually beneficial
if you are wise to the ways of investing. It can be an exciting
and profitable or scary and losing experience. Times have not really
changed that much as noted in a letter from the Rutland Herald on
Friday, March 1, 1929.
During
war times, from 1861 to 1865 and after, sheep men made lots of money
on wool and there is a story about John W. Cramton, who ran a tin
cart and bought sheep pelts, calf skins and such. He was a heavy
buyer of wool, in company with a man named Carpenter. The two had
bought thousands of dollars worth as a speculation. Wool went up
and up, 70 cents, 80 cents a pound. Cramton wanted to sell and take
his profit. Carpenter wanted to hang on longer and get more. Cramton
sold his half to Carpenter at the going price. The trade was made
and wool began to drop and drop. Carpenter was left a poor man and
Cramton was rich, so much so that he became president of the Baxter
National Bank in Rutland in 1884 and died well off.
Then
there was a Castleton man who occasionally speculated in wool. When
wool got to 75 cents a pound he held for $1. It went to $1. Then
he wanted $1.25. Then wool began to drop and drop. He finally sold
it for 50 cents a pound. He came out just like some who speculate
in the stock market. He hung on too long.
By
the way, it was in the fall of 1929 that the stock market crashed!
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