Chooch
market vibes
The richest treasure anybody has, is dignity. Jackie Robinson
Ross Rowland, founder of Floor Broker Associates, the largest floor brokerage on the Comex for many years in my early career, died on July 19. His obituary was just posted in the local paper. I stood next to Ross for several months in 1982 in silver. He was so old school, it was as if he came from another century. So were his partners, Pepper Jones and Wally Lakin. Suit coats hung in the coatroom, trading jackets worn over three-piece vests. Ross wrote his trades in pencil, even though it was illegal. If I did that, I’d get a call from compliance, but not Ross.
Supremely dignified in a world that was out of control 95% of the trading day, Ross was a multimillionaire when a million dollars was serious money. His passion was steam-powered railroad trains, of which he owned several. We called him “the Chooch,” not to his face, of course.
On April 27, 1987, Ross had to come in to the exchange from semi-retirement because the silver market had rallied from $5.50 in January to $11.30 that morning, 110% in 90 days. The air was electric with the scent of crackling ozone. He bought 1,000 Mays on the opening at $11.25, all one price on market order. He could have slaughtered it, but that was not him. I sold him 5 lots. It was the last time I saw him. RIP, sir.
night all…good luck in Asia
JJ
If you like reading market vibes please hit the like button, and type in your e mail below to become a subscriber.
Share selectively with friends and colleagues and follow me on X @Alyosha745
Charts and data CQG and Bloomberg
Market vibes is not a registered investment advisor, and comments are for informational use only. Any mention of a particular security, index, derivative, or other instrument is NOT a recommendation to buy, sell, or hold that security, index, derivative, or any other instrument. Market vibes makes no representations as to the accuracy of data or any attributions.
John-thank you as always for all of your insights. Today, most especially today, I thank you for a short story about steam locomotives. They are a part of my blood.
I am named for my great grandfather- Hugh Ector Lyndon. He served as a conductor on the Atlanta & West Point RR for about 50 years, (now part of NSC). My dad said that H.E.L. Was the finest man he ever knew. High praise from my dad. My dad also said he modeled his own life after his grandad. And, in rhythm, I have modeled my own after my dad.
Many years ago I was introduced to the photographer O. Winston Link. He grew up in/near Richmond, riding the train with his grandad. He became a photographer of the steam trains of his youth; pics here https://www.bing.com/search?q=o+winston+link+photos&form=APIPA1&PC=APPD.
Soon after I met Winston I bought two of his best known photos. Hotshot Eastbound and Hawksbill Creek. I’m told they are worth many multiples of my price. I’d sooner sell my soul than sell them.
What is it about grandfathers and trains?
Somehow they speak to us out loud.
Thanks again.
Nice tribute to Mr. Rowland.
We all have our touchstones and indelible moments, even if we don’t know at the time.