Sharp County record., 1880-02-12
Haste in MOney.Making.

The rapid advance IN prices, by which
few people have gained large sums of
money, has had an unwhOlesOme effect
on many others, unwise and unlearned
in business affairs, by whetting their
lust for wealth or making them discon-
tented and bitter because they have not
obtained it.
The requirement of wealth save by in
heritance or studiouS and wearing in
duStry is one OF the rareSt accidents OF
life, so rare that men of only ordinary
wisdom will count it out as not among
the possibilities. Fortunes are never
made out of nothing, and anyindividual
in forecasting the probability of his own
success must ask himself Q whether he
has the requisite qualities in himself
such as sagacity, persistency and Physi-
cal strength--and (2) whether the re-
sources about him and the demand tor
what he has to produce are sufficient. II
he is unable or unwilling to pay TO- a
fortune, he can not have it.
Yet the hope of getting rich without
effort and by luck is the most common
of errors. Hence the prosperity OF lot
teries, gambling concerns and stock eX-
changes. The managers of such lnstl-
tutions have the making OF
tolerably sure income in the eX-
ercise of their wits and the patronage
of fools. But it is a perpetual
marvel that, against all reason and hu-
man experience, men will step ASIDE
from their legitimate callings and haz-
ard their money in scheme of pure
chance where the PROBABILITIES are largely
against them, or take a speculative risk
in a commodity or security with winch
they are not familiar. They see small
number of men made wealthy by stock
operations, and are seized with the craze
of imitation. They do not reflect that
these successful ones, starting with an
extraordinary intellectual equipment for
their work, have devoted their lives to
the study of their subject, have worked
as few people work, and subjected
themselves to a nervous drain and har-
assment that pertains to few other call
ings, and that they have been constant
lv menaced with the fate that has car
ried the majority of their competitors
down to a failure. The risks OF wall
Street business are so great that there
are MANY men of years experience
there who never buy share OF stock Tor
themselves Except, of course, that they
permanently invest their savings), but
rely for their income solely on their
commissions as brokers for other peo-
pie. ,,
And here let it be said, shun brokers
who profess to have special opportuni.
ties for knowing the future course OF
stocks or peculiar insight into the ten
denotes of the market, and on these
grounds solicit business. They mostly
| lie. The best brokers are like the best
doctors-they do not profess to guaran-
tee a cure. And if they give advice,
they do it in the most cautious way, leSt
thew. while making commission them
selves. should lead their principal to
loss. 1t is safe rule also never to let
funds pass out of ones own control.
ANY body who intrusts money to
broker to speculate with as he sees ut
thereby makes humiliating confession
of his own ignorance, which ought to
moderate his aspirations for wealth.
1t is not easy to decide on the best
way of disposing of surplus earnings,
but the question is greatly complicated
by too high notions as to the rate
of income on investments. Savings
banks, Government, State and munici-
pal bonds and good mortgages furnish
the best security with a fair return.
There is one mode of legitimate specu-
lation, in which few people may en-
cage with tolerable safety, and that is
The purchase of securities in full when
the market is depressed to be held Tor
rise. The success of this method de-
pends, of course, upon the knowledge
and sagacity of the operator, and no.
body should adopt it who has not
thorough familiarity with the paper
which he handles AID the market IN
which he deals. There is of course risk
even here, but he who really owns what
he has bought can outride storm that
will wreck thousands that cling to thelr
holdings by the narrow margin OF a
small per cent, and if he has chosen his
investment wisely, he can look with
calmness on any temporary fall OF the
market below his purchasing figure.
The rule make haste slowly" finds
nowhere more proper and successful
application than in the accumulation OF
money.-SpringfeM Republican.