The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1881-03-09

standing on the part Of the public as
to Wall street, says a well-known
broker. The street is not a royal
road to sudden wealth. Everybody
cannot come down here without pre-
vious experience, deposit ten per
cent. margin in a brokers' office, buy
one hundred or one thousand shares
at random and reap a sudden fort
une. That's the idea most people
have of Wall street. You may ac-
cept it as a sound general rule that
persons who know nothing of Wall
street had better not try to learn
anything. But, if circumstances
put you in a position to devote your
time to acquiring knowledge of the
ins and outs of Wall street, that's
another thing. / have seen boys
spend a few years in 4 brokers' Of
flee, at a small salary, accumulate
few hundred dollars, make friends
and branch out for themselves, eth
er as dealers in privileges or as spec
ulators. These young men. without
an exception to my knowledge, have
been successful. Some of them have
become members of the board, and
are in receipt of large incomes. Two
of them that | have watched have
attained the highest standing in the
privilege business, one being proba-
bly, the best buyer and the other the
best seller Of privileges in the street.
Besides members of the board and
big operators, who can bull or bear
the market until they are satisfied,
there are two other classes of opera
tors who average snug incomes year
in and year out. They are the mon
eyed men, who can buy stock out
right if they see that the market is
panicky, lock it up in their COM
partments in the Safe Deposit Com
pany, and go to London or Paris for
a holiday, remaining until the mar
ket has doomed up again and the
cautious, small operators, who new
er handle more than five hundred
shares at time, need at least twen-
ty-five per cent. margin up, and OPP
crate only upon the evident drift of
the market, waiting quietly for ia
vorable opportunities, and living
well within their means in the mean
time.
'The moneyed speculator, with
cool, clear head, and plenty of expe-
rience, has the best time of all. He
can get out of the street whenever it
is too hot for him, and enjoy him
self. Why, 1 have in my mind Just
now a friend belonging 10 this fort
unate class. He is a french gentle
man of elegant tastes. lie has his
entire fortune, about 100000, in
vested in Government and New
York city bonds, assurin him an
income of about s25,000Eer annum.
When the great tumble of last spring
came, he had about 100000 worth |
Of stocks. at ten per cent. margin, on
hand. When lie saw five per cent.
swallowed up, he lit arciearette, and |
his shoulders, said f:
Ma foi, this is no place for me. I
shall go to Paris and amuse myself
Tor some months
"He went out, and returned in q
with Government bonds
representing 100000. Handing the
bonds to the cashier, he said:
Have the goodness to give me my
'tock and the premium on my
ponds
He received a check, and with
parting handshake all around was
If. Early last September he re-en-
cred the Office, fat, rosy, and jolly,
md bought thousand shares of
CENTRAL. In his absence the market
lad taken the up grade, and while
lie was enjoying himself in Paris his
tocks in the safe deposit vault rose
n value until, when they were sold,
hey netted him 100000.
"The shoals of greenhorns who
)our in necessarily with thei:' cash,
md their ambition to become great
operators in a month or two, arc
veil, that's the reason why there is
% much money floating about the
street for smart men to pick up"