The Somerset press. [volume] (Somerset, Ohio) 1873-1977, 1881-03-24

This office is visited daily by about
fifty men, young and old, who are in
terested III the market. Some come at
the beginning of the days business,
and remain until it closes. They specu-
late for livelihood, and are content to
take small profits ON their trans
actions. Others step in for an
hour or more, get the run of prices for
the day, leave an order or two, and
are off to their regular business. Still
others come and go at intervals. Among
these fifty men are three classes of
operators The first buy or sell stocks
at what is called long range. When
stocks are very low they buy, intending
to hold them until they get very high.
This may be for two, four or six months,
but it makes no difference to the long
range operator how sluggish the move
ments. He has convinced himself that
prices are to be higher, and he waits
for an advance as patiently as hunter
waits for game. Nevertheless, he is
compelled to keep a close watch on the
market, for unforeseen breakers may
come rolling in upon him at any mo-
ment. The operator at long range is
content with no profit of less than ten
per cent. on par value, and usually he
intends to get fifteen or twenty. This
class of operators is the most successful
of all who buy or sell in Wall Street.
His transactions are few, but when he
takes profit it is a big one. In June
last stocks are very low compared with
the previous February prices, and the
long-range operators all invested.
Those who bought 1000 shares of St.
Paul for instance at sNty-five and held
it until the 30th of September, had a
chance then to sell it for ninety-fve, at
an advance of thirty points and a profit
OF $50, 900. If they held until Novem-
Der "a, they might have sold fifteen
points higher.
A second class of operators trade on
the fluctuations of q few days. They
are called stormy petrels, and they com
prise a great majority of the street
speculatMs. Experience teaches that,
while the tendency of prices may be
upward or downward to marked de-
gree, stocks f1uctuate slightly in their
rise or fall. In an advancing mar
ket as a rule, stocks will go up
steadily two points, waver few hours
and then decline one point. In day
or. two they will start upward again two
points and a half. may be, hesitate
again and then decline, say point and
| quarter. 1t is after each one of these
declines that the stormy petrol makes
his purchases. He watches the tape
with lynx-like attention as the market
then advances and after he has profit
| of two per cent. or thereabouts, he sells,
and waits for another decline before
purchasing again.
| A third class are called scalpers. Any
profit, however small, satisfies them. A
half or quarter per cent. advance in
their holdings is enough to cause them
to sell and look about for another
| chance. AS rule, they lose money.
Indeed. it may be said that two.
thirds, if not three-quarters, of Wall
Street operators find themselves worse
off at the end of the year than when il
began. At best small operators simply
go it blind. 1t is the big spectators,
the kings of the street. who are able to
manipulate the market, who make the
money. Experienced brokers will tell
you that not one person in twelve who
goes into Wall Street takes his money
with him when he retires. Some by
good fortune may make what would be
snug little fortunes if they would pocket
their cash and leave speculation alone.
but the more they make the deeper
in they get, until some day along come:
a crash that sweeps away every cent
Not a broker but has fund of anec.
dotes in illustration of this 1t is the
most fascinating of all gambling, and
when once it takes hold of a man, he
has difficulty in shaking it off. Wher
stormy petrol gets discouraged by re-
peated losses he turns to operating a.
long range, and, after losing at this, he
changes tactics and becomes scalper
He is constantly trying some new plan
seem to occur to him till he has lost all