The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1886-09-12
WALL STREET AFFAIRS.
Peculiarities of the Market-Points for Men
Who Contemplate Dabbling in Stocks.

Special TO the indianapolis Journal
NEW YORK. Sept. ia speculative market
which could withstand a series of earthquakes
and an to 10 per cent. money rate is evidently
'bull" market, and can safely be approached
By those who buy only what they can take care
Of Overtrading is the curse of the average
Spectator, whether he be ''bear" or
"bull,' and in the present copdi-
ton of the market overtrading be-
comes more dangerous than ever, for
stocks have been advancing since the summer
of 1885, and are now selling at from 20 to 90 per
cent. higher than they were selling at this time
last year. This does not make any difference
however, to the average speculator whose mem
DRY is usually very poor and who forgets every
thing connected with facts and figures as soon
as he sees his way clear to make money He
has neither yesterday nor a tomorrow. All he
knows is turn" in the market which
is likely to pay him. The investor, though
much more cautious than the speculator, does
not substantially differ from him. for he too,
has no memory for either facts or figures, and
comes into the stock market, not because his
Judgment induces him to do So but because he
is driven by the current Of public opinion. He
and, being afraid Of being left, he sets
out buying too It is this kind of
buying that made the market as strong as it is
now, although the investment purchases were so
far limited mostly to bonds; but the purchases
of bonds by the investing outsiders encouraged
the manipulators and SPECTATORS to buy stocks
Of any kind and to any amount. In this way
things have now so shaped themselves that mod
crate purchases of any stock on the list seem
to be sure TO pay handsome profits. AS mat
IN
the part of the purchaser Of stocks, but
taken as whole, the market is in
such condition that any low priced stock on the
list seems to be safe purchase. The same,
however, cannot be said of the high priced and
inflated securities like the Vanderbilts, Cor in
stance. Such stocks should positively be boy
cotted and left in the safe-keeping
Of the syndicates and cliques who have
and cliques have been Of some advantage to the
public, consequent upon their taking absolute
control of a certain set Of stocks which are thus
practically taken out Of the market, and an in
telligent man, however far away he may be liv-
ing from Wall street, can always post
himself on the condition of a given
stock The moment he sees that it is
a cliqued or syndcated one, he should leave it
alone The list Of securities dealt in at the New
York Stock Exchange is so big that there is am
pie choice to be made outside Of the specialties
which the past generation Of spectators have
been accustomed to dahble in; but the speculator
in the interior States of this country
ought to keep in view that the informa-
ton he gets is always stale and often
fraudulent. 1t is comparatively easy to handle
stocks from an Office within stones throw of the
Stock Exchange, but it is by no means SO when
you have to rely upon telegraph wire and the
honesty of your Wall street correspondent or
broker This is an essential point, and one
which the spectators in the interior of this
continent ought to keep constantly in view.
If the Wall street man, on the spot can
afford to gamble in anything for ''turn" the
out-of town man cannot do so, for in nine cases
ont of ten he is sure to lose money He must
pick out two three securities, study their
value. thoroughly, and restrict his operations to
them, taking but little notice of the
current fluctuations of the day. There can
be no question that there is a great
deal of money for everybody in
the stock market for the next four
and possibly six months but good deal of dis
elimination will be required on the part of in
vesters as well As spectators. Of course the
press can help both a great deal, and we shall
try to do our share of this helping work. The
market closed strong at the top figures of the
week, and if any speculative advice was to be
given to the reader. it would be to buy Missouri,
Kansas & Texas STOCK and any of the securities
Of the East Tennessee. Virginia e. Georgia. and
the St Louis, Arkansas & Texas. They are all
good all cheap, and all promising fair profit
to the purchaser RIGoLo