Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-08-24
A FORTUNE FOR YOU.
HOW TO MAKE MONEY IN WALL
STREET SOLVED AT LAST.
6. v. white Gives Some Wholesome Adj
yIce--The Fortunate Broker Dies
Young-Don't Get tho Big Head.
Correspondence Of the Richmond Dispatch.l


Correspondence Of the Richmond Dispatch.l
NEW YORK, August %, 1890.
W-w-where are the customers
yachts?" stammered the famous William
Il. Travers. after the yachts OF this and
that wealthy stockbroker had been point
ed out to him at Newport.
"W-where are the customers yachts?"
he repeated with mock gravity. Where IN
deed!"
: "Inmy minds eye, Horatio."
The query Of the redoutable Travers
was repeated over pillows of bright
champagne" at Delmonicos amid shouts
of laughter. It Is fun for you but 1t -
death TO me-" said the poor animal under
torture in the fable.
How do you keep the thing going down
in Wall street?' querled ~. LOUIS gem
tleman, addressing his neighbor, a stock
broker. at big banquet IN Fifth avenue.
How do you keep stock speculation CO.
ing?" ,,n,.,.,.,. .,.A "uo
have q theory down there that there's a
sucker born every minute
This language. at once cynical and coarse,
expresses the sentiment OF perhaps the
average stockbroker. however refined and
cultivated some of them may be.
so INV SUCCEED
But one thing should be borne in mind,
and that is that all business Is really specu-
Iotiye. with varying degrees of risk. from
the establishment Of the corner grocery
store to dabDhng in stocks, and that 50
great Is the element of chance from such
ventures, as tor instance the dry goods
business TO the buying or selling OF ~.
Paul " that 90 per cent. of the number VINO
embark IN commercial or financial opera,
| tiOus become bankrupt. Few succeed
| in anything. There IS Away, plenty OF
room at the top said Daniel Webster.
! How many orators like Daniel webster
| has this country produced How many
/ Beechers. Choates, Edisons. Longfellows,
| Fmersonsg How many Goulds, hunting
| tons. Vanderbilts. Astors? There Is
nlentv OF room 81 the top" and few attain
| IL in literature. science, art, commerce
or finance. There j. one Homer. one
| Shakespeare, one Angelo, and IN finance
| who has ever eQuallcd in sustained and
solid eminence the Rothschildsy Emerson
| maintains that the rule Is lmbecllity on
| the part of the great mass OF persons and
! intelligence in the few. This IS as true IN
! speculation a. in anything else.
! The trouble with the average speculator
| in Wall street with let rs say $500 IS that
| he expects 20 get wealthy az once. Inc
| rule is that the man with 500 or clOJO,-
| 600 or $40 000. 600 II he stays IN the came or
| speculation long enough Will ian. 10 IL
about one IN NIL ion who succeed: rs 3
rule IL is only those who manufacture
! stocks and sell the " watered securities
IN the gullible public az prices ludicrously
ont of proportion 90 tuelr real worth that
make large fortunes.
JUST De QUIT ABOUT IT.
Nevertheless some men do succeed in
| speculation. and if they know when 70
| stop speCuiating in stocks and become
| careful investors in good bonds or other
! securities they may live and die wealthy.
II n man will dismiss his "couler de rose
/ dreams Of sudden wealth aud make up ms
! mind that he viii bee satisfied II he can
make a fair or possible greater degree
of success in say fifteen OF TWEEN
ty years. work hard, study the
financial facts assiduously, and take
moderate proit5 that are certain
rather thnn wait for bigger ones
in the. misty and uncertain future,
then there is some hOpe for him IN
Wall street. This, IN substance. Is the
advice Of Hon. =. '. White, who i sup
poscd to have a fortune OF Si,OuU ,Vjl
or -. 600 coo. and who twenty-five or thlr-
Nv wears ago was q reporter on D.
Louis newspaper. Do tho same as You
would IL business. Study the subject
don't leave the matter. all to chance
DON'T look for "ShvlOckn returns. anC
| don't mind how much other operators IL
stocks laugh at you for taking moderate
profts. The law of luctuation in markets
Is precisely the same as that which governs
the waves of the sea: the strong tide be
low NAV be on the ebb or the Hood, bu
the waves on the surface ceaselessly come
and go-they advance and react. And 81
DO market quotations.
CONSTANTLY REAcT.
II NAV be q bull market Just as the It'd
; NAV be rising, but the quotations and tn
l waves constantly react-they do notalway
3 Dash forward. Take moderate profits
keen cool. and wait for the next reaction
before buying again. Men like Addison
Clmmack and b. r. Hutchinson, with, al
their wealth, are often little more thai
"scalp,rsn on n large scale. Their trans
8 actions are extensive, but they Wi
2 | frequently take fractional profits. !
f thew find they are on the wrong tao
, thew quickly turn and go tho other way
I ! II Is the smaller operators who are AWAY
I | inclined 10 fight the market. To suchltma
1 be- said; Don't be obstinate: don't hesltat
% 10 change from the bull to the bear side
4 the drift OF events plainly warrant you
doing so. Don't night manifest destiny an
I play the part Of old Mrs. Darlington tryIn
= to sweep back the Atlantic Ocean.
= George Rutledge Gibson, broker an
! author. with as keen an insight into tnat
. cial affairs as any one IN Wall street, SAID
[, RATHER A CoSUNDRCM.
/ "How 10 make money in Wall street is
conuudrum that a good many people TT
Z ! 10 Guess. but no formula has yet been d.,
q ! covered that insures its solution. Gen
q | orally the persons who know most abOu
. the riddle are ind spOsed 10 tell the secre
q and In fact it Is not certain that those VII
{ have made fortunes in speculation coul
b duplicate their success II they were 10 II
@ II over again. A great many things eute
i into the calculations or man qea4ng J
b Stock Exchange securities, and grcs
d many other things which lie cannC
Q | forosee happen 10 change and poss
n blv uullify such calculations. Their
Z. ara great many smart minC
IA In the stock market and yet
d is difficult TO tell what eject given even
q will have upon them. One OF the most II
0 variable rules is that those quick-wltte
dealers will discount events "a far as an
shadow IL cast before. If they are expec
inc bad bank statement, Treasury pm
! chase Of bonds, "a railway strike, gold a.
y uorts. silver imitation, or what not, eac
. I'm his own way proceeds 20 anucipal
! the naturalization of the fact. The n
y snlt generally is that the effect, instea
% of following the cause, precedes it. Wa
I street operators cross bridges before the
l. come to them, and by the time they g
: there they don't care whether there 70
o bridge or not; they have provided POI
:. toon or are prepared 10 ford the strean
.e The consequence is that those who on
$ reckon on the days events, and who folio
Il biblical precepts and take no thought fC
e the morrow are beaten by the mo-
10 worldly wise, who ignore to-day's affair
.e peering as far into the future as their pr
- science will permit.
Ia THE BEsT WAY TO FISH.
g That the crowd is always wrong
y almost automatic. When everybody Is hsl
it ING upstream the true sportsman fish
IS down stream. 1t is hard to have q
II opinion different from that of ever
Il a