Telegram-herald., 1890-09-05

tt7-1 - 44A AsA@ 40 taeA8 -t t~~ -
neFrew are hsaten - he a2oFe
serl4iy 4iss. so ixasrs to-1as ;
stalrs pseEiax as fas ints tie tatprs
as heir preseisaes sitl per- llt toas
tas crowd - always vronz' : almost
axio4atle. Whsa sssry bodY - nshins
a. stFsan sks true sportsmAn nshss
do~a stEsaaa. Ii l. hard 81 AsFs al
epinLoa aitsrent fToD that - every
body one neets. but rssoluts s0uis sho
- short % the market, = asn sYrry orc
talks bulllsh, Raks money, per contra
WheA everybody enc sees talks 'otae
raIn sac financial distress ths mar kst
Is Purehass. Anybody can eauaelats
shis truth bat il takes tE4iasd speoa-
lztor % zovsrR himself 81 1t. and lt
nsy h~ said that no man has say busi-
ness so deal Ia stoeks or speculative
markets unless he Is prepared 20 Ices
ais money snd leok pleasant it : no
place 20 plead the baby act, 20 .hiae
and lasnsnt and curse ones luck IL
nan las aot enough surplus 10 risk
and enough courage 10 accept the re
salt he Is fool 10 dabbls IN the mar
kst. stop orders are good things 10
protect one against excessive losses.
man may bsvrong, that 10 possible. and
IL he il wrong hs should take moderate
loss and lst the mind rest and reject =
little before a renewed venture. There
are q great many theories how 10 spec
ulAse. ths beat. Of course, Is 10 buy in
panies and sell la booms. That is hard
20 90, and besides, Psnics and booms
don't come along every day. IL one
wishes 60 trade in the market and thsrs
is any kind OF . movement On or any
real drift 20 speculation he probably
can mske more money by pressing his
advantages. That is 10 say, II he sells
shor. and IL goes his way sell some
mere and follow il down as far as he
thinks the market should go before
reaction. or il ne buys and the market
goes his way. buy some more. There
is no royal road to make money but
this is, perhaps. the best. What should
be avoided is yielding to the itching
desire TO take the hrst little profit In
sight, while stoically standing idle and
permitting a large loss TO run against
the operator Let your profits run and
limit your losses is as good rule as
can be stated.
Henry CIews says: BUY on the
slumps and sell on the jumps. Take
modeSate profits as rule; don't try to
make'all the money yourself. Study
the situation carefully and don't trade
in wild eats. Select good stocks. Avoid
stocks about which nothing is known"
Another broker said: "Some opera
tors have such natural capacity for
speculation that they flourish wonder
fully for time. They get knocked on
the head, however, sooner or later.
They loose their heads; they think they
know il all. Whom the gods would
destroy they first make mad One
mistep, perhaps, and they lose every
thing. They may keep their fortunes
to the end but they die young. Look at
Charles Osborn, worth five or six mil
lions, one OF the few men whom even
Jay Gould could not humbug. He died
when he should have been in his prime.
Look at Charlie Johns, who used to be
an Office boy for Henry Clews, and
made a million on the floor of the Stock
Exchange and left it young man to
20 10 retreat. Look al Baron Woeris-
hotter, who married the daughter of
millionaire Oswald Ottendorfer, pro-
prietor of The 'Staats-Zeitung.' aud
died at 40 years of age worth seven
millions The careers Of the biggest
of these men sounds like passages from
Dante's Inferno You can be sure Of
one thing that the average Wall street
speculator, however smart or success
full for tine, will, if he stays in the
game long enough, so broke. One
reason IL that livestock Exchange has
on i,s lists and fathers q disgraceful
lot of rubbish. as in Coleridge's
Ancient Mariner it is water, water,
everywhere.
Stock speculation Ia so much a matter
OF chance that some will not buy IL
they see \ cross-eysd girl or black cat
on the way down to the Office. If they
can manage 10 touch a hunch-back it is
n big thing in their favor. Vamstas,
vamtatum II is all Punch and Judy
show And yet it has in some respects
a deep significance. The immense inn
portance Of modern stocks and bonds
is illustrated by the celebrated English
wit. sidney Smith, since whose time
immense strides have been made in the
expansion of fiscal systems. "If Cesar"
be says, were 10 appear upon earth
WestenhalIs stock eXchsngel list
would be more important than his
Commentaries Rothschild would open
and shut the temple Of Janus Thomas
Barring or Bates would probably com
mand the Tenth Legion and the soldiers
would march TO battle with loud cries
OF Scrip and Omnium reduced, Consols
and Cesar
Finally distinguishing ehsraster-
istic Of the regular OF professions,
Wall street spsculatOr Is a gamblers
sang froid lie takes losses and gains
with equal composurs la speculation
be echoes the famous Larry Jerome's
sentiment concsr ning the Whisksy 81
hePs for the best, bat am prepared for
the worst. Rex
Johnny Comes Marching Home.