Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-27
Henry Clews Gives a Dead Sure Tip to
All Those Who Like to Dabble
in Stocks and Bonds.
LAY FOR sLUMPS IN THE MARKET
Then Buy Only Gilt-Edge Securities and
Hold Them Till Prices Get Back
to the Normal Point.
STUFF THE SPECULATION is MADE OF.
The Banker Has Some Very Pointed Opinions Regard
ing Women and Finances.
rvR1rrkN FOR THE DIsFArcH.I


sire to gain money, to accumulate wealth /,
and to do so rapidly by some royal road is
inherent in the breast of every man. Charles
James Fox, the famous English statesman,
has said that the greatest pleasure in life is
to win money at cards, and that the next
greatest pleasure is to lose it in the sam e
way. This sentiment may be general zed
and made more applicable to mankind at
large by saying that the greatest pleasure
in life is making money, and the next
grestest pleasure is spending it. The desire
to make and to spend is the underlying
philosophy of the universal craze for specu-
lation.
The rapid multiplication, within
the past 80 years, of rail-
way and telegraph lines and other business
enterprises carried on by stock companies
has increased the facilities for speculation
to an extent undreamed of in this country
prior to our late Civil War, and it is to the
consequent great increase in the amount of
personal property in this country that the
accumulation of SO many colossal fortunes
within a comparatively lew years past is
largely due. How to follow in the ootsteps
of the men who have become milliona Tres
through stock speculation, how to speculate
successfully, how to buy and sell stocks al
wavs at a profit are questions whose an
swers are now being eagerly sought by a
multitude of men whose number is far
greater than that of all those who have toll
somelv labored to find the fabulous philos-
opher's stone in the ages that are past.
WE ARE NOT ALL sPECULAToRs.
Just as every man born into this world
firmly believes that he can drive horse
and poke a fire a little better than any
other man, SO he also believes that he can
speculate successfully, and even years of
continual failure are inadequate to con-
vince him of his error. There can be no
greater mistake than to suppose that any
man can be successful speculator. "All
blacksmiths," says Rev. Robert Collyer,
formerly a worker in that useful trade,
'cannot become preachers, and it would be
bad for the world if they did" There is a
good deal of philosophy in the remark of
this popular clergyman, and it is quite to
the point on the subject of which am
writing.
A thoroughly equipped speculator must
possess extraordinary parts and attain
ments. He must be an uneeasing and in
telligent observer of events at large, and a
sagacious interpreter of symptoms on the
stock exchange. His judgment must be
sound, not only as to existing conditions
but as TO coming tendencies and he must
possess the calmuess and nerve to lace un-
finchingly whatever emergencies may arise.
Comparatively ew possess these qualities in
even a moderate degree.
1t will thus be seen readily how little
chance of success most men must have as
spectators.
LOVELY WOMAN CAN'T SUCCEED.
But the speculative craze is by no means
wholly confined to men. Not few women
in different ages and countries have fallen
victims to it. From her peculiar natural
organization, lovely woman stands even less
chance of winning success in the specula-
tive field than do those OF the sterner sex.
Women lack the mental qualities required
10 take in the varied points and features OF
the situation upon which successful specu-
lation must ever depend. Nature has decreed
that women must be dependent upon men.
In speculation as in other things, they are
parasites, and become utterly helpless when
thrown upon their own resources. The male
sex are ruled by them to great extent it is
true, but women effect this through craft
and subtlety, and ii left to paddle their own
canoe they are like a ship without a rudder,
compass and archor, when beset by heavy
gale.
Many people, and especially woman
suffragists and strong-minded females of
every class, will, L am aware, strongly dis
pute this statement and will cite against il
such women as Joan o. Arc, Queen Eliza
beth, Catherine Of Russia, Mrs. Elizabeth
Cady Stanton, George Elliott, George Sand,
Ouida and host of other female adven-
turers, politicians, revolutionists, reformers
and noveiists. l should answer that all
such women are but the exceptions which
prove the rule and sustain nv theory.
MAN IN IT SOMEWHERE.
Moreover, none OF the fair ones above
named, with the exception of Ouida, George
Sand-possibly-and Elizabeth Cady Stan
ton to some extent, ever tried their luck at
speculation. In their particular vocation
each of these women have excelled, but
when all their secret history is known it
will be found that some man was the source
of their inspiration. To alter the present
condition of afflirs and give woman the
first place instead of the secondary one she
now occupies in all her relations with men
would necessitate complete revolution in
the physical, mental and moral nature of
both sexes-something that no convention
of strong-minded women will ever be able
10 accomplish.
To speculate successfully there are certain
things that a man must do and certain
others that he must carefully avoid. First
of all the speculator must be as calm and
impartial as a judge. both as regards the
risks he incurs and the integrity OF his own
judgment. When a man stakes his money
against prospective changes in financial
values he can more lily afford to indulge in
whims or prejudices or pet theories than IN
any other pursuit in which he can possibly
engage. The speculator must not be too
ignorant nor too wise, zoo timid nor too bold,
too pessimistlc nor too sanguine, too slow
nor too hasty, too difident nor too cnnceited,
too confding nor too incredulous. These are
constitutional de ects, anyone of which may
cost speculator fortune.
JUDGMENT AND CREDULIrY.
should therefore lay il down as the first
rule requisite to success that the operators
judgment be not warped by any natural
idiosyncracies; this being secured, a specu-
lator may succeed in spITe of his constitu-
tional defects The operator must be
particularly cautious about accepting in
ormatlon-technicalIy called points-from
unreliable sources. He must beware of
those Northumberland as pumerous in |
and around Wall street as shells unon the
seashore-who, according to their own
story, are deep in the secret councils and |
innermost thoughts of all the great money |
kings identified with speculative epterprises.
and who are constantly boiling over with |
the most valuable tips-just received from
their intimate friends, Jay Gould or the |
fanoerollts or some other noted wizards of |
fnance-to buy or sell this or that particular
stock. II you hope to ever make dollar in
Wall street speculation turn an absolutely
deaf ear to the silly chatter of ali such
irresponsible buman magpies, and shuu
them and their advice as You vould shun