The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-08-24
gro BE CoNTINUED.)
1T Is SOLVED LAST.
s. v. White Tells How to Make Money
In Wall street.

In Wall street.
(Copwi0ht.)
NEW York. Aug. 23.-"W-w-where
are the customers yachtsl" stammered the
famous William r. Travers. after the
yachts of this and that wealthy stock
broker had been pointed out to him at New
port
"W-where are the GU stomers' yachtsT he
repeated with mock gravity. Where in
deeda
I'm my minds eye, Horatio."
The query of the redoutable Travers was
repeated over "billows of bright cham
payne" at Delmonico's amid shouts of
laughter. ut is fun for you, but it is death
to me" said the poor animal under torture
in the fable,
"How do you keep the thing going down
in Wall streetp queried a st. Louis gentle
man, addressing his neighbor, a stock
broker, at big banquet in Fifth avenue
"How do you keep stock speculation goingT'
80" said the broker with laugh, I'VE
have theory down here that there's a
sucker born every minute.n
This language, at once cynical and coarse,
expresses the sentiment Of perhaps the
average stock broker, however refined aud
cultivated some of them may be. But one
| thing should be borne in mind and that is
that all business is really speculative with
varying degrees of risk from the establish
ment OF corner grocery store to dabbling
| in stocks, and that 80 great 10 the element
| of chance from such ventures, as for
instance, the dry goods business to the
| buying or selling Of ''St Pauln that 80
| per cent. of the number who embark in
| commercial or financial operations become
| In Inc,
There is always plenty of room at the
| top" said Daniel Webster. How many or
| ators like Daniel Webster has this country
| prOduceds How many Beechers, Choates
Edisons, Longfellows, Emersons9 How many
Goulds Huntingtons, Vanderbilts, AsSorss
"Ihere is plenty Of room at the top,
| and few attain it in literature, science, art,
commerce or finance. There is one Homer,
one Shakespeare, one Angelo, and in finance
who has equaled III sustained and solid
| eminence the Rothschildsl Emerson main
| tains that the rule Is imbecility on the part
| of the great mass of persons and intelli-
| gence in the few. This is as true in specu-
lation as in anything else.
The trouble with the average Spectator
in Wall street with, let us say $500, is that
he expects to get wealthy at once. The
rule is that the man with $500 cr 81 900, 900
or $l0,000,000, If he stays in the game of
| speculation long enough, will fail. 1t is
| about one in a million who succeed. AS u
| rule it is only those who manufacture
stocks, and sell the ''watered" securities TO
the gullible public at prices ludicrously out
of proportion to their real worth that make
large fortunes.
Nevertheless some men do succeed in
speculation, and if they know when to stop
specializing in stocks and become careful in
vestors in good bonds or other securities
they may live and die wealthy. IL man
n a Il. l.
sudden wealth and make up his mind that
he will be satisfied il he can make fair or
possible greater degree OF success in
say fifteen or twenty years, work hard,
study the financial facts assiduousy,
and take the moderate profits that are GER
tain rather than 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. 3. "
White, who is supposed to have a fortune
of 81, 100000 or SIS, 000,0 900, anG who twenty
five or thirty years ago was reporter on a
st. Louis newspaper. Do the same as you
would in business. Study the subject;
don't leave the matter all to chance;
don't look for 'shylock" returns. and
don't mind how much other operat in
stocks laugh at you for taking moderate
profits The law OF fuctuation III markets
is precisely the same as that which governs
the waves of the sea- the strong tide below
may be on the ebb or the flood, but the
waves on the surface ceaselessly come and
go-they advance and react. And SO do
market quotations. 1t may be a bull mar
ket, just as the tide may be rising,
but the quotations and the waves con-
stantly react-they do not always dash
forward. Take moderate profits, Keep cool
aud wait for the next reaction before buy
ing again. Men like Addison, Bommack
and b. z. Hutchinson, with all their wealth,
are often little more than ''scalpers" on a
large scale. Their transactions are extern
sive, but they will frequently take fractional
profits. II they find they are on the wrong
TACK they will quickly turn and go the
other way. 1t is the smaller operators who
are always inclined to fight the market. To
such it may be said: Don't be obstinate;
don't hesitate 10 change from the bull to the
lear side if the drift OF events plainly war
rants your doing so. Don't fight manifest
destiny and play the part of old Mrs. Part
ington trying to sweep back the Atlantic
coast.
George Rutledge Gibson, broker and
author, with as keen an insight into
financial affairs as any one in Wall street,
said:
"How to make money in Wall street is
conundrum that good many people try to
guess, but no formula has yet been discov-
cred that insures its solution Generally
the persons who know most about the riddle
are iudisposed TO tell tho secret, and in fact
1t is not certain that those who have made
fortunes in speculation could duplicate their
success if they were to try it over again.
great many things enter into the calcula-
tions OF man dealing in stock exchange
securities, and great many other things
which he cannot foresee happen 10 change
and possibly nulify such calculations.
There are great many smart
minds in the stock market and yet II
Is difficult TO tell what effect given event
will have upon them. One OF the most in
variable rules Is that those quick-witted
dealers will discount events ~ far as any
shadow is cast before II they are expect
ing u bad bank statement, treasury pur-
chase OF bonds, "a railway strike gold
exports, silver imitation. or what not, eEcl
IN his own way proceeds % anticipate the
naturalization Of the fact. The result,