Telegram-herald., 1890-09-05

tEas ssaltAy stoskorzksT Aad bssa
Foiatsd sas - aim a. ssEport.
"N-1hsrs are tas eassonsr.'
Saehls hs repeated wlth moex grav-
~ Whsrs ia deed
IA ny niad ere. Horatio
Tue 4asFy u ths ssdo abta6ls Travsss
80 FsPsaEad aver ''bi4oss II brigas
shaaPagns' a. Delmoaico's amid
shaass u laagAtsE. '.ls Is faa for yoa
bat u i dsata - ne. sai4 ths po Q r
aainsl unisE torsars IA shs fable
How % yoa keep the thing goiag
dosa Ia Wall strsss qusrisa St.
L0uis Ssntlsaaa, aitrssslnz ais neiga-
oor, stoek broker. a. a Dlg b4nqust
Ia Fifth svenas. dow do you keep
stock speculation going
"Oh. s4id ths hreksF With q Iaaxh
''ss have theory down there that
tasrs's a sucksF born sVsry minute"
ihis language, at once cynical and
coarse, expresses tas sentiment Of per
hAps ths average stock broker, however
rshasd and cultivated some OF them
may Be. Bas oue thing shoald be borne
Ia mind and that Is that all businsss Is
really speculative with varying degrees
OF rlsk from tie establishment OF a
corasr grocery store TO dabbhng Ia
stocks. aad that 50 great is the element
of chance from sueh ventures, IS for
instance, ths dry goods business 10 the
buying or selling % 81. Paul, that 90
per cent OF the number who embark
Ia commercial or financial operations
bseons bsakrapt. Few succeed in
anythiag "fhsrs q always plenty OF
room a. ths top. caid Daniel Webster
How many orators like Daniel Webster
has this country prod ucedi How many
Bsschers, Choatss. Edisoas, Longfsl-
loNs, Emsrsonsi How many GOulds,
HuRtingtons, Vsadsrbiits, Astorsi
3 There IL plsnsy OF room at the top, "
and few attain it in literature, science,
art, commerce or finance. There is one
Homer. one Shsksspssrs. one Angelo.
and In hnancs who has ever equalled
n sustained and solid sminsncs the
ROthschildsl Emerson maintains that
the rule is imbsoility on the part Of
the greas mass Of persons and intelli-
gence In the few. This is "a true in
speculation as in anything else.
The trouble with the average specu-
lator IN Wall street with, let as say
800. Is that he expects TO get wealthy
st once. The rule is that the man with
500 or 81 .00O, ,0G0 or $40, coo, 900 If be
stays In the game OF speculation long
enough viii fail. IL Is about one in a
milIien who succeed. As rule IL Is
only those who mAnufacturs stocks
and sell the 'watsred" securities 10 the
guIlibls public at prices ludicrousIy
ont OF proportion 10 their real worth
that make large fortunes
Nevertheless some men do succeed In
speculation. and IL they know when TO
stop speculstinz IN stocks and become
careful investors in good bonds or
other securities they may live and die
wealthy. IL man will dismiss his
''eoulsnr DE- rose" dreams of sudden
wealth and make up his mind that he
will De satisfied If he can make fair
or possible greater degres of success in
say ffteen or twenty years, work hard,
study the financial facts sSsiduOnsly,
and take moderate PROFITS that are GER
tain rather than wait for bigger ones
IA the misty and uncertain future,
then there is some hope for him in
Wall street. This. IN substsncs, is the
advice OF Hon. S. Y. White. who is
supposed TO haveafortuue of 81. 900. 900
or s., 600 900, and who twenty-five or
thirty years ago was reporter on ST.
Louis newspaper. Do the same as YOU
would N business Study the subject
dOu't leave the matter all 20 chance:
don't look for "Shylock" returns, and
don't mind how much other operators
ia stocks laugh at you for taking mod
crate profits. The law Of fuctuAtion in
markets is precisely the same as that
which governs the waves of the sea;
the strong tide below may be on the
sbo or the food but the waves on the
surface cessslesslY eoms anil go-thsy
.dvancs snd reset. And so do market
quotations. IL may be = bull market
inst "a the tide may be rising.
but the quotations and the waves con-
stsntly resot-thsy DO not always dash
forward. Take moderate profits. keep
cool and wait for the next reaction be-
fore buying again. Men like Addison
Csmmaek and +. r. Hutchinson. with
sH their wealsh. are often little NOR.
than .s.e.lp-rs~ on A large scale Tb.i-
tran.ae.ion. are ertensivs but th.x
I'll f-.,,.rtfv f.ka fractional ,-os.s
r. .b.~ sna tbsv ar. on thu wrong tack
49, ,-,iexfv ssrn and 20 the other U.v
IL. tbsmallsr operators who are al
-. f,.fi,.9to e-ht sb. m.rkas To
.yeb Il NAV b. saia Don't be obsti-
-. so--. b..fs,.. ~ .b.,,. fr,r, .h.
,.r.