St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-08-03
SPECULATING TO WIN
avoid the clips" Of the Pro-
feSsional "Point-
erS."
How to Always Buy and
Sell Stocks at a
Profit.
Henry Clews Tells What
Makes a Successful Spec
ulatOr.
Patience and Care Chief Re-
quirements, if You Are
Bright.

ANSN
Mn Dispatch. The desire to
,MhHd lDNlW 1 gain money, to accumulate
E Tta ssEtlIttS.| wealth. and to do so rap
lEgiR0TTT1ll1 idly by some royal road is
XAWIplr inherited 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 the next greatest
pleasure is to lose it in the same way:
This sentiment may be generallzed ana
made more applicable to mankind at
large by saying that the greatest pleas
ure in life is making money. ana tiie
next greatest pleasure Is SpellGiils ~.
The desire to make and to spend IS the
underlying philosophy OF the universal
craze for speculation. -,
The rapid multiplication within the
past thirty years of railway and tele-
graph lines and other business enter
prjses carried on by stock companies
has increased the facilities for specula-
ton TO an extent undreamed of i'll this
country prior to our late civil war, and
it is to the consequent great increase III
the amount of personal property i'll TINS
country that the accumulation OF SO
many
Colossal Fortunes
within comparatively few years past
is largely due. How to follow in the
footsteps of the men who have become
miilionaires through stock speculation,
how to speculate successfully. now 10
buy and sell stocks at profit are ques-
tions whose answers are now beng
eagerly sought by multitude of men
whose number is far greater than that
of those who have toilSomely laDored TO
find the fabulous philosophers stone IN
the ages that are past.
Just as every man born into this
world firmly believes that he can drive
a horse and poke a fire little better
than any other man, so he also believes
that he can speculate successfully, and
even years of continued failure are in
adequate to convince him OF his error
There can be no greater mistake than
to suppose that any man can be sue :,
cessful speculator. cali blackSmlths,
saws Rev. Robert Collyer, formerly a
worker in that useful trade, "cannot be-
come preachers, and it would be bad
for the world if they did" There is a
good deal of philosophy i'll the remark
of this popular clergyman, and 1T is
quite to the point OIL the subject OF
which am writing.
A thoroughly equipped Spectator
must possess extraordinary parts and
RttainmentS. He must be an unceaSing
and
Intelligent Observer
of events at large and sagaclous in
terpreter Of symptoms Oh the stock eX-
change. His judgment must he sound,
not only as to existing conditions, but
as to coming tendencies, and he must
possess the calmneSS and nerve to race
unhinchingly whatever emergencies
may arise. Comparatively few men
possess these qualities in even moder-
ate degree.
1t will thus be readily seen how little
chance of success most men, and more
especially most women, must have as
spectators. They seem to lack the
mental qualities required to take in the
varied points of the situation upon
which success in speculation depends.
They are by nature parasites as spec
ulators, and, when thrown upon
their own resources. are compare
lively helpless. Although they are
able through craft and subtlety to rule
the male sex to a large extent, yet when
obliged to go alone they are like ship
at sea in a heavy gale without compass,
anchor OF rudder. | am aware that some
pe0ple-eSpecially some of our "strong-
minded" women-will take issue with
me on this statement, and will cite
against my theory such women as Joan
of Arc, Queen Elizabeth, Catharine of
Russia, Mrs. Elizabeth Cady Stanton,
George Elliot, Ouida, George Sand and
a host of other female adventures,
politicians, revolutioniStS, reformerS
and noveists, but such women are only
the exceptional cases, which prove the
rule and sustain my theory. Besides,
these fair ones, with the exception of
Ouida, and, to some extent, Elizabeth
Cady Stanton, and, possibly, George
Sand, have never tried their hands at
speculation. They have eXcelled in
their particular lines, but when all their
secret history is known it will be found
that men were the source OF their in
spiration.
To speculate successfully there are
certain things that man must do and
certain others that he must avoid. First
of all, the Spectator must be as calm
and impartial as a Judge, not less in re-
spect to the risks he incurs than in re.
gard to the integrity of his own judg-
ment. There is no pursuit in which q
man can less afford to indulge in Whims
or preiudces, or pet theories, than that
Of stalking his money against prospect
i've changes in financial values. The
Spectator must not be too ignorant mol
too wiSe too timld nor too bold, too
pessimistic nor too Sanguine, too SLOW
nor too hasty, too diflidcnt nor too con
ceited, too contlding nor too incredu
lous. These are constitutional defects
any one of which may easily cost al
operator a fortune. [ should, there
fore, lay it down as the first rule reQui
site to success that the judgment be no
warped by any natural idiosyncrasies
This being secured q man may succeed
in spite Of his constitutional defects.
The Spectator
must be particularly cautious about &C
ccpting on-technically know
as'tips' and points" unreliable
sources. Considering the readiness
with which numerous class Of tout
side; operators buy and sell on sensa
tional rumors, it is not surprising tina
the market should be kept we'll supplied
with such decoys. and it is not easy t.
say which is the more deserving of con
demnation-the needless credulity o
the dupes. Or the deliberate lies of tn
canard-mal1ers. The speculator SHOULD
wait patiently for proper opportunity
and not rush headlong to purchase OF
the "tips'' of the dGluSiye rumor-mon
gers. The common delusion that ex
pert knowledge is not required in spec
ulation has wrecked many fortunes an
regulations in Wall street, and is still
very influential in its pernicious an
illusory achievements.
When Il man wants correct advice i
law he goes to professional lawyer i
good standing, who has given evidenc
to the public that he is thoroughly re
liable. No common-scnsG man woul
trust law case to a bar-room ''bum
mer" who would assert that he was wei
acquainted with William NJ. Evarts an
Col. Ingersoll, and had got all the in
side tips" from those legal lights o
the law relating to the case. If Specu
lators are caught and fleeced by follow
ing the counsel of such bummers in til
speculative line, professional brokers
who arc members of the stock exchange
are no more to blame than the cminen
lawyers above named would be for tn
result of case taken into court on til
advice which some irresponsible perso
had pretended to receive from thOS
celebrities of the New York bar.
The Spectator should always lol