The morning news. [volume] (Savannah, Ga.) 1887-1900, 1890-08-24

e
street operators cross bridges before they
come to them, and by the time they get
There they don't care whether there is q
bridge or not; they have provided pom
toon or are prepared to ford the stream.
The consequence Is that those who only
reckon on ne days ey ents and who follow
biblical precepts aud take no thought for
the morrow, are beaten by the more worldly
wise, who ignore to-day's affairs, peering as
Tar into the future as their pre-
science will permit That the crowd
is always wrong is almost axio-
matte When everybody is fishing
up stream the true sportsman fishes down
stream. 1t is hard 10 have an opinion diff
ferent from that Of everybody one meets.
but resolute souls who go short Of the
market, when everyone talks bullish. make
money; per contra when everybody one
sees talks blue ruin and financial distress
the market is a purchase. Anybody can
enunciate this truth, but it takes a trained
Spectator 10 govern himself by it, and it
may be said that no man has any busi-
ness TO deal in stocks or speculative
money and look pleasant 1t is no place to
plead the baby act to whine and lament
and curse ones luck. II a man has not
enough surplus Co risk and enough courage
to accept the result, he is fool to dabble
III the market. Stop orders are good
things 10 protect one against excessive
losses. A man may be wrong; that is posi-
BILE, and II he is wrong he should take
moderate loss and let the mind rest and re-
fleet little before renewed venture There
are great many theories how TO speculate.
the best, OF course, is so buy in panics and
sell in booms. That is hard to do. and, be-
sides, panics and booms don't come along
every day. II one wishes to trade In the
market and there is any kind Of move
lie 4
probably can make more money by pressing
his advantages. That is to say, If he sells
short and 1t goes his way sell some more
and follow 1t down as far as he thinks
the market should go before
reaction, or ii he buys and the market goes
his way. buy some more. There IS no royal
road 10 make money, but this is, perhaps,
the best. What should be avoided is yield
ing to the itching desire TO take the first
ing idle aud 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 Clews says; "Buy on the slumps
and sell on the jumps. Take moderate
profits us a rule; don't try to make all tho
money yourself Study the situation care
fully and don't trade in wild cats Select
good stocks. Avoid stocks about which
nothing Is KNOWN
Another broker said: "Some operators
have such natural capacity for specula-
zion that they flourish wonderfully for a
time. They get knocked on the head,
however, sooner or later. They loose
their heads; they think they know
stroy they first make mad One
misstep, perhaps, and they lose everything.
They may keep their fortunes to the end,
but they die young Look at Charles
Osborn, worth five or six millions, one of
the few men whom even Jay Gould could
not humbuy. 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 a young man
to go to a retreat. Look at Baron Woeris-
hotfer who married the daughter of
millionaire Oswold Ottenderfer, pro-
prietor of the Stats Zeitung and
died at 40 years of age, worth $4,000 600
Toe careers of the biggest of these men
sound like passages from Dante's 'Inferno.'
You can be sure of one thing-that the
average Wall street Spectator, however
smart or successful for a time, will, if he
stays In the game long enough, go broke.
One reason is that stock exchange has on its
lists and fathers dsgraceful lot OF rub
bish. AS in Coleridge's Ancient Mariner
it Is water, water, everywhere
STOCK 6ptculaJlon ls 80 much matter or
chance that some will not buy If they see q
cross-eyed girl or black cat on the way
down to the office. II they can manage to
touch hunch-back it is big thing in
their favor. Vanitas, vanitatum 1t is
all Punch and Judy show. And yet it
has in some respects a deep significance.
The immense Importance 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 Caesar"
he says, 'were to appear upon earth West
tenhalps (stock exchanged list would be more
important than his commentaries; Roths-
child would open and shut the temple of
Janus; Thomas Barring or Bates would
probably command the Tenth Legion and
the soldiers would march TO battle with
loud cries of Scrip and Omnium, reduced
consols and Caesar"
Finally, distinguishing characteristic of
the regular or professional Wall street
Spectator is gamblers sang froid. He
takes losses and gains with equal composure
In speculation he echoes the famous Larry
Jerome's sentiment concerning the whisky:
Il hope for the best but am prepared for
the worst" REX.