Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-27

from such people NAV be best illustrated by
smile. Suppose you had an important
case at law. Would you proceed with II IN
accordance with the advice of some par
room hummer who professed to be on terms
of intimacy with William M. Evarts or
Colonel Robert G. Ingersoll and to have re,
ceived from those eminent legal lights ali
the law points bearing on the case? A man
who would do so would justly be regarded
as a madman or fool, yet many men have
risked fortune upon the equally lrreSPon-
sible and foolish counsel of some worthless
hanger-on of the street.
ONLY ONE WAY TO GET TIPS.
IF you want to know anything about any
particular speculative enterprise make in
ouiry of some established and responsible
broker bearing the general reputation oil
being thoroughly posted as well as tnor-
oughly upright and honorable man; II
men try to speculate in Wall street ana lose
all they possess through taking the ADVICE
of rumor-mongers and canard-makers, no
more blame can be attached to reputable
brokers than there could be to the eminent
lawyers have named above for the failure
of a suit at law carried on In accordance
with the directions of some barroom sbyster.
] have said that the would-be successful
speculator must not be too sanguine nor too
pessimistic. Many men fail because they
take too bright view of everything. When
the whole financial sky is heavily overcast
with darkly lowering clouds, which portend
the speedy bursting of storm, from whose
threatening fury all prudent operators
hasten to take shelter, these too sanguine
men think and loudly declare that every
thing is booming, and that the threatening
clouds are but capfuls of wind which will
soon pass harmlesslv away. They act &C.
cordingly, and the result is that they are
soon numbered among the disappointed,
ruined men who so thickly strew the sands
of time.
THE PESsIMIST JUST AS BAD.
Then, on the other hand, who of us has
not often seen and pitied the lugubrious in
dividRal with sallow complexion aid list
less, tagging gait. so suggestive of blue pill,
who, when everything is booming at the
very height OF prosperity, persists in de-
claring that the country is going to the
dogs, and sells stocks when everybody else
is buving them.
Many a man fails through operating too
persisteutlv on the same side of the market.
He is bull or he is bear in season or out
of season. Such a course is pretty sure to
result unfortunately sooner or later. The
successful speculator must be like the wise
and thoroughly skilled navigator. He
must be ever watching the winds and tides,
and he must trim his sails and steer his bark
accordingly. He must be bull or bear as
circumstances indicate, never changing to
any pet fancy nor adhering to any cause
when the handwriting on the wall directs
the abandonment of it. have said that the
successful speculator must not be too wise
nor too ignorant If too wise he may be
like the learned physician or surgeon, whose
knowledge OF the human body is so CON-
p!ete that he fears to run or jump or wrestle
or indulge in any trials of athletic skill lest
by so doing he should displace some of the
delicate arrangements of hfs internal econ-
omy. Too much wisdom may make inan-
cial operator too cautious or too confident,
either OF which conditions may ruin him.
The too ignorant speculator-lIke an ignor-
ant man in any other vocation-is entirely
too much in the power and at the mercy of
others.
DEAD SURE THING.
But despite the jungle OF difficulties and
dangers through which the unwary must
pass to reach the fair haven of success
through speculation, there is one safe and
sure road. Our Creator has mercifully pro-
vided way by which explorers and travel
ers in foreign, hitherto un known countries
can tell whether or not they may safely eat
of any fruit or other vegetable growth that
presents itself to their notice. Ii thev see
it eaten by birds or animals they know that
it is not poisonous, and can be eaten by
themselves with impunity.
just so there is way by which the mex
perienced explorer in the field of specula-
tion may tell with certainty how always to
speculate to win. There is in New York
class of rich old fellows who by long expert
ence have acquired the art of successful
speculation. During a great part of the
year they are inactive; but two or three
times in nearly every twelvemonth there are
brief periods of marked decline in the values
of stocks.
THE FELLOWS TO WATCH FOR.
Then these old fellows are seen limping
down to their brokers' offices. They buy
gilt-edged stocks for cash, and then wait till
the market has recovered, and their newly
acquired securities have advanced to where
they were before the decline. Then these
sly old dogs quickly sell out. invest their
profits in choice real estate that is increas-
ing in value, and retire to their splendid
homes to await another heavy decline.
II young men desiring to speculate would
follow the example of these cunning, foxv
old operators, and only buy gilt-edged
stocks when depressed through sympathy
with a general panicky feeling, and would
keep out of the bucket shops as we'll as the
sample rooms, and only visit Delmonieo's
for light lunch during business hours, thev
will be certain to realize at least moderate
profit on their ventures, and to make more
money than if they operated all the year
round. HENRY CLEws.