The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-05-20

uns isfactory
teachers. They can't answer qucs-
tions, and no one can learn much about
anything without asking questions,
whether from persons or from facts, or
both But one must study any subject
in the light of the most available and
attainable means.
Tho stock market is a most fruitful
and fascinating field of study. 1t fas-
cinates more influential, well-to-do
and nble-bodied men to-day than any
othcr fact in American life. Horse
racing, theatricals, fashion, the fine
arts, in such n competition are, dis
tanced to such an extent that they are
out OF sight, in the rear. And of
course n great deal OF study is be-
slowed upon it. And the reasons why
the results of SO much study are not al
ways commensurate with the labor
and time employed are numerous.
Some of them are substantially as fol-
lows:
People have preconceivcd notions.
They are not willing to clear their
minds of existing theories and bring
themselves down to close dealing with
facts
They are apt to base their conclu-
sions on the opinions of others. Now.
opinions as to the value of anything
are sure to differ, and opinions as to
future values differ still more widely,
just as the spolles of wheel are wider
apart all the time while you travel
away from the hub. When you reach
out into the future you are getting
away from the hub of the present
They are frequently unwilling to
act on conclusions that conflict with
their desires and interests, and that
involve the acceptance of immediate
losses. They resemble the wounded
man who refuses to let the surgeon
cut off his leg when he is told that am
putation will probably save his life and
that there is n slender chance of other
wise saving it, and who takes the
slender chance.
They are apt to study in superficial
manner, without tiioroughncss, using
scraps and smatterings of knowledge
when even the most exact information
is hardly sufficient.
Other reasons could be adduced; but
they might be needless. The king cx-
cused municipality of town who
bSt5 iCtiCt w llIC q ShiubC III MS honor
on their giving him the first one of
fifty good reasons-that they had no
powder. The other forty-ninc were suf-
fered to remain undivulged. Enough
reasons have been adduced here to cx-
plain why SO many people fail to sue
cessfully study the stock market
But while it is very easy 60 pick to
pieces the various sy tens tina are sure
TO win on the stock exchange. and to
criticise the modes of study of preiu-
diced AID slovenly students. it is also
most diffcultto lay down absolute rules
for She successful study of. the share
market. One double-headcd and in
variable rule there is, but it requires
large capital and patience to practise
it. 1t is this: Buy Nnly what YOU can
nay for; buy when cheap and sell when
dear. The veriest financial infants
can see the force Of this rule.
And yet this prcccpt has its weak
points. For instance, how is person
to bc absolutely certain that given
Stock is cheap or dcGr AT a given time?
BY comparison? But if he compares
thc price with what it was at any past
period, he must also he able to state
al the facts that existed at that period
having any bearing on this stock, and
since these facts may run into the mil
Ions as to number, and into all parts
o. thc country rs to place, our learner
has q heavy contract on hand. Then
too, he must bring to bear a clear
Judgment, and resolution such as
soldiers exercise when they charge
batteries, and then he must be pre-
pared next day to find out that he was
wrong. After n careful and exhaustive
search into all the material al hand. he
bnys shares at, say, so per cent of par.
as icing cheap at the price. and really
worth more money, and next day they
NAY bc offered at so. lie then has
l'ca Y lost $40 on each share, and if
re hods the purchase. and il ultimately
amounts to par, he has still lost Si0 per
hare.
md suppose he sells on any given
tiay at par, and week after that the
shares sell at 10, he then loses another
slo per share. So that this safe road to
success has its stumbling blocks as we'll
as others, although they are not so
Dangerous In such n road there are no
deadly dangerous pitfalls. The men
VINO travel 1T are not tempted to de-
falcations and suicides.
Horace Greeley once said that the way
to resume specie payments was to re-
snme; and itmight also be said that the
way to study the stool, market is to
study it. One distinguished and gencr-
ally successful stock operator of the
period is credited with being in daily
receipt of numerous pieces of informa-
ton from various parts of the country
as to the condition of crops, weather,
frcights, passenger traffic, in short all
fncfc fhnf 20 70 mn lrn I'M fl,n Of tho L. &