Grand Rapids herald. [volume] (Grand Rapids, Mich.) 1892-1959, 1893-04-30

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sell IL snms saoshs AssinG ths pssve-
lsnes Of high psissN 10Th ~ sessks
whtrA sAsy ownsd saA lasuo onoun1s
which they did noe 0sA Agsin. the
sesdy Of faess I'D 20 wiss ssnelusiooA.
as5d shass snded In snessssfsl sesalts.
Roth - bulls ed - bsess ~ wise
saadsaas have Jared veil Ths earo-
lsas and Superficial p1b,iA coming im
too late - balla. found tAsmsslves q
lest cumpsllsd - become unwilling sal
len q eyestsr a. lsas losnsa; In come
ossss % severe - 70 shAt1sg households
and drive citissns - ruin. u noe 70
crime.
Ths pesvoo who Studies real vslues
must not be couseut with that. he
must also study The iActs that In times
of stress and storm real valuoo often
ductuste - wildly In manner Il NOT In
amount - the most fnnciful In securi-
ties. and that no operation ON margin
Is really safe unieas the margin 10
large beyond the ordinary run, and II
hscked by equally large reserveA
Some financial teachcrs lsy u down
that your risks should not excsed tvpeo-
ty-Ave per cent. OF yoss capital
This h excessive prudence; but the
man who keeps half . mile
away from the edge Of . elf will
never fall OF from L. One who has
seudied the share market carefully hss
eventually found that II he u able 20
psy one-hsh ths market price Of his
hoiding>. he need hswe little fear - %
the other half: that In. On judici0us
selections of properties. No mention
Is made here Of shsrss that sell In 10
cember st scventy-tWo and In March
1T thirty. Whoever buys snch eosas
should pay for them and put them
away, and inSubaeo upon them With
che patience attributed % The hopeful
setting hen
The studene Of the stocA naskst q
the present period hss no easy tesk b.
fore him Imports arc lerge, sxposts
are small We sell to Soreigness . MIL
lion per week Of cotton and buy from
them two millions per week Of coffee.
the cotton yielding ms small profit. the
coffee yielding foreigner a immense
profit Other nations do NOT asem "a
banker greatly for our grains - against
those Of Russia and tho cost. The
United States is isauing currency bascd
on m estimate Of the value Of bar
silver. which II not in accord with the
estimate entertained BY the rest Of the
world: We haven't gold enough TO 60
around: We don't seem to havecarrency
enough 10 70 around: and the indebted
ness Of corporations end Individuals
acts - . constant menace 70 the
natural tendency Of ag1reGssions ol
loose capital TO lend thcmselves out 70
useful enterprises
Yet st the bottom II all this tur6u-
lent mass Of facts there arc natural
laws at work which. II we study
them out in relation 10 the objects
which they control. will be found to Be
a. SURF In their operation - sunrise
The collapse Of the iniquitoos coal
combination. % cruel ass combination
would be- % rvisc the price Of wster o.
air. was the result of natural law. Ger.
tain deep and wisc students acted ~
corsiingiy. The same class Of laws ere
busy to-day. and the facts sse s1wsys
with NJ IL l. the business Of the dilf
gent 20 profit by them-a
HnHY CIxwa