The morning news., 1894-02-23
Know WHEN TO LET GO.
If You Master That Art You Can Get
Rich in Wall Street.
From the New York Advertiser.

From the New York Advertiser.
There goes a young man for whom
am sorry" said gray-haired man nod
ding toward young fellow, apparently
of eight and twenty years, who was
leisurely strolling up Wall street shortly
after 8 o'clock few afternoons ago.
The object of the gray haired mans
sorrow diu not appear to be in pressing
need of sympathy. He was well, even
handsomely dressed that he was in good
health was evidenced by the color in his
cheeks and the erectness of his bearing;
moreover, he had a sleek and well-fed APP
pearance.
"Too bad" continued the gray-haired
man, but that fellow is everlastingly
ruined. He has had lucky stroke, and
has made over 100000 in stocks in few
months. The result will be that he will
never leave the street until he is dead
broke and it is a chance if he does
then"
These words, of course, but expressed
the thoughts of a speculator who had had
his ups and downs-nany of them-and
was just then in the grip Of the downs.
He was more, he was pessimist, and his
years of experience in Wall street were
to him the same as those of the veteran
who has watched the spinning of the rou-
lette wheel until his eyes seem to have
absorbed the rotary motion of the gamb-
ling instrument. They were years of
good and bad luck on the worst side of
the game.
'Does it never happen that fortunate
spectators accumulate a competence and
retire9'' was asked of the speculator
"Retire?" he echoed. what, from
Wall street, Yes. when they die, or,
worse yet, 90 fat broke, but while the
hope of making or increasing a fortune ex-
lists, never. Better far for young man
who contemplates entering Wall street as
a speculator to take whatever money he
intends investing in stocks and throw it
off the Battery sea wall into the waters
of the river
Within two blocks of where the specu-
lator stood were the offices of over a score
of stock traders that had made upward
of a million dollars cash in specula tion
and half block away was the office of
a well-known broker who has been a
figure on the street for a quarter of cen
tury.
To him the question was put: Does q
stock speculator ever leave Wall street
with competency"
"How long would stock speculation last
If everybody lost ~ he replied. Il will
tell you of a few men who have retired
from speculation rich. Oyer there is the
Mills UulIullB IL 10 OWuGu ny u. ~.
Mills. He came to New York rich, but
that building was made in Erie stocks.
There is young man whom we often
hear of-Howell Osborn. He has large
income drawn from the fortune of
Charlie" Osborn, a stock trader, who
practically retired before he died with
something like S2,000,000 or 50, 100000.
civilian r. Travers, the great Joker,
left Wall street, where he was really
trader, with several millions. +. G.. Ben
edict was poor young man. He specu-
lated in Chicago Gas, and the report is
that he is about to retire with big fort
une. Addison Cammack is still here, but
he has stood the pace for ten years and
over and made big fortune He will
leave rich. A. ]. We'll the big bear of
last summer, who made ~, 100000 or so in
panic times, has retired, and, l hear, is
going to Cincinnati to settle down to quiet
life.
"Why, 1 could give hundreds of in
stances, and 1 know of lady who came
to Wall street to speculate She put a
few thousands in Richmond Terminal,
held it till it went to 20. sold, and to-day
is living on the interest of her money,
$50, 600 of which she cleared by the trans
action Again, | knew of a man who
bought 1000 shares of D., L. & w, at IS
and sold out at a profit of 100000, and
left Wall street for good.
1.-THE reason why we hear oftener of the
losers than the winners is that the losers
frequently get into difficulties. Let
man of good common sense come to Wall
street, and if he buys stocks as he would
groceries or dry goods, to sell out at the
least possible loss when necessary and
accept fair profit when offered, he will
not leave Wall street poor. The great
difficulty is, though. that if dry goods
merchant comes to Wall street and trades
in stocks he forgets his dry goods exper-
ience, and holds a line of stocks for
complete loss. whereas he would sell out
if it was dry goods"