The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1902-04-05
New York Times.

Within the past few weeks there has
been organized at the twenty third
Street Branch Of the Young Mems Christ
tian association a Poor Mems Club,
composed of ten young men, whose object
is to pool their savings and invest the
total in a manner which will insure them
larger returns than IL each acted slngly.
The members of the club are young men
who work for small salaries, who nave
brains, and some business experience, but
little money, and, not satisfied with put
ting what they have in savings bank,
have thus united and formed working
capital, through which they hope to be
able to earn good per cent on their in
vestmentS.
The club was formed at the suggestion
Of Waldo H. Sherman, who in his capacity
as educational director, has many young
men come to him and ask advice as TO
the investment of their savings. One day
not long since he was talking with one OF
these young men, who said:
81 don't know what to do with my
money. l save about $40 a week, but that
is making money only in a negative sense
Il don't turn my dollars over. They sim
ply lie in the savings bank and rot. In
one day l spend more than the interest
of my money during a whole year.
81 may lose my situation at any time,
but even if I keep it 1 can't ever hope to
accumulate enough none by mere saving
to enable me to live independently.
haven't got enough money to start small
business-wouldn't want to If had. I
don't care to speculate on margins be-
cause Of the enormous risk. I haven't
enough money to buy stocks or bonds as
an investment-then what do you advise
me to do?" v..
Struck by the constant repetition of this
question of the small, would-be investor,
Mr.. Sherman recalled the successful eff
fort of some young men Of Boston several
years ago, who dubbed their brains and
money and are to-day wealthy men.
''Why don't you," he said, Find some
fellows in the same position as yourself
and unite your experience and capital
Get fellows who have good business con-
nections, who know how to turn over
money if they had something TO start on.
| Meet every little while and discuss the
disposal Of your funds-in real estate,
real estate mortgages, or what not-and l
! think you'll succeed
| This was the founding Of the Poor Men S
| club. It's organization is still too recent
! to judge of it's success That OF course
will depend on the thousand and one cir
cumstances which contribute to the sue
| cess or failure of any business.
| The formation of the club, however, Is
INV
sands of small inve3tors in New York city
| who are seeking to place their money In
| more profitable place than the savings
bank Many of these are young men en-
ployed as clerks at a salary Of from $40
| to $25 a week
These young men have in view the gain
| ing of small competence, possibly the
| rearing of families. In order to do this
| they feel that their savings must be well
| invested and thus insure themselves
against old age, sickness, accident and
! loss of position.
! "There are" said Mr. Sherman the
other day, "nore young men in this city
than one would think who wrestle night
and day with the problem of how to get
on. The majority of them are ambitious
youth from the country, who have come
/ here to seek fort une. They haven't any
illusions about the easiness with which
money can be earned. They have, IN
some measure, graduated from the uni
versity of Hardknocks. They realize that
ability counts above all else; that to have
any hope of success they must take con-
slant risks in which lie danger and prob
ability OF failure"
| Mr.. Sherman says he knows men In New
York city's garrets of the finest intellect
ual power, !. of artistic makeup, who
haven't the faculty of combining brains