The Savannah morning news., 1902-12-28
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TALKING OF WALL STREET.
Practical Habitue Tells How He
Got Rich-Lambs
From the New York Press.

Got Rfch-Lamba
From the New York Press.
An eminently practical habitue of the
street contends that the great major
ity of lambs lose their all because they
play tips and their own Judgment Hear
him: 80 far as actual knowledge of
speculation goes 1 am a lamb, yet /
have been in the Street for thirty-five
years. My judgment is not worth thir-
ty cents. I would not play a tip un-
der any circumstances, no matter if
Morgan himself, or Rockefeller, or
Gould, or Hartman should give 1t. /
am worth over a million. 1 did not
earn one cent of it. l am a creature
of the pool. The binder the pool the
better I like 1t. 1 am ready to go in
any day with ten, thirty, a hundred,
five hundred, men to make a pool. With
the right man to do the manipulating
it is impossible to lose. Put in your
money, sit tight and keep your mouth
shut"
This lamb" goes on: "I hear men all
around whining and crying over their
losses in pools. They are liars nine
times in ten. Take the Southern Pa
Gifts pool. We have lost millions In II,
but only on paper. I know l am as
deep In 1t as many other men. and I
know also that I'll get my money back
before next April. and confidently ex-
pect to make thirty points profit. l
am not asking questions. My money
is just as safe as If it were in the
Chemical Bank. What you want in the
street is little patience. l haven't
got sense enough to work out the mer-
its of a speculation. therefore l am
glad to let somebody do it who can
do it. and I'm willing to pay handsome
ly for mis- manipulation
The losers in the Street are the chaps
who jump into anything haphazard
and expect to make millions. The pro-
fessional operator is a hard worked
man. He labors longer and later than
the merchant, the banker or the lawyer
He will study for months the physical
condition of a certain railroad its
earning power its expenses, it's future,
before investing dollar. He will pay
large sums for inside information. He
will have in his employ. sub rosa, gem
eral managers, superintendent, even
presidents. The stock is selling at 40
He estimates that it is worth 75 He
buys. Probably he organizes a blind
pool, with members of great influence
and means The rule Of such a pool is
that no member has the right to med
die with the manipulation. Every
man of honor. of unblenching in
tegrity. When the transaction is closed
the profits are divided pro rata. If
the transaction is a loss all share II
alike.
A man who thought he knew II all
was standing beside ticker when the
tape said that tornado had wiped out
some of the shops and furnaces of the
Tennessee Coal e. Iron Company.
Sell 1000 shares of T. L." he exclaim-
ed to his broker. AS the broker knew
his business he said nothing, but ex-
ecuted the order. The stock fell half
point, hung there for half an hour,
then rose five points in twenty min
utes. In a terrible state of panic the
great man ran to cover, accepting a
loss of $1,000 plus commissions The
next day the stock fell ten points, and
our friend went crazy. There are mil
lions just like him. He Is a perfect
type.
When 1t was all over his broker said:
THE I. C. & I. crowd is about the
cleverest in the Street. They knew all
about the tornado hours before it got
on the tape, and laid their plans ac-
cordingly. Never forget one thing
Whatever comes out on the tape is an
old story among men in control of Spec
ulation."
An old hand at the business saws.
eff all the lambs would flock together
under leadership they would make
money and control the market. If
Keene were to say, All We lambs, come
unto me and will give you profits,' he
would have 100000 of what we call the
public pouring gold into his lap for a
giant pool. The trouble with Wall
street lambs is that they are Just nat
uraliy made for shearing. We brokers
would die of ennui If we had nothing
better to do than skin each other
The bank statement is our 10y for
ever" said member of the exchange
I'VE couldn't get on without it. 1t "a
the butt end of all complaints in the
stock market. 1t is at once our hone
our excuse. our vindication and our
anchor to windward. 1t Is the loga-
rithm by which we manage to work
out every deep problem of finance. It
is the end of the rainbow which keeps
us chasing. Without 1t we should be
lost in the morass of monotony."
Some brokers want the statement n
issue on Monday at 10 o'clock instead
of Saturday at IL. Monday" exclaim-
ed crack sportsman. "Mondayi That
would close every church, golf link.
club and drive in New York and its
suburbs on Sunday, as all of us Wall
streeters-brokers and clients, about l.
100000 right in this vicinity-would liz
home worrying, figuring and forecast
Ing the money probabilities of the
Clearing House Trust. With the sur
prise on Saturday we are over II bv
noon and have nothing to worry abo1,t
till Monday"