The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-12-11

have gone through their period of expert
/ mcntation, and one can judge their pos
sibilities and probable dividends. I be-
lleve that good railroad stocks Will be
safer than ever from now on. The va
rlous roads have had their rate wars
and have learned that a compromise Is
better than IL fight. Railrondng has been
reduced to a science and nearly oil the
companies are so improving their proper
ties that they can do business more
cheaply han ever before. The very best
brains Of the United States are a t the
head OF our railroads. This Is esp eclnlly
SO as regards the Pennsylvania railroad,
whose prcsldent4is Andrew Cass1ltt. That
road Is spending a vast deal OF money,
but 1t Will {nll come back intits better
facilities and Increased business. =
Cotton Wool for Stock Specu-.
lators.
gFk"Dojy You think, Mr.. CleWs.'h said T.#''that
a man witha small amount of money,
say $40, 900 or Fperhnp s 10000 can do anX-
Sthingl in Wall sstrcct?''
6885''I see no.reason why not, f$le Is the
Irieht man. There Is one thing. however,
he must do at tho start TIe must go
Into u dry goods store and buy a pound
OF cotton batting and bring 1t with him
to The stock exchange. Before entering
thick wads and stun them into his
ears to keep out the @rumors and wild
stories which arc gotten up to scare fools
lie must study the securities In which
he invests and learnto use his own judg-t
@mcnt Then,Sif ,he has any business ap-
titnde whatever, he has II fair chance OF,
SUCCESS re he is swayed this way and
thatlby every financial ,wIse-acrc he meets
T he will surely fall. At tho snme imc 1t
Will pay him@t to ndylse With others. but
his final test should be his Owl, iudg-
tment He should not risk dealing OF,
small margins. a respectable house will
hardly accent a margin Of less than 8
per cent. and even then the risk Is
great, Tho man who speculates on or
3 pcr cent, almost always loses, and II
he succeeds he degenerates intoGa gam
bier. a 10 per cent, margin Is better,
and one should have enough TO back,
glp such margin II the market goes against
him. Tho man withthc 10 pcr cent. mar
Sin has It Is estimated, odds Of about
e -2 por cent. gainst him, On II 2 pe,'s
cent. margin the odds arc onsidered
u l-2 per cent? and on n | per cent
margin % per cent, The man who puts
Sup8a 10 per cent. margin, and who has
another 10 per cent, IN reserve II lie deals
ut al! carefully Is almost sure to come
out with u profit"
Wall Street as a Profession.
'.NVould.you advise ~ young man to take
up Wall Street broking rs afprofession?1
a"Ihat depends upon the man, II he
has the right kind of ability, yes"
II SO, at what age should no begin?"
~ believe that the best business men
arc caught young and that ~ boy ought
10 go into business as soon as lie is ont
of the high school. lie Is then sixteen
or seventeen years old and young enough
70 learn Industry and thrift, IL he waits
until he Is through college he Is twenty
two and has Very likely acquired habits
OF laziness and foolish ideas Of life and
work. What a boy most needs are in-
dustry, honesty, truthfulncss, and ambl-
ton. II he has these and at the same
time n fair ability no Is almost sure to
succeed. Tho most Of the rich men I Il
aaye llaa ~ DO ,&tsA sss!Esea We gops,J