The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1904-12-24
]. P. MORGAN ONCE MORE KING or WALL STREET

1t has dropped from SO TO below To- Even
now IL is selling above its real value. 1t
VIII go lower. In heavens name, II you
want to buy something why don't you
buy something that is cheap? Come up
to my office and III show you some Inter
national Marine. I'll sell il TO you for
three-auarters Of a cent II is worth Just
as much as Steel common-just about the
value Of the paper IL is written en-. and
no more. But I'd advise you to buy that
instead of Steel common, because it is
cheaper.
He was so tremendously emphatic that
had to listen to him. Instead of going
10 the office OF my broker and buying
200 shares of Steel I dropped in TO see
my advertising man. He Is a man OF fine
business sense and a strong character.
But when / entered his office I found him
on his knees before his safe lingering
bundle of certificates and sobbing like
child.
What in the world is the matter. old
MANI ] cried, is any member of your
family deadg
No. he sobbed. But am ruined. I
haven't a dollar in the world. Look at
this
"He showed the bundle at me and 1 saw
that he had certificates for several thou
sand shares of Steel. both common and
preferred.
They are not worth the paper they
are written on he said echoing the words
of the man / had just left 1 bought ne
common above 30 and the preferred above
80 Three wears ago was man OF COM
paratVe wealth. but now / have nothing.
for my obligations more than offset the
value Of these stocks.
1T is scarcely to be wondered at that
dldn buy any Steel common that day. L
didn't buy any at all. | have spent that
$zVc0O simply because l had II. See what
| could have made out of il. The common
has sold at 30 since then. and my profits
would have been $4,000 I would have
had my $4,000 besides.
Think how my advertising man must
feel He is once more man of wealth.
for he hung onto his stock. Whenever I
think Of the way / was persuaded out
of my original intention | curse the day
j met the man who gave me that advice
Steel common was selling at 934 last May
when carpenter walked into the office
OF a Broad street broker. He had sold
farm in Long Island and had 5000 in a
check in his pocket. He was vaguely
familiar with the stock market. and he
wanted to sell Steel common short
why do you want TO do thatf asked
the broker. DO you want TO go short
simply because ii is down already and at
the bOttOm?"
But they tell me 1t is going lower.
said the carpenter.
"Of course they do" rejoined the brok-
er. They probably would have told you
it was going higher when it was selling at
80. If you do anything. buy IL. Always
buy stocks when nobody wants them and
sell them when everybody is trying 20 buy
them
The carpenter took the advice. He
bought coo shares of Steel common at ga.
He saw il go a little lower, but he also
saw it go higher. When 1t reached 20 he
pyramided and bought 600 more. When it
reached 20 he asked his brokers' advice
about buying 600 more.
why do you want to buy it?" asked
the broker.
''They tell me 1t is going to 40 said
the carpenter.
"Of course they do" returned the brok-
er. They also told you 10 sell il 20 points
I lower. Let some one else buy it. Take
your profits and give some other fellow
a chance to get 40.
The carpenter sold at 81 and cashed in
nearly $4,000 in profits.-New York Press.