The Republican journal. [volume] (Belfast, Me.) 1829-current, 1914-02-19

; let his wife trade afterwards, because
he died.
Miss Weinberg was jubilant over tn,
decline in Maggie and began to tai!
to her associate traders. ut is al
gamble anyway. No fancies or fact
can account for this sudden weakness O.
good securities.
''That is true" remarked Mrs. Dyer
"In falling or rising market of Sc
curities, the amateur never knows when
ever y movement is the result of al
agreement of the floor traders to make
a little profit; or Of concerted operation!
by shrewd men who detect latent threat
ening or favoring conditions in secur
ity's assets; or of the individual or unit
ed action of the managers of corpora
ton, who know the earnings, prospects
for dividends, ETC., and hasten to ust
their knowledge before the public car
guess what is going to happen.
"You can decide from these facts how
completely the outsider, the amateur
trader, who reads all the news, gathers
all the tips, talks about his stocks with
the crowd, and thinks he is thoroughly
informed, so that he is sure to win, is at
the mercy of manipulators and sport OF
fortune"
for husband.
"Well, with all his knowledge, we
have not made fortune"
"He must consort with the shrewd
men, or become an insider, but there are
certain principles to guide Spectator
in his deals. You may read them on this
card. call them
MAXIMS OF SPECULATION.
Study the assets, liabilities, costs of
operating, net earnings and general con-
ditions Of each stock. Learn the values
of the stocks in which you wish to deal.
Take a firm position, but little advice.
Avoid those of undeveloped compan-
les, poor earnings and questionable man
agement.
The better stocks are safest and surest
of profit. They 90 up in the end as fast
as the poor ones, and their dividends pay
carrying charges. Low priced, common
stocks of good companies are often prof
liable.
Most mining stocks are of uncertain
value, dangerous liabilities and doubtful
earning capacities.
Industrial stocks of long established
record, open operations and reasonably
certain earnings are desirable invest
ments.
Railroad stocks and bonds of the long
established systems are considered the
safest and best securities for the gamble
or an investment.
The market for stocks generally has
trend either upward or downward. and it
is important to recognize it and to wait
for it.
The safest side for the ordinary trader
| tho hrvinn tho limo Cl6p Tho
selling, the short side, is too dangerous
and ep-destroying for an amateur
speculator.
| Buy cautiously after reasonable or
panicky decline. Dizziness often precedes
a sharp rise or fall.
| Don't hurry to buy after a democrat
lied break. Wait until prices are steady,
and rise and fall few times, showing
the bottom has been reached.
! Don't hurry to buy after quick rise.
| thinking the market will get away from
you. Wait and see if the rise is perman-
ent and then buy after slight reaction.
/ 1t is better to average up than average
down. 1t is profitable to buy at the bot
tom, and to sell at the lop. Limit the
buying price in low stocks, buy others at
/ the market. Do not over-trade. Let
doubt check enthusiasm.
Keep large margin 70 be prepared
for unusual decline. Twenty dollars a
share margin is generally safe. The
leaders require large margins for safety.
Trust no tips, or you will lose in a ma
jority of cases. Coppering them is gen.
orally profitable, as they are frequently
put out to mislead. Watch to detect wash
sales, matched orders, manipulation and
! strenuous efforts to boom.
/ Run quick, if you have been deceived.
the integrity of stock is seriously ques-
toned, Or you DECIDE your opinion is
wrong.
! Sell after a strong, rising market, or
! place stop-loss order to secure profit.
Don't sell on falling one unless there
are strong reasons for it, trend down.
ward or panic,
/ Feel for the top and DO not be anxious
for the last dollar, There is good news
at the top and bad news at the bottom.
Many lose golden opportunities by wait
ing too long. Wait for reasonable profit.
Small one are for daily turns. Don't sell
| for trif1ing profit, thinking to get in
again lower You may lose fortune BY
not staying,
When you decide it is time to sell,
order sale at the market. Don't sell at
loss unless calamity threatens. Good
| stocks always return to their proper
value. Some traders sell after big de-
cline, when they should have sold early
| That is the time to hold fast for reac-
ton upwards.
A long decline is very demoralizing.
If caught, sell little, never all, to ease
mind and to strengthen margin. Often
change from high priced stock to
lower priced one will stop loss.
Don't worry over the quotations; they
tempt or scare to foolish action. Have
reasonable courage of your convictions
until movement is ended unless you
learn you have been deceived. Above
all, operate safely, cautiously. Don't
overtrade and you may be favored by
fortune
"These are the principles to guide us,
ladies'. They are the opinions Of man
who made fortune by following them.
If we are guided by them, we ought to
win in majority of deals. Then each
of us can have a bank account, tour
ing-car, and husband to share the ex-
pense.
The ladies laughed and applauded Miss
Weinberg noisily. Many of them found
in the maxims reasons for their bad luck
in speculation, and resolved to operate in
the future with more circumspection.
The angular woman removed her hat,
M La~