The Washington times., 1917-01-11
JESSEHFERMORE
WTNSNEW FORTUNE
boy PIulger," Bankrupt Two
Years Ago, Pays An
His Debts.
HAS .sl,5oo,ooo NEST EGG
Insists That He Is Now an ZAP
praiser of Business
Conditions. 49,

NEW YORK, Jan. 11.-Jesse L.
Iivermore, who made millions in cor
nertng the cotton market here nine
years ago, and whose pIunses in the
stock, cotton, and grain markets led
to his failure two years ago, has come
back with another fortune. Two years
ago he was broke but through
good fortune and a few shares OF
Bethlehem Steel Mr.. Livermore was
able. to announce yesterday that he
had paid on the last Of his creditors
and had stored away q comfortable
sum for himself. 49,.
! His friends estimate that. his new
! fortune ainounts to $500. 900 at least.
Now that he Is on his feet again he
does not intend to let,the fortune slip
through hiss hands. ,-se7 q
The big bull movement. being ended.
in his opinion, and feeling uncertain
about the trend of the stock, grain, and
cotton markets, Mr.. ;Livermore has
; arranged. for a trip South to wait until
5he can determine q definite stand to
take In the markets.
..
: He Won MiIions.-
Unth-tw two years ago Mr.. Livermore
was KNOWN as one Of the greatest
;plungers. in this country. His win
9,nings ran int6 millions, hut in a crash
:, following his corner IN the cotton
market he lost s2,o00, 900 In one day.
His operations from that time went
! from bad to worse, and in the early
part of 1915 he was forced to file a
petition IN bankruptcy.
I Mr. Liveumore was known as the
brokers angel" so extensive were his
4 dealings~ More than ,once he lost 81 Co.,
200 &C ndres In a idaS = Each time he
{ was able to.>colhe Shack Brokers more
than ones< carried him Through stormy
i{perfo1s. ,n6stnE tl1zt sooner or later
-he would hit the market in the right
direction and that they would. be gen.
erously repaid in commissions.
@BaGfhess SPecuIator1 Now.
Hereafter Mr.. Liger1nore does not in
tend to play the market simply as a
gambling Ea4aex BE has turned from
marisst' gambler TO what hS terms
business speculator" or ."an appraiser
Of business coaditionss'' Mr., Lavermore
refused to say how large an amount he
: had amassed this time. 'T must have
!, made a very large amount" he said,
for have paid In full for my mis-
Z takes Of the past. and they cost me
\ SS.OWO oa S7|-N s.Sr1~e = s-'~sfsrs 8 -.
7 hzye not taken any prominent part
in. any of the big markets, although
have made money in. them in a quiet
way. When lost $2O00OOO In my last
: big play In tho cotton market IN 1908
/. decided II was much better way to do
business on a conservative scale. have
learned from experience that there Is no
money 10 be made from scalping; that
is buying in the morning and selling in
the aftefnoon- s.-s - =. Z .
The money lies IN figuring out the
! chances Of big moves and then play
ing them not in trying 20 scalp the
market. because the commissions and
incerestF charges are too heavy. to
overcome. 49,.
Bought Steel ut 100.
After got little money together
started my new fortune by purchas-
ing Bethlehem Steel at about 100. II
bought and sold this stock many
times. since the ENORMOUS advance,
each time making q profit. I also
participated in profits In many of the
war brides and IN cotton and grain
went into bankruptcy to get on
my feet. II had not done so would
not have got anywhere. So when, 1
finally came back I paid. my creditors |
in fuuf. although ] was not legally |
liable. for the debts, as I had been |
discharged from bankruptcy.
This Wall Street game Is a psyche |
logical one The first requisite to |
success IL confidence in oneself. Il
never lost my nerve. Usually a man |
buys, and then. when the stock goes |
up few points, he is fearful that ii |
, will go down again, and he will lose |
the little he has made. That is the |
wrong time to fear. He should know |
that the very fact that the stock has
gone up proves he is right, and he |
should hold on. But he sells through
fear. s. - 80. - ~-'-E
Doesn't Set Limit
another thing that causes failures
Is that men set q limit on what they
expect to make. Don't buy saying
you viii make $1,000 on this or that
stock. You may or may not Buy,
and IL the issue goes up, have pa
thence. Don't try to scalp the mar
ket. It doesn't pay. Buy one issue.
Don't pyramid, for by doing that you
wipe out your own profit percentage.
RpRAg GduiC " int
ket that you would to a business. II
Mr.. Livsrmore, a fair-haired, beard
less mon OF thirty-nine, younger look
ing by ten years than the age which
he acknowledges, saw the light of II
day first in Shrewsbury, Mass He II
came to Wall Street with an original
bank roll" OF 1912. and built up q
fortune in a few years. He became
ket that you would 70 a business"
At that time he was recognized
as q power IN all the speculative mar
kets of the world, his operations be-
ing followed by cotton men from New
York to Bombay. India. His specuIa-
tions at that time were said to be so
big as to furnish one brokerage house
with sufficient money 20 carry on its
business without having other Gus.
toners.
TO OBSERVE MAINE MEMORIAL
ArranRements will be made for the II