New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1917-01-11
Clears Off Big Debt in
Two Years and Has
Millions Besides
hoy PLUNGER" FEELS
HE NEEDS A REST
Runs Third "Shoestring''
Into Fortune After
His Bankruptcy

If xeariness. half Of satisfaction ths'
no intended to take a vacation
"The market is too cloudy at pres
or, - he said. "No one knows whether
neaee is coming. Things may remain
unsettled for two or three months
I'm going to take good long rest
until IL clears up. Besides" he added
81 need a rest, and | feel I've got IL
coming"
And the creditors OF Jesse l.. Liver
moro. who held his notes ranging Iio"
few hundred dollars to SlOO,OoV WYNN
ho won't bankrupt two years ago, ana
ubo have been paid every penny, al
though he was legally absolved from
nayment by the courts, agree that ne
has got it coming
For Mr.. Livermore, known ten year,
ago "a the "boy plunger OF wal,
Street" has run his third "shoestring,
INTO a fortune. which rumor places a.
/ sa. 400. 900. and even higher. lie re-
fused TO Az just how much he mas
made during the last two years, oue
etated il was more than he ever had
made before, and he had CLEANED up
as much as s2.0O0,0O0 in one deal IN
cotton. In February. 1915. when ne
went into bankruptcy. his IlaDilities
we're scheduled at s102.474, but it is
said that outstanding claims brought
( them closer to 100000
Obligations Paid OF
'I'm not going to tell Just how much
have made" he said. THAT wouldn't
no right. would it? But | have made
more than | ever made before. You
will get some idea, however, when l
tell YOU that have paid in full Tor
ALI OF my mistakes. and one mistake
cost me S2,OO0,0O0. --
~ want to say this about my going
into bankruptcy voluntarily: did not
do that with the idea Of beating any
body out Of single penny. Ny Ia
bilities we're never made public, ]
had TO take the step TO get on my feet
AGAIN. because the little fellows. the
peoplc | owed small sums 70, were
bothering the life out Of me. !
couldn't make any monev il they were
going TO take il away from me as soon
as made il. The big creditors. those
who held my notes for. say, 500 600,
caused me no trouble, but ! had to get
rid of the little creditors to get start
cd again. | couldn't make money un-
less had money ~
"What is your stake this time ne
was asked. e,
81 didn't have a penny left he said.
"Some friends let me have some money
not much-and | gradually increased
this on several issues cotton, grain
and war brides I didn't make it as !
made my other fortune, though. Be
fore | used 10 set out with the idea
that | would make s1,000,000 or $1,000
600. This time | played the market as
+ il came. II has taken me period OF
over two years TO build up what | have.
/ I've ceased TO be a gambler. I'm now
what you might call a business specula-
/ tor"
His Bits Of Philosophy
During his conversation he let drop
/ the following bits Of advice and philos-
ophy:
Don't set limit on what you expect
/ TO make. Don't pyramid. Use your
own judgment. Don't buy with the
idea of selling on rise of a point or
two Play for the 20 and 80 point rises.
Hold on when the stock goes up. for
that proves your judgment was right in
buying
"But suppose you hold OH too long
and have to try TO unload on a falling
MARKET" he was asked.
/ well" he laughed, chat is just
where your judgment should come in
when TO sell"
They still refer 10 Livermore in The
| Street" as the "blond-haired boy" and
he still has a boyish appearance, de-
spite the fact that he is close TO forty.
"But I'm a long way from being boy
now" he said, although | was boy
when | started. was only fifteen"
/ That was when he started TO work at
| So a week marking quotations In =
| Boston brokers' Office. He started with
a stake of 1912, plunging in the bucket
| shops" and came out on top. He con-
| tinued to play the markets in Boston,
/ Denver and Chicago, and had amassed
tidy sum before he was twenty-one
| In 1906 he came to New York with a
stake of $4,000, and before many
months had stretched this into s250,000.
Made Money Out OF Panic
Before the panic Of 1907 he realized
! that overspeculation and overextension
would result in disastrous liquidation,
/ and he put out short line OF railroad
/ ana copper STOCK. men the crash
came he was able to cover every con
tract. He bought a mansion, a string
Of automobiles and the yacht Anita
which had belonged to John II. Flag
Ter, and sailed for Europe. When he
came back he sprang his cotton coup
/ that Melted him between 100000 and
100000.
The next year he tried to corner cot
/ ton and was wiped out He sold his
home at 1914 Riverside Drive. his yacht
/ and even his wife's iewelry. Then he
dropped out OF sight, only to bob up
again in 1912 as the hacker of another
{ bull campaign in cotton. 1t shot up 90
/ points in ten days. and he had another
fortune. But this began slipping
I through his fingers, until in 1915 ne had
/ incurred a million dollar Indebtedness
Since then he has not been in the
\ limelight. but THE Street" knew he
was still an important factor. and when
Steel would be climbing 10 or 20 points
il was said "the blond boy" was buying
/ Steel.
Many messages Of congrstulation
grsced his desk yesterday, and he was
kept busy answering others over the
phone.
Yes" he unused. ~ was wiped out
twice, but you can say for me now that
have come back for the last time.
=