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Show AS TO SPECULATION SOME TRUTHS IT WILL PAY YOU TO REMEMBHR. "Old Gorgon Graham," Pork Packer, Chicago, Gives a Few Valuable Hints to His 8on, Plerrepont The Only Safe Road to Follow. Now, I want to give you that tip on tho market. Thero aro sovoral reasons why it isn't safo far you to trado on 'Chango just now, but tho particular ono Is that Oraham & Co. will flro you If you do. Trading on margin Is a good deal llko paddling around tho edgo of tho old Bwlmmlng hole It seems safo and easy at first, but beforo a fellow knows it he has stepped off tho edgo Into deep water. Tho wheat pit Is only thirty foot ncross, but It reaches clear down to Hell. And trading on margins means trailing on tho ragged edgo of nothing. noth-ing. When a man buys, ho's buying buy-ing something that the other fellow hasn't got. When a man sells, ho's soiling something that ho hasn't got And It's been my expcrlenco that tho net profit on nothing Is nit. When a speculator wins ho don't stop till ho loses, and when ho loses ho can't stop till ho wins. You havo boon In tho packing business busi-ness long enough now to know that It takes a bull only thirty seconds to loso his hldo; and If you'll bollevo mo when I tell you that they can skin a bear Just ns quick on 'Chango, you won't havo a Hoard of Trado Indian using your pelt for a rug during tho long winter months. Uecause you aro tho son of a pork packor you may think that you know a llttlo moro than tho noxt fellow about pnpor pork. Thcro's nothing In It. Tho poorest mon on earth aro tho relations of millionaires. When I sell futures on 'Chango, they'ro against hogs that aro traveling into dry salt at tho tho rato of ono a second, sec-ond, and It tho market goes up on mo 1'vo got tho solid meat to deliver. Hut, If you loso, tho only part of tho hog which you can deliver Is the squeal. I wouldn't bear down so hard on this matter If money was tho only thing that a fellow could loso on 'Chango. nut If a clerk sells pork, and tho markot goes down, he's mighty apt to get a lot of Ideas with holes In them and bad habits as tho small chango In his profits. And If tho market goes up, ho's likely to go short his self-respect to win back his monoy. I dwell a llttlo on this matter of speculation becauso you'vo got to llvo noxt door to tho Hoard of Trado all your life, and It's a safo thing to know something about a neighbor's dogs beforo you try to pat thorn. Sure Things, Straight Tips and Doad Cinches will como running out to meet you, wagging their tails and looking bb Innocent as if they hadn't just killed a lamb, but thoy'll blto. Tho only safo road to follow In speculation specu-lation IcadB Btralght away from tho Board of Trado on tho dead run. Of course tho Board of Trado, and every other commercial exchango havo their legitimate uses, but all you need to know just now Is that speculation specu-lation by a follow who never owns moro pork at a tlmo than ho sees on his breakfast plato Isn't ono of them. When you hecorao a packor you may go on 'Chnngo as a trader; until then you enn go thero only ns a sucker. -From "Letters from a Self-Mado Self-Mado Merchant to His Son," by Qeorgo Hora.o Lorimcr. By permission permis-sion of Small, Maynard & Co., Publishers, Pub-lishers, Boston, Mas3. |