,transcriber's ,note3 ,minor            
typographical errors have been corrected
  without note4 ,irregularities and     
inconsistencies in the text have  been  
retained as printed4 ,words printed in  
italics are noted with  underscores3    
italics4 ,the cover of this ebook was   
created by the  transcriber and is      
hereby placed in the public domain4     
,profitable ,stock ,exchange            
,investments    ,,principal ,,and       
,,interest ,,guaranteed      ,henry     
,voorce ,brandenburg  ,co4              
7,,incorporated7  ,,bankers  #f ,,wall  
,,street1 ,,new ,,york1 ,n4,y4          
,copyrighted #aija  ,henry ,voorce      
,brandenburg  ,co4          ,,preface   
,this book is published to show the     
absurdity of trying to make money       
speculating in ,wall ,street without    
adequate capital and the ease with      
which it can be made with capital and   
proper methods4    ,the following pages 
open to the public a safe1 conservative1
 and highly  remunerative channel for   

the investment of their surplus funds1  
which  does not have the element of risk
 and uncertainty that exists in  general
 business4          ,,profitable ,,stock
 ,,exchange ,,investments      ,you read
 a great deal about the money lost in   
,wall ,street4    ,as a matter of fact  
there isn't any money lost in ,wall     
,street4    ,it simply changes hands4   
,people talk loosely about gamblers and 
speculators losing all their  money in  
the end4    ,if money is lost1 somebody 
has got to win it4    ,the people who go
 plunging around in ,wall ,street making
 all sorts of  speculations on margin   
naturally lose their money4 ,they ought 
to expect  to lose it1 and they ought to
 lose it whether they expect to or not4 
,they are simply gambling with all the  
odds against them4    ,meanwhile1 the   
wise and shrewd operators follow        
prudent1 business-like  methods and get 
the money4    ,the ,vanderbilts1 ,goulds
 and ,morgans of ,wall ,street are      
sometimes  described as robbers waiting 

in their dens to slaughter the poor     
innocents who venture within reach4     
,that is all nonsense4 ,they win        
because they know how to play the game1 
and others who have sense  enough and   
patience enough to play the game in the 
same way will win  too4 ,they absolutely
 cannot help winning4    ,the purpose of
 this book is to inform the reader fully
 as to the  methods by which money can  
be taken out of ,wall ,street--the      
methods  used by the successful         
operators of the past twenty years to   
our  knowledge--the methods which       
positively must win year in and year    
out4    ,we purpose to give the public  
an opportunity to make a safe and       
profitable investment in ,wall ,street1 
and have their money handled for  them  
according to correct and profitable     
methods4    ,the men who win in ,wall   
,street are those who invest in         
stocks--good1  dividend-paying stocks1  
buying them when they are low1 selling  
them  when they are high4    ,this is   

not gambling nor speculation any more   
than any legitimate  business is        
gambling or speculation4    ,in all     
classes of business we buy at a certain 
price1 and sell at a  higher price4     
,we buy under the most advantageous     
circumstances possible1 paying  the     
least possible price and selling at the 
highest market price4    ,this is what  
we are doing in ,wall ,street1 and as we
 handle only the  stocks of sound and   
stable corporations1 the security behind
 our  operations will be the strongest  
in the world4    ,the gist of the matter
 is that the stocks of the leading and  
most  stable corporations of the country
 are tossed about in ,wall ,street from 
speculator to speculator1 going up and  
down constantly and varying  enormously 
in the prices at which they are bought  
and sold4    ,these changes in prices   
are nearly always due to a feverish and 
excited  market4 ,the stocks themselves 
do not actually vary in real value4     
,they  are worth a certain sum all the  

time4 ,they are paying dividends on that
  sum and the stocks at their real value
 are always a good investment4  ,yet by 
the manipulations of the speculators and
 on account of the  exigencies of these 
,wall ,street marginal gamblers such    
stocks can be  bought at times at a     
fraction of their value1 and by reason  
of the same  causes can be sold at other
 times for far more than they are really
  worth4    ,the men who make the money 
in ,wall ,street are those who know what
  stocks are really worth and who buy   
when prices1 go down and sell when  they
 go up1 buying and selling the same     
stocks over and over again1  and making 
a handsome profit on every transaction4 
,they do not care how  low a stock they 
hold goes for the reason that the stock 
belongs to  them1 they know what it is  
actually worth as a dividend payer1 and 
in  the skyrocket performances of the   
speculators of the ,street they take  no
 interest except as it gives them       
opportunities to buy and sell4 ,they  do

 not care how high a stock goes2 they   
have no shortages to cover1 but  can    
simply sit back and sell as much of     
their holdings as they choose  whenever 
they see an opportunity to make a big   
turn4    ,such men will turn a block of 
stock in a given corporation over and   
over dozens of times in the course of a 
year1 making so much money on  it that  
even if the stock should disappear off  
the face of the earth  altogether1 they 
would still be far ahead on it1 simply  
on account of  the numerous advances and
 declines4    ,by owning stocks in a    
large number of good1 sound             
corporations1 they  will average to make
 a certain sum of money every day in the
 year4 ,they  spread their invested     
capital over a wide field in this       
manner1 and the  laws of average make   
them sure gainers at every stage of     
their  operations4    ,this is1 as you  
will observe1 very similar to the       
principles upon  which the great life   
insurance companies are managed4        

,many of these commenced business       
starting with but a few thousand        
dollars1 and they now have assets of    
millions4 ,they have piled up this      
enormous wealth by insuring the lives of
 human beings4    ,every company which  
has not succeeded has failed because it 
did not  issue a certain number of      
policies4    ,the secret of success is  
the large number of risks reducing the  
chance to a minimum4    ,no life        
insurance company could succeed if it   
insured but a few lives4    ,by the law 
of average1 insurance companies can tell
 just how many of  the people they      
insure will die each year4    ,when you 
make an application for life insurance  
the first question they  will ask is    
your age1 and by referring to their     
tables they can tell  you the month and 
day when you will die4 ,now1 you may not
 actually die  upon that day1 but you do
 theoretically1 and the point is that   
they  have so many risks that the law of
 average1 always prevailing1 in the  end

 brings everything out just as figured4 
,the fact that one person lives longer  
than the date when his life  should end 
is offset by the fact that another      
person dies sooner than  expected1 and  
thus the law of average is absolutely   
maintained4    ,the postal authorities  
could not come anywhere near telling how
 many  letters would be mailed in the   
,city of ,new ,york on a certain day1   
but  they can come with remarkable      
closeness to the average for a year in  
advance1 and predict with certainty how 
many people will write letters  and     
forget to address them during that time4
    ,it is by the working out by the law
 of average as best exemplified  by the 
insurance business that it is possible  
to work out a plan by  which ,wall      
,street stocks can be dealt in with     
absolute safety and  certain profit4    
,of course1 no man or company could     
purchase one hundred shares of stock    
without the risk of a loss4 ,that is to 
say1 no man should make a  purchase of  

this kind unless he is in a position to 
buy again and again  many times over and
 still hold all that he has previously  
purchased4    ,buying a certain quantity
 of stock in one corporation is very    
much like  an insurance company insuring
 the life of one man4 ,but when you buy 
thousands of shares of stock in various 
corporations1 some stocks going  up and 
some going down1 the law of average is  
an absolute protection  and the         
statistics of stock fluctuations for the
 past twenty-five years  show beyond the
 possibility of doubt that this is true4
    ,the fluctuations in the prices of  
good1 dividend paying stocks are        
something remarkable4 ,some active      
stocks show a fluctuation of five       
thousand times their value in a year1   
thus offering a continual  opportunity  
for money making4    ,these are the     
stocks which are constantly speculated  
upon1 the stocks  on which so much money
 is lost and upon which the cool headed 
and  careful operators make so much4    

,the ,western ,union ,telegraph         
,company's shares have always paid #e   
dividend1 and the average market price  
has been about #ij1 making the  income  
about #e-a_/b4 ,now1 suppose it is      
purchased in ten-share blocks on  every 
one per cent4 decline and none sold     
above the average price1 it  will show  
an income of more than #dc per annum1   
besides some dividends4    ,suppose the 
very worst were to happen and there was 
a #bj point  decline in ,western ,union1
 then we would have        #aj shares at
 #ij             #ijj      #aj          
#hi              #hij      #aj          
#hh              #hhj      #aj          
#hg              #hgj      #aj          
#hf              #hfj      #aj          
#he              #hej      #aj          
#hd              #hdj      #aj          
#hc              #hcj      #aj          
#hb              #hbj      #aj          
#ha              #haj      #aj          
#hj              #hjj      #aj          
#gi              #gij      #aj          

#gh              #ghj      #aj          
#gg              #ggj      #aj          
#gf              #gfj      #aj          
#ge              #gej      #aj          
#gd              #gdj      #aj          
#gc              #gcj      #aj          
#gb              #gbj      #aj          
#ga              #gaj      #aj          
#gj              #gjj                   
-------        ,total ,investment       
#af1hjj    ,it will be seen that #af1hjj
 will handle a ten-share lot of ,western
  ,union ,telegraph through a regular   
,black ,friday panic1 with a  resulting 
investment as stated above4 ,it must be 
borne in mind that the  average prices  
of these purchases is #hj1 giving a     
dividend of #f on the  investment1 but  
when the market has resumed its normal  
condition 7#ij71  the profits will be   
#b1ajj1 exclusive of dividends4    ,if  
lots of #ajj shares each were purchased1
 there would be profits of  #ba1jjj     
exclusive of dividends4    ,the shares  
of the ,american ,sugar ,refining       

,company fluctuate #d1ijj  times their  
par value every year1 and our method    
applied to them will  give a profit of  
from #bjj to #cjj per annum1 exclusive  
of  dividends4    ,while we refer to the
 possibilities in making investments in 
,western  ,union and ,american ,sugar   
,company's shares1 we include in our    
operations  a number of different       
securities1 all at the same time4       
,for instance1 when we would purchase   
one hundred shares of one stock1  we    
divide it into five or ten different    
lots and do the same thing in1  say1 ten
 or twenty different stocks all at the  
same time2 therefore1  instead of having
 on hand a few large lots1 we have two  
or three  hundred small lots1 purchased 
down to the lowest prices1 and by       
purchasing outright a large quantity in 
little lots at different  prices1 the   
average cost eliminates the risk of loss
 and insures  certain profits4          
,according to the results of speculation
 and manipulation1 the twenty  different

 stocks that we deal in do not usually  
all go down at the same  time4 ,some are
 going up1 while others are going down2 
therefore1 we are  receiving profits in 
one1 while making advantageous          
investments in  another4    ,we have    
been established in ,wall ,street for a 
number of years1 and  we know about the 
various stocks on the market1 their     
value and earning  capacity4 ,we know   
the stocks which are most sought after  
by  investors1 and the stocks which are 
used by speculators to make money  out  
of the public4    ,we now offer to the  
public the best plan for a legitimate   
investment  speculation4 ,we have an    
authorized issue of #ejj1jjj debenture  
bonds  due and payable in three years1  
with interest at #e1 payable            
semi-annually1 for the purpose of buying
 and selling stocks and  securities as  
dealt in upon the stock exchanges of    
,new ,york4    ,in consideration of     
one-half of the net profits accruing    
from these  investments we guarantee the

 bonds and interest at the rate of #e1  
and  conduct1 manage and direct the     
business4    ,we distribute the net     
proceeds on the first of every month1   
one-half to  the bondholders and        
one-half to our company4    ,these bonds
 are issued in sums of #be and upwards1 
as purchasers may  direct1 and are      
transferable only upon the books of the 
company4    ,the first thing to be      
sought is absolute safety in investment4
  ,only sound1 dividend paying          
securities will be bought and only at a 
bargain when it is known beyond question
 that the price is below their  actual  
earning power4 ,having purchased and    
paid for the securities the  bondholders
 become the owners of them1 and they    
will be placed in our  vaults until such
 time as they can be sold at a handsome 
profit4    ,no get-rich-quick methods   
will be used1 and no speculation        
indulged  in4    ,no large amount of    
money will ever be tied up in one stock4
    ,the operations will be spread over 

a large amount of ground1 making  small 
investments in proper securities1 thus  
practically eliminating  all risk of    
loss4 ,it is more certain than life     
insurance business4    ,the chances of  
loss will be considerably smaller than  
they would be in  banking1 manufacturing
 or mercantile enterprises4             
,purchases will commence when a stock is
 over-depressed and evidently  selling  
below its real value4    ,purchases will
 continue so long as the price continues
 to go down4    ,these stocks will then 
be held and we will have every advantage
 over  the market1 instead of the market
 having the slightest advantage over    
us1 as it does over ninety-nine out of a
 hundred speculators4    ,when the      
speculator is forced to sell at a low   
price we begin to  buy4    ,when he is  
forced to buy at a high price we will be
 ready to sell4    ,we have the         
advantage over the market at every stage
 of the game4    ,the market cannot     
force us to do anything because we are  

in a position  to do precisely as we    
please4    ,this business is strictly   
cash1 buying for cash and selling for   
cash1 trading in securities of strong1  
dividend paying corporations and  going 
steadily forward every business day in  
the year4    ,no credit will be extended
 or asked4    ,there will be no bad     
debts4    ,no money has to be expended  
for plant1 equipment or other costly    
things  which figure in ordinary lines  
of business4    ,every cent of money    
will keep working all the time1 and such
 of it  as is not invested will be      
drawing interest in a ,trust ,company4  
,there will be absolutely nothing to    
worry about4    ,when we want to buy    
other people are unloading4 ,they have  
been frozen  out and have to sell4      
,the more freezing out there is1 the    
more panicky things get1 the better  it 
is for us4    ,there is more money to be
 made in one panicky day than there is  
in  weeks of ordinary ,wall ,street     
trading4    ,then1 on the other hand1   

when everything is looking first-rate   
and  prosperous1 ,wall ,street is full  
of people who want to buy4 ,there is    
where we are ready for them again4      
,we bought the stocks when people had to
 sell them4    ,now the people want to  
buy and we are right on hand with the   
goods--bought cheap at the proper time  
and now glad to sell at a goodly        
profit4    ,this method of ours is      
nothing new or untried4 ,it has stood   
the tests  of time and made many a      
millionaire4    ,it is founded upon the 
firmest possible foundation1 and has    
gone  over squalls1 slumps and panics1  
and in twenty years1 to our personal    
knowledge1 it has never failed to win4  
,we know of a number of people who have 
become rich by following this  method4  
,we know of one man who operated for    
fifteen years4 ,he retired  ,january #a1
 #ahih1 reputed to be worth twenty      
millions of dollars4 ,he  never lost1   
paid for what he bought1 buying proper  
securities in small  quantities at a    

declining market1 going right along to  
the bottom still  buying and then       
holding on until the market was in its  
normal condition  and he could pocket   
his profits and be ready to do it all   
over again4    ,you will note that this 
business absolutely cannot be affected  
by  financial calamities4    ,on the    
contrary1 a panic is a blessing4    ,it 
may seem to you that if this method of  
taking money out of ,wall  ,street is so
 simple1 that you can do it yourself4   
,you certainly could  if you had the    
capital1 knew the stocks and their value
 thoroughly1  could devote your whole   
time to it1 and1 what is more important1
 had  the firmness and will power to    
follow the method and not be swerved    
from it by the temptation of            
speculation4    ,not one man in a       
thousand can go into ,wall ,street and  
fail to be  influenced by the wild      
speculation which is going on there1 the
  apparent opportunities for getting    
rich in a minute1 the tips and  rumors  

and all that sort of thing4 ,that is    
precisely why so many people  are       
wrecked in ,wall ,street1 and the reason
 why so few succeed is that  they have  
not the patience and the cool1 calm     
judgment requisite to  play the game in 
the only way in which it can be beaten4 
,the ,manager of our ,corporation will  
not be allowed to be influenced by      
anything except our instructions4 ,he   
will be under sufficient bond to  follow
 his instructions1 which will be        
precisely as outlined above4 ,he  will  
be a buying and selling machine1        
oblivious to all outside  influence4 ,he
 must carry out our orders regardless of
 whatever may  happen1 and he is a man  
who can be depended upon to do it4    ,a
 corporation1 being a machine1 can      
succeed by this method for the  reason  
that it must follow a certain outlined  
course and cannot1 and  dare not1       
deviate from it by a hair's breadth4    
,the individual left to himself in ,wall
 ,street soon finds himself  figuring1  

speculating1 making forecasts1 listening
 to tipsters1 reading  financial        
newspapers1 living with one eye on the  
ticker1 and pretty  soon he has         
forgotten all about the method he       
intended to follow1 and  is a plain1    
ordinary ,wall ,street gambler--and the 
shrewd and cautious  wise heads of the  
,street soon get his money4    ,the     
marginal operator is always at the mercy
 of the market instead of  having the   
market at his mercy4    ,the wonder is  
not that so many of them lose so much   
money1 but that any  of them win at all4
    ,it is only a question of time until
 they are wiped out4 ,the odds  against 
them are altogether too great1 and while
 they may weather a few  slight squalls 
and run along smoothly for a time1      
sooner or later  disaster comes1        
generally unexpected and overwhelming4  
,what is the use of trying to make money
 in ,wall ,street by marginal           
speculation when the odds against you   
are so great8    ,if you want to        

undertake to make money1 why not make   
your attempt a  scientific one8 ,why not
 place the money you wish to invest     
where it  will be handled in a manner by
 which1 as shown by the statistics of   
twenty years1 cannot fail to win4    ,it
 is no more speculation than it is for a
 banker to loan money to his  friends   
and associate business men4    ,in fact1
 it is not so speculative for the reason
 that we make  investments in the stocks
 of companies of standing--stocks which 
are  just as good as gold1 and represent
 vast enterprises1 enormous  properties 
and great earning power4    ,it may be  
asked1 what will occur at the end of a  
year's business if  some of the stocks  
are selling below the price at which    
they were  bought4 ,the answer is that  
they are kept in our vaults because they
 are  safe1 sound1 dividend-paying      
stocks1 but the dealings in the         
securities  will show a handsome profit1
 more than enough to pay for the shares 
on  hand because the numerous little    

purchases and the accompanying          
reactions in these very stocks have     
already resulted in a large number  of  
profits4    ,generally speaking1 there  
will be no stocks carried a whole year  
because we will never buy except under  
forced conditions1 and the  reactions   
are generally very prompt1 so we will be
 able to sell out  quickly at higher    
prices4    ,it matters not how much you 
may know about ,wall ,street and        
financial  methods and matters in       
general1 you cannot figure out a way in 
which we  can fail to succeed4          
,suppose the worst kind of a panic      
comes1 the worst possible period of     
financial depression2 suppose1 we have  
stocks on hand which are going  lower   
and lower2 suppose1 we buy until our    
buying capacity is  exhausted1 and still
 stocks go down and down2 in what way   
can we be  injured8 ,we do not owe      
anybody anything1 and whatever money we 
have  made is in the pockets of our     
bondholders4 ,nobody has extended any   

credit to us1 and nobody can hold a club
 over us4 ,we have no running  expenses 
that amount to anything--no big rents to
 pay1 no insurance1 or  anything else of
 that sort4 ,there is no pay-roll to    
meet1 no big stocks  of goods to worry  
about--simply nothing that can squeeze  
us a penny's  worth4 ,all that we have  
to do is to wait1 and waiting under     
these  conditions is the easiest thing  
in the world4    ,the stocks we own are 
all those in corporations1 concerning   
whose  solidity and assets there cannot 
be the slightest shade of doubt4  ,these
 stocks all have a certain value1 as    
shown by the earning power of  the      
corporations behind them4 ,sooner or    
later1 they have simply got to  go back 
to their normal1 actual1 tangible value4
 ,so we simply wait  until they go back 
there1 and that is generally a question 
of a very  short time4 ,short or long1  
however1 the time must come1 and when it
  does come1 we are in line to reap the 
richest kind of a harvest4    ,there is 

absolutely no loop-hole in this         
proposition4 ,there is  absolutely less 
risk of loss than in any business or    
other enterprise  you can mention4      
,it is a business carried on with good1 
hard cash1 and with every  possible     
advantage in our favor4    ,the holder  
of even one bond of #be stands upon the 
same footing as  the owner of a large   
block1 receiving regularly the pro rata 
earnings  represented by his share4     
,the officers and directors are well    
known men of business1 thoroughly       
familiar with ,wall ,street and its     
methods1 most of them having been for   
many years actually engaged in some     
business requiring expert financial     
knowledge4    ,the bondholders can be   
assured that their money will be        
invested and  handled as set forth in   
this prospectus1 first1 because the     
officers  and directors cannot have any 
motive for doing otherwise1 inasmuch as 
they know that the method herein        
outlined is the only one which can win  

in ,wall ,street4 ,they are also        
protected in every possible way1 and    
every desired assurance will be given in
 this respect4    ,the books and records
 of this ,company1 open to bondholders1 
will  show at all times precisely what  
investments have been made1 how money   
has been made upon them1 what stock are 
owned by the ,bondholders1 and  so on4  
,these records can be compared with and 
verified by the financial  records of   
the ,new ,york ,stock ,exchange1 as     
published through the  regular channels1
 so that the bondholder can at all times
 assure  himself that we have done just 
what we claim to have done1 and that he 
has secured his just and equitable share
 of the profits of the  operation4      
,,wall ,,street ,,dictionary      ,we   
give below a few definitions of some of 
the more important words  used in the   
financial operations of ,wall ,street4  
,the ,street itself has been the center 
of finance of this country for  nearly a
 hundred years1 when the ,new ,york     

,stock ,exchange was  established4      
,here are offices of the greatest and   
wealthiest financiers the world  has    
ever known4    ,it is the greatest      
speculative center in this or any other 
country4    ,here are found the men who 
create and handle railroads and the     
largest  industrial enterprises in the  
world4    ,in the ,exchange millions of 
dollars' worth of stocks and bonds are  
bought and sold every day4    ,here are 
found hundreds of banks1 trust and safe 
deposit institutions1  private bankers  
and capitalists1 a money center which   
controls  seven-tenths of all the money 
in ,america4    ,in ,wall ,street you   
may buy or sell one or more shares of   
the stock of  any great railway or      
industrial company in the country4      
,here is where all important enterprises
 are financed1 and where the  public    
sends enormous sums of money to be      
invested for speculative  gain4         
,,investors4    ,those who come into the
 market and purchase securities for the 

purpose  of holding them as safe        
investments for their money1 securing an
  interest or dividend income thereon4  
,,speculators4    ,those who buy and    
sell upon margins for quick profits4    
,they are  non-producers4 ,they are     
simply gamblers1 with the odds badly    
against  them4 ,they sometimes prosper  
for a while1 but lose their money in the
  end4      ,,investment ,,speculators4 
,those who buy stocks judiciously1      
selecting choice securities whose  value
 is well known1 buying when values are  
depressed1 and selling when  sufficient 
advance occurs to give them a good      
profit4 ,this they repeat  over and over
 again1 and make money while the        
speculator on margin  loses4 ,it is to  
this class that we appeal4      ,a      
,,bull4    ,a speculator who buys       
expecting to sell at a higher price4 ,he
 is called  long on the market1 meaning 
that he is buying with the expectation  
that the market will go up and that he  
will sell out at a profit4 ,his  belief 

not only is that prices are going       
higher1 but he uses all his  influence  
in every possible effort to make them go
 higher4      ,a ,,bear4    ,a          
speculator who sells in the expectation 
of a decline4 ,he is called  short of   
the market4 ,he is selling what he has  
not got4 ,he does this  in the          
expectation that prices are going down1 
and that he will be able  to buy the    
stocks at a lower price than that he has
 to pay for them1  and by delivering    
them at the price at which he sold to   
make his  profit4 ,he puts up his margin
 and takes his risk4 ,as an illustration
 of  what a bear is and does1 suppose   
you believed that in a week's time  corn
 would go down in price2 therefore1 you 
sell and promise to deliver  so many    
bushels of corn at a certain price4 ,if 
corn does go down1 and  you can buy it  
at a lower price than that at which you 
sold1 you are a  winner4 ,if it         
disappoints you1 and it goes up1 you    
have to deliver it  anyway1 and are out 

of pocket4      ,a ,,lamb4    ,a man who
 thinks he knows all about the ,wall    
,street game1 and bases  this belief on 
the fact that he keeps abreast with the 
times1 reads all  the financial columns 
in the newspapers1 wades through all the
 ,wall  ,street papers and watches the  
ticker faithfully and conscientiously4  
,when he is sure he knows all about it  
he goes jauntily down into the  ,street1
 and soon discovers that he knows       
nothing about it at all4 ,he  finds this
 out just at the moment when all his    
money is gone4      ,a ,,flyer4    ,a   
flyer is a more or less reckless gamble1
 which pretty nearly  everybody feels   
strongly inclined to make once in a     
while4 ,when a flyer  turns out right it
 is a very profitable thing1 but the    
trouble with it  is that it rarely turns
 out right or anywhere near it4      ,a 
,,break4    ,a rapid decline in prices  
of stock4      ,a ,,bulge4    ,a quick  
upward movement in prices of stock4     
,,flat4    ,stock loaned by one broker  

to another without interest is loaned   
flat4      ,a ,,hedger4    ,one who buys
 a quantity of stock1 and then for fear 
he has made a  mistake1 sells the same  
quantity in order to hedge against the  
loss  that he fears is to come4 ,a      
hedger usually makes nothing1 because   
the  profit on his purchase is offset by
 his sale1 or vice versa4               
,,liquidation4    ,generally selling out
 of stocks previously purchased by the  
bulls4      ,,manipulation4    ,forcing 
stocks too high or too low by           
misrepresentations1 rumors and  false   
sentiments4      ,,option4    ,a        
contract that one person will deliver to
 another a certain thing at a  fixed    
price within a certain time4            
,,point4    ,one dollar or one per cent4
 a share on stock is one point4 ,stock  
advances and recedes by points1 and is  
always so quoted4      ,,privileges4    
,puts1 calls and option come under the  
general head of  privileges4            
,,promoter4    ,a broker who secures the

 capital to finance corporations4       
,,realizing4    ,closing out stocks or  
contracts of any kind to secure profits4
      ,,soft ,,spot4    ,a general but  
slight weakness shown in prices4        
,,an ,,oversold ,,market4    ,this means
 a market in which the traders have sold
 short to an extent  which conditions do
 not warrant4 ,they thereby place       
themselves at the  mercy of the         
manipulators1 who stand ready to squeeze
 the shorts  when the proper moment     
arrives4 ,,an ,,overbull ,,market means 
the reverse  of this situation4         
,,raiding ,,the ,,market4    ,concerted 
action of sellers of all descriptions1  
who discover some  cause for loss of    
confidence in the maintenance of prices 
and sell  right and left every stock for
 which they can find a buyer4      ,a   
,,dull ,,market4    ,this describes a   
market where there are few transactions 
and small  fluctuations4      ,a ,,heavy
 ,,market4    ,one in which prices      
barely hold their own1 and are inclined 

to sag off  a little during the day1    
closing lower than they opened4         
,,net ,,gain4    ,the actual amount of  
profit after taking broker's commission1
 war tax1  or revenue stamps4           
,,gross ,,loss4    ,the entire amount of
 loss suffered after adding broker's    
commission1  war tax1 etc41 to the loss 
on the transaction4      ,,round ,,turn4
    ,this means a complete deal after   
having bought and sold or sold and      
bought1 as the case may be4 ,for        
instance1 in stating a broker's         
commission you would say that it amounts
 to one-sixteenth for buying  and the   
same for selling1 or one-eighth for the 
round turn4      ,,commission4    ,this 
is the remuneration which the broker    
receives from a customer in  executing  
orders for the purchase or the sale of  
stocks or grain4 ,this  payment is based
 on the par value of stock or grain     
bought and sold1  and not on prices at  
which the transaction was executed4     
,a ,,pointer4    ,information supposed  

to come from the inside and giving you  
an  infallible tip on just what is going
 to happen4 ,sometimes information  of  
this kind is valuable1 but rumors of the
 wildest kind are so  continuously      
floating around the ,street that a      
pointer is more than  likely to be an   
unfounded1 silly rumor1 which somehow   
has gotten into  respectable company4   
,if you know that the information comes 
from a  reliable party who knows what he
 is talking about1 and have money       
enough so that you can make an          
investment--not a speculation on narrow 
margin--and can afford to hold on after 
the methods of this company  until      
prices rise1 the pointer may prove a    
good thing4      ,a ,,pool4    ,a       
syndicate of men who combine forces to  
get control of a property4      ,a      
,,corner4    ,when a pool or an         
individual quietly buys up the shares of
 a property  so that they can absolutely
 control it1 it is called a corner4     
,those  who succeed in effecting a      

corner will not let the bears cover     
their  short1 except at extraordinarily 
high prices4      ,a ,,squall4          
,depressing news that comes unexpectedly
 upon the market1 and frightens  the    
timid speculators into letting go their 
holdings4      ,a ,,slump4    ,a        
continuation of depressing influences   
which makes the margin dealers  sell    
out4      ,a ,,panic4    ,a time when   
most of the bulls have been wiped out   
and everybody is a  bear on the market  
and goes short because it is the        
prevailing  sentiment4    ,squalls1     
slumps and panics are disastrous to the 
ordinary  speculator1 and ruin them by  
the thousands4 ,they represent1 however1
  the very best opportunity for money   
making1 as has been shown in  hundreds  
of instances4 ,they will give this      
,company the chance to buy  the best    
sort of securities at prices so low as  
to make big profits a  certainty4 ,it is
 under these conditions that this       
,company will make its  purchases4 ,with

 patience enough and capital enough it  
is possible by  acting promptly at the  
time when these bargain days occur to   
make more  money in ,wall ,street than  
in any other place in the world4      ,a
 ,,rally4    ,a state of affairs which  
exists almost immediately after the     
public has  unloaded its long stocks and
 put out a short line4      ,a ,,call4  
,a privilege to buy a certain number of 
shares at a given price within a        
certain space of time4      ,a ,,put4   
,a privilege to sell a certain number of
 shares at a fixed price within  a given
 period of time4      ,a ,,spread4      
,when an operator buys or sells both a  
put and a call4      ,,on ,,curb4       
,the private dealings made outside the  
,exchanges4 ,a curb-stone broker is  a  
familiar figure and carries on his      
business every day in ,wall ,street4    
,,insiders4    ,there are two classes of
 ,wall ,street men known as insiders4   
,one is a  class which is really inside4
 ,officials of ,corporations1 of banks  

and  ,trust ,companies and wealthy      
financiers who really control the       
properties dealt in the ,exchanges are  
really insiders4 ,they control  the     
market1 but never give out under any    
circumstances any information1  and in  
most cases they do not know themselves  
just what they are going  to do from one
 day to the next4    ,the other set of  
insiders are those who only make the    
lamb think  they are on the inside4     
,they never have any money of their own 
to  speculate with1 and they sell their 
knowledge to outsiders for  fraction    
profits when there are any4 ,they       
advertise and give out their  pretended 
information1 and have it sent out all   
over the world1 knowing  that every city
 and town may be depended upon to       
produce lambs4      ,,bucket ,,shops4   
,a place where you can bet whether a    
stock will go up or down4 ,you do  the  
guessing and the bucket shop makes the  
money4 ,if you win  sometimes you get   
your money back and sometimes you don't4

      ,,tipsters4    ,the tipster in    
,wall ,street is like the tout on the   
race track4 ,he  pretends to know all   
about it1 and is a very solemn and      
mysterious  individual4 ,he tells one   
man to buy and another to sell1 knowing 
that  whichever way the market goes one 
of them will be a winner1 and the       
tipster will get his share4 ,the one who
 wins tells his friends1 who  think the 
tipster must be a wonderfully shrewd    
individual1 and in  this way he builds  
up a profitable business1 and the lambs 
come  flocking his way4 ,he keeps on    
telling one set of his victims to buy a 
certain stock1 and another set to sell  
it4 ,whether the stock goes up or  down 
the tipster wins1 and those who are on  
the right side of this  particular deal 
spread his name and fame among their    
acquaintances4      ,,information       
,,bureaus4    ,these bureaus are        
tipsters pure and simple1 only they     
travel under  the name of a bureau1     
instead of their individual names4      

,a ,,scalper4    ,one who is in the     
market continually guessing and gambling
 on the rise  or fall4 ,he risks a      
thousand dollars to gain twelve and     
one-half  dollars4      ,,dealing ,,on  
,,margin4    ,this means that the buyer 
of a stock only deposits with his broker
 a  small part of the value of the      
shares he is buying or selling4 ,he is  
simply gambling1 and very hazardous     
gambling it is4 ,if he guesses  wrong1  
he must pay up more and more margin or  
lose altogether4 ,dealing  on margin is 
the favorite sport of the lambs1 and it 
is very  profitable1 indeed1 to those   
who take advantage of their misfortunes4
  ,the odds are all against the         
speculator on margin1 and sooner or     
later  his money disappears and he      
disappears with it4      ,a ,,successful
 ,,operator4    ,a man who is neither   
bull nor a bear1 but simply waits and   
takes  advantage of opportunities4 ,he  
knows the power of money4 ,he knows the 
weakness of the public1 and how gullible

 it is4 ,he knows how to worry  and     
scare the people4 ,he sets his machine  
for the game and gets it4  ,ordinary    
market affairs do not interest him4     
,when a squall appears he  is notified  
instantly1 and gets ready for business4 
,he knows all about  the stocks that he 
deals in1 precisely what they are1 and  
just what to  do4 ,he knows what to buy 
and just to a fraction when to commence 
to buy  it4 ,he gives his orders1 pays  
no more attention to it1 except to see  
how much he got4 ,he buys just as       
closely to the bottom as it is  possible
 to get1 and when it is all over he goes
 away happy1 asking to  be notified when
 the market is up again4                
,,conclusion4      ,the contents of this
 book1 including the ,wall ,street      
definitions given  above1 should give   
the reader a pretty clear idea of what  
is done on  the ,new ,york ,stock       
,exchange1 and just why and how the     
blundering public  is continually losing
 its money and giving ,wall ,street a   

black name4    ,it should convince you  
that you cannot afford to attack ,wall  
,street  by the methods that have been  
tried so many thousands of times and    
found to be utter failures4    ,about   
the worst possible thing that can happen
 to a man is to take a  flyer in ,wall  
,street and win4 ,his winning convinces 
him beyond a  doubt that he knows all   
about it1 and he goes deeper and deeper1
  sometimes winning a little1 but       
oftener losing1 until some              
extraordinary turn of the market1 some  
unforeseen incident1 or some  reckless  
piece of speculation wipes him out4     
,that is the record of the  guesses of  
ninety-nine out of a hundred men who try
 to take money out  of ,wall ,street4   
,what is the use of following right     
along in their footsteps and  trusting  
to dumb luck or something of that sort  
to pull you out8    ,if you have any    
money that you want to make money with1 
go into ,wall  ,street through our      
medium1 and place your money in hands   

where it will  not only be perfectly    
safe1 but where it will be handled in   
the only  way that can possibly beat    
,wall ,street4    ,there is no doubt at 
all about this4    ,the thing can be    
done1 has been done1 is being done1 and 
will always  be done4    ,and the men   
who are doing it are piling up enormous 
fortunes for  themselves1 they are the  
only men who get the money in the end4  
,if you want to be on their side instead
 of on the losing side1 the only        
possible way you can do so is in the    
manner outlined in this book and  we    
offer you the best1 most favorable and  
safest opportunity4          ,,questions
 ,,and ,,answers4      ,q4 ,how many    
small lots can you handle with a capital
 of one hundred  thousand dollars8      
,a4 ,about one hundred4    ,q4 ,in case 
of a sudden slump1 say twenty per cent41
 what is the  result8    ,a4 ,no change 
of base is made4    ,q4 ,suppose some   
lots are on hand bought at higher       
prices8    ,a4 ,they are kept until sold

 at a profit1 meantime paying a         
dividend4    ,q4 ,why do you buy        
dividend paying stocks8    ,a4 ,because 
they carry themselves4    ,q4 ,how often
 do you make purchases in a declining   
market8    ,a4 ,that depends on the     
market1 the stock1 the times1 and       
conditions  generally1 which can be     
properly judged by the managers1 who are
  devoting all their time and facilities
 to the business1 and know the  exact   
condition of every property dealt in4   
,q4 ,what would be the effect of an     
unexpected calamity8    ,a4 ,panics are 
a great help to this method4    ,q4 ,how
 often do you make purchases or sales8  
,a4 ,about every day1 as some one or    
more of the different stocks have  moved
 sufficiently to do some purchasing or  
selling4    ,q4 ,do you expect to carry 
a stock a year before you can sell it8  
,a4 ,yes1 if necessary1 but not likely1 
because first purchase only  begins when
 the stock can be had at a bargain and  
is only a small  lot1 and when the      

average has been reached and sufficient 
profit  made1 all the little lots may be
 sold as one lot4 ,it is not            
contemplated that this will be done     
unless it was desirable to close  out in
 any particular stock4 ,there may be    
some loss on first purchase1  but the   
lowest purchases have handsome profits1 
and the transaction as  a whole renders 
large returns1 when it is closed out and
 the process  commenced over again1 and 
again4    ,q4 ,do you guarantee         
investments made in the bonds of your   
company8    ,a4 ,yes1 because we know   
the security is absolutely safe1 and we 
have on  hand all the time during the   
three years either the cash or an       
equivalent amount in sound dividend     
shares in the most prosperous  railway  
and industrial corporations in the      
world4    ,q4 ,do you guarantee interest
 on the bonds at the rate of five per   
cent48    ,a4 ,yes1 we guarantee the    
principal and that the profits to the   
investor  shall not be less than five   

per cent4 per annum1 payable            
semi-annually1  and we will pay it      
regularly1 but it will be charged       
against the gross  profits1 the same as 
commissions4    ,q4 ,how much more than 
five per cent4 do you expect the bonds  
will earn8    ,a4 ,at least #be to #ej  
per cent4 per annum4    ,q4 ,what are   
the denominations of the bonds8    ,a4  
,twenty-five dollars and upwards4 ,we   
issue them in regular numbers to  the   
purchasers for the amount of his or her 
investment1 the same as a  life         
insurance policy is issued4    ,q4 ,will
 these bonds have a market value during 
the three years8    ,a4 ,yes1 and will  
sell above par after the first six      
months4    ,q4 ,why do you issue bonds  
for only twenty-five dollars8    ,a4 ,so
 as to give small investors the         
opportunity to join with  capitalists   
for savings and better returns than they
 can get elsewhere4    ,q4 ,do you      
consider your bonds as safe and         
profitable as savings banks8    ,a4     

,yes1 and more so1 because the security 
is better than any savings  bank which  
receives money1 pays a low rate of      
interest1 and loans it  out on          
securities that do not always have a    
cash value4 ,our bonds are  secured by  
an equivalent in cash or the safest and 
soundest dividend  paying securities in 
the world1 and can be sold instantly    
every  business day in the year2        
furthermore1 they earn not less than #e 
per  cent4 per annum1 with a practical  
certainty of a great deal more4    ,q4  
,how do you buy the securities8    ,a4  
,through our brokers on the floor of the
 exchanges4    ,q4 ,can a bondholder in 
your company have information of the    
condition  of these investments any     
time8    ,a4 ,yes1 every day1 if he     
wishes4    ,correspondence is invited1  
and the fullest information will be     
frankly given4          ,henry ,voorce  
,brandenburg  ,co4      ,incorporated1  
,capital #ajj1jjj      ,,bankers        
,no4 #f ,wall ,street      ,new ,york   

,city        ,h4 ,v4 ,brandenburg1      
,president      ,charles ,austin ,bates1
 ,treasurer          ,capital for ,good 
,projects      ,first-class propositions
 in railroad building1 gas and water    
plants1  electric lighting and power1   
street car lines1 mines and industrial  
and  mercantile projects fail because   
those who control them lack capital or  
the knowledge and facilities for        
obtaining it4    ,it is our business to 
supply capital for meritorious          
enterprises4  ,thousands of people have 
millions of dollars to invest1 and yet  
hundreds of good enterprises lie dormant
 for lack of cash4 ,there is  plenty of 
money for any really good projects4     
,we organize companies1 effect          
consolidations1 create and guarantee    
bond  issues and act as trustees and    
fiscal agents4    ,we buy and sell      
,government ,bonds and other securities 
dealt in on the  ,new ,york ,stock      
,exchange and other exchanges1 and give 
disinterested  advice to clients seeking

 investments4    ,we own and control    
investment securities paying from       
#c-a_/b to #ab per  cent4 dividends1 and
 will be pleased to send our regular    
list on  request4    ,we buy and sell   
real estate and deal in real estate     
loans4        ,henry ,voorce            
,brandenburg  ,co4      ,,bankers       
#f ,wall ,st41 ,new ,york ,city         
,,branch ,,offices      ,girard         
,building1 ,,philadelphia               
,salisbury ,house1 ,,london