,transcrib]'s ,note3 ,m9or typographical errors h be5 correct$ )\t note4 ,irregul>ities & inconsi/5cies 9 ! text h be5 reta9$ z pr9t$4 ,words pr9t$ 9 italics are not$ ) und]scores3 italics4 ,! cov] ( ?is ebook 0 creat$ by ! transcrib] & is h]eby plac$ 9 ! public doma94 ,pr(itable ,/ock ,ex*ange ,inve/m5ts ,,pr9cipal ,,& ,,int]e/ ,,gu>ante$ ,h5ry ,voorce ,br&5burg ,co4 7,,incorporat$7 ,,bank]s #f ,,wall ,,/reet1 ,,new ,,york1 ,n4,y4 ,copyright$ #aija ,h5ry ,voorce ,br&5burg ,co4 ,,preface ,?is book is publi%$ to %[ ! absurdity ( try+ to make money speculat+ 9 ,wall ,/reet )\t adequate capital & ! ease ) :i* x c be made ) capital & prop] me?ods4 ,! foll[+ pages op5 to ! public a safe1 cons]vative1 & highly remun]ative *annel = ! inve/m5t ( _! surplus funds1 :i* does n h ! elem5t ( risk & unc]ta9ty t exi/s 9 g5]al bus9ess4 ,,pr(itable ,,/ock ,,ex*ange ,,inve/m5ts ,y read a great deal ab\t ! money lo/ 9 ,wall ,/reet4 ,z a matt] ( fact !re isn't any money lo/ 9 ,wall ,/reet4 ,x simply *anges h&s4 ,p talk loosely ab\t gambl]s & speculators los+ all _! money 9 ! end4 ,if money is lo/1 somebody has got to w9 x4 ,! p :o g plung+ ar\nd 9 ,wall ,/reet mak+ all sorts ( speculations on m>g9 naturally lose _! money4 ,!y ought to expect to lose x1 & !y ought to lose x :e!r !y expect to or n4 ,!y are simply gambl+ ) all ! odds aga9/ !m4 ,mean:ile1 ! wise & %rewd op]ators foll[ prud5t1 bus9ess-l me?ods & get ! money4 ,! ,v&]bilts1 ,g\lds & ,morgans ( ,wall ,/reet are sometimes describ$ z robb]s wait+ 9 _! d5s to slaught] ! poor innoc5ts :o v5ture )9 rea*4 ,t is all nons5se4 ,!y w9 because !y "k h[ to play ! game1 & o!rs :o h s5se en\gh & pati5ce en\gh to play ! game 9 ! same way w w9 too4 ,!y absolutely _c help w9n+4 ,! purpose ( ?is book is to in=m ! read] fully z to ! me?ods by :i* money c be tak5 out ( ,wall ,/reet--! me?ods us$ by ! successful op]ators ( ! pa/ tw5ty ye>s to our k--! me?ods :i* positively mu/ w9 ye> 9 & ye> out4 ,we purpose to give ! public an opportunity to make a safe & pr(itable inve/m5t 9 ,wall ,/reet1 & h _! money h&l$ = !m accord+ to correct & pr(itable me?ods4 ,! m5 :o w9 9 ,wall ,/reet are ^? :o inve/ 9 /ocks--good1 divid5d-pay+ /ocks1 buy+ !m :5 !y are l[1 sell+ !m :5 !y are high4 ,?is is n gambl+ nor speculation any m ?an any legitimate bus9ess is gambl+ or speculation4 ,9 all classes ( bus9ess we buy at a c]ta9 price1 & sell at a high] price4 ,we buy "u ! mo/ advantage\s circum/ances possible1 pay+ ! lea/ possible price & sell+ at ! highe/ m>ket price4 ,?is is :at we are do+ 9 ,wall ,/reet1 & z we h&le only ! /ocks ( s\nd & /able corporations1 ! security beh9d our op]ations w be ! /ronge/ 9 ! _w4 ,! gi/ ( ! matt] is t ! /ocks ( ! lead+ & mo/ /able corporations ( ! c\ntry are toss$ ab\t 9 ,wall ,/reet f speculator to speculator1 go+ up & d[n con/antly & v>y+ enorm\sly 9 ! prices at :i* !y are b\ght & sold4 ,^! *anges 9 prices are ne>ly always due to a fev]i% & excit$ m>ket4 ,! /ocks !mselves d n actually v>y 9 real value4 ,!y are wor? a c]ta9 sum all ! "t4 ,!y are pay+ divid5ds on t sum & ! /ocks at _! real value are always a good inve/m5t4 ,yet by ! manipulations ( ! speculators & on acc\nt ( ! exig5cies ( ^! ,wall ,/reet m>g9al gambl]s su* /ocks c be b\ght at times at a fraction ( _! value1 & by reason ( ! same causes c be sold at o!r times = f> m ?an !y are really wor?4 ,! m5 :o make ! money 9 ,wall ,/reet are ^? :o "k :at /ocks are really wor? & :o buy :5 prices1 g d[n & sell :5 !y g up1 buy+ & sell+ ! same /ocks ov] & ov] aga91 & mak+ a h&some pr(it on e transaction4 ,!y d n c>e h[ l[ a /ock !y hold goes = ! reason t ! /ock belongs to !m1 !y "k :at x is actually wor? z a divid5d pay]1 & 9 ! skyrocket p]=mances ( ! speculators ( ! ,/reet !y take no int]e/ except z x gives !m opportunities to buy & sell4 ,!y d n c>e h[ high a /ock goes2 !y h no %ortages to cov]1 b c simply sit back & sell z mu* ( _! hold+s z !y *oose :5ev] !y see an opportunity to make a big turn4 ,su* m5 w turn a block ( /ock 9 a giv5 corporation ov] & ov] doz5s ( times 9 ! c\rse ( a ye>1 mak+ s mu* money on x t ev5 if ! /ock %\ld disappe> (f ! face ( ! e>? altoge!r1 !y w\ld /ill be f> ahead on x1 simply on acc\nt ( ! num]\s advances & decl9es4 ,by own+ /ocks 9 a l>ge numb] ( good1 s\nd corporations1 !y w av]age to make a c]ta9 sum ( money e day 9 ! ye>4 ,!y spread _! inve/$ capital ov] a wide field 9 ?is mann]1 & ! laws ( av]age make !m sure ga9]s at e /age ( _! op]ations4 ,?is is1 z y w obs]ve1 v simil> to ! pr9ciples ^u :i* ! great life insurance companies are manag$4 ,_m ( ^! comm5c$ bus9ess />t+ ) b a few ?\s& doll>s1 & !y n[ h assets ( millions4 ,!y h pil$ up ?is enorm\s weal? by insur+ ! lives ( human be+s4 ,e company :i* has n succe$$ has fail$ because x did n issue a c]ta9 numb] ( policies4 ,! secret ( success is ! l>ge numb] ( risks r$uc+ ! *ance to a m9imum4 ,no life insurance company c\ld succe$ if x insur$ b a few lives4 ,by ! law ( av]age1 insurance companies c tell j h[ _m ( ! p !y insure w die ea* ye>4 ,:5 y make an application = life insurance ! fir/ "q !y w ask is y\r age1 & by ref]r+ to _! tables !y c tell y ! mon? & day :5 y w die4 ,n[1 y may n actually die ^u t day1 b y d !oretically1 & ! po9t is t !y h s _m risks t ! law ( av]age1 always prevail+1 9 ! end br+s ev]y?+ out j z figur$4 ,! fact t "o p]son lives long] ?an ! date :5 8 life %\ld end is (fset by ! fact t ano!r p]son dies soon] ?an expect$1 & ?us ! law ( av]age is absolutely ma9ta9$4 ,! po/al au?orities c\ld n come any:]e ne> tell+ h[ _m lett]s w\ld be mail$ 9 ! ,city ( ,new ,york on a c]ta9 day1 b !y c come ) rem>kable clos5ess to ! av]age = a ye> 9 advance1 & pr$ict ) c]ta9ty h[ _m p w write lett]s & =get to address !m dur+ t "t4 ,x is by ! work+ out by ! law ( av]age z be/ exemplifi$ by ! insurance bus9ess t x is possible to "w out a plan by :i* ,wall ,/reet /ocks c be dealt 9 ) absolute safety & c]ta9 pr(it4 ,( c\rse1 no man or company c\ld pur*ase "o hundr$ %>es ( /ock )\t ! risk ( a loss4 ,t is to say1 no man %\ld make a pur*ase ( ?is k9d unless he is 9 a position to buy aga9 & aga9 _m times ov] & /ill hold all t he has previ\sly pur*as$4 ,buy+ a c]ta9 quantity ( /ock 9 "o corporation is v mu* l an insurance company insur+ ! life ( "o man4 ,b :5 y buy ?\s&s ( %>es ( /ock 9 v>i\s corporations1 "s /ocks go+ up & "s go+ d[n1 ! law ( av]age is an absolute protection & ! /ati/ics ( /ock fluctuations = ! pa/ tw5ty-five ye>s %[ beyond ! possibility ( d\bt t ?is is true4 ,! fluctuations 9 ! prices ( good1 divid5d pay+ /ocks are some?+ rem>kable4 ,"s active /ocks %[ a fluctuation ( five ?\s& times _! value 9 a ye>1 ?us (f]+ a cont9ual opportunity = money mak+4 ,^! are ! /ocks :i* are con/antly speculat$ ^u1 ! /ocks on :i* s mu* money is lo/ & ^u :i* ! cool head$ & c>eful op]ators make s mu*4 ,! ,we/]n ,union ,telegraph ,company's %>es h always paid #e divid5d1 & ! av]age m>ket price has be5 ab\t #ij1 mak+ ! income ab\t #e-a_/b4 ,n[1 suppose x is pur*as$ 9 t5-%>e blocks on e "o p] c5t4 decl9e & none sold above ! av]age price1 x w %[ an income ( m ?an #dc p] annum1 besides "s divid5ds4 ,suppose ! v wor/ 7 to happ5 & !re 0 a #bj po9t decl9e 9 ,we/]n ,union1 !n we w\ld h #aj %>es 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 ,inve/m5t #af1hjj ,x w be se5 t #af1hjj w h&le a t5-%>e lot ( ,we/]n ,union ,telegraph ?r\gh a regul> ,black ,friday panic1 ) a result+ inve/m5t z /at$ above4 ,x mu/ be borne 9 m9d t ! av]age prices ( ^! pur*ases is #hj1 giv+ a divid5d ( #f on ! inve/m5t1 b :5 ! m>ket has resum$ its normal condition 7#ij71 ! pr(its w be #b1ajj1 exclusive ( divid5ds4 ,if lots ( #ajj %>es ea* 7 pur*as$1 !re w\ld be pr(its ( #ba1jjj exclusive ( divid5ds4 ,! %>es ( ! ,am]ican ,sug> ,ref9+ ,company fluctuate #d1ijj times _! p> value e ye>1 & our me?od appli$ to !m w give a pr(it ( f #bjj to #cjj p] annum1 exclusive ( divid5ds4 ,:ile we ref] to ! possibilities 9 mak+ inve/m5ts 9 ,we/]n ,union & ,am]ican ,sug> ,company's %>es1 we include 9 our op]ations a numb] ( diff]5t securities1 all at ! same "t4 ,= in/ance1 :5 we w\ld pur*ase "o hundr$ %>es ( "o /ock1 we divide x into five or t5 diff]5t lots & d ! same ?+ 91 say1 t5 or tw5ty diff]5t /ocks all at ! same "t2 !re=e1 in/ead ( hav+ on h& a few l>ge lots1 we h two or ?ree hundr$ small lots1 pur*as$ d[n to ! l[e/ prices1 & by pur*as+ outright a l>ge quantity 9 little lots at diff]5t prices1 ! av]age co/ elim9ates ! risk ( loss & insures c]ta9 pr(its4 ,accord+ to ! results ( speculation & manipulation1 ! tw5ty diff]5t /ocks t we deal 9 d n usually all g d[n at ! same "t4 ,"s are go+ up1 :ile o!rs are go+ d[n2 !re=e1 we are receiv+ pr(its 9 "o1 :ile mak+ advantage\s inve/m5ts 9 ano!r4 ,we h be5 e/abli%$ 9 ,wall ,/reet = a numb] ( ye>s1 & we "k ab\t ! v>i\s /ocks on ! m>ket1 _! value & e>n+ capacity4 ,we "k ! /ocks :i* are mo/ s\ght aft] by inve/ors1 & ! /ocks :i* are us$ by speculators to make money out ( ! public4 ,we n[ (f] to ! public ! be/ plan = a legitimate inve/m5t speculation4 ,we h an au?oriz$ issue ( #ejj1jjj deb5ture bonds due & payable 9 ?ree ye>s1 ) int]e/ at #e1 payable semi-annually1 = ! purpose ( buy+ & sell+ /ocks & securities z dealt 9 ^u ! /ock ex*anges ( ,new ,york4 ,9 consid]ation ( "o-half ( ! net pr(its accru+ f ^! inve/m5ts we gu>antee ! bonds & int]e/ at ! rate ( #e1 & conduct1 manage & direct ! bus9ess4 ,we di/ribute ! net proce$s on ! fir/ ( e mon?1 "o-half to ! bondhold]s & "o-half to our company4 ,^! bonds are issu$ 9 sums ( #be & upw>ds1 z pur*as]s may direct1 & are transf]able only ^u ! books ( ! company4 ,! fir/ ?+ to be s\ght is absolute safety 9 inve/m5t4 ,only s\nd1 divid5d pay+ securities w be b\ght & only at a b>ga9 :5 x is kn[n beyond "q t ! price is bel[ _! actual e>n+ p[]4 ,hav+ pur*as$ & paid = ! securities ! bondhold]s become ! own]s ( !m1 & !y w be plac$ 9 our vaults until su* "t z !y c be sold at a h&some pr(it4 ,no get-ri*-quick me?ods w be us$1 & no speculation indulg$ 94 ,no l>ge am\nt ( money w ev] be ti$ up 9 "o /ock4 ,! op]ations w be spread ov] a l>ge am\nt ( gr\nd1 mak+ small inve/m5ts 9 prop] securities1 ?us practically elim9at+ all risk ( loss4 ,x is m c]ta9 ?an life insurance bus9ess4 ,! *ances ( loss w be consid]ably small] ?an !y w\ld be 9 bank+1 manufactur+ or m]cantile ent]prises4 ,pur*ases w comm5ce :5 a /ock is ov]-depress$ & evid5tly sell+ bel[ its real value4 ,pur*ases w cont9ue s long z ! price cont9ues to g d[n4 ,^! /ocks w !n be held & we w h e advantage ov] ! m>ket1 in/ead ( ! m>ket hav+ ! slighte/ advantage ov] u1 z x does ov] n9ety-n9e out ( a hundr$ speculators4 ,:5 ! speculator is =c$ to sell at a l[ price we beg9 to buy4 ,:5 he is =c$ to buy at a high price we w be ready to sell4 ,we h ! advantage ov] ! m>ket at e /age ( ! game4 ,! m>ket _c =ce u to d any?+ because we are 9 a position to d precisely z we please4 ,?is bus9ess is /rictly ca%1 buy+ = ca% & sell+ = ca%1 trad+ 9 securities ( /rong1 divid5d pay+ corporations & go+ /eadily =w>d e bus9ess day 9 ! ye>4 ,no cr$it w be ext5d$ or ask$4 ,!re w be no bad debts4 ,no money has to be exp5d$ = plant1 equipm5t or o!r co/ly ?+s :i* figure 9 ord9>y l9es ( bus9ess4 ,e c5t ( money w keep work+ all ! "t1 & su* ( x z is n inve/$ w be draw+ int]e/ 9 a ,tru/ ,company4 ,!re w be absolutely no?+ to worry ab\t4 ,:5 we want to buy o!r p are unload+4 ,!y h be5 froz5 out & h to sell4 ,! m freez+ out !re is1 ! m panicky ?+s get1 ! bett] x is = u4 ,!re is m money to be made 9 "o panicky day ?an !re is 9 weeks ( ord9>y ,wall ,/reet trad+4 ,!n1 on ! o!r h&1 :5 ev]y?+ is look+ fir/-rate & prosp]\s1 ,wall ,/reet is full ( p :o want to buy4 ,!re is :]e we are ready = !m aga94 ,we b\ght ! /ocks :5 p _h to sell !m4 ,n[ ! p want to buy & we are "r on h& ) ! goods--b\ght *eap at ! prop] "t & n[ glad to sell at a goodly pr(it4 ,?is me?od ( ours is no?+ new or untri$4 ,x has /ood ! te/s ( "t & made _m a millionaire4 ,x is f\nd$ ^u ! firme/ possible f\ndation1 & has gone ov] squalls1 slumps & panics1 & 9 tw5ty ye>s1 to our p]sonal k1 x has nev] fail$ to w94 ,we "k ( a numb] ( p :o h become ri* by foll[+ ?is me?od4 ,we "k ( "o man :o op]at$ = fifte5 ye>s4 ,he retir$ ,janu>y #a1 #ahih1 reput$ to be wor? tw5ty millions ( doll>s4 ,he nev] lo/1 paid = :at he b\ght1 buy+ prop] securities 9 small quantities at a decl9+ m>ket1 go+ "r along to ! bottom /ill buy+ & !n hold+ on until ! m>ket 0 9 its normal condition & he c\ld pocket 8 pr(its & be ready to d x all ov] aga94 ,y w note t ?is bus9ess absolutely _c be affect$ by f9ancial calamities4 ,on ! contr>y1 a panic is a bless+4 ,x may seem to y t if ?is me?od ( tak+ money out ( ,wall ,/reet is s simple1 t y c d x y\rself4 ,y c]ta9ly c\ld if y _h ! capital1 knew ! /ocks & _! value ?or\ghly1 c\ld devote y\r :ole "t to x1 &1 :at is m important1 _h ! firmness & w p[] to foll[ ! me?od & n be sw]v$ f x by ! temptation ( speculation4 ,n "o man 9 a ?\s& c g into ,wall ,/reet & fail to be influ5c$ by ! wild speculation :i* is go+ on !re1 ! app>5t opportunities = gett+ ri* 9 a m9ute1 ! tips & rumors & all t sort ( ?+4 ,t is precisely :y s _m p are wreck$ 9 ,wall ,/reet1 & ! reason :y s few succe$ is t !y h n ! pati5ce & ! cool1 calm judgm5t requisite to play ! game 9 ! only way 9 :i* x c be beat54 ,! ,manag] ( our ,corporation w n be all[$ to be influ5c$ by any?+ except our in/ructions4 ,he w be "u suffici5t bond to foll[ 8 in/ructions1 :i* w be precisely z outl9$ above4 ,he w be a buy+ & sell+ ma*9e1 oblivi\s to all outside influ5ce4 ,he mu/ c>ry out our ord]s reg>dless ( :atev] may happ51 & he is a man :o c be dep5d$ ^u to d x4 ,a corporation1 be+ a ma*9e1 c succe$ by ?is me?od = ! reason t x mu/ foll[ a c]ta9 outl9$ c\rse & _c1 & d>e n1 deviate f x by a hair's bread?4 ,! individual left to himself 9 ,wall ,/reet soon f9ds himself figur+1 speculat+1 mak+ =eca/s1 li/5+ to tip/]s1 read+ f9ancial newspap]s1 liv+ ) "o eye on ! tick]1 & pretty soon he has =gott5 all ab\t ! me?od he int5d$ to foll[1 & is a pla91 ord9>y ,wall ,/reet gambl]--& ! %rewd & cauti\s wise heads ( ! ,/reet soon get 8 money4 ,! m>g9al op]ator is always at ! m]cy ( ! m>ket in/ead ( hav+ ! m>ket at 8 m]cy4 ,! wond] is n t s _m ( !m lose s mu* money1 b t any ( !m w9 at all4 ,x is only a "q ( "t until !y are wip$ out4 ,! odds aga9/ !m are altoge!r too great1 & :ile !y may wea!r a few slight squalls & run along smoo?ly = a "t1 soon] or lat] disa/] comes1 g5]ally unexpect$ & ov]:elm+4 ,:at is ! use ( try+ to make money 9 ,wall ,/reet by m>g9al speculation :5 ! odds aga9/ y are s great8 ,if y want to und]take to make money1 :y n make y\r attempt a sci5tific "o8 ,:y n place ! money y wi% to inve/ :]e x w be h&l$ 9 a mann] by :i*1 z %[n by ! /ati/ics ( tw5ty ye>s1 _c fail to w94 ,x is no m speculation ?an x is = a bank] to loan money to 8 fri5ds & associate bus9ess m54 ,9 fact1 x is n s speculative = ! reason t we make inve/m5ts 9 ! /ocks ( companies ( /&+--/ocks :i* are j z good z gold1 & repres5t va/ ent]prises1 enorm\s prop]ties & great e>n+ p[]4 ,x may be ask$1 :at w occur at ! end ( a ye>'s bus9ess if "s ( ! /ocks are sell+ bel[ ! price at :i* !y 7 b\ght4 ,! answ] is t !y are kept 9 our vaults because !y are safe1 s\nd1 divid5d-pay+ /ocks1 b ! deal+s 9 ! securities w %[ a h&some pr(it1 m ?an en\gh to pay = ! %>es on h& because ! num]\s little pur*ases & ! accompany+ reactions 9 ^! v /ocks h already result$ 9 a l>ge numb] ( pr(its4 ,g5]ally speak+1 !re w be no /ocks c>ri$ a :ole ye> because we w nev] buy except "u =c$ conditions1 & ! reactions are g5]ally v prompt1 s we w be able to sell out quickly at high] prices4 ,x matt]s n h[ mu* y may "k ab\t ,wall ,/reet & f9ancial me?ods & matt]s 9 g5]al1 y _c figure out a way 9 :i* we c fail to succe$4 ,suppose ! wor/ k9d ( a panic comes1 ! wor/ possible p]iod ( f9ancial depression2 suppose1 we h /ocks on h& :i* are go+ l[] & l[]2 suppose1 we buy until our buy+ capacity is exhau/$1 & /ill /ocks g d[n & d[n2 9 :at way c we be injur$8 ,we d n owe anybody any?+1 & :atev] money we h made is 9 ! pockets ( our bondhold]s4 ,nobody has ext5d$ any cr$it to u1 & nobody c hold a club ov] u4 ,we h no runn+ exp5ses t am\nt to any?+--no big r5ts to pay1 no insurance1 or any?+ else ( t sort4 ,!re is no pay-roll to meet1 no big /ocks ( goods to worry ab\t--simply no?+ t c squeeze u a p5ny's wor?4 ,all t we h to d is to wait1 & wait+ "u ^! conditions is ! easie/ ?+ 9 ! _w4 ,! /ocks we own are all ^? 9 corporations1 conc]n+ ^: solidity & assets !re _c be ! slighte/ %ade ( d\bt4 ,^! /ocks all h a c]ta9 value1 z %[n by ! e>n+ p[] ( ! corporations beh9d !m4 ,soon] or lat]1 !y h simply got to g back to _! normal1 actual1 tangible value4 ,s we simply wait until !y g back !re1 & t is g5]ally a "q ( a v %ort "t4 ,%ort or long1 h[ev]1 ! "t mu/ come1 & :5 x does come1 we are 9 l9e to reap ! ri*e/ k9d ( a h>ve/4 ,!re is absolutely no loop-hole 9 ?is proposition4 ,!re is absolutely less risk ( loss ?an 9 any bus9ess or o!r ent]prise y c m5tion4 ,x is a bus9ess c>ri$ on ) good1 h>d ca%1 & ) e possible advantage 9 our favor4 ,! hold] ( ev5 "o bond ( #be /&s ^u ! same foot+ z ! own] ( a l>ge block1 receiv+ regul>ly ! pro rata e>n+s repres5t$ by 8 %>e4 ,! (fic]s & directors are well kn[n m5 ( bus9ess1 ?or\ghly famili> ) ,wall ,/reet & its me?ods1 mo/ ( !m hav+ be5 = _m ye>s actually engag$ 9 "s bus9ess requir+ exp]t f9ancial k4 ,! bondhold]s c be assur$ t _! money w be inve/$ & h&l$ z set =? 9 ?is prospectus1 fir/1 because ! (fic]s & directors _c h any motive = do+ o!rwise1 inasmu* z !y "k t ! me?od h]e9 outl9$ is ! only "o :i* c w9 9 ,wall ,/reet4 ,!y are also protect$ 9 e possible way1 & e desir$ assurance w be giv5 9 ?is respect4 ,! books & records ( ?is ,company1 op5 to bondhold]s1 w %[ at all times precisely :at inve/m5ts h be5 made1 h[ money has be5 made ^u !m1 :at /ock are own$ by ! ,bondhold]s1 & s on4 ,^! records c be comp>$ ) & v]ifi$ by ! f9ancial records ( ! ,new ,york ,/ock ,ex*ange1 z publi%$ ?r\gh ! regul> *annels1 s t ! bondhold] c at all times assure himself t we h done j :at we claim to h done1 & t he has secur$ 8 j & equitable %>e ( ! pr(its ( ! op]ation4 ,,wall ,,/reet ,,diction>y ,we give bel[ a few def9itions ( "s ( ! m important words us$ 9 ! f9ancial op]ations ( ,wall ,/reet4 ,! ,/reet itself has be5 ! c5t] ( f9ance ( ?is c\ntry = ne>ly a hundr$ ye>s1 :5 ! ,new ,york ,/ock ,ex*ange 0 e/abli%$4 ,"h are (fices ( ! greate/ & weal?ie/ f9anci]s ! _w has ev] kn[n4 ,x is ! greate/ speculative c5t] 9 ?is or any o!r c\ntry4 ,"h are f\nd ! m5 :o create & h&le railroads & ! l>ge/ indu/rial ent]prises 9 ! _w4 ,9 ! ,ex*ange millions ( doll>s' wor? ( /ocks & bonds are b\ght & sold e day4 ,"h are f\nd hundr$s ( banks1 tru/ & safe deposit in/itutions1 private bank]s & capitali/s1 a money c5t] :i* controls sev5-t5?s ( all ! money 9 ,am]ica4 ,9 ,wall ,/reet y may buy or sell "o or m %>es ( ! /ock ( any great railway or indu/rial company 9 ! c\ntry4 ,"h is :]e all important ent]prises are f9anc$1 & :]e ! public s5ds enorm\s sums ( money to be inve/$ = speculative ga94 ,,inve/ors4 ,^? :o come into ! m>ket & pur*ase securities = ! purpose ( hold+ !m z safe inve/m5ts = _! money1 secur+ an int]e/ or divid5d income !reon4 ,,speculators4 ,^? :o buy & sell ^u m>g9s = quick pr(its4 ,!y are non-produc]s4 ,!y are simply gambl]s1 ) ! odds badly aga9/ !m4 ,!y sometimes prosp] = a :ile1 b lose _! money 9 ! end4 ,,inve/m5t ,,speculators4 ,^? :o buy /ocks judici\sly1 select+ *oice securities ^: value is well kn[n1 buy+ :5 values are depress$1 & sell+ :5 suffici5t advance occurs to give !m a good pr(it4 ,?is !y repeat ov] & ov] aga91 & make money :ile ! speculator on m>g9 loses4 ,x is to ?is class t we appeal4 ,a ,,bull4 ,a speculator :o buys expect+ to sell at a high] price4 ,he is call$ long on ! m>ket1 mean+ t he is buy+ ) ! expectation t ! m>ket w g up & t he w sell out at a pr(it4 ,8 belief n only is t prices are go+ high]1 b he uses all 8 influ5ce 9 e possible ef=t to make !m g high]4 ,a ,,be>4 ,a speculator :o sells 9 ! expectation ( a decl9e4 ,he is call$ %ort ( ! m>ket4 ,he is sell+ :at he has n got4 ,he does ?is 9 ! expectation t prices are go+ d[n1 & t he w be able to buy ! /ocks at a l[] price ?an t he has to pay = !m1 & by deliv]+ !m at ! price at :i* he sold to make 8 pr(it4 ,he puts up 8 m>g9 & takes 8 risk4 ,z an illu/ration ( :at a be> is & does1 suppose y believ$ t 9 a week's "t corn w\ld g d[n 9 price2 !re=e1 y sell & promise to deliv] s _m bu%els ( corn at a c]ta9 price4 ,if corn does g d[n1 & y c buy x at a l[] price ?an t at :i* y sold1 y are a w9n]4 ,if x disappo9ts y1 & x goes up1 y h to deliv] x anyway1 & are out ( pocket4 ,a ,,lamb4 ,a man :o ?9ks he kn[s all ab\t ! ,wall ,/reet game1 & bases ?is belief on ! fact t he keeps abrea/ ) ! times1 reads all ! f9ancial columns 9 ! newspap]s1 wades ?r\gh all ! ,wall ,/reet pap]s & wat*es ! tick] fai?fully & consci5ti\sly4 ,:5 he is sure he kn[s all ab\t x he goes jauntily d[n into ! ,/reet1 & soon discov]s t he kn[s no?+ ab\t x at all4 ,he f9ds ?is out j at ! mom5t :5 all 8 money is gone4 ,a ,,fly]4 ,a fly] is a m or less reckless gamble1 :i* pretty ne>ly ev]ybody feels /rongly incl9$ to make once 9 a :ile4 ,:5 a fly] turns out "r x is a v pr(itable ?+1 b ! tr\ble ) x is t x r>ely turns out "r or any:]e ne> x4 ,a ,,break4 ,a rapid decl9e 9 prices ( /ock4 ,a ,,bulge4 ,a quick upw>d movem5t 9 prices ( /ock4 ,,flat4 ,/ock loan$ by "o brok] to ano!r )\t int]e/ is loan$ flat4 ,a ,,h$g]4 ,"o :o buys a quantity ( /ock1 & !n = fe> he has made a mi/ake1 sells ! same quantity 9 ord] to h$ge aga9/ ! loss t he fe>s is to come4 ,a h$g] usually makes no?+1 because ! pr(it on 8 pur*ase is (fset by 8 sale1 or vice v]sa4 ,,liquidation4 ,g5]ally sell+ out ( /ocks previ\sly pur*as$ by ! bulls4 ,,manipulation4 ,=c+ /ocks too high or too l[ by misrepres5tations1 rumors & false s5tim5ts4 ,,option4 ,a contract t "o p]son w deliv] to ano!r a c]ta9 ?+ at a fix$ price )9 a c]ta9 "t4 ,,po9t4 ,"o doll> or "o p] c5t4 a %>e on /ock is "o po9t4 ,/ock advances & rec$es by po9ts1 & is always s quot$4 ,,privileges4 ,puts1 calls & option come "u ! g5]al head ( privileges4 ,,promot]4 ,a brok] :o secures ! capital to f9ance corporations4 ,,realiz+4 ,clos+ out /ocks or contracts ( any k9d to secure pr(its4 ,,s(t ,,spot4 ,a g5]al b slight weakness %[n 9 prices4 ,,an ,,ov]sold ,,m>ket4 ,?is means a m>ket 9 :i* ! trad]s h sold %ort to an ext5t :i* conditions d n w>rant4 ,!y !reby place !mselves at ! m]cy ( ! manipulators1 :o /& ready to squeeze ! %orts :5 ! prop] mom5t arrives4 ,,an ,,ov]bull ,,m>ket means ! rev]se ( ?is situation4 ,,raid+ ,,! ,,m>ket4 ,conc]t$ action ( sell]s ( all descriptions1 :o discov] "s cause = loss ( confid5ce 9 ! ma9t5ance ( prices & sell "r & left e /ock = :i* !y c f9d a buy]4 ,a ,,dull ,,m>ket4 ,?is describes a m>ket :]e !re are few transactions & small fluctuations4 ,a ,,heavy ,,m>ket4 ,"o 9 :i* prices b>ely hold _! own1 & are incl9$ to sag (f a little dur+ ! day1 clos+ l[] ?an !y op5$4 ,,net ,,ga94 ,! actual am\nt ( pr(it aft] tak+ brok]'s commission1 w> tax1 or rev5ue /amps4 ,,gross ,,loss4 ,! entire am\nt ( loss suff]$ aft] add+ brok]'s commission1 w> tax1 etc41 to ! loss on ! transaction4 ,,r\nd ,,turn4 ,?is means a complete deal aft] hav+ b\ght & sold or sold & b\ght1 z ! case may be4 ,= in/ance1 9 /at+ a brok]'s commission y w\ld say t x am\nts to "o-sixte5? = buy+ & ! same = sell+1 or "o-eigh? = ! r\nd turn4 ,,commission4 ,?is is ! remun]ation :i* ! brok] receives f a cu/om] 9 execut+ ord]s = ! pur*ase or ! sale ( /ocks or gra94 ,?is paym5t is bas$ on ! p> value ( /ock or gra9 b\ght & sold1 & n on prices at :i* ! transaction 0 execut$4 ,a ,,po9t]4 ,in=mation suppos$ to come f ! inside & giv+ y an infallible tip on j :at is go+ to happ54 ,sometimes in=mation ( ?is k9d is valuable1 b rumors ( ! wilde/ k9d are s cont9u\sly float+ ar\nd ! ,/reet t a po9t] is m ?an likely to be an unf\nd$1 silly rumor1 :i* someh[ has gott5 into respectable company4 ,if y "k t ! in=mation comes f a reliable p>ty :o kn[s :at he is talk+ ab\t1 & h money en\gh s t y c make an inve/m5t--n a speculation on n>r[ m>g9--& c af=d to hold on aft] ! me?ods ( ?is company until prices rise1 ! po9t] may prove a good ?+4 ,a ,,pool4 ,a syndicate ( m5 :o comb9e =ces to get control ( a prop]ty4 ,a ,,corn]4 ,:5 a pool or an individual quietly buys up ! %>es ( a prop]ty s t !y c absolutely control x1 x is call$ a corn]4 ,^? :o succe$ 9 effect+ a corn] w n let ! be>s cov] _! %ort1 except at extraord9>ily high prices4 ,a ,,squall4 ,depress+ news t comes unexpect$ly ^u ! m>ket1 & fright5s ! timid speculators into lett+ g _! hold+s4 ,a ,,slump4 ,a cont9uation ( depress+ influ5ces :i* makes ! m>g9 deal]s sell out4 ,a ,,panic4 ,a "t :5 mo/ ( ! bulls h be5 wip$ out & ev]ybody is a be> on ! m>ket & goes %ort because x is ! prevail+ s5tim5t4 ,squalls1 slumps & panics are disa/r\s to ! ord9>y speculator1 & ru9 !m by ! ?\s&s4 ,!y repres5t1 h[ev]1 ! v be/ opportunity = money mak+1 z has be5 %[n 9 hundr$s ( in/ances4 ,!y w give ?is ,company ! *ance to buy ! be/ sort ( securities at prices s l[ z to make big pr(its a c]ta9ty4 ,x is "u ^! conditions t ?is ,company w make its pur*ases4 ,) pati5ce en\gh & capital en\gh x is possible by act+ promptly at ! "t :5 ^! b>ga9 days occur to make m money 9 ,wall ,/reet ?an 9 any o!r place 9 ! _w4 ,a ,,rally4 ,a /ate ( affairs :i* exi/s almo/ imm$iately aft] ! public has unload$ its long /ocks & put out a %ort l9e4 ,a ,,call4 ,a privilege to buy a c]ta9 numb] ( %>es at a giv5 price )9 a c]ta9 space ( "t4 ,a ,,put4 ,a privilege to sell a c]ta9 numb] ( %>es at a fix$ price )9 a giv5 p]iod ( "t4 ,a ,,spread4 ,:5 an op]ator buys or sells bo? a put & a call4 ,,on ,,curb4 ,! private deal+s made outside ! ,ex*anges4 ,a curb-/one brok] is a famili> figure & c>ries on 8 bus9ess e day 9 ,wall ,/reet4 ,,insid]s4 ,!re are two classes ( ,wall ,/reet m5 kn[n z insid]s4 ,"o is a class :i* is really inside4 ,(ficials ( ,corporations1 ( banks & ,tru/ ,companies & weal?y f9anci]s :o really control ! prop]ties dealt 9 ! ,ex*anges are really insid]s4 ,!y control ! m>ket1 b nev] give out "u any circum/ances any in=mation1 & 9 mo/ cases !y d n "k !mselves j :at !y are go+ to d f "o day to ! next4 ,! o!r set ( insid]s are ^? :o only make ! lamb ?9k !y are on ! inside4 ,!y nev] h any money ( _! own to speculate )1 & !y sell _! k to outsid]s = fraction pr(its :5 !re are any4 ,!y adv]tise & give out _! pret5d$ in=mation1 & h x s5t out all ov] ! _w1 kn[+ t e city & t[n may be dep5d$ ^u to produce lambs4 ,,bucket ,,%ops4 ,a place :]e y c bet :e!r a /ock w g up or d[n4 ,y d ! guess+ & ! bucket %op makes ! money4 ,if y w9 sometimes y get y\r money back & sometimes y don't4 ,,tip/]s4 ,! tip/] 9 ,wall ,/reet is l ! t\t on ! race track4 ,he pret5ds to "k all ab\t x1 & is a v solemn & my/]i\s individual4 ,he tells "o man to buy & ano!r to sell1 kn[+ t :i*ev] way ! m>ket goes "o ( !m w be a w9n]1 & ! tip/] w get 8 %>e4 ,! "o :o w9s tells 8 fri5ds1 :o ?9k ! tip/] mu/ be a wond]fully %rewd individual1 & 9 ?is way he builds up a pr(itable bus9ess1 & ! lambs come flock+ 8 way4 ,he keeps on tell+ "o set ( 8 victims to buy a c]ta9 /ock1 & ano!r set to sell x4 ,:e!r ! /ock goes up or d[n ! tip/] w9s1 & ^? :o are on ! "r side ( ?is p>ticul> deal spread 8 "n & fame among _! acqua9tances4 ,,in=mation ,,bureaus4 ,^! bureaus are tip/]s pure & simple1 only !y travel "u ! "n ( a bureau1 in/ead ( _! individual names4 ,a ,,scalp]4 ,"o :o is 9 ! m>ket cont9ually guess+ & gambl+ on ! rise or fall4 ,he risks a ?\s& doll>s to ga9 twelve & "o-half doll>s4 ,,deal+ ,,on ,,m>g94 ,?is means t ! buy] ( a /ock only deposits ) 8 brok] a small "p ( ! value ( ! %>es he is buy+ or sell+4 ,he is simply gambl+1 & v haz>d\s gambl+ x is4 ,if he guesses wrong1 he mu/ pay up m & m m>g9 or lose altoge!r4 ,deal+ on m>g9 is ! favorite sport ( ! lambs1 & x is v pr(itable1 inde$1 to ^? :o take advantage ( _! mis=tunes4 ,! odds are all aga9/ ! speculator on m>g91 & soon] or lat] 8 money disappe>s & he disappe>s ) x4 ,a ,,successful ,,op]ator4 ,a man :o is nei!r bull nor a be>1 b simply waits & takes advantage ( opportunities4 ,he kn[s ! p[] ( money4 ,he kn[s ! weakness ( ! public1 & h[ gullible x is4 ,he kn[s h[ to worry & sc>e ! p4 ,he sets 8 ma*9e = ! game & gets x4 ,ord9>y m>ket affairs d n int]e/ him4 ,:5 a squall appe>s he is notifi$ in/antly1 & gets ready = bus9ess4 ,he kn[s all ab\t ! /ocks t he deals 91 precisely :at !y are1 & j :at to d4 ,he kn[s :at to buy & j to a fraction :5 to comm5ce to buy x4 ,he gives 8 ord]s1 pays no m att5tion to x1 except to see h[ mu* he got4 ,he buys j z closely to ! bottom z x is possible to get1 & :5 x is all ov] he goes away happy1 ask+ to be notifi$ :5 ! m>ket is up aga94 ,,conclusion4 ,! cont5ts ( ?is book1 includ+ ! ,wall ,/reet def9itions giv5 above1 %\ld give ! read] a pretty cle> idea ( :at is done on ! ,new ,york ,/ock ,ex*ange1 & j :y & h[ ! blund]+ public is cont9ually los+ its money & giv+ ,wall ,/reet a black "n4 ,x %\ld conv9ce y t y _c af=d to attack ,wall ,/reet by ! me?ods t h be5 tri$ s _m ?\s&s ( times & f\nd to be utt] failures4 ,ab\t ! wor/ possible ?+ t c happ5 to a man is to take a fly] 9 ,wall ,/reet & w94 ,8 w9n+ conv9ces him beyond a d\bt t he kn[s all ab\t x1 & he goes deep] & deep]1 sometimes w9n+ a little1 b (t5] los+1 until "s extraord9>y turn ( ! m>ket1 "s un=ese5 incid5t1 or "s reckless piece ( speculation wipes him out4 ,t is ! record ( ! guesses ( n9ety-n9e out ( a hundr$ m5 :o try to take money out ( ,wall ,/reet4 ,:at is ! use ( foll[+ "r along 9 _! foot/eps & tru/+ to dumb luck or some?+ ( t sort to pull y out8 ,if y h any money t y want to make money )1 g into ,wall ,/reet ?r\gh our m$ium1 & place y\r money 9 h&s :]e x w n only be p]fectly safe1 b :]e x w be h&l$ 9 ! only way t c possibly beat ,wall ,/reet4 ,!re is no d\bt at all ab\t ?is4 ,! ?+ c be done1 has be5 done1 is be+ done1 & w always be done4 ,& ! m5 :o are do+ x are pil+ up enorm\s =tunes = !mselves1 !y are ! only m5 :o get ! money 9 ! end4 ,if y want to be on _! side in/ead ( on ! los+ side1 ! only possible way y c d s is 9 ! mann] outl9$ 9 ?is book & we (f] y ! be/1 mo/ favorable & safe/ opportunity4 ,,que/ions ,,& ,,answ]s4 ,q4 ,h[ _m small lots c y h&le ) a capital ( "o hundr$ ?\s& doll>s8 ,a4 ,ab\t "o hundr$4 ,q4 ,9 case ( a sudd5 slump1 say tw5ty p] c5t41 :at is ! result8 ,a4 ,no *ange ( base is made4 ,q4 ,suppose "s lots are on h& b\ght at high] prices8 ,a4 ,!y are kept until sold at a pr(it1 meantime pay+ a divid5d4 ,q4 ,:y d y buy divid5d pay+ /ocks8 ,a4 ,because !y c>ry !mselves4 ,q4 ,h[ (t5 d y make pur*ases 9 a decl9+ m>ket8 ,a4 ,t dep5ds on ! m>ket1 ! /ock1 ! times1 & conditions g5]ally1 :i* c be prop]ly judg$ by ! manag]s1 :o are devot+ all _! "t & facilities to ! bus9ess1 & "k ! exact condition ( e prop]ty dealt 94 ,q4 ,:at w\ld be ! effect ( an unexpect$ calamity8 ,a4 ,panics are a great help to ?is me?od4 ,q4 ,h[ (t5 d y make pur*ases or sales8 ,a4 ,ab\t e day1 z "s "o or m ( ! diff]5t /ocks h mov$ suffici5tly to d "s pur*as+ or sell+4 ,q4 ,d y expect to c>ry a /ock a ye> be=e y c sell x8 ,a4 ,yes1 if necess>y1 b n likely1 because fir/ pur*ase only beg9s :5 ! /ock c be _h at a b>ga9 & is only a small lot1 & :5 ! av]age has be5 rea*$ & suffici5t pr(it made1 all ! little lots may be sold z "o lot4 ,x is n contemplat$ t ?is w be done unless x 0 desirable to close out 9 any p>ticul> /ock4 ,!re may be "s loss on fir/ pur*ase1 b ! l[e/ pur*ases h h&some pr(its1 & ! transaction z a :ole r5d]s l>ge returns1 :5 x is clos$ out & ! process comm5c$ ov] aga91 & aga94 ,q4 ,d y gu>antee inve/m5ts made 9 ! bonds ( y\r company8 ,a4 ,yes1 because we "k ! security is absolutely safe1 & we h on h& all ! "t dur+ ! ?ree ye>s ei!r ! ca% or an equival5t am\nt 9 s\nd divid5d %>es 9 ! mo/ prosp]\s railway & indu/rial corporations 9 ! _w4 ,q4 ,d y gu>antee int]e/ on ! bonds at ! rate ( five p] c5t48 ,a4 ,yes1 we gu>antee ! pr9cipal & t ! pr(its to ! inve/or %all n be less ?an five p] c5t4 p] annum1 payable semi-annually1 & we w pay x regul>ly1 b x w be *>g$ aga9/ ! gross pr(its1 ! same z commissions4 ,q4 ,h[ mu* m ?an five p] c5t4 d y expect ! bonds w e>n8 ,a4 ,at lea/ #be to #ej p] c5t4 p] annum4 ,q4 ,:at are ! d5om9ations ( ! bonds8 ,a4 ,tw5ty-five doll>s & upw>ds4 ,we issue !m 9 regul> numb]s to ! pur*as]s = ! am\nt ( 8 or h] inve/m5t1 ! same z a life insurance policy is issu$4 ,q4 ,w ^! bonds h a m>ket value dur+ ! ?ree ye>s8 ,a4 ,yes1 & w sell above p> aft] ! fir/ six mon?s4 ,q4 ,:y d y issue bonds = only tw5ty-five doll>s8 ,a4 ,s z to give small inve/ors ! opportunity to jo9 ) capitali/s = sav+s & bett] returns ?an !y c get else:]e4 ,q4 ,d y consid] y\r bonds z safe & pr(itable z sav+s banks8 ,a4 ,yes1 & m s1 because ! security is bett] ?an any sav+s bank :i* receives money1 pays a l[ rate ( int]e/1 & loans x out on securities t d n always h a ca% value4 ,our bonds are secur$ by an equival5t 9 ca% or ! safe/ & s\nde/ divid5d pay+ securities 9 ! _w1 & c be sold in/antly e bus9ess day 9 ! ye>2 fur!rmore1 !y e>n n less ?an #e p] c5t4 p] annum1 ) a practical c]ta9ty ( a great deal m4 ,q4 ,h[ d y buy ! securities8 ,a4 ,?r\gh our brok]s on ! floor ( ! ex*anges4 ,q4 ,c a bondhold] 9 y\r company h in=mation ( ! condition ( ^! inve/m5ts any "t8 ,a4 ,yes1 e day1 if he wi%es4 ,correspond5ce is invit$1 & ! fulle/ in=mation w be frankly giv54 ,h5ry ,voorce ,br&5burg ,co4 ,incorporat$1 ,capital #ajj1jjj ,,bank]s ,no4 #f ,wall ,/reet ,new ,york ,city ,h4 ,v4 ,br&5burg1 ,presid5t ,*>les ,au/9 ,bates1 ,treasur] ,capital = ,good ,projects ,fir/-class propositions 9 railroad build+1 gas & wat] plants1 electric light+ & p[]1 /reet c> l9es1 m9es & indu/rial & m]cantile projects fail because ^? :o control !m lack capital or ! k & facilities = obta9+ x4 ,x is our bus9ess to supply capital = m]itori\s ent]prises4 ,?\s&s ( p h millions ( doll>s to inve/1 & yet hundr$s ( good ent]prises lie dormant = lack ( ca%4 ,!re is pl5ty ( money = any really good projects4 ,we organize companies1 effect consolidations1 create & gu>antee bond issues & act z tru/ees & fiscal ag5ts4 ,we buy & sell ,gov]nm5t ,bonds & o!r securities dealt 9 on ! ,new ,york ,/ock ,ex*ange & o!r ex*anges1 & give dis9t]e/$ advice to cli5ts seek+ inve/m5ts4 ,we own & control inve/m5t securities pay+ f #c-a_/b to #ab p] c5t4 divid5ds1 & w be pleas$ to s5d our regul> li/ on reque/4 ,we buy & sell real e/ate & deal 9 real e/ate loans4 ,h5ry ,voorce ,br&5burg ,co4 ,,bank]s #f ,wall ,/41 ,new ,york ,city ,,bran* ,,(fices ,gir>d ,build+1 ,,philadelphia ,salisbury ,h\se1 ,,london