The tunnel thru the air : $b or, Looking back from 1940Gann, William D. (William Delbert)
Religion
The tunnel thru the air : $b or, Looking back from 1940
Gann, William D. (William Delbert)
Imaginary wars and battles -- Fiction; Science fiction
Mr. Watson told Robert that Sully made his money in cotton, and
after accumulating millions, quit specializing in cotton and began
to trade in stocks and various other commodities, which divided his
attention and he was unable to concentrate on cotton alone, the thing
that brought him the great success. "I could go over the history of
Scales, Livermore, Durant, Ryan and the balance of the great men of
Wall Street, and in analyzing their trading, the one weak point would
be found in all of them. They diversified too much. Did not specialize
in one commodity or a few special stocks, but spread all over the
board. The result was they had too many irons in the fire and when
one thing started to go wrong and they began to lose money, they
would invariably get out of stocks and commodities on which they were
making money and keep those that were going against them. Another
weak point was that when luck turned against a man in Wall Street, he
kept on trying to recoup his losses instead of stopping just as soon
as there was an indication that the tide had turned against him. Most
men at the heights of prosperity lose their sense of good judgment,
become inflated with their success, think they are infallible, refuse
to follow science or the advice of anyone, with the result that they
continue to buck the tide till all their money is gone."
"Mr. Watson," said Robert, "I believe that if a man starts out to
make money for unselfish purposes, he will succeed. That is what I am
going to do. Your experience is very valuable to me. Your intimate
knowledge of the cause of the failures of other men is a good lesson.
I have studied the Bible very carefully because I believe it is the
greatest scientific book ever written. The laws are plainly laid down
how to make a success. There is a time and a season for everything,
and if a man does things according to the time, he will succeed. The
Bible makes it plain that not all are born to be prophets, nor to be
farmers, doctors or lawyers, but that each can succeed in his own
special line, according to time and place. If men would only follow
the Bible and know that there is a time to stop trying to make money
and to keep what you have, then wait for another season when the time
is ripe, they could continue to succeed indefinitely. Has any man ever
made a large fortune out of Wall Street and kept it, Mr. Watson?" "Oh,
yes," he replied, "if there were not exceptions to the rule, business
would not continue to run. I could tell you of dozens of them, but one
striking example is that of the late E.H. Harriman who died worth
about three hundred million dollars. He had probably made out of the
market a hundred million dollars in the last three or four years of
his life." Robert asked, "How did he do it?" Mr. Watson answered,
"He stuck to one class of stocks--railroads. He studied them day and
night, never diverted his attention to other lines. I believe that he
Public-domain text, read in full here on John Shaqi.
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