of their stock. Then sell about half your holdings; wait for a reaction of at least a point, and begin buying back every half point down. When the upward movement is resumed follow same plan as before, until the signs and principles laid down in preceding pages show the whole bull market as about to culminate. Then sell out everything on the "bulge.” Wait for the third day of a reaction and buy moderately for the "second top." When you get out this time, either take a rest, or return to the "Fluctuation System," playing it on the short side.

FURTHER REMARKS ON HOW TO PLAY THE GAME SUCCESSFULLY. Though the same general tactics are pursued year after year, insiders constantly scheme out new tricks to deceive their opponents. If you propose, therefore, to win money instead of losing it, you must not only master the ordinary complications of the game, but also keep up to date, the same as in any other business. Good judgment, both of conditions and men, is necessary. If you keep charts, keep them properly, and learn how to read them. Do you think a farmer who had never seen the ocean before, could navigate a ship by means of charts? I believe in charts only when other indications point the same way. Watch the volumes of daily transactions. Both bull and bear campaigns culminate in large volumes. By large volumes I mean large as compared with the preceding daily volumes. Don't mistake for this, those times when, after a long period of dullness, certain stocks begin to advance on heavy buying. Time and seasons are to be considered. Four months is the usual length of time for a bull campaign. As a rule, there is also a minor bull campaign in mid-winter. The position on the market of the public and small traders is of great importance. No bull campaign ever started with the public long of stocks, and no bull campaign ever yet ended with the public short. Rates at which stocks are carried on the Exchanges give a clue to the public's position; but as loaning rates on stocks are easily manipulated a better way is to find out from bucket shops or brofierage houses which side their customers are on. If outsiders are all selling, it is pretty safe for you to buy, and vice versa.

When heavy volumes begin to come out the old trader knows there is "something doing." There are times when it is comparatively easy to discern whether activity in a stock will be followed by an advance or a decline. Don't try to trade every day, and don't chase fractions. Unless playing some good scale system, take a quick loss if a purchase or sale goes against you, and start over again. If it goes in your favor, try to get 5 to 20 points, according to what the stock is. One trade closed at a profit of 10 points will more than make up for five losing trades of one point each. As to the usual scale system (that is, buying small lots every point or half point down, and taking profits of one point net on any separate lot), it is all right; but you must first be sure that the stock you propose buying is worth approximately its current market price; then you must put up such big margins in order to be absolutely safe, that your percentage of profit on the investment will usually look very small.

CHAPTER XXXV.

WALL STREET POINTS OF VIEW.

A collection of Wall Street aphorisms, maxims, truisms, proverbs, opinions and points of view, follows:

Hear-say is half lies.
Talk little and well.
Control your temper.
Enough is great riches.
No one is always right.
The first loss is the best.
All players cannot win.
Press luck to the finish.
There is luck in leisure.
Cheap advice is plentiful.
A true word needs no oath.
Done leisurely-done well.
Negotiate before slaughter.
When in doubt do nothing.
After one loss comes many.
Wall Street easily forgets.
Great vaunters, little doers.
Learn to take a loss quickly.
Information makes a market.
Nothing risked, nothing won.
For a lost thing care nothing.
Losses make us more cautious.

Little and often fills the purse.
All is not lost that is in peril.
When wisdom fails, luck helps.
Punctual pay gets willing loan.
Let profits run; limit all losses.
Some men learn only by failing.
Losers are always in the wrong.
Cut a loss and let a profit run.
A thing well bought is half sold.
A plunger gets but seldom holds.
Interrogate before you negotiate.
Money is most valued when lost.
Everyone is wise after the event.
At a great bargain make a pause.
Don't buy an egg until it is laid.
Under fair words beware of fraud.
Liberal hands make many friends.
Novelty always appears handsome.
Business neglected is business lost.
After extreme weakness buy stocks.
More sheep than lambs are sheared.
Better lose the wool than the sheep.
It is fortune, not wisdom that rules.
Fraud is built on misrepresentation.
Don't put all your eggs in one basket.
Better lose the saddle than the horse.
The market will be here to-morrow.
Small losses often prove great gains.
Men often seem rich to become rich.
Inspiration often means perspiration.

By the husk you may guess at the nut.
Hear the other side and believe little.
Beware of one who has nothing to lose.
Speculation begins when certainty ends.
The rich buy in a hurry when they buy.
In a traders' market buy low-sell high.
Delay overmuch is oftentimes great risk.
An old man's sayings are seldom untrue.
Get an investment that will let you sleep.
They who lose to-day may win to-morrow.
Opportunity is often lost by deliberating.
Illusions ruin all those whom they blind.
The maxims of men disclose their hearts.
The poorer the sheep, the harder it bleats.
A little loss frightens a great one tames.
Where something is found there look again.
He that will have eggs must have cackling.
The best is always the cheapest in the end.
Liberality is not giving largely, but wisely.
Get information before you invest, not after.
Thrice happy they who have an occupation.
Wisdom adorns riches, and shadows poverty.
No lock will hold against the power of gold.
Begin to buy when prices are dull and weak.
Satisfy the rich and they will pay your price.
He is a wise man who wears poverty decently.
Great minds have purposes; others have wishes.
An ounce of luck is worth a pound of wisdom.
Great undertakings require great preparations.
Of what use is a 10 per cent. margin in a panic?

The rich man does not know who is his friend.

A man gets no thanks for what he loses at play. They who live in a worry invite death in a hurry. Soft words and hard arguments catch the investor. Put your eggs in one basket and watch the basket. Every time the sheep bleats it loseth a mouthful. The rich are meanest when they buy small things. The rich man is apt to be more generous than just. He swears who is accustomed to his own false words. Money easily made, easily goes; easy come, easy go. If you do not hear reason, she will rap your knuckles. He who prates of his wisdom doth but conceal an ass. Provide for the worst; the best will take care of itself. It is an old maxim that accidents usually help the bears. Lend money without bond and you but make an enemy. The advice of successful men only is worth application. A man with long hair is generally rash and impetuous. A man must make his opportunity as often as he finds it.

Things in motion sooner catch the eye than what not stirs,

He who sells what isn't his'n, must buy it back or go to pris'n.

Sell and borrow only those stocks which have a wide market.

Some had rather guess at much than take pains to learn a little.

Men of wit and facts never need be driven to indirect courses,