GOLD NUGGETS

-for STOCK AND

COMMODITY TRADERS

by
GEORGE BAYER

goes lo the
store t o l ~ u yvai-ious kind
of n e c e s s i t i e s such as
m e a l s , silgal-, bread. In
otliei- types of stores she will buy
otlier Itinds of necessities such as
clothes a n d shoes.
T h e \ ~ e n d e r sof tliese goods on
t h e otller h a n d have t o p ~ l r c h a s e
them f r o m wholesalers in a w a y to
talte car-e of the demands ant1
wishes of t h e c o n ~ m u n i t yin which
th?y operate. F a r ~ n c r sin t h e state
of Maine p r o b a b l y have different
tastes t h a n those of T e x a s : thus
niany ai.ticles i n great demand in
one T e x a s store, f o r example,
shoulii pi-crve t o I?? shelf-warmers
i n Vermont o r M a i n e stores.
I i E HOUSE\\'II;E

T h e wholesalers, from w h o m
nierchants buy their goods f o r local
distribution, also have t o b u y them
f r o m large factories or f r o m big
mills, s l a ~ ~ g h t e houses
r
or flour
mills, shoe factories 01-larger growers. T h e actual raw products such
3s gl-ains, raw cotton, r a w hides,
etc., a r e usually first assembled
t h r o u g h growers selling t h e m by
w a y of an Exchange, called t h e
M a r k e t . Ttiese markets are located
in m a j o r cities. Througli their assistance sellers and buyers a r e
b r c u g h t together t o effect national
I-e-distribut~on.I n the very s a m e
w a y Stock Exchanges operate, only
in this case it is a cluestion of h a n d ling corporate values.
Ir is l<nown tliat all sorts of values change their own values in the
course of time. Some m o v e upw a r d s , others move downwards a n d
reverse theniselves after more o r
less extended tirne il-itet-vals.
In o r d e r t o sliow two concrete
esaniples, we Itnow l I i ; i l a lio~isein

1942 sold a t $5000. T h i s same

liouse in 1948 sold at 15,000, thi-ee
Iiines more t h a n i ~ \s~ a l u ei n 1942.
T r u e , it's i h e very same house rhat
is invol\~ecl,only tliat i t lias aged
six years ancl y e t , its monetary valu e lias increased acccrdingly. Those
i i ~ t l ecoffee beains of Brazil have
changed in relail value from 2 5
cents t o 5 5 cents a pound during
tile saiile peiiocl. Such phenomena
co111e under t h e heading of Laws
and Economics. T h e changes seerningly c a n n c t be judged ahead of
time, only guessed w ~ t hsucll tools
a s we have available so f a r . While
in citlier sciences we can measure
the ihicliness of a tinplate t o the
n ~ i nl c h~. lie speed o l o u r eiigine ro
the split second, etc., nolhing a[?p a ~ - e n t l yhas beer1 accoml>lislieti in
tile d i r e c ~ i o nol ttie probable pr-ice
rnove~liellrsso Tar. Arrtl yet, i r i olciell tiilies there existed \viza~-dswlio
I
v y I
niealis to fig~liwout
tI1i)se 1 ) r i ~ c1i;rnges.
e
I - ~ I ' s call tl~ei>i
,,
i n ~ ~ ~ ~ i i t i oliul
~ i s "1115
, i1i.1 see~ilst<r

have been lost. E i t h e r t h e modern

grew d u m b e r b y t h e hour or- else
they just simply s h y a w a y fr-om t h e
t r u t h , not even wanting t o ltnow
of i t . . .
T h e r e ar-e certain t y p e s of people
who a t t e m p t t o profit by tliose
price changes. T h e y atternpt t o b u y
when prices seem low to them a n d
sell wlien !:hey had their rise. Such
things a r e easier said t h a n done,
a n y o n e b u t tile m o s t inexperienced
t r a d e r knows t h a t . Some secret
m u s t be i~-ivolvetlin those operations which none of the scientists
have been able t o re-discover. T h u s ,
they leave it g o a t t h a t a n d mess
a r o u n d wit11 c r u d e instruments, tlle
same \vay a s t h e aborigins fashioned I<ilives, swords, bows, etc.
T h e s e are s o m e people w h o
tfirougti special studies of t h e s e
PI-icechanges irecognize ( h a t cer-tain
I-epeiitions d o occur i n t h e w a y of
price change. T h e y keep cllarts of
pricr of stoclis ant1 ctxnniotlities
fr(>rn d:iy to iiay anti ntternpl to

m a k e deductions a b o u t w h a t the
next price tick should be, whether
LIP o r down. Some d a r e even to
prognosticate long term trends of
tile price changes with more o r less
success, depending on how good
their instruments are t h a t should
show such things. T h e more we
clelve into t h e secrets as t o tile
cause of such movements, t h e more
we must a d m i t , t h e y are just invisible and incon~prehensible t o . us,
because e c o n o ~ n i s t sand forecasters
t r y t o use visible factors which consist of cl-op outlook reports, statistics, rainfalls, i n case of cornmodities. I n the case o f stocks t h e y use
ear-ning s t a t e m e n t s of corporations,
the number of blast furnaces in operation throughout the country, the
dividends paid by corporations, eic.
Each and ever-y such supposed inclicatos is based upon t h e immeclia t e presence, t h e - c l o s e r to it, the
t ~ e t t e r .Tliey should tell them the
future pr-ice levels! R u t , checlting
their rriiahility with tile I-esults ob-

tained f r o m such deductions, we

find niucli t o be desired.
W h a t I a m explaining in t h i s
short M a n u a l should be just a
"1'4ltian-well", t r y i n g to lead you
over t o something niuch rnor~edesirable a n d u s e f ~ i l Tile
.
way is h a r d ,
f ~ i l lof t h o r n s ancl sticlters, but w h a t
rose is n o t witliour tliol-ns? Tlie little apliis t h a t climbs arouild t h e
rose bush often linies will race o u t
tcwal-ds t h e end of a thor-n but h a s
t o reti-act its steps, trying t o find
the xv3y u p , t h a t leads to\.vards tlie
real juice of t h e rose bush.
S o m e of the coiiil~arisons t h a t
11ad lo be introducecl for b e ~ t e r~111tierstanding are somewhat rough,
some of t h e m m a y seern t o h u r t
sciences of various ltiiitls and t l ~ e i r
stiiti?nls. However, wllen tlie t r u t h
is involved only we don't have t o
w o r r y . A doctor w h o tells this paticiils f r;inltly t h a t his t ~ i i n o rm u s t
be c u t o u t , will 11i1l-t his patient.
\\,llo ilon't \~1;1nt t o be c u t , b u t is it
no1 t i i s I
I
I I
I lolid?

N o w let us g o over i n t o the big

fieid a n d see w h a t c a n be handily
seen without upsetting t h e appleCall t o o I l l l 1 ~ l l
\Vherever we loolc in t h e econoniic cycles, be I T in inclustries o r in
mel-cliantlising, in real estate or in
stoilc anti cornmoclities mai-kets, we
finci ~ i l ot r periods of time we
have clefiniie trencls t h a t lead from
:i low level to a high level ant1 hack
to tlie low level again. On t o p we
have t h e saturatioii point while on
the h o t ~ o n we
l h a v e the desparation
point. C)n eitller side w e f i n d there~ t o ~weh a t we shall call "an ext i x ~ n e " .l ~ i s like
t
o n e salami is connected with a n o t h e r , only separated
by a string, so tlie cycles of prosperity and depl-essions iollow by immutable precision one t o i h e other.
A t periotis of high prosperity iL
never has failed iliat tlie news tells
11sof ii "new era", while ;it tlie bottom o l cIcsj)rl-ation everyone sees
tire illiisory big abyss I-iglrt i ~ {I-ont.
r
I n 11h1: l i i i l e ive c a n irc;rti i h a t ever1

in those times they were not imm u n e of f a m i n e s a n d of periods of

great prosperity in f o r m of herds
and t e n t s . I-low can we expect
something different froin this old
w c r ~ l d ?Tliese Aricients liad ntigllty
roitgh t r e a t m e n t s theri, a r e we a n y
better n o w ?
I n o r d e r to discover the low e r a
of prices i n cotiimodities o r sloclts,
we have n o t f a r t o g o t o recognize
t h a t . I t is a t a time when stocks
sell for one eighth, not one o r two,
hilt l ~ i l n d r e d sof theni. T h e better
situated stoclts of lar-ger coinpaiiies
whcse "outlooli" is very bright,
[ n a y a t such tirrles sell for three,
foul- 01-f i v e dollars, those who did
parac'e between 100 a n d 200 not
m a n y y e a r s befor-e. Flowever, w h y
we, t h e public d o not buy them
tilere, is caused fit-st of all by Inclc
of ready casli. If cash i$ available
o r on hanil, tiieii we are all afraid
i~ [ n i g h t still go lower than :lie
e i g h t h , to notlritig. H u t sucli is not
I
cart., since w e milst irecognize

once and for all t h e idea t h a t a

stock is just like a perennial plant
(flower) which is different froin an
arinual plant. T h e l a t t e r grows but
once ancl dies o u t completely, requiring a riew seeding t o g ~ - o wa
new crop. But, wit11 perennials, we
Iiave a death of the complete plant,
except of tile root system which is
undergr-ound. And ~ n i i l dyou, such
cleatlis or perennials back t o the
rooL sysleni occul-s not only on accolrnt of frosts a s i t happens in t h e
East or- ~ n i d - W e s t ,h u t those deaths
also occur w i t h those perennials
out West in California, where we
are supposed t o h a v e e t e r n a l
Spring. In case f r o s t s d o occur
ther:, they a l e of sliol-t duration
ancl clo not cause a n y deep freezes.
Consequently, heat o r cold are not
the clriving force t h a t brings cleath
to the pel-ennials! Apply the same
itlea t o stoclts a n d c o m ~ n o d i t i e s .
T h i s tliouglit alone, i f properly
~~ntlerstoocl,
m u s t 1~lalie you buy
wlirn n 1,uncIi of s t o c l ~sell a t 1/8.

Thel-e will be a time when we shall

see t h e stocks at such levels again.
By all means we m u s t discard t h e
idea of "new el-as" of t h e half-wits.
N c w , the period o f satul-ation
i e . t h e l o p levels in sroclts as well
as in commodities a r e n o t a n y too
Iharcl t o find either, when we rnalte
pt-oper comparisons of other kinds
of l i \ ~ e s .A n o u t g r o w n tree can live
for a long whilt, b u l it surely cannot get a n y taller. T h e same with
an outgrown m a n . A violet will
never be taller t h a n a few inches.
A ired hot poker will nevet- be taller
than t w o feet a t t h e mosr. Those of
2 1/2 feet a r e u s e f ~ l l for flower
siiows. T h u s , each slack has a certain e x t r e m e height, which, when
I-eached 01- even appt-oached is a
safe place t o cash in on and let t h e
olliet-s have t h e e x t r a g r a v y , in case
there should be sorne. If you can
carry a stock frorn one eighth t o
one hundred o r even only up t o
f. i l. l y , I i c i w milch profit is lier re in
I a m n o t sl~ealtingt o
I I C)I COLII-se,

hogs w h o are never satisfied with

anything and never will be. J u s t f o r
curiosity's salte g o t o some library
a n d see t h a t back in 1932 you could
have bought half t h e stocks listed
on t h e exchange f o r one eighth
each, t h e same a s in 1921 o r 1907
01- 1893 More a b o u t recognizing
tops will be said f u r t h e r on, when I
explain about t h e p e r f u m e thrown
o u t of the flowers t o a t t r a c t the
bees, even t h e bumble bees.

PART I
One of the gravest errors of business people, o f t r a d e r s in stoclts o r
c o n ~ m o d i t i e s ,is t h e p r e l ~ a l e n tidea
t h a t a n y old time is good enougli t o
begin something, be it a business, a
profession, o r trading, etc. T h e y
are of t h e opinion Chat as long a s
they a r e I-eady t o stai-t, N a t u r e of
necessirv n-iust also be ~.eatlyto follow their i,wn instinct.
Nothing could be niore erroneous
t h a n tliat. W h e n things go their
way they are of tilt opinion tliat it
u,as t h r i r intelligence and gilts t h a t
macle e\/erytl-iing g o Iiu~il{y-dory;
\vI~ent l ~ i r ~ ggso awl-y, t h e y ascl-ibe
it to a n y t h i n g b u t t o t h e n ~ s e l v e s :
t o the weather, t h e neigIi11o1-,competition, pool- visibility, a n y t h i n g
t h a t sountls plausible t o t a k e care
of their haughtiness, ignol-ance o r
other sI?or-tcomings.
In t h e very saiile way m a n y a
prc~ressional har-iciles his clients.
T h e y reiiiiiitl nie very mucii of t h e

so-called m a r k e t ietter writers or,

siinilar writers w h o have t h e ability
t o appear a s if they were the only
ones upon whom t h e welfare of
evel-ything rests. T h e y can be as
wrong as possible, y e t , t h e w a y they
write things a w a y o r t h e way they
give their clients lozenges and pills,
plastel-s and smears, whether they
clo them a n y good o r i~ot-the docunientary papel-s s a y : they know
about i t . If t h e account gets weaker ancl weaker, w h a t ' s t h e difference; there al-e plenty of o t h e r s . . .
T h e y all s a y : there is only one
salvation. But wIlicl1 is i t ? W h o
finds it w i t h o u t being first stung
by t h a t f a m o u s viper of tile Bible
and dies a prematul-e death himselT?
1 Itnow of o n e of t h e cleverest of
niarltrt letter writers w h o operates
for years on t h e same principle as
follows: H i s yearly earnings, a s
sonleone informecl me tile other
clay, is 30 iliousaiiti clollars plus. I-le
c o m e i - e g ~ ~ l a rtloy a certain br-olter.

" W h a t d o you think t h e marltet

will do"? he asks of t h e customers'
m a n w h o is merely an i n s t r u m e n t
t o fill orders. T h e n he consults a
certain f u n n y s t r i p of t h e newsp a p e r t o see w h a t t h e picture represents. If t h e picture shows a sordid face, he writes in his n e s t m a r Iter a n a l y s i s : t h e niarltet will decline a n d builds a story around i t .
Sihould t h e .fellow, whoever maltes
t h e picture, p u t a laughing face on
o r even a S u n shine, besides, lie is
sure to w r i t e : niarltet ivill ~ n a l t ea
g a p u p and will go very, vel-y f a r
u p , ecc.
B I I ~ we
, won'z ritlicule just one
of those specialists; let u s show
sornething a b o u t t h e othel-s, here
ancl ihel-e. Some use trencl lines of
c h a r t s . I f t h e price crosses u p w a r d s ,
t h e y become bullish, if i t d r o p s below s u c h a line, they get bearish.
Usually, N a t u r e makes prices just
cross f a r enough L O lnalte them get
haywire. Of cour-se, there al-e rimes,
\vhen even tlhe d ~ i m b e s tt r a d e r will

hit it right f o r once. Immediately

they p u t on their heacis a w r e a t h of
i v y o r rhododenrlron leaves. Man's
f a n c y goes a long w a y i n t o all sorts
of bizarre ideas as t o w h a t i t is t h a t
moves t h e brains of t h e public t o
w a n t stocks or grains o r not t o want
them. M a n y of them g o f o r astl-olo g and
~ break their brains t o malte
planets run around t h e Zodiac for
better o r for worse just because t h e
Ancients have spolten a b o u t it so
much. I-lowever, t h e y d o n o t even
thinlc that those .4ncients were not
c l ~ ~ i i ibells
b
.ivlio carefiilly omitted
t h e most i m p o r t a n t phases, upon
wliicl~ everything is based. When
one has studied carefully some 50
o r 60 texls on astrology of all
pei-iods, he g r a d i ~ a l l ygets the idea
t h a t something vt.1-y impel-tant is
missing. W h a t it is can o n l y be
gathered through s t u d y of texts
which on t h e silr-face have not the
sliglitest llling to (lo will1 markets
nor- with astrology ilor w i t h anpthing tangible. Of s u c l ~quality are

old I'oetry, s t r a n g e Prose works,

Fables, F a i r y Tales, a n d related
worlts. T h e s t u d y of such boolts
gives one ideas, s t r a n g e feelings of
~ v l r a ti t is all about, a n d only y e a r s
of deep s t u d y , a n d following o u t
all tlie various performances contained in those stories, will graduall y lead one t o a p a t h t h a t is n o t
troclden b y tlie public a t all. T h e y
d o not \vant t o g o sucli ways.
A t some other place I spealc of
letter-shifting in \vords, w i t h o u t
which nothing wliatevel- can be accornplishecl in t h e w a y of foi-ecasting a n y t h i n g . \L1e just t a k e the t w o
words a b o v e and show w h a t I m e a n
by shifting letters:
F a l ~ l e s we m u s t call T a b l e s ;
Fail-.y -1'aIes w e m u s t call "Very
Tales" 1 . e II-ue. I f we call tables or
fab!es tlevils, we ai-e n o t far wl-ong
eitl~er.
111 o ~ . t l c t~o- explain t h e situation
cleal-er-,let us talte a n y of tlie Fables
of Aesop or of 1.a Fontaine. Usually tiicy a t e anirnal stories. \Ve have

t o p u t a lot of imagination to use

and express everything t h a t is said
and done in t h e story i n t o movements of lines in a chart just t h e
way stocits o r grains produce when
we plot their price movements on
chart paper. Some of the excited
actions, such a s xvhen the g r e a t big
wolf does some n a u g h t y work,
would be shown in our own production a s a big strong upmove in
stoclts o r grains, t h a t takes all the
little traders b y surprise, who are
silting and waiting in the brolter's
offices for a reaction. Uefor-e they
realize w h a t t h a t wolf is u p to, lie
has eaten everything up (prices
went sudtlenly sky-Iligli). Before
the traders have a chance t o even
thiiilt, it's all ovel-. In lliat way ail
the various fables can be worked
tlirough which gets us t o realize
t h a t t h e old Greek Aesop wasn't s o
dunih after all and what w e so f a r
c o l ~ s i d e ~ - e da s childrens s t o r i e s ,
have quite a ciiffel-ent meaning!
a n d w i l l prove v a l u a b l e , w h e n

plotted out in f o r m o f lines a n d applied t o niarliets !

T h e name devil is here not t o be
unclerstood in a n evil w a y , b u t in
a w a y which m a k e s t h e actors in
t h e fable always d o things which
normally are not expected.
I-lere are some secrets a b o u t short
swing trading b y using n u m b e r s and
shifting letters accordingly. But, it
is necessary t h a t w e use t h e G e r m a n
language when operating a n d not
Englisll words. I t s h o u l d b e
comparatively e a s y fol- y o u t o get
a G e r m a n g r a m m a r and also learn
the numbers fl-om I t o 100 t h e way
they are pronounced. M i n d you, it
is r-iiostly the right pronounciation
t h a t gives the cue t o w h a t is going
to happen. Fur example, we must
ltnow t h a t t h e endings of t h e ten
units, such a s 20, 30, 40, 50, etc.,
which we always pronounce a s -y
a s twent-y, thirt-y, mean in Germ a n "zig". T h u s zwanzig, ilreissig,
viel-zig, etc. N o w comes tire secl-el:
this ending "zig" means in the cov-

ered Ialiguage "sicl;". 111 old Germ a n it was siech, i.e, n o t well.
For a stock which sells a t 37, we
would m a k e t h e deduction as:
sieben und tlr-eijsig. Now, in order
t o arrive a t o u r final p a r t , we also
m u s t m a k e a shift i n t h e word
"sieben" a n d t u r n i t i n t o "sieden"
which in G e r m a n means "to boil."
T h u s we have t h e solution, provided we change t h e meaning of "drei"
into oul- English t o "try." Sieben
uiid dreissig liieans t h u s : Supposi
a t 37, tlien we can,
ing a s t o ~ l sells
provided it boils there, expect 3
more & t r y t h e n t h e "siclt side."
W h a t we uriclerstanil as "boil" in
n~ar-ltetterms, we all k n o w : great
activity, w i t h o u t getting anywhere.
Lxt LIS talie a n o t h e r exaniple: 47; 40
w o ~ ~ lrepresent
d
with some imagiriation t h e word wuerzig," o r strong;
strong which m e a n s "spicy". T h u s ,
i t contains t h e idea o f : i f i t acts
spicy ;111il ;it t h e s;rnie l i ~ i i c if i t
boils, then atlii 1,so t h a l Llie situation I)econ?es "sicltly" al 5, ancl

sickly has t l ~ e G e r m a n meaning

slch legen" which means "to lie
down." In case no spicy move
shows u p o r if i t does not bail a t
47, then we h a v e t o expect higher
automatically. T h e word fuenzig
(50) t h e idea of nifty ( w i n d i n g its e l f ) , the word "twenty" c o n t a i n s
tlie idea of a "swan w h o proudly
sails through t h e poncl. 60 contains
t h e idea of sawing with a s a w "setting"; t h u s , 61 would call f o r a setting a n egg ( a g a p u p ) a n d then a
setting itself, l'herefore, a stoclc
which inaltes sixty, a n d then a g a p
u p over G I which represents its egg,
is ready t o sit d o w n ; i.e. close t h e
g a p again.
T h e wor-cl "two" (z\vo o r zwei) I-elates t o the G e r m a n \voril "Geweili"
\vIiich a r e "antlers;" thel-efore we
must expect double tops a t 72 provided it maltes t o p ; thus, a stop
\voi~Iti be rrequir-ed at 73, because
<,
t h a t (73)is clue to rnalte a tree"
( t h r e e ) ;rricl run rriglit t o 76, three
pclints l u r t l ~ e r u p . SeLrenty itself
,, .

represents t h e idea of "shave" while

80 has tlie idea of "watch out" and
90 has t h e i d e a of "neig dich", i.e.
bend down, a n d hundred h a s the
idea of "anders" which m e a n s : go
the other w a y round now. Consequently, all numbers above 100
would require just t h e opposite eifect as had been in t h e numbers before i.e. those of I t o 100. An easy
w a y t o check on t h e performances
is b y w a y of old c h a r t s which have
been correctly mad.e arid see what
happened.
Operating t h a t way requires to
be at t h e tape, especially when trading in grains, where cornmissions
at-e not so high. M a n y a t r a d e can
he m a d e , provided we d o not get
Iroggisli or expect t o o rnucli, and,
besides, o p e r a t e with stops. T h e
numbers between 9 and 13 have
special wol-d8sin G e r m a n a s : zelin,
eleven ( I I ) and zwoelf ( 1 2 ) .
I'he meaning of ten is "schoen"
because tlie one and tlie zero t e
g e t l ~ e ra r e "nice", "elf" ( 1 I ) 1 call

"helf" which m e a n s : call for assistance, i.e. call for m o r e p r o v ~ d e dwe

hit l l and "zwoelf' (12), 1 interpret as "die Woelf" i.e. t h e wolves,
which tear things a p a r t . T h u s , going t o 13 (drei-zehn) calls f o r an
additional t h r e e teeth, i e . 16.
Now, 33 which i s : drei und dreissig, means three and another three
a n d then it will get sick; in other
words, a stocli crossing 33 s h o i ~ l d
g o to 39 before w e can expect sicliness therein.
Going back t o 12 once more, a
s t o p within 12-13 woulcl call for a
reaction t o 6 ( t e a r a p a r t - tear in
h a l f ! ) while going into 13 wouid
call for 16.
T h e explanation given is m i g h t y
difficult to u n d e r s t a n d , b u t patience, comparison, a n d experience
will give you m a n y signals.
Some of you n-iay notice tlie n u m b t r s only show sicltness (-zig) a n d
nothing a b o u t health, t h a t is. when
they slioi~itlg o I
t1owevs1-, loolc
closely a n d you sh;lll s e t i h e otliel-s

toc:~. I ' i n t h e crossings-ove~..

whereby they al-e visible.
Why we just h a v e t o use the Germ a n language a s a base t o build
~ L I I -numbers o n can be explained
rather easily f r o m t h e w o r d "German" itself. T h i s word has a connection w i t h t h e G e r m a n word
"Schirm" which in good English
means an u m b l - e l l a . L e t t h e
"Schirr-i~ be expanded o v e r Germany, ( t h e Schirm, t h a t ' s m e - Germa-ny) then w e see t h a t all the
othel- babies of E u r o p e seem t o be
I~erdeiia]-ound unclnr t h e Schirmt h e heart of Ellrope. If w e t r y to
let EUI-oper u n arouncl without a
heal-t, we sllall h a v e n o u n ~ b r e l l a .
Doclors c u t o u t anytliing if the patient is willing because t h e y thinlc
it's s i ~ p e r - f l ~ ~ oTuhsu. s t h e European
langi~ngessee112 to have come from
thcrc, i i l spite of t h e f a c t t h a t within (;el-many propel- o r whatever
~ ~ s e to
c l he t h e " ~ ~ r i ~ b r e l l there
a " , are
tlozrr~sol' di;rlrcts, s o tliat a nortlie t ~ rI
I
I j ~~i s t c a n ' t ~~ricle~-st;i~id

t h e othei-s and visa versa and yet,

they ai-e part of t h e main urnbi-ella.
T h i s urnbi-ella idea is also shown
f u r t h e r o n , where I show t h e t w o
sides, heaven and e a r t h ! M a n in
t h a t case is below b u t t h e "Schirm"
above. T h e good Scilil-m is rather
wobbly, subject t o t h e winds, being o n l y fastened t o t h e umbrella
stick. I t is even possible t h a t t h e
wind t u r n s the good umbrella inside o u t . W h a t t h e n ? T h e n we shall
<,
have n o moi-e heaven," b u t an
e a r t h above u s . Such things we
\vould have t o call wai- instead of
peace! ]<now, t h a t i t is always the
~ i ~ n b r e l tlhaa t suffel-s t h e most, not
t h e people u n d e r n e a t h t h a t umbr-ella. Tl~el-efore,u~lieilwe go back
ir? history, we alwajrs find tliat nine
o ~ i tof ten wars have a l w a y s been
fouglit ir~sidc t h a t ~i111bi-ellat h a t
was just ilieii L U I - I I ~ C ~inside o u t .
' l h a t s l ~ o ~ ~give
l c l us i~iuclit o t l ~ i n l c
al;out t h a t l-icarl of L - e when
we ~ r fyi x E L I I - U
a g~a~i ~ ~Val-ious
.
liunlts li;rvc l l c e ~ial<err
~
from the

heart and used a s flesh-builders o n

the rest of t h e body, called Europe.
T h e r e always will be people born
at periocls which fie m a y call
"Joves". T h e y have been born with
a silver spoon in their m o u t h , nothing iess. A n y t h i n g and everything
tui-ns o u t well w i t h t h e m . Be sure
it is not caused by a pile of knowledge or such things. ]<nowledge is
only acquii-ed a f t e r m a n y years of
liaril worlc, b u t a J o v e is already
born in castles o r mansions. There
are m a n y o t h e r types of people
born, some w e call Saturnians, others Martials, o t h e r s Venusians o r
Mel-curians, some even Lunatics,
Idiots, also Soleians. Anybody t h a t
is i n the wrecking business surely
is a S a t u r n i a n , anyone wlio is a solclier by proiession m u s t belong t o
t:he Martial types. Analyze the othel-s the same w a y . Now, we find
t t ~ e s etypes riot only in persons, but
also iri grains, sloclts anti other
things. A 11e;ir n-iarltet is Sntul-nian,
n 1,11Il mai-ltet is l o v i a n . A big side-

wise niovement with a l o t of gaps

m a y be called Venusian, e t c . Therefore we a r e bound t o call anything
t h a t lives (moves u p a n d down), a
living being, even though it m a y
a p p e a r t o us only as a g h o s t . Markets are constantly in action. A t
times such actions a r e good, a t othe r periods t h e y a r e b a d (downwartis). Since the size of a human
being does n o t extend beyond 7
feet, s o t h e movements of t h e
ghosts (rnal-1;ets in this case) a r e
never beyond a fixed limit. Once in
a while t h e circus has freaks,
dwarfs, f a t ladies, also g i a n t s and,
we also know, t h a t their lives a r e
short-lived. Whenever we t r y t o
classify t h e types of people o r of
t h e ghosts, we quiclily r u n i n t o
snags, since Natul-e does n o t tall< s o
openly. T h e thoughts of people,
nevel- mind how higll o r how low,
how much science has been pumped
inlc! them o r ignora~ice,seem Co run
c o n t r a r y L O an ordinary classification. We feel as i f tlle marltet will

dl-op a n d , p r o n t o i t goes u p . W e
think s k y is t h e l i m i t a n d find ourselves ten points in a hole before we
even realize t h a t w e a r e there. T h e
cause of it is t o be s o ~ t g h t in t h e
fatal sin coming f r o m A d a m . In t h e
covered language which 1 uncover
liere for you, it m e a n s : t h e Vital is
in (inside). E v e r y b o d y knows t h a t
the lungs, t h e h e a r t , reins and liver
are inside decorations of our body,
invisible, unless t h e body is c u t
ope~n,while t h e outside parts, such
as tile members through which operate our f i v e senses, are outside
decal-ations. W e also know that t h e
two ltinds a r e v e r y iiluch dissirnifa]-. That's w h y t h e y have surgeons
as well as doctors who studied especially 11ie invisible p a r t s a n d their
actions. W h i l e w e are a t that, w e
inight a s well s t a t e t h a t good a n d
evil has n o t h i n g t o d o with those
~1artStrilata r e called external and
i ~ i t r r n a l-Ph;it
.
is sometliing entirely
i i i f i e r e n ~7'hus.
.
Iteeping tile outsid:
1iirn111er-s; I S one unit and t l ~ cinside

rnmbers a s a n o t h e r unit, we soon

Itnow t h a t pal-ts of e a c h such units
can become siclt, i . e. ccllapse. O n
tlie o t h e r iiand, w e know that a s
long as we are healthy, we do not
even tliinlt of o u r v a r i o u s members
t h a t f o r m t h e body. Ccnsequently
new traders, w h o never have gone
thl~ouglitlie mill, see everything alw a y s in good health, inclucling their
account. Only, when liere or there
sometliing gccs amiss, a s a slight
intestinal a t t a c k f r o m e a t i n g unl-ipe
f r u i t , o r a lieailache TI-om being u p
too lorig, frorn clrinking a little too
d-eply, frorri runnilig t o o fast, d o
t h e y lialf-way Irecognize t h a t sornewhere tliere is a lirnit set for us.
Young l ~ e o p l e ~ l s u a l l y can easily
overcoriie excesses. So can stoclts
a n d grains a f t e r t h e y h a v e beer) "reborn" (emerging f r o m a heal- marItel). l - a t e r o n , when age creeps u p
o n il-ieln (aftel- long bull movem e n t s ) will the fact be recognized
t h a t an iiiciisposition of sorrie kind
~ i s u a l l yhegets anothel-, a third and

before we al-e fully a w a r e of it, they

lie flat on t h e i r back in bed. So do
our gliosts. T h e y f a r e riot a n y hetter. Careful s t u d y of t h e above^
mentioned phenomena will m a k e us
see. tlie big bull a n d bear moves
very nicely. Of course, an ear ache,
a corn, 01- a pimple w o n ' t p u t us to
bed, right a w a y ; it's a passing affair. Same in g h o s t s ! B u t a sudden
dizzy-spell o r a prolonged desire for
sleep, ( i n a c t i v i t y in m a r k e t s ) or a
persistent f a n c y t o d o things which
one would n o t d o ordinarily constitutes a w a r n i n g t h a t something is
fishy. A desire for vegetables oilly,
o r for big s t e a k s o n l y on o u r menu
says plainly: watch. T h u s , when
our ghosts o n t h e chal-ts grow only
vegetbles 01- only bigs steaks, expect a c h a n g e of d i e t ! J u s t like one
who can consume lots of liquids of
what ever s o r t , t h a t one will not win
in races of a n y kind. D o you know
that pel-iodically, too much sun,
gives a strolte and loo much shade
begets a colcl fevcr? W e m u s t eqi~al-

ly realize t h a t o n l y small things

bring forth big ones, such as a seed
gives an oak t r e e a n d a n eighth u p
gives the m a n y p o i n t s . And here is
a very i m p o r t a n t l a w .
Any action,* w h e t h e r of m a n
o r by one of o u r ghosts, undertaken
vilien t h e heavens a r e evil, will t u r n
i n t o a loss a n d n e v e r i n t o a n y gairi.
T h e only d i f f i c u l t y f o r the public
t o know is, when a r e t h e skies good
a n d when a r e they e v i l . W e all know
t h a t "looks' a r e n o t indicators, hecause a bright s u m m e r d a y can
bring a terrific t h u n d e r s t o r m by
mid-afternoon. A foggy morning
c a n last with its f o g all d a y right in
Los Angeles. A t u b e r c u l a r patient
in the last stages h a s usually a rosy
face !
It makes u s dizzy when we t1-y
t o classify f o r example our plants
f r o m 'the t y p e of flowers formed.
Some have six flower leaves, others
i n n u m e r a t l e , o t h e r s have the form
or a lip, etc. T h e s a m e t ~ - i r ~ ~ balrees
n l r t \ v i l l i i n zoology. With corn-

modities we d o n o t fare a n y better,

sirice some decline while others rise,
a n d again o t h e r s d o nothing, all a t
t h e same t i m e period. T h u s : which
is wliich? A n d y e t there is a solution to the whole mess, but, o h ! how
hard ant1 difficult, how complicated and h o w f a r !removed from
~ l l eri~iritiof t h e people! Yet, there
are sollie of t h e people who think
all they need t o d o , is d r a w a trend
line or listen to t h e z a l ~of their
fellow tr~avellersa n d their rrading
account will rise contin~1ouslyever
more. pl'lley 1;ncw n o t h i n g of podagr a nor of d r o p s y , neither of ally of
t h e hundreds of diseases t h a t M a n
is subject ro, before he arrives at
his destination, eventually. T h a t
ghosts are subject to diseases we
now can see clearly, since tliey are
man-made, caused by t h e "will
power" of t h e m , a s tliey go t o it
in t h e i r buying ant1 selling. T h e y
L I S C t l ~ r i r fl-et: will oflen atlvantageoosly, tl10~1gl1s ~ m e t i r i i e sthey
miss t h e t a r g e t .

"

D y,, actioiz in .itochs or grains I

11zca11 loizg buyilzg", zuhich is co?tIrai-y t o "s hurt selling", co?npara.ble
t o expectzizg a "reaction".
Is it not obvious, since we have
to deal w i t h life all a r o u n d , w i t h
the 'this a n d t h a t ' , ' t i t fot- t a t ' ,
t h a t is witli the ' e a t ant1 set', 'produce and destroy' o r wliatever we
m a y call it, t h a t we have only a
fifty-fifty chance t o guess right,
everything else equal. Tliis is t h e
cause wliy very Tew people ai-e able
to wol~lc thenlselves o u t of their
rnidst ( m i l i e u ) , in m o n e y o r capability, in lool<s as well as in habits.
One c a n ' t lnalte a g o a t o u t of a fish
nor- a n y such things. Of course, if
you know s o r i ~ e t h i n ga b o u t flowel-s
or plants, y o u will know t h a t irnproven-ients al-e often possible witli
them, but t h e seconcl o r thil-d generation always is p r o n e t o fall back
irito its original s t a l e . S o that
sl~ealtirigof our- ghosts, the amount
o f the co~-ist~-~iclicin
m u s t tally wit11
tlic e\:rntitaI ;itmount o f d e s l ~ - i ~ c t i o ~ ~ .

W e occasionally h e a r of o r see
s o m e charts covering longer periods
which c a r r y a so-called "basic
t r e n d line" which over the periods
sliow successive higher bottorns.
But, on hand of w h a t 1 explain and
w h a t is right, is t h a t not a folly?
Some human sour-ce m a y have its
h a n d therein, which upholds a certain price by sheer force, until t h e
period of decline h a s normally run
its course. T h e n t h e trend autor-i~atically changes ail b y itself and produces an up. But, one nice d a y they
won't be loolting o r their money
gives out, then t h e y will notice t h a t
something superior than money or
h u m a n powel- is running this show.

PART I1
H u m a n beings a r e especially subject t o their senses.
Superficially it m a y i p p e a r t h a t
with all o u r willpower which is supplied to us, we can form, stretch or
bend anything, w e desire t o have
t a k e some o t h e r f o r m .
We possess a t present plenty of
machinery which dispenses completely with t h e God-given brains,
s o that m a n y a big machine can be
liandled a n d operated by a child
j u s l simply piisl-iing a b u t t o n . I-lowever, we a r e at a loss, licw those A n cients o r those people of bye-gone
ages coi~lclever] have existed without ti-airis, a u t o s , radios, elc. We
nlay imaglne t h a t i n those times
people were born beliind t h e Moon,
t h a t they livecl in caves a n d cliewed
some ~volf'sbones or bear bones t o
satisfy their a p p e t i t e . Of cout-se, we
present clay inliabitants of this
think Iiow i t was
globe very selilcjr~~
possible for those olcl-tirnei-s to lay

t h e top-most stones o n the pyrad

lnagnificent
mids, to b ~ ~ i lthose
temples. I-low t h e y made those
ever-lasting colors a n d dyes, how
t h e famous doctors cured their patients without Iiilling them. W e
wonder about t h e wisdom of the ancient writings, a b o u t t h e i r paintings, and s t a t u a r y , w e even wonder
about their ideas on clothes, etc.
I n 01-der t o a p p r o a c h t h e subjects in a rather quee1- way, we
m u s t realize first of all t h a t there
exists, a n d always did exist several
lypes of people w h o were born as
such, i~nlesswe w a n t t o say such
types were i r o u g h t on b y education
a s follows:
Certain types of people live only
in the present. 1x1 L I S call them the
average t y p e of people as we see
them I - L I ~around, ]ride a r o u n d , t h a t
think of noiliirig, w h o see ancl hear
nothing except t h a t w h a t runs
riglit in front of t h e i r I-loses o r
111;\kcs eini~ugtrnoise t o be heard.
Anorlier type of people live only

i n tlre futul-e. T h e y a l w a y s want t o

know w h a t is going t o come in a
way of novelty, i n t h e way of new
styles, news, s c a n d a l s .
A t h i r d t y p e of people Iives practically in t h e p a s t Ainong them we
m a y place t h e olcler people who
have gone tlirough t h e mill, for
whom new-fangled t h i n g s are just
n o a t t r a c t i o n a n y more. We must
class arnong these a l s o nearly all
scientists, who t r y t o learn from
that w h a t is past o r olcl, t o apply
t h e past ideas eithel- t h e same w a y
or in a modified f o r m for present
(lay use. L e t rrle g i v e t h e m a nanie
fol- bettel- u n d e r s ~ a n c l i n g .\\fe shall
call 1fie1n the "uneal-thers,,' i.e.
those w h o dig i n t o t h e past and
s e e ~ n i ~ i g luyn e a r t h something t h a t
hacl been known f o r centuries.
Some of those ancient things m a y
l ~ euneartliecl fot- t h e glory and the
pictul-e t h a t gets i n t o a iiiagazine,
otlicrs uneal-tli for l l ~ emoney that
is i n i t . As a I-ough rxample. let ine
cluotr an oltl contrivance wliiclr we

used at home nearly 50 years ago.

I t was made of tin, a s o r t of a s t a n d
with a hole inside. W e used it f o r
coolting m i l k ; it pl-eventecl its overflowing. A f e w years ago I saw a
similar contraption in "new style",
macle of glass inside of a coffee p o t ;
only t h e tube inside w a s very narrow instead of wide. H a d t h a t m a n
who thought u p tlie glass idea not
lived in tlie p a s t i.e. searched into
,'.
the past, t h a t invention" would
not have o c c u r r e d . . . Of m a n y
things found thl-ougli search of the
past, we iiave no w a y of telling
w h a t was done w ~ t hthem, how they
were produced o r nsed.
One of tlie greatest hoaxes of all
times was played by the ancient
writers, including all tlie Greelts,
Romans and u p the line. It w a s t h e
shifting or letters in wol-ds, a b o u t
which I spolie all-eady in one of m y
worlts p ~ ~ h l i s l i e tin
l 1912. DLII-ing
those six yeal-s th:rt elapsecl since
then ln~icli o p j ? o r l ~ ~ r i i twy a s presented to \'erify these s t a t e ~ n e n t sin

tire worlts of all sorts of ancient

writers. Some few things m u s t
have simmered through into t h e
brains of scientists, a b o u t w h a t w a s
going on. O t h e r changes, as t h e y
h a d been m a d e , were so obvious
l d seen
t h a t even a d o n k e y c o ~ ~ have
it. I n s h o r t , t h e y said in all their
sentences o n e thlng, n a y in every
word t h e y said one thing, b u t
throughout t h e y m e a n t sornetliing
else, altogether. I n order t o lteep u p
~ L I a
C farce,
~
t h e y m u s t have h a d a
pattern of something upon which
they could w o r k such things quickly and c o n s t a n t l y , leaving t h e readel-s on edge a n d in c o n ~ p l e t edaricness a s to w h a t they were even
talking a b o u t . W h a t e v e r they W I - a t e
sounded plausikle, and inter-esting,
b i ~ t t h o s e writings had the one
beauty o r r a t h e r disadvantage t h a t
after reading t h e whole s t o r y caref ~ i l l y t, h e reacler was just as wise a s
w l ~ e n he began, i e . one could retain absolutely nothing. Any sucii
woi-I;, wliel-ever you f i n d i t , is "tloc-

toreil" with plerity of sense, but belongs to t h e " ~ t n t o u c l ~ a b l e "type.

You rnay talce i n t o these works all
those books t h a t a r e "ancient" o r
"classic", n i a n y of whoni have been
growing right in o u r own back
yard, such a s of 'I'ennyson, Emerson. Van D y k e a n d niany others.
There is o n e thing sure a n d positive: ,411 these wi-iters m u s t have
had a c o m m a n d of five o r six languages o t h e r t h a n their own, else
rhey co~lltin o t m a k e these changes
in tlieil- sryle of writing. T h e y must
have devoted m a n y years t o t h e
s t ~ i d yof ancient worlis, ilisecting
then1 just like a s t u d e n t of divinity
disects the idea :vhat is God o r as
;i surgeon-stuiierir cuts a piece of
your inside i n t o so inany pal-1s ancl
loolts for something t h a t isn't there.
But we d o not even have t o go
back t h a t f a r , if we touch upon
some oilier subject. I-et's talte mLtsic. Cool1 olil S t i - : l ~ ~ s~s v o ~ i lturn
d
;irounti i i i his gr;ive, if lle \ V O L I ~ ~
I ~ n c ~th;it
w t h e niotler-ns run of[ his

waltzes at a speed t h a t appears

like a trace t o g e t tht-ough before it
is 6 : 1 5 t o be r e a d y f o r the next program o n the radio. Fle would t a r n
a secontl time t o hear the modern
composers, t h a t have n o ideas of
their own, t a k e his old waltzes a n d
,,
modernize" t h e m by throwing in
between some unheard-of t w i s t u s
a n d concoctions t h a t a r e copyrighted f o r good ~reasons.T r u e , we h a v e
g l ~ o w na few good music pieces, b u t
liow m a n y compareti t o the big
c r o p s of yonder y e a r s ?
A s t o the c h a i ~ g e st h a t occurred
w i t h clothes we don't have t o g o
m u c h i n t o details, because t h e y
c h a n g e like t h e weather and t h e
seasons. F r o m hoop sltirts t h e y
went ovet- t o t h e darning-needle
styles, f r ~ o m t h e stl-eel sweeping
tails of wornen dresses they w e n t
u p to h a ~ h i n gtruiilts. Lately, t h e y
scetn t o have a trencl towards ]loop
sliirts again.
In regards t o paintings, we
lkiiow that i n a n y serious s t ~ ~ d e t - i t s

wet-It hard i n galleries trying only

to copy old paintings. Invariably
t h e y have to a d m i t , t h e y cannot
get t h a t w a r m t h of color together
like the olcl masters d i d . N o a r t o r
science of the present t i m e has been
able t o delve i n t o t h e secret of how
it was done.
Speaking of diseases, it is well
known t h a t P a r a c e l s t ~ sused t o cure
t h e lame, t h e blind a n d the h a l t
within a short t i m e without a n y
complicated concoctions nor without cutting the whole b o d y t o pieces as a last recourse. H e explains
fully the way lie has done it, b u t
~ t n i o r t u n a t e i y he used t h a t awful
h a r d language spoken of above,
t h a t nobocly could read nor unders t a n d , utlless he was one of the initiated. \Ye see hiin GI-acl< joltes
nbout the tiler1 medical cloctors a n d
surgical doctors, s t a t i n g t h a t they
liltc t o nienlion specially Illat one is
a surgical and not a n?etlical doctor
o r visa-vel-sa. I-le tells u s : I f you'd
Itnow anything about tlocIoririg,

yoti would see f o r yourself that you

cannot be one a n d not t h e other,
only t h e approach is different!
Of course, in o u r modern "childishness" we feel ourseIves so f a r
above tliose ancients t h a t most of
us do not even f i n d it worthwhile t o
b3ther with those old hags. W h o on
earth, a t present, would thinlc that,
of t h e m a n y a n d very different
things, they also knew very, very
m u c h ? J u s t look i n t o old C o r n e l i ~ ~ s
.\grip a You shall f i n d t h a t they
even ollowed price movements of
all sorts of conimodities, such as of
rubbei- - yes r ~ ~ b b er oil, cotton, grains, of course, etc. In t h e
works of 1001 N i g h t s w e find t h a t
they traded in hides then already.
T h e y even Itnew when t h e commodities individually h a d t o rise and
when they h a d t o fall and how
milch tliey woilld dl-op o r rise. W h a t
have we been able t o d o in regards
t o ftnding prices of comrnoclit~es
~iiieacio f t i m e ? J u s t see w h a t Llniversities tell L I S of the 1-esulls of

r,

tests about w h a t forecasters did

fol-ecast. I believe it w a s the University of Chicago t h a t made some
such tests a f e w yeat-s ago.
Of course, a b o u t those price
movements of comniodities as well
a s those of stocks, we m u s t ltnow
I h a t they a r e guided by o u r senses.
Why else would t h e exchanges
c a r r y i l l broliers' ofices t h e prices of
all transactions on t h e Trans-Lux,
if tliey did not w a n t t h e clients t o
see w h a t tliey were, t h a t t h e noise
made by onlool;e~-swould inveigle
people to biiy 01- sell, as soon as t h e
price picture changes to a n u p o r a
d o w n ? How come t h a t f o r months
broliers' offices a r e e t n p t y excepl
for ozcasional cht.onic sittel-s, while
;it other times a view f r o m t h e door
step is tile only means of seeing
whac is going on. W h o drags t h e
people tliei-e, wlio malies ihem
avoicl the 11l;cces t o r l o n g periods?
\Vl~o ~irzcl~esrile people buy right
on tlie t o p (11I: d a y with six :inti
l l l O l ~l el l ~ ~ ~ i O Sl IlI : I I ~ C S
S~OCIC
~i1211g-

ing hands anti sell their S ~ O G I ~ Sright

smack at tl-ie b o t t o m , when a quarter million slial-es is callecl an active d a y ? Some s a y i t is tile earnings, others blarne tlie cause on tlie
dividends, some b l a m e the CI-op
oullook and o t h e r s blame the rain
in l<ar~sas, answers t h a t are as
naive as i f we s a y t o a child: wlio
hl-ought your b a b y brother and i t
replies: the storlc.
Of course, t o fincl l a w s a s stupenclous a s those t h a t n-ialte t h e m e r r y
go-round it t a k e s m o r e t h a n a written piece of p a p e r which states t h a t
y o u are a specialist. T h e proof is
always in the p u d d i n g .
Old Ben Altiba, whoever he was,
said orlce: Ever-ything h a d been alreacfy. T h e answer therefore m u s t
lie in t h e past a n d c a n n o t lie iri t h e
1"-eserlt, neither c a n i t be in tile fut u r e . Lying itself implies it n i ~ i s tbe
i r i ilie past.
-1-liils. for a n y o n e \\rho entleavors
t o find c ~ u thaw
t
tliings m o v e around
on arcouIit of piocluction inus!

elilniriate everything t h a t is of tl-ie

present as well a s of tlie future. A
busiiiess chart or a chart t h a t shows
current prices of stocks, grains o r
other tliirigs c a n ' t be of much value
unless you have t h e cause of tlie
n-iovement and follow t h a t cause
f i l s t a r ~ dconstantly ( a n d t h a t lies
in the past !)
In consequence, only people w h o
belong to the third class, w h o h a d
lived in the p a s t , can be t h e ones
wlio a!-e a p t t o find t h e cue which
has t o he usecl ancl none of the other
t w o varieties. T h e second type a r e
tile onloolters, t h e tt-iird t y p e a r e
t h e hopers. T h e i r taste, smell, feeling, ear or eye will d o them n o good
whatever, since these five senses d o
not operate while the body is in t h e
past. Tl-ierefore, froin now on, in
this present clisc~~ssiun,we shall
spealc only of type one, those who
live in the p a s t .
A m o l ~ gthem, we find some very
shrewd ~ r t i c l e s . Most of them ai-e
of 1l1c i t , i ~ n o l ~ t r u s i v types.
e

T h e y talk little, b u t thinlt a lot.

T h e y recognize t h e futility of
guessing or hoping, not only by
seeing how o t h e r s f a r e , b u t from
their own past experiences. T h e y
are convinced t h a t something is
the cause; t h e y Iinow t h e y d o not
know i t . T h e nearest subject to
tackle is a science called astrology.
As soon a s rhey h a v e mastered it
satisfactorily, t h e y find o u t t h a t
something else of necessity m u s t be
adcied thereto, even if t h a t something is t o he talien o u t of t h e air.
One thing is perfectly t r u e : the real
thing cannot be founcl unless it is
via astrology and t h e m o s t difficult
one a t t h a t . You m u s t be able t o
let your planets r u n f a s t o r slow,
form all sorts of aspects, lt11ow of
tt~eil- speeds a n d special habits.
You must recognize t h a t there is
s o ~ n e t h i n gto it a n d recognize besides that m a n y a d d i t i o r ~ a lthings
alw ti3 learrietl a n d incl~ideilwithout
which the whole s t u d y shall turn
irrto 21 f l o p

I-lowever, there is one consoltation f o r y o u : C a r i s b a d , N . M . ,

with its big stalagmites and stalagtites. FI-om w a t e r d r o p s these b ~ g
c o l ~ i m n scould g r o w ; s o can your
I<nowledge grow with persistent
h a m m e r ~ n gin olcl texrs as long as
you are able t o add once irr a while
some new idea which is contained
therein, b u t of which wisely, t h e
ancient astrologers never said booh
about i t . T h e main clifficulty
s h o i ~ i dbe in t h e lack of fol-eign languages which are of absolilte necessity, \vithout which n o t h i n g of value iaii be accornplisi~ed.T h i s m a y
sound strange, b u t it is true. Recently I o t t a i n e d f r o m Gel-many a
" P a r a c e ~ u s " in its original medieval language. S o f a r I hat1 but a
translation. W h a t a difference!
W h a t struggle through English,
when in oltl C e r m a i ~ tile words
s ~ e a I <of tliemselves ! ( a t least
maiiy ( ~ t~h fe i n ) . 7 1 - u c ,I go1 a house
together even i n Eilglish, but i t was
I I
s
c I 1liac1~.n castle out

of tile original text, nothing less.

No wonder they w a n t you t o know
tlie original Flebrew in order t o u n derstand t h e Bible!
Anyone who h a s m a d e some s t u clies of these ancient texts, such a s
those of Greelts o r R o m a n s o r of
o u r own poets, will have noticed
t h a t , whethel- in prose o r in verse,
t h e sentences c o n t a i n always several adjectives, m o s t l y t\vo only,
wliile other sentences contain long
strings of substantives which when
pl-ope]-ly analyzed show related
wortis, so-called synonyms. T o t h e
average man wlio is n o t used to loolc
closely a t t h e meaning of e a c h
w o r d , they would m e a n all one a n d
the same thing, while there is m u c h
difference. T h e serics can be of a
good N a t u r e a s well a s of a bad Nature, depending u p o n the sections
treated. W e all know t h a t there is
a good ancl a b a d , t w o sides. T h e
good words m u s t r u n in the good
r y t h ~ nwhile
,
the evil ones must r u n
o n the olqxxitc siclc of it. So t h a t

speaking of astrology it nlay be

comparecl t o : one side: 0, 15, 3 0 , 4 5 ,
6 0 u p t o I 80 degrees, tile o t h e r side:
130, 195, 210, 360, e r c , separating
into a left hand over the head t o t h e
right hand, as one unit, while the
other unit runs from tlie left h a n d
cio\vnwards t o the feet a n d u p again
t o t h e I-ight hand. Wlio r u n s a n d in
w h a t r h y t h m should not be h a r d t o
find o u t . Suffice t o say t h a t this is
t h e \\lay they run. Now, another
thing you m u s t consider t o o : t h e
angles as I sliow above a]-e only
given o r mentioned t o give y o u an
idea t h a t there are divisions necess a r y t o be made. T h e y a[-e not just
ordinary divisions but t h e y have
t h e forms varied, even indentations
a r e needed thereby. S o t h a t , in sllort
t h e whole picture looks like a butter-fly; t h e two top wings of t h e
buttel--fly represent the good side,
tlie lower wings the bad side.
You possibly heard of Ovicl wlio
wrote a wot-lc called " r \ l e t a m o ~ - p h o sis", wllicli cover-s a ilevelop~nent

such as frotn a n egg y o u first get

a radpole and o n l y l a t e r on a frog;
s o you get f r o m a n o t h e r egg first
a worm, then a pupee a n d only later
on a butter-fiy. W h i l e a tadpole has
a rudder to steer hiniself around the
pond, a puppee lias n o such rudder
bit1 has grooves in i t s h a r d crust for
good reasons. T h e c a t e r p i l l a r stage,
is very hard t o explain how t h a t
would fit into t h e picture, unless
we wish t o use its m o t i o n , as i t
crawls on t h e tree o r twig, t o illust r a t e the small m o t i o n s of price
movements. T h u s N a t u r e affords
us all sol-ts of clues t o observe, t o
loolc a t carefuly ancl to use for our
cwn advantage. I t s h o w s w h a t
lengtll of time m e a n s : T h e development f r o m t h e egg s t a g e via t h e
worn? i n t o t h e p u p p e e takes t h e
longest. When once a butterfly, i t s
life is q~ticltover. T I - u e , t h e buttel-fly can flutter everywhere, whereever lie liltes to g o t o get lloney. But
to be a bittlerfly, i h a l Laltes t i m e !
R e n i e m l ~ i fol- ever, t h a t the An-

cients liave written about nothing

else t h a n w h a t 1 just now explained
to y o u , all in covex-ed language.
In s h o r t , w h a t t h e y exlllain is t h e
tinling of things, when something
nialtes a beginning, when an end
a n d all t h a t is between.
As t o t h e two o t h e r types of persoris which we eliniinated for a
while, we shall call o n e : the moment t h e puppee t u r n s i n t o a butterfly a n d t h e otliel- while i t is a
b~itrel-fly.No\\*,
tell me, would you
call such people scientists o r ltnowel-s who ltnow a butterfly when they
see one, b u t cio n o t know anything
a l i o i ~ tl11~1tit recluired fit-st an egg,
then a wot-m, [hen a puppee t o become a b u t t e r f l y ? LVould you call
a n epicill-ist a m a n wlio only linows
how t o e a t a ten course dinner b u t
doesn't ltriow a n y t h i n g about how
that riieai haci been pr~epareci?C a n
I c;~llniyseli an automotive specialist jitst becai~seI Ilave clt-iven a c a r
tliousatiils of iiiiles? Is a boardrotrln sitter :I t t - a t l e ~in stocits or

c o n ~ m o d i t i e sj i ~ s tbecause he knows
the pl-ices t h a t pass o v e r t h e tape?
W e k ~ i o w{I-om astrology t h a t t h e
S u n itself has some 40 individual
motions all by itself. T h e s a m e applies t o t h e othel- planets, includirig the latest located ones. It's one
of those motions t h a t m u s t be used.
Ilshoulcl riot be a t all difficult t o
find tlint m o t i o r ~ which we need.
Paracelsus a d d s , however, t h a t
even hen w e have t h a t one, then
we still are a t odds t o m a k e that
l>ab!; go a t o ~ u i dt h e right way, in
peculiar w a y s ancl h a b i t s , s o t h a t
you can see tile Sun rise a n d the
Moon set, t h a t y o i ~c a n see when
something is wrong w i t h the liver
0 1 with t h e c o t t o n , t o ltnow when
to change a n d when n o t .
I<no\v o n e riiore t h i n g of greatest i m p o r t a n c e : Aten a r e prone t o
work subco~isciouslyf o r their death
i . e . they t r y t o get i t all over u i t h
ancl that is w h y , \ye a l w a y s begin
to tncltle tliirlgs lil-st w r o n g ant1 not
rigl lit! So t h a t , s l i o ~ ~ l cylo u hit on

the one w h o does t h e trick, be sure

t o tliinlt of t h a t : You will have
him go t h e w r o n g w a y f i r s t ! a n d
t h a t wl-ong w a y kills and does not
tend t o life. T h i s can be easily verified with m a r k e t charts.
T h u s , the series of synonyms run
always a]-ound the contours of the
butterfly!

AN I L L U S T R A T I O N
T h e best illustration I have been
able t o tllinlt u p a s ii guide t o traders of stoclts and con~modities is
tile following:
Imagine a perennial flcwer ( n o t
an a n n u a l ) . It has a root system
from which t h e growth begins each
year, t h a t is for each cycle. I f t h e
plant clies o u t altogettiel-, then the
root system is destl-oyed too, but
t h a t liappens t o perennials very seldom, uriless t h e y a r e not ''hardy" in
the respective sections.
N o ~ v ,comparing the pel-ennial
plant with our Ghosrs, i . e. all
stoclts, a n d all the con-irnotlities, we

f i n d t h a t a t the bottolll of a b e a r
m a r k e t t h e root is all t h a t is saved.
I n stocl<s they a r e f r o m 1/8 t o 3/4
o r t h e r e a b o u t , wliich we can easily
verify when we check values as
t h e y were i n J u n e 1932. W e let t h e
s t e m grow first. T h e n follow a few
side-branches (even on a perenn i a l ! which produce leaves; afterw a r d s we get a flower b u d o r several of t h e m , depending upon t h e
kind of flower we observe. T h i s bud
tievelops finally i n t o rhe flower. To
t h e general orilool;ei- t h a t is all
~ v h a t ' st o i t . 1-lowever-, the better
observer riotices m u c h more. E s pecially i f the observer s h o ~ ~ lbe
d
n bee. T h a t lirtle aninla1 rnay be
t e n feet away fi-om t h e flower, b u t
t h a t flower llas a n invisible dragnet so to say in forin of t h e parfum:
of its flower-. T h i s p a r f u m e seems
t o h a v e the s h a p e of a magnet. As
t h e bee flies through Ll~eair it gets
i n t o [ h a t niagnetic fieltl of the invisible p;il-f~inicaljci being once in tIi;rt
cui~r-ent,just lias t o follow i t io find

t h e honey. D i d n ' t you ever wonder

how bees could f i n d t h e honey? After a while t h e flower wilts for lack
of water o r on account of a g e ; right
thel-e a n d then the parfurne disappears too. T h e very same idea m u s t
be ustf with o u r ghoszs, h o w they
a!-e able t o a t t r a c t the public only
when t h e y are in full flower b u t not
before! T h e public has a nose t o
sinell when tops are coming, when
a lor of honey (inone).) can be had.
U~-itoltunately their sniellei- does
not tell them when tlie m o n e y stops.
.They keep on trylng to s ~ i c l oi u t t h e
tioney t h a t isn't ttrei-e a n y m o r e and
s o rlrey have stoclts at extremely
high levels ancl save tliern to sell
o u t in t h e winter for nearly nothing
when there is absolutely iio d e m a n d
for tl-iern, as is shown from tile emptiness of bl-oiters offices 211-ouncl
bear m a r k e t lows. T h a t is t h e time
wlreli they t r y to get ricl o f t h e m becnirsc they pay 110 i i ~ o r rtiividends
o l such things. Tlie pelwnnial is
hack at its I-oots;lint1 so is t h e cross-

eyed tl-adrr who mistook a top f o r

a bottom.
Learn this p i c t u r e bv heal-t, a n d
don't forget it a n y m o r e . You never
will then sell a t o r near a low a n d
y o u w o n ' t buy a t o r near the t o p
either. And t h a t is more t h a n rnany
a s i n a r t tradet- c a n s a y !
R e n ~ e n i b e r i n gt h e habits of certain p l a n t s we a r e enab!ed to recognize t h e s m a l 1 ~ 1b- o t t o m s and t o p s
by mer-eiy loolting a t t h e so-called
d a i l y clial-1s anti watclr f o r the p a t tern belongii~gt o those plants as
t h e y a l e formed.
For bottoms w e use a plant called
Funltia. I f it is n o t in youl- dictiona r y , g o t o any gr-eenhouse man and
11-y t o obtain clet ails a b o u t i t s hahits. I-le m a y even have a batch along
1 he wall< o r uncler some tree. I n the
eal-ly Spring the recogiiition is perf e c t , h u t we m u s t clig then? out of
t h e gror~ild ancl even shalte t h e
ear111 off them s o t h a t we cni? see
t e s t w h a t I nm 11-ping t o explain.
After \\T have d o n e so, we .chall see

t h a t i h e picture looks t h e same a s

if you h a v e undug a batch of Con
vallaria m a j a l i s a n d shalzen t h e
e a r t h from them, o r , it appears as if
you have before you t h e skin of a
pol-cupi~ieo r else i t loolts as if you
Ihave a big b i r t h d a y cake with m a n y
candles.
In all cases you milst imagine
t h a t some m i r r o r is placed under
them s o t h a t they all show a reflection below. T h u s , we have a sort of
a half-way line i n the middle whereby PI-ices flare u p and flare down~vai-cisgetting t o fill the I-angenicely h u t never producing beyoncl.
-1-hey for111a sort of a plateau u~liich
c a n last f r o ~ nt w o weeks to a nionti?,
even longer, befoi-e a h:g movement
begins. Lilly-of-the-Valley is t h e
English n a m e FOI- Conc.illaria rnajalis. Since t h e form of the siclewise
movement, plottecl on a chart lias
a slight d-PI-ession towat-CIS its
centie ( w h e n loolted at a s a whole)
the name fits well. Even Funltias,
spolten of before, have a subnan-ie,

whose f i r s t p a r t is t h a t of lilly. Both

grow in t h e shade well a n d bloom
profusely. T h e F u n k i a in white o r
in blue. Convallaria blooms pure
white. H a v i n g spoken at some o t h er place a b o u t shifting of letters a s
w ~ l al s of t h e farce m a d e by the Ancients with languages t h e y called
Latin o r Greek, which, a r e nothing
b u t shifts, I can nicely demonstrate
this right now. Funltia: if pronounced and thought of in G e r m a n
dialect, i t seems: F u n k , i-a! a n d
t h a t m e a n s : Sparlc a n d m e too.
I'hus, all the flower hucls of a
F u n k i a plant are nothing b u t
sparlis from which a mass of bloom
comes ( a big u p m o v e develops
therefi-om!). One more peculiarity
m u s t be mentioned. T o w a r d s t h e
end of each such sidewise niovelnent along t h e b o t t o m side, we
have o n e clay, solnerirnes even two,
when prices suddenly ~ e a k e na lirtle m o r e than usual, giving there a
new low f o r t h e m o v e . T h a t is the
signal t h a t we are now turning f o r

;he upswing. T h i s is also t ! ~ eplace

where all t h e smarties g o t outsmarted, w h o cat-ry stops just below
the iiclewise rnoven-ient. T h e y are
alir.ays car-ried away when this
s l ~ o r move
t
comes in. l'hen t h e slate
i s clear a n d we can go. T h e traders
who place s t o p s there are wiped o u t
a n d t h e lip-parade s t a r t s .
On tile t o p we have a siniilar picture, but formed by the picture of
a plant called "Saxifrage". T h e r e
a1.e several species of tl-iat dwarf
piant tlowever they lilie rocliy,
surirly places ( n o wonder when they
give L I S I O ~ !~ )S Besicles the land
Inlist be f a ~ r l yd r y . Nornlally a saxifrage blooms in yellow (jealousy of
111osewho t h i n k they will he late i n
buying! l j . A t a n y rate, they grow
b i ~ tdwai-ilike in batches, n a y even
ivllole iielcls of them can be seen
(lasling side\visr sevel-ai weelis, not
gettingheyonti cneilllersicle). IIowever, at the rntl of siich a rliove
cslpeiL o n [ h a 1 is c o n t r a r y to ex1,eit;iticin. A s we come t o t l ~ e n d of

t h e movement, tliey r u n suddenly

u p for- a ie\v clays, just a s if t h e y

would run tht-ough, (see gl-ains J a n .
9-23, lC148!) but t h e y c h a n g e theilrnintl a n d p l ~ ~ n gclown
e
xvithour notice u n t ~ la good low 1s m a d e a n d
Funl<ra.sgrow I roim t h e r e o n instead
of Saxifrage. E v e n t h i s beautiful
L a t i n word is b u t a concoction of
Gel-man a n d 171eans: S a h s t Du die
F r a g e ? i . e Did y o u notlce the question mal-It? T l i e false u p m o v e fil-st
betel-e t h e wiclted clrop iol-med tlie
question marl<. All s t o p s for protection were just carried a w a y
w i t h o u t iiiucli ado. T h a t is wily
when I speak o f slolls a t some o t h er place in illis little wosl<, please
iieep i n mind tliosr special peculiar
moves so t h a t you a r e iiol cal-ried
a w a y Iilte tlie p i ~ b l i c .Y o u m a y have
reacl the slot-y of "QUO vadis" by
Scienltiwiscz. -1-l-iis L a t i n sentence
m e a n s : Wliete d o you g o ? ancl it
j u t applies lo tllose t u , o j>iaces explai~recl lic~w: siiieivise mo\remenl
n lemlmtnry lc)w) wit11 a sutiden

one or- two d a y s d r o p bring f o r t h a n

upmove. See grains 2nd of M a y ,
1948. Sidewise movements a t a
temporary high with a s u d d e n o n e
or two clays r u n up of a few points,
bl-ing f o r t h a s h a r p d r o p a n d not a
further a d v a n c e . ( E a r l y ] anuary,
1948).
I t is the o l d "rnene teliel upharsim" of t h e Bible: h e saw, took and
vanquished. In short, speaking of
tile fcol's rnove upwal-ds: H e saw
suddeniy a rise, r a n like t h e devil
to junip on t h e tiorse before it got
away, hut f o u n d o u t t h a t 11e had
juiiiped on a cl-itter . . .
Tile saine can be applied when
the fol-mation is of the Funltia
type, only t h e othel- way round.
Ilepentling each time upon the
length of tlie sideu~ise ~-no\~eiiient
nre can jutige tlie an-iount of the actual rno\:ernent i n the contrary
tnovement. Always watch for t h e
Fool's move, f o r the " t h o ~ , n "wliich
is 11111of p a n t parts. A iew 1:ests on
hacli c l 1 ~ 1 - twill
s
quicltly show you

the proportion t h a t m u s t be used

f o r measurement.
Speaking of t h e proportional distribution of traders, we note t h a t
t h e lal-ge m a j o r i t y t r a d e s stocks of
corporations, t h e next m a s s trades
gi~ains,followed by t r a d e r s of cotton. Elowever, t h e rest of the comniodities are only handled t y small
groups w h o a]-e especially interested in t h e m , such as chocolate factories m a y t r a d e in cocoa o r big
bakeries who can handle carloads
of t h a t n u t f a r later use. T h e pr-ice
f l ~ ~ c t u a t i o nare
s as f r e q u e n t and a s
big as in stoclcs, even though worliing i r l different time r y t h m s . While
a dozen t r a d e r s m a y w a t c h cottonseed oil, ;I million w a t c h tl-ie rnovem e n t s of stoclcs.
You would roughly guess t h a t an
odd, little traded cornmotlity cani i o ~be a s active as a "common"
stoclcs. Beware and don't get foo!ed.
Y"L~
m a y have i n a n y of thesc coiniiir~tlilies zi t l r ~ ~ cnionlils
e
o r even
lo~rgel- ixrioti cF sitliwise niove-

Inent, rollowed b y a ~vicltetlu p o r

down of t h r e e o r f o u r hundred
points, the very s a m e w a y as in
stoclts, c n l y different time sclieduies.
Speaking f o r a moment about
bor-ids. T h e public is of the impression tl-iar t h e y a r e more o r less dead,
safe issues t h a t o n l y p a y dividends,
but d o nothing else, T h e y can be a s
lively as a y o u n g frog. T h e y usually even j u m p f r o m one end to t h e
very other. I I-emember m a n y t h a t
clecliiiecl t o 1 , stayed thel-e for quite
;I while and in n o time clid they run
up t o 150 ( n c t just to p a r ) and
hover there fol- a long time alreaciy.
I l o n ' t t r y t o tell m e t h a t because
times became b e t t e r t h e y just liad
to t a k e t h a t ferocious run. T h a t
woulcl l ~ eb a b y t a l k .
Bontis w e have to compare t o
trees. T h e y grow f r o m seed t o their
extreme. L a t e r on they at-e felietl.
( ) r caul-se, I air1 tryiirg to steer
over ii-ito illiitt. s o ~ i i e t h i n gelse ant1
c x ~ ~ l aIio\v
i r ~ ;I t~.iicie~.,
sr11:11l o r l ~ ~ t - g e ,

hangs like a beetle on a s t r a w just

t o get a n inkling of w h a t t h e next
o r ever1 the second n e s t tick of t h e
ticlier tape irnight be. I s a w in m y
titme hundl-rcls of them with their
eyes glued to t h e t a p e f r o m 10 t o 3
a s if t h e y we!-e looking a t the legs
of ballet tlalicer-s in a show. W h e n
it is thl-ee o'clock, t h e y breathe
a g a i n , thanks, t h a t day's work is
done . . . W h a t uw~-l<?
Looking a n d
guessing? Tiieil- minds r u n in t h a t
c h a n n e l ; just think yourself how
yoit picked u p the ways gradually,
being vaccinated into thinlting t h a t
s a m e w a y too. After ic was done,
y o u felt like a c l ~ i l dt h a t you a r e
fl-om now on inimune t o a n y dis,,
ease". Occasionally they gave y o u
a new s11ot in the al-m t o see t h ~ n g s
b e t t e r . And y e t , if you a[-e not o u t
o n tlie compost pile a f t e r twenty
y e a l s or looking a t the t a p e a n d
hoping, you surely are not ilrlniurre
t o a n y sudden r u ~ n b l i n g s of t h e
b i ~ w e l sllealtl in oile o r i l ~ eollier o f
yciur S I O C I < F .
T h e comparison oc-

curs t o me t h a t most t r a d e r s , with

their ltr~owledgeavailable through
direct m a r k e t channels a r e lilte
beetles t h a t run around t h e skin of
some luscious fruit, apple, peal-,
peach, etc., which are ever unable t o
get into t h e real juicy p a r t a n d yet,
we all ]<now t h a t oftelitiines ule
find fruit t h a t has a beautiful worm
inside. l i o w did he get i n t o it without malting a hole?
D o you ltnow t h a t most of the inventions m a d e in a n y field are
made by outsiders and not b y those
who a[-e actually connectetl with
the industry, except in an off-hand
w a y ? T h e ones wlio have t o do with
tile article in which an improvement had been made, have their
eyes glueci t o o much t o t h e manufacturing, sales or distribution
angle, t o see anything else.
T h u s , t r a d e r s of a n y k i n d , be
tliey in stoclts, grains 01-other commodities a ~ - too
e busy finagling how
they can squeeze a point here or
there than to give a thougI?t t o the

situation, whether o r not, approaches could be f o u n d , t h a t might

help t h e m .
D o you know t h a t the[-e is a reason w h y most of t h e bt-oiters offices
a r e d a r k and d r e a r y . Iieavily curtained temples of finance? T h a t
tilere is much ominous calm (probably d u e t o m u c h thinliing going
o n ) coupled with occasional chatter a n d laughs, as if a pile of plates
had been dropped b y some waiter
o n tlie way t o o r f r o m t h e kitchen.
I t ' s m o s t mystet-ious f o r newcomers, of t h a t I am s u r e . But the actua1 t r a d e r s know all a b o u t t h a t . I f
you get better acquainted with
them y o u even will hear ail about
w h a t t h e rnal.ltets will d o and \how
they will make a clean-up on t h a t
next move, not even thinking t h a t
t h e y have a 50-50 chance t o be
cleaned u11 on s h o r t notice, unless
f a t e is lcind to t h e m Now, is it f a t
o r f a t e ? or the f a t n e s s (wetness) oi
t l ~ el a n d of wiiicl~t h e BiL;le spealts?
-i'hetw is an olcl pi-ovel-b which

s a y s : "Tell m e with whom you

lieep compaiiy a n d I will tell who
you are". N o d o u b t when one lives
out West f o r a n y length of time and
returns t o New Yorlc, he is astonisheti at w h a t t o p spe::l tiley seem
t o go through life. Notliing seems
f a s t enough for t h e m ! It's even contageous. W h e n a New Yorker, on
the other h a n d taltes his yeariy vacation in t h e country, he n o doubt,
has t o ask himself how t h e country
turtles ever c a n m a k e a living, irrespective of how early t h e y get up
in t h e morning.
There a r e great differences not
only in E a s t a n d West, b u t statewise, city-wise, family-wise. For example in m y own community we
have three adjoining towns. T h e
occupants of each of those towns,
not even speaking of those t h a t live
near tile boundar-ies are a s different
as clay and night. One of them has
some 40 oild cliul-ches, the other
h:rs some rwo t h o ~ ~ s a n tartists
l
of
; i l l S L I I - I S a n d lusll-e, the i l i i r t l is a

mercantile arid fishing town. T h e

psychology of tlie i n h a b i t a n t s f i t s
t h e t y p e of scenery wherein t h e y
live. T h e inhabrtants of one comm u n i t y would not live in one of t h e
t w o o t h e r s , they d o n o t even g o
there unless t h e y just lia\re to, by
sheer fo1-ce.
T h e VPI-ysame situation we fir~cl
in t r a d e r s . A stock t r a d e r is for his
o w n c r o w d , while a grain tl-atler- is
o r ~ l yinterested in grains. A hide
11-ader, cocoa tr-ader, e t c . , is t h a t
ant1 n o t h i n g else. 1-1is comrnotlitv is
his All, f a t h e r , sor-i anci lioly gliost.
l-le d o e s not w a n t a n y clerni-gods o r
s u b s t i t u t e s . T h a t is w h y stock tr-aders a r e interested in New Y o r k ; a
gr-ail1 rracler- i n Chicago; a cotton
t r a d e r in N e w Orleails. A n o t h e r is
inter-ested only i n Uulutll, Minn.,
~ L I because
S ~
his flax is tr-atled there.
T h e s a m e w a y , i n a c i t y block
yoir h a v e a balccr, n w~atcll-malcelant1 a canille-sticlc ~ n a l t e l one
[lest
t o the o t h e r . Each s l ~ o p11as its c w n
leniiie ant1 vocal~i11;ir-y!
S o t h ; i t the

speech i r i o n e s h o p differs completely from t h a t uf the o t h e r such

a s of -halter- a n d watch-maker, etc.
And y e t , i t is t h e m , c o ~ r n t e daltoget he^ ; h a t we get the city block,
the streets a n d t h e town a s a whole.
\Yhv the public likes t o t r a d e
stocki and !not tlie little used commodities. 1 explain in a rather
hat-d-souriding w a y which, nevertheless, stiould hit correctly. Before
I s a y it, I better m a k e a little introduction to t h e subject else i t m a y
iiur-t too m ~ r c h .
\Yliile living in New Yorlc f o r
tv;enly solicl years I have often
asliecl people w h y t h e y d s not move
to some o t h e ~place or state. T h e
answer illayecl a r o u n d the idea t h a t
tlie opportunities of making money
were not as e a s y a s i n New York
proper. In s h o r t , i t w a s the fear of
being left o u t or1 a limb i n the cold
unl(nown. In Ne\r Yc)~-l<,
so they
probably thougilt, i i thil-igs did go
sour, t h e y hail plenty of company,
hut not so irl a burg t h a i hacl less