THE ART OF MAKING MONEY.

Gisborne Times, Volume XXVIII, Issue 2769, 26 March 1910, Page 3 (Supplement)

THE ART OF MAKING MONEY.

VERVE JUDGMENT, AND THE RULE OF THREE.

Mr. James'A. Patten, the Chicago speculator who has made a fortune of nearly £4,000,000 in the last- twelve months by operating in gram and cotton (his retirement from business was reported bv cable last week), has delrv-ered-isjSme advice on exchange methods meeting of members ox the New ~-T|pi'k 'Produce Exchange. He Sa “There are three things absolutely necessary for an exchange operator—'nerve judgment,- and money. Ihe first is the’most important, and the next is essential, while as for money, though I say it is necessary, yet with nerve and judgment alone you can go a very long wav in this life. “In the mind of the reformer, speculation and gambling are listed in the same category. This is wrong. Ihe two are wide apart. I have been successful in grain and cotton operations because of judgment. I figured out questions of present and future conditions, and of supply and demand, and you know the result. Was not that a matter of judgment? I will tell you how I do it. LIKE A GAME OF CHESS. “I play the whole thing as a game of chess. As I lay the board before me I ponder over each figure before I make a •play. Exorcising judgment at every move, I have found invariable success. When I was a small boy at school I took a deep interest in the rule of three. Every problem I have ever solved in life has been founded on that rule., Tins much I advise from my own case—l never buy anything I cannot sell. You must learn to say ‘no’ if you would succeed. , . “Another thing—l never invest in tenements; neither do I deal in mortgages. I couldn’t evict people, and I don’t want to be a Shylock. My advice to young men who .would succeed is: Never buy your own home that is, unless you have a fortune. It is a luxury that ties up many bright and energetic young men. “To be happy with money you must oWn your money, not let your -money own you. I own my money. It is harder to save money than it is to make it. I hone to do much good with my money. 'I love my children, hut they shall not have all niy fortune. I sometimes doubt if it is well to trust a fortune to them at all. “We have had some very sad cases brought to our notice recently of young sons of -rich fathers left with fortunes. The world is growing better, though, I am sure, dike rich man is beginning to realise his duty to the weak man, and I hope I realise mine.”