FOREWARD
You have opened the tomb of a great man. His name, his hooks and his exchange have almost vanished. Dickson G. Watts, author of SPECULATION AS A FINE A R T and THOUGHTS ON L I F E , was a charter member and President of the New York Cotton Exchange. The revival of Edwin Lefevre's book, REMINISCENCES OF A has renewed interest in the book because "Old Dickson" wrote the bible for successful speculators. Reference is constantly made of SPECULATION AS A F I N E A R T , yet there is not a copy in the Library of Congress or The New York Public Library. This was one of the few books written on speculation by a successful speculator.
STOCK OPERATOR,

Copyright 1965 TRADERS PRESS New York, N.Y.

Fraser Publishing Company Edition, 1979

2nd printing, 1985 3rd printing, 1987 4th printing, 2003

ISBN: 0-87034-056-5

Dickson G. Watts was President of The New York Cotton Exchange between 1878 and 1880. This exchange was one of the greatest arenas of speculation in America. Seats sold for as much as $45,000. At this writing, the bid is $770 and the trading ring is deserted. The epitaph of The Cotton Exchange is that our Great Society of Free Enterprise supports the price of cotton above the world market. Speculators cannot out-bid The Government, so the price cannot go up. The price cannot drop because Uncle Sam has unlimited funds. There is a remote possibility that the cotton producers will grow cotton faster than the Government can print money and the market will be free again. Pandora's Box is open. You have parts of THOUGHTS ON LIFE and SPECULATION AS A F I N E A R T in your hands.

Printed in the U.S.A.

Did "Old Dickson" originate the quotations and rules of speculation or did he just pass them along? At any rate, he used the knowledge to good advantage. Can you? J.R.L. 3/16/65

7 15 35 42 44 . His first five miniature publications were under the Traders Press label while he lived in Brooklyn. In Holland he published under his own name and he is now back in Virginia. as we do these days. His first miniature format was in 1967. his native land. McDowell. with a great variety of subject matter. Jack was a printing salesman and later a stockbroker. with the results being Stock Market Manipulation by Edwin Lefevre. He came first from Richmond. James L. and since then I have kept track of his adventures away from Wall Street to Holland and finally back to Route 1. typography and bindings. Virginia 24458 where he now resides. Vermont 1979 CONTENTS Page SPECULATION AS A FINE A R T . He has produced over 40 of them. Levien who was owner of Traders Press when it was functioning in New York. I first ran across Jack in early 1965 when he was reprinting old Wall Street classics. In past lives. . The results he received from publication of this small book led him to study miniature books and publish more of them. What Is Speculation Laws Absolute Rules Conditional LIFE BUSINES SOCIETY LANGUAGE . New York. Box 18. keeping his fertile mind working in numerous areas. One of these areas has been for years his love and care for miniature books.This reprint of a Wall Street classic is by permission of Jack R. Virginia to New York and began to collect books relating to the stock market. Fraser Burlington.

for instance.SPECULATION AS A FINE ART WHAT IS SPECULATION? Before entering on our inquiry. The law makes this distinction. we will examine the subject in the abstract. Wit and humor. blind chance. wit and humor blend. run into each other. Accurately to define the two is difficult. Speculation is a venture based upon calculation. This is true of speculation and gambling. is governed by no laws. [7] . can be defined. gambling. We define as best we can. but speculation presupposes intellectual effort. The uninitiated believe that chance is so large a part of speculation that it is subject to no rules. The term speculation. All business is more or less speculation. but notwithstanding the most subtle distinction. whether any trade where an exact equivalent is not given can be right. the latter some of the elements of reason. Gambling is a venture without calculation. Is speculation right? It may be questioned. The former has some of the elements of chance. it sustains speculation and condemns gambling. however. all definitions are difficult. tried by the highest standards. Is there any difference between speculation and gambling? The terms are often used interchangeably. before considering the rules of our art. is commonly restricted to business of exceptional uncertainty. But as society is now organized speculation seems a necessity.

" Think. Courage in execution. Prudence." says Emerson. confidence to act on the decisions of the mind. Let us first consider the qualities essential to the equipment of the speculator. The possession of such faculties. Pliability the ability to change an opinion. act. few succeed. A deficiency or an overplus of one quality will destroy the effectiveness of all. Each department of life has its language. The power of measuring the danger. courage. That is.This is a serious error. still be bold. There is no royal road to success in speculation. In speculation. to show how money can be made. Our effort will be to set for the great underlying principles of the "art" the application of which must depend on circumstances. and it would be worse than folly to undertake. judgment. which is called good judgment. must follow his own convictions." [8] 4. 3. always be bold. In the words of Macbeth. is always formidable. 2. 1. "He who observes. We propose in this article to point out some of the laws in this realm. In speculation there is value in Mirabeau's dictum: "Be bold. of course. We do not undertake. unless very formidable. in execution one. Self-Reliance. We name them: Selfreliance. the act should follow. is an essential to the speculator. A man must think for himself. Prudence in contemplation. Prudence and Courage. "and observes again. The laws given will be found to apply to speculation of any [9] . and in dealing with the subject we must perforce adopt the language of the Street. George MacDonald says: "A man cannot have another man's ideas any more than he can another man's soul or another man's body." The qualifications named are necessary to the makeup of a speculator. Lord Bacon says: "In meditation all dangers should be seen. Courage. uncommon. as in life. The mind convinced. prudence. expressive if not elegant. Those who make for themselves or others an infallible plan delude themselves and others." Self-trust is the foundation of successful effort. is very important. but they must be in well-balanced combination. the time and the man. "Henceforth the very firstlings of my heart shall be the firstlings of my hand. pliability. is a third. together with a certain alertness and watchfulness. 5. That equipoise. Judgment." Connected with these qualities. in a proper adjustment is. many fail. the power of revision. promptly. viz: promptness. that nice adjustment of the faculties one to the other. properly an outgrowth of them. There should be a balance of these two.

[11] .a loss so great as to bring complete demoralization. But buying at first moderately." This opinion is contrary to the one commonly held and acted upon. or the interest is too large for [10] These rules are subject to modification according to the circumstances. and on a decline to buy more. the mind reverts to its original opinion and the speculator "covers up" and "goes long" again. the operator loses his head and closes out. They are universal laws. 1. Should this last change be wrong. do not "sell out" and go as much "short. Failure to close out at the point of average destroys the safety of the whole operation. making a heavy loss . It is better to "average up" than to "average down. but the fifth time. "Run Quickly. for the market will often (probably four times out of five) react to the point of "average. and. Another rule is. his friend judiciously and laconically replied: "Sell down to a sleeping point." This may occasionally succeed.kind. where they can be best demonstrated. adding slowly and cautiously to the "line" . hold on or close out part of the "interest. when doubtful. often ruin. LAWS ABSOLUTE. 3. cautiously." RULES CONDITIONAL." or not at all. but for the sake of clearness we assume the case of speculation as conducted in one of our exchanges. complete demoralization ensues. and his judgment becomes worthless. as the market advances. act promptly at the first approach of danger." Here lies the danger. that is. The change in the original position should have been made moderately. Being "long. Probably four times out of five this method will result in striking a reaction in the market that will prevent loss. To take an interest larger than the capital justifies is to invite disaster. Never Overtrade. but is very hazardous. 1. but failing to do this until others see the danger. Never "Double Up"." 4. for should the market begin again to advance. With such an interest a fluctuation in the market unnerves the operator. for either the mind is not satisfied with the position taken. Occasionally a permanently advancing market is met with and a big profit secured.this is a way of speculating that requires great care and watchfulness. individuality and temperament of the operator." for instance. safety. that is to say. it being the practice to buy. This reduces the average. reduce the amount of the interest. never completely and at once reverse a position. One man told another that he could not sleep on account of his position in the market. meeting with a permanently declining market. 2. thus keeping the judgment clear and preserving the balance of the mind.

In the "reproof of chance lies the true proof of men. The market has a pulse on which the hand of the operator should be placed as that of the physician on the wrist of the patient.when the market should be boldly encountered to the full extent of strength. In forming an opinion of the market. Calculation must measure the incalculable. "selling out" at a loss or profit. a quiet and firm market develops into activity and strength. is fatal. To "buy down" requires a long purse and a strong nerve. and to be too eager to take a profit. To go with the market. then into excitement. and with a moderate capital can be undertaken with comparative safety. They ordinarily develop into declining markets. The method should only be employed when an important advance or decline is expected. The rule is. If small profits are taken. boldly. Public opinion is not to be ignored. But when a market has gone through the stages of quiet and weak to active and declining. even when the basis is a good one. and should be closely watched. who buy in times of depression to hold for a general revival of business .. etc. They are men of good judgment. it should be sold with great confidence. This caution should be continued to the point of wavering .In such an operation the original risk is small. This pulse-beat must be the guide when and how to act. against it.of loss of confidence . a class of successful operators who "buy down" and hold on. and when successful. 4. is dangerous. There is.an investing rather than a speculating class. When vice versa. the danger at no time great." It is equally necessary to exercise common caution in going against the market. 2. 3. then small losses must be taken. according to judgment. It is the ruin of many.for the accidents that come in to destroy or modify the best calculation. Quiet. A strong speculative current is for the time being overwhelming. There is a doctrine of chances . to act [12] cautiously with public opinion. Entering the market prudently with the determination of holding on for a long period. They deal in relatively small amounts. The rule is to stop losses and let profits run. it should be bought freely. Every speculator knows the danger of too much "company. 6. the profit is large.Napoleon in his campaigns allowed a margin for chance . they are not disturbed by its fluctuations. It may at any time turn and rend you. however. 5. then on to semi-panic or panic. and ruin often overtakes those who have both nerve and money. In all ordinary circumstances our advice would be to buy at once an amount that is within the proper limits of capital." It is better to act on general than special information [13] . weak markets are good markets to sell. the element of chance ought not be omitted. nerve and capital. The stronger the nerve the more probability of staying too long. Not to have the courage to accept a loss.

— self-deception. A great insult. The first should be fixed. As we said in the outset. manufacturers. Fools try to prove that they are right. Those who confine themselves too closely to statistics are poor guides. viz.." We have written to little purpose unless we have left the impression that the fundamental principle that lies at the base of all speculation is this: Act so as to keep the mind clear.(it is not so misleading). the condition of the crops. except figures. [14] [15] . That writer is the greatest who says the least and suggests the most." said Canning. Statistics are valuable. Wise men try to find when they are wrong. the second flexible. hut they must be kept subordinate to a comprehensive view of the whole situation. — tell a man he can't take a joke. — one for yourself and one for your neighbor. It may be thought that the carrying out of these rules is difficult. at bottom. Don't enter the market on half convictions. Hold in time. and it will become definite and tangible. "so fallacious as facts. To the artist alone are the rules of his art valuable. "There is nothing. A common deception. A man's good qualities are often. Follow the vague and intangible. the state of the country. wait till the convictions are fully matured. A fault recognized is half conquered. etc." "When in doubt. LIFE Compensations do not always compensate. its judgment trustworthy. Two standards. the gifted man only can apply them. or take the jump. when the full strength of the whole man should be put on the stroke delivered. do nothing. A reserve force should therefore be maintained and kept for supreme movements. only pride. A danger known is half overcome.

the near the little. To conquer fate. The distant is the great. deficiency as surplus. A true estimate of one's self is not vanity. Look before you leap. The first blow is half the battle. Catch thoughts "on the fly. Man can improve on nature.That man is greatest who quickens most the lives of other men. advance to meet it. [17] . of the mind anguish. Nerve is nerves controlled. Perhaps that is his business here. but most men stop at the former. Sentimentality is an ugly caricature of beautiful sentiment. All see. Many lean. Surplus is as bad as deficiency. remember in the hush. Imagination controlled is a great builder. of the spirit agony. Ofttimes he himself is his only friend. [16] Man's enemies are legion. The finished fabric of science is the raw material of philosophy. People forget in the rush. The dangerous classes. — enthusiasts and fools." for there is no rebound. few observe. But the little-near controls man rather than the distantgreat. The greatest tolerance is to tolerate the intolerant. Suffering of the body is pain. Common sense is sense men have in common. few lift. Destruction must often precede construction. a great destroyer. fewer still compare. imagination uncontrolled. but not when you leap. Defer to a man and he will listen to you.

The query is. [18] Among crazy people. The man who makes a positive assertion is — positively wrong. The man who conforms never transforms. Nothing so formidable as knowledge — except ignorance. or the momentum of youth will destroy you. The world is full of commonplace people. Vehemence is a sign of weakness. to the thoughtful. [19] . life is a drama. despises the uncomprehended. Tiresome people are interesting — to themselves. To the careless. a source of wit." but not beyond the limit.Awe is fear petrified. a comedy. People meditate much — on other people's sins. you limitations will not respect you. a sane man is thought a lunatic. A blemish in youth. Nothing so impressive as simplicity. inconsistency. a vice in old age. Better the vagaries of eccentricity than commonplace dullness. Put on the brakes in middle life. Incongruity is the basis of humor. a tragedy. to the heartless. quietness is a sign of strength. death a surrender. but a sound stomach is a better. Sleep is a truce. it attracts parasites and repels friends. Man fears the unknown. "Up to the limit. Great wealth is a misfortune. What becomes of the "phenomenal children?" Wealth is a good inheritance. Health is equilibrium. Every man is distinguished (distinct from others) if he would be natural. Respect your limitations.

If we would enjoy them we should not examine too closely. pick the lock. Censure is poor food. — either alone is a great power. The more points of view. together they are omnipotent. Habit is the tyrant of man. The peace of ignorance. his friends. The test of a man is what he is in an emergency. Genius consists of seeing instantly the vital point. there would be no genius. A prophet is without honor — the first time he makes a mistake. but don't dwell on it. like gems. People. the tyrant of the race. Enthusiasm is a poor guide. Every man is a secret. If all men were geniuses. Light is one. but we can extract some nourishment from it. Recognize a fault. Don't stand shivering on the brink." It is shadow that makes the difference. in business. inheritance. Don't fool with Nature. those who guess a part of the riddle. every man thinks the universe is especially hard on him. in spirit. take the plunge. the serenity of knowledge. and yet people see things in "a different light. in the atmosphere.The man who "knows it all" has much to learn. but a good companion. In his secret heart. Rest with [21] . Morals and money. [20] Break antagonism with a joke. have flaws. — in politics." To separate the essential from the non-essential is the mark of a superior mind. the better the point of view. Don't batter down the door. All movements are in waves. she "strikes back.

Sickness develops a man inwardly. [23] None so blind as those who are sure they see. The voice may speak false. another. Nothing so dear to a man as his money — except his prejudice. At thirty. [22] . a great idea. The man who rides a "high horse" forgets how things look to people on foot. If a man be a knave. health outwardly. the biggest fool. no man could drive him. Much power. he wishes to be the greatest knave. then slowly and gently withdraw it. If a horse knew his strength. grovel in the dust. found empires. the universe could hardly contain him. if a fool. A philosopher doesn't win battles. Teach men to navigate life's sea as you teach a boy to swim. A few grow until their bodies fall into the grave. but having done its work it ceases to aid. Seeing things in their right relation to each other is the highest vision. A great man changes the map of the earth.descending wave. If man knew his power. Man rules man. In youth a man forges the chains that bind him in old age. like much learning. wave. most men are in a condition of arrested development. the map of the stars. Desire for superiority is universal. Wealth is a means of refinement. man must have been sick and become well. ideas rules the world. and retards true refinement. but reclaims new territory and civilizes old hemispheres. To have the benefits of both. but the eye always tells. mount with the ascending One moment man may soar through space. makes men mad. put your hand under him.

Administer correction with a joke. It isn't necessary to go through the kitchen to reach the parlor. Pleasure and pain are the two poles of consciousness. a fool. The man who does not laugh at himself. the other half is murdered. A strong personality arouses antagonisms. [24] "There is many a slip between the cup and the lip. despise himself. Get on a train of cars and you will go to your destination. other speak truth and always deceive. Angels abroad are often demons at home. A pronounced individuality removes barriers." but only one slip between the cup and the ground. the vain man. Money covers a multitude of sins. The enthusiastic man is an iconoclast." but "company" doesn't reciprocate." "Misery loves company. Acquire a habit and a habit has acquired you.The realist makes the mistake of exposing everything. Get on a train of thought and you will go — where? Capacity for suffering is in exact proportion to capacity for enjoyment. Take counsel on your fears. Some people lie and never deceive. [25] . The man with a grievance is not "acquainted with grief. they make the circuit complete. A few increase the diameter of the circle. and it will go down like a sugar-coated pill. knows nothing about himself. but don't be controlled by them. A man who does not change his mind has little mind to change. All men travel in circles. One half of the world commits suicide. and worship himself.

a man "knows it all. In the presence of some people we wither like sensitive-plants. of age bitter. Many a truth spoken in jest. — not to make money. [27] . others think they think. Men make large demands on the universe. but the man who is "spoiling for a fight" gets what he is looking for. Man is his own court. Some people think." few the courage to abandon their opinions. Wise men sometimes say foolish things. Fools sometimes say wise things. the last are poets. Many men have the "courage of their opinions. At twenty. Sarcasm is the spawn of meanness. joking. nor at yourself through a telescope. people who wish to know. the second. The unpardonable sin."Tools to those who can use them. but they offer little in payment. Stagnation is damnation. and again at sixty. we expand like flowers. — the first are statesmen." words to those who can understand them. "Great bodies move slowly. many an untruth spoken in earnest. Destroy the illusions and there is not much left of life." Many disappointments. Don't look at your friends through a microscope. The sorrows of youth are acute. the third are artists. his own judge. people who wish to dream. and his own executioner. the offspring of good-nature. — experience. A good second-hand article. in the presence of others. Wealth is first a means and then a barrier to refinement. Circulation is salvation. People who wish to do. [26] A friend is one with whom we can think out loud. philosophers." Great events move rapidly. people who wish to see.

when blame is deserved. Recognition is the greatest honor man can bestow on man. exasperates. use your mind or lose it. "The destruction of the poor is their poverty. — self-possession. Let your life be the explanation. Use condition's possession. to be called a fool. you will never act. To be called a knave is sometimes forgiven.To have made one's self ridiculous. The greatest possession. Shyness is vanity turned inward. In life. you must sit out bad luck. You must use your body or lose it. is a supreme test of virtue. [28] Most men absorb the atmosphere they are in. If you wait until you see clearly. "Whatever is. Blame. the greatest insult. when praise is deserved. [29] . and not to mourn over it. To be sincere with others is easy. use your soul or lose it. and needs to be changed. you have already fallen in error. if you wait for a pure motive. with one's self. The want of sympathy shows us how sweet sympathy is. A fool often condescends to a fool. A few create their own atmosphere. Never explain. Patience is sustained courage. never. arbitrarily or by evolution. Do you wish sympathy? Don't seek it. so is vice. condescension. A wise man laughs at his own follies." The destruction of the rich is the riches. is" wrong. Virtue is its own reward. If you know. praise. you will never move. humiliates. difficult. Tradition is the hereditary disease of the race. as in a game of cards.

You must make your own acquaintance in some world. a part of their work. Keep your voice down and you will keep your temper down. oftener. [30] Never do to-day what you can as well do to-morrow. Advice is cheap. The wisdom of to-morrow is better than that of to-day. Don't "throw it up" to him. by suggestion. on misunderstanding. The direction in which you start determines your destination. the vice of a timid man. Dislike is sometimes based upon understanding. Teach by indirection rather than by direction. unless the superiority is admitted. Some authors are apart from their work. — to persist in things worth doing. Tyranny is the vice of a brutal man. Tendency is everything. That is the reason there is so much of it. [31] . The former we admire. the latter we love. others. better begin in this one.Man seldom wishes advice. he wishes to be confirmed in his own opinion. Two kinds of wisdom. begin. "Sweet are the uses of adversity" — if adversity does not last too long. A man who has made a mistake suffers enough. If you want to do anything. submission to it. Wisdom consists of seeing many things and concentrating on one thing. start. We cannot be just and hold the scales ourselves. rather than instruction. If you want to go anywhere. to abandon things not worth doing. Courage consists in doing the thing you are afraid to do. To advise is to claim superiority and is resented. The wound that injustice makes goes deeper and lasts longer than any other.

A good man thinks the motives of others are as pure as his own. All things demand an outlet. to see things as others see them. returns to simplicity. Do you want a secret kept? Don't tell it. the soul. difficult. When in adversity. Life is a dream. Two kinds of vision. death ensues. stifles. When receiving correction. invites discussion. The whole truth cannot be stated in any one proposition. Man begins in simplicity. The wise man declines argument. stagnates. — to see things as we see them. A true view can only be gained by having been in a thing and having come out of it. Men wish to die when they should live. and sleeping are the penalties the soul pays for inhabiting a body. when administering it. others think they are awake. [33] . The last is complexity reduced to the fewer terms. A bad man thinks the motive of others are as bad as his own. — abstract and practical. wish to live when they should die. stand up. denied expression. Bodily and mental attitude should correspond. When in prosperity. Two kinds of truth. you will also make others unhappy. others are dead while still alive. It is now in the complex stage. you will make others unhappy. don't speak of it. the mind. Some men are alive after they are dead. To know when to begin is easy. when to stop. advances to complexity. seldom those of the latter. Argument is an effort of each man to force his idea [32] on the other. discussion is an effort to gain knowledge. Eating. Practical truth is as much of the abstract truth as can be applied at any given time. drinking. Life often corrects the mistake of the former. "The dreamer" is a man who lives in advance of his time. don't speak of it. inverted. The passageway of the body stopped. Society follows the same course. sit down. Some men know they are dreaming.

lay siege to it. Bragging is an expensive luxury. and your hand vibrates slightly. Don't storm the fortress of fortune. or in religion. Trust your impulses. When danger threatens. BUSINESS TAKE short views. In practical affairs the "personal equation" is not sufficiently taken into the account. the poor. Opportunities are always there. If you work yourself down. Nothing so sad as the laughter that hides a broken heart. Imagination makes cowards of us all. There will be many Methuselahs when man shall have magnified his spiritual power to a maximum. you will miss it. even if your hand shakes you will hit it. universally good. Old young men are invariably wicked. run like a deer. Make your theories fit your facts. young old men. Better not indulge in it. Stubborn men don't live long — financially. Imagination is as great a power in business as it is in art. If you shoot at a near mark. but the opportunist is lacking. no enemies. and reduced his physical wants to a minimum. If you shoot at a distant mark. The rich have few friends. [34] [35] . People who live on the surface live long. not your facts your theories. in literature. sleep yourself up. People who live in the depths live much. don't stand like a sheep. they are often a higher reason. Placing emphasis in the right place is the truest art and the highest wisdom.Vanity struggles long and dies hard.

A "plausible" man deals in everything except facts. Luck. but how much can you lose. wait until they are seasoned. Not the knowledge of facts. the temporary may become the permanent. Take a fresh look every day. continually changing and forming new combinations. Beware of the "unfortunate" man. The success of one is the failure of a hundred. Reject green wood. The man who thinks right will gain much. Not how much can you make. It is always the "unlucky man" who believes in luck. Take care of the losses. Business is a kaleidoscope. But the able man acts so as to minimize bad luck and augment good luck. Eternal vigilance is the price of — success. The more "hindsight" the better foresight. the profits will take care of themselves. "A sure thing" is a dangerous thing. the destruction of the weak. Act on the temporary. Luck exists. and new enterprises.The foolishness of the many is the opportunity of the few. Better capital in a man's head than capital in a bank. but the interpretation of facts differentiates the successful from the unsuccessful man. [36] Seeing things too soon is as bad as seeing things too late. Better make "new" money than to go to law to collect an "old" debt. The man who thinks quick and right has the world in a sling. raw men. is overcome by the strong. flee from the enthusiastic man. [37] .

plasticity is life. The vain man is laughable. but it is the "saving grace" of an ordinary man. great men. When you begin to doubt. To be "too greedy" is as bad in business as in morals. [38] [39] . the proud man is insufferable. Quick decisions are the best decisions. Little men talk of people. SOME MEN men are so mellow that they are rotten. The able man compares himself with the known and is proud. no man as bad. Learn principles. Money adds nothing to an extraordinary man. In the business world. An able man disdains the wisdom of other men. If a speculation keeps you awake at night.Look after the principal. the interest will look after itself. a great man uses the wisdom of other men. The self-important man is seldom important to others. as in the physical and moral world. Facts will then fall into their relations and connections. The great man compares himself with the unknown and is humble. of things. sell down to the sleeping point. No man is as good as he is thought to be. — a man with a theory. rigidity is death. begin to "get out." Thought and act should be hyphened. A tiresome man.

the latter reformers. The man who talks of his grand acquaintances is never a grand man. he is losing his power. and men who see things as they ought to be. [40] Many men have the "courage of their opinions. the little man great. — men who see things as they are." few the courage to abandon opinions. The "self-made man" is proud of a very poor job. A real man has no "appearances" to "keep up. — they never had any heat. [41] . The difference between them lies in that the great man knows his littleness. Men who go straight to the point either see very little or see very much. and works to accomplish that of the latter. The little man demands to be understood. the great man is content to be misunderstood. The most complete man is he who touches life at the most points. but the little man does not comprehend his greatness.Two kinds of men." The man who stands on his dignity has nothing else to stand on. Strong men are silent. The wise man accepts the position of the former. When a strong man begins to talk. The talented man must live to be appreciated. Against flattery women are on guard. others are burned-out volcanoes. The mistake of an able man is that he thinks others are as able as he. The former are practical. Some men are icebergs. — only the ashes remain. Men excuse their vices by enumerating their virtues. Men can be flattered into doing almost anything. The genius must die to be appreciated. The man who monopolizes the conversation has a monopoly himself. The great man is little.

The Hobgoblin of Society. Society is one organism.SOCIETY THE least "manner" the best manners. the world laughs." What sap is to the tree." Disturbers of society. [42] "Make believe" is a game society plays as well as children. Nondescripts. Better talk good sense than good English. Life the race and the individual is lifted. but get their opinions "ready made. Men wear masks and the world takes them seriously. and people who have prominent consciences. when a man shows his real face. Second-class people. — "nice people. — those just below us. money is to society. Society people order their clothes. Life the individual and the race is lifted. — people who are aggressively intellectual. [43] . it distinguishes between that which is "put on" from that which grows on. Man seeks society because he can't endure his own companionship. — "What people will say• ? " The world is not deceived. Public opinion is the scarecrow of society. blood to man.

To know when to speak is rare. a language of spirit. Words are coins. write things we can't say. Use them carefully. Words are counters in the game of life. Words burn like fire and heat like balm. We can say things we can't write. The language of sorrow is tears.LANGUAGE LANGUAGE is an evolution. the language of despair. To understand a man. they must be redeemed. [44] THE END!!! There is a language of science. Stamp them with your own image. when to be silent. . but what you think. and has its roots in the ground. you must know the language spoken. rarer still. Brevity is the soul of — language. a language of diplomacy. A word in times saves nine. a language of commerce. silence. Not what others have written. Thoughts are vitalized blood.

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