Henry Hall (2) (1845–1920)

History of Financial Advice Collection. First published in 1906, Henry Hall’s guide for making a fortune by the age of fifty-five went through four editions by 1909. While Hall recognizes the importance of attaining a steady income through regular dividend payments from safe investments, he argues that speculation is the sensible route for men of modest means to get ahead. The key to successful speculation is paying attention to the “cautionary signals, which are easily recognized by men show more experienced in finance but are entirely overlooked by others.” The signals of when to buy and sell are there to be discovered because “history repeats itself in Wall Street with unfailing regularity.” Hall therefore discusses business cycles (five, ten and twenty years), as well as seasonal cycles, in addition to all manner of patterns and periodicities in how the market behaves. His work includes a number of charts of price fluctuations, along with handy tips on the timing of stock market purchases, and many examples of how the great men of Wall Street made their money. The advice he gives in the book sounds sensible and is rich in detail, but ultimately is fairly meaningless: “unless a stock is going to rise in value, within a few months or a year or so, no one should buy it, even as an investment.” By the time of the fourth edition, in response to demand from readers Hall was advertising his services as a financial adviser, giving a report on the enquirer’s portfolio for a $10 fee: “Correspondence is invited. Send me a list of the securities you are carrying, for my criticisms and comments.” show less