The evening telegraph. [volume] (Philadelphia [Pa.]) 1864-1918, 1869-01-07
SPIRIT OF THE PRESS.
EDITORIAL OPINIONS OF rHB LEADING JOURNALS
UPON CURRENT ToPIcs-CoMPILED EvERT :
DAY FOB THE EVENING TELEeRAPH.
CuriOsIties Of SpeculaiiOn-Bnbble Com
pnuieS.

NuTLOblJltS vi SpbCulbtlOH-DhUONO SVA
pauieS.
From the Cincinnati Commercial
1t is one of the noticeable facts in what may
be termed commercial gambling, that one
great instance of success always produces
swarm of similar enterprises. The recent con-
tagion for "wateriDg stock" or, In other
words, adding fifty to hundred per cent. to
the nominal capital Of a company, so as 10
divide the difference, which is paid by the
public, among ring OF secret consplrators, Is
by no means new. 1t is trick as old as the
South Sea Company, which hourished in
England about 1720, and whose stock was
twice "watered' to the tune OF one hundred
per cent. But the men who robbed the pub
lio by this expedient were summarily dealt
with on the collapsing Of the bubble, aud all
who had not fled the kingdom were forced to
disgorge their plunder. If the railway con-
spirators who have so recently bsgged their
millions by fraudulent emissions OF Erie and
New York Central could be dealt with in
similar manner, We should have some reason
TO conclude that commercial rascality mas
not degenerated since century ana nan
ago. c,.
tion. when merchants, bankers, and members
of Parliament were buying that buoyant
stock at six hundred, seven hundred, and
eight hundred per cent, the impatient public
was fed with other schemes OF wealth to au
extent WHICH mas never SluC0 D6eQ 6Quall6u.
The difficulty of procuring the South Sea stock
was so great that other companies found
ready market for almost anything in the
shape of scrip that promised to pay speedy
dividends. Every day, almost, witnessed the
birth OF new companies, each more plausible
In promises than the preceding one, and all
oonspiring to take the money out of the
pockets of a sanguine people by the promise
of q return Of twenty-five, fifty, or one hun
dred per cent. Within a few months no less
than two hundred and forty-eight new corpo-
rations were launched upon the London stock
market, each with flaming prospectus of the
necessity and Importance of the enterprise 1t
represented, and the most alluring guarantees
of fat dividends to the lucky holders of the
first shares. So largely were the notions of the
times expanded by the daily rumors OF great
fortunes gained, that no company, however
insignificant, was started with less capital
than million pounds, while many jumped at
ten million pounds Cor S5OOOO,O0O) at
blow. Here is list of few of the more pro-
minent bubble companies of the period, not
one in ten of which ever reached the point of
actual operation, or celebrated the first ami
versary Of its EXISTENCE
"For importing beaver fur. Capital, two
'For improving malt liquors. Capital, four
millions.
"For grand American fishery.
"For paying pensions to widows and others,
at a small discount. Capital, two millions.
''FOr taking up ballast.
"For extracting silver from lead.
'FOr insuring against thefts and robberies.
''For carrying on trade in the river
Oronoco.
"For paving the streets of London. Capital,
ten millions.
"For grand dispensary. Capital, three
millions.
'For insuripg of horses. Capital, two mil
lions.
'For improvement of tillage and the breed
of cattle.
"For erecting houses, or hospitals, for
taking in and maintaining illegitimate chill
dren. Capital, two millions.
''For wheel for perpetual motion. Capital,
one million.
''For assuring of seamen's wages.
"For furnishing funerals to any part OF
Great Britain.
'Fer importing pitch and tar from North
Britain and America.
''For insuripg and increasing children's
fortunes.
''For importing walnut trees from Virginia.
Capital, two millions.
"FOr the improvement of our breed horses.
''For insuring to masters and mistresses the
losses they may sustain by servants.
"For settlement on the island of Santa
Cruz.
"For carrying on an undertaking Of grea
advantage but nobody to know what it is"
Strange as it may seem, this last blindfolG
speculation, advertised by an unknown ad
venturer, actually secured a subscription
within three hours after the books wer
opened amounting to f2000. This was re
ceived in sums Of from two to twenty-five
pounds each, from people credulous enougl
to believe that their money was not only safe
but sure to yield them fabulous return in
few months. The capital was divided int
5000 shares of fl00 each, on which f2 onl,
per share was Scaled up" Each subscribe
paying this amount was given a share O
stock, with the promise of 9100 per annun
clear profit How this was to be realized tn
great representative of Plutus did not deigl
to inform his subscribers, but gave out tina
full particulars would be announced in
month. Having pocketed the neat sum @
ten thousand dollars in gold as the fruits @
the first days subscription, the reader viii
hardly be surprised to learn that he set O
the same night for distant parts, and wa
never heard OF again.
ALI these bubbles, and more, too counties
to mention, had their day of popularity an
ec[at. The first gentlemen and ladies of Ene
land speculated in them. High. bred dame
met their brokers by appointment in the shop
of milliners, and noble lords had interview
with those who executed their little games
hazard at taverns and coffee houses. littl
later, and Exchange alley was daily blocke
up with the crowds who came to buy stool
and we find the following lively doggerel ci
culating under the title of "a South 81
Ballad; or, Merry Remarks Upon Exchane
Alley Bubbles:"-
"These stars and garters did appear
Among the meaner rabble,