Weekly Trinity journal., 1878-07-20
A CHAPTER ON STOCKS.


Californians, and especially by those res
ident in San Francisco. 1t is, or perhaps
we had better say, has been, as much a
peculiar feature OF our daily life as is lot
terry gambling in Havana or politics in
Washington. We say thinning stecEs'
deliberately, for stock gambling has been
so refined into q swindling science that
mine, ledge, or even hole in the
ground is not deemed an essential perlim-
mary to the issuance of ard dealings in
bits of curiousy tinted paper, with en-
graved designs and legends thereon, thai
are called Certificates Of stock" Sin
gulsry enough these pieces of paper, to
find simple puschasers, have to be ofsome
corporation whose mining operations are
confined within the charmed limits of the
State of Nevada. Let IN inc bo located
in the State of California; be quartz or
gravel be managed honestly, intelli-
gently and economically; be yich in the
most precious of metals constant in yield
tract no more attention from the general
public than any ordinary business invest
ment that results favorably to the parties
Interested. The truth is the business
principle as distinguished from the gam
bling spirit has long since been eliminated
from the stock interest. 1t is not ''ds-
velopments" that are anticipated, but
"deal Is" that are wanted and predicted.
1t is whispered on the streets that such a
one is quietly corraling all the shares Of
the Tame Cat" that they will advance
to high figure, and that now is the time
to ''get in" To get in of course means
to get out, at the expense of some more
supernatural fool than yourself, at later
date and higher figure.
Here even the honest gambling factor
Of chance is omitted from the circulation.
The buyer is going in to profit by n rob
that boder spirits are preparing to ac-
complish, If by chance strnger of ore
should be found in that mine every Wild
cat within ten miles would expand its
claws and its shares appreciate in price,
although the distant discovery would no
more affect its intrisic value than would
a cloud burst in Arizona the prospects of
Patton's artesian we'll across the Sacra-
mento river. There would have been
more excuse for reckless Investment in
prospecting mines had there been even
occasional honesty in the management Of
the bullion-producing mines, but share
holders have known all along that while
the chances Of finding ore in paying bod
les in any given prospecting mine were
as n hundred to one, in that one valuable
mine only fraction Of its yields would
be allowed to reach those shareholders
whose fortunes we've not cast in the con
trolling ring, the ma jor part to be absorb
ed in ext?avagant rates for crushing, in
commissions, margins, salaries, lum Der,
wood, etc; lost TO view in mountain
of taiings, or otherwise so disposed of as
while making a satisfactory showing on
the balance sheet of mining Credit
Mobilier, not to affect the pockets of the
| fellows who had their scrip hypothecatcd
The love Of gambling is Inherent in hu-
man nature, but the practice is, in most en-
Elightered countries, kept in check. Here
stock gambling has had almost universa
| approval, and thespress OF San francisco
has been most active in its encourage
meht. For time the progress and ap-
parent prosperity of San Francisco seem
ed to justify the papers in their attempts
to show that Assessments were but q
stream of blessings in Disguise, but bread
cast upon tho waters. The streets were
thronged with enthusiastic operators
Magnificent new buildings went up as
if by magic; brokers and brokers' clerks
multiplied and lived on the fat ofthe land
and diamond merchants, livery stable
keepers and eompounders of curious bev
erages 1ourished, This was just as the
great treasure casket OF the Comstock was
to be unsealed. 1t has been done, and
! the wealth has been seooped out. More
than hundred millions of dollars have
been poured into theiap ofSan Francisco
and she has to show for it, what? A
| higher rate of taxation than ever before
Seven thousand stores, dwellings and
offices to let countless citizens wrecked
in fortune and bankrupt even in hope,
the graves of some hundreds of suicides,
an increased representation IN San Quen-
tin-r hnd not quite half score of wealthy
men-whose fortunes are alike an incubus
and - bnehaoe. aaa asm
For Sacramento il is safe to say that she
! has lost in this almost criminal, folly two
millions of dollars in the past five years
ard that twenty thousand dolars would
cover the value Of all the property, rea
and personal, acquired hero through
gains from the same source. Let us hope
that no more bonanzas may be found tC
revive the mania. To expend money il
exploring or tracing q ledge with rea
sonabe expectation of developing valu
able mine, is one thing but the practice
of putting money into stocks certificates
to be manipulated by and organized band
Of stocktossers, is a form Of folly we hope
soon to see disappear to be remembered
only as the tulip mania or The hen fever
4 Suc. Bee.
I ~ a.i -------~~ . s---------------
II AIADY with a fatal squint come once
to fashionable artist for her portrait
/ lie looked at her and she looked at him
and both were embarrassed. He SPOKE
first. Would yQurladyshippermitm me,
be said, "to take the portrait in profile