The Portland daily press., 1881-10-26
stock Gambling.

The article elsewhere printed on the sub
| ject of stock speculation will repay careful
reading and consideration. 1t is an old sto-
ny, and homilies against specu lation have
been preached in all times and tongues. We
of this time have seen nothing so wild as
the French speculations in the John Law
| schemes, and the mereurial Frenchmen OF
the present time are very fond OF ventures
on the Bourse. Even the slow paced En-
| glishman and the phlegmatic German are
not free from the passion, and the groWl and
roar of the bear and bull are heard in Lon
don, Frankfort, Amsterdam and Hamburg
as well as in Paris, New York, Chicago and
San Francisco. There seems natural ten
| dency of all humanity toward taking remote
chances for great possible gains. Some gov
leernments, like that of Italy, provide reg
ular lotteries where the people may with a
certainty of not being cheated, Try to secure
large returns for small investment.
OF course the chances of win
ming are small, but every man has his fair
chance with the rest of guessing at the
lucky numbers.
1t is different with stock operations, the
form of gambling most in favor in France,
England and America. In this the outside
operator is playing against loaded dice.
The prices Of stocks are not necessarily con-
trolled at any given time by the intrinsic
value Of the property repres sented, but are
made capricious by other influences. The
methods in which these influences may be
brought to bear, are well described in the
article above named 1t is quite possible
that the overmastering power OF great ac-
cumulations of wealth may sometime have
to be met by governmental interference, par
ticularly if such power comes to check the
fair development of the nations resources.
The control of great corporations by single
individuals, has already been checked in
England by limitation on the number OF
votes to be cast by any single stockholder; !;
and if the Vanderbilts and Goulds of Amer
lea shall become really dangerous to the
convenient operation of great lines of trans
portation and communication, their aggres-
sions can be met in some such way. But
the influence of these great capitalists on
the prices of stocks must necessarily con-
tinue, and SO long as it only affects those
who are foolish enough to make wag-
ers on market prices, the general public
need not have much care.
Men always have gambled and probably
always will. The past two years have been
unusually tempting to stock operations on
account of the constant increase in the val
ues of all public enterprises arising from the
great industrial activity of the nation. But
the turn must come and great misfortune
with it. Great gains from small outlay can
be secured only by corresponding risk even
when the business is honestly managed; !;
and when we add TO legitimate risks all the
sinister elements which are likely to oper-
ate, theechances for much success in this di-
rection seem extremely hazardous. Men who
risk their own money, which they can afford
to lose, in stock gambling are foolish; but
men who imperil money not their own add
wickedness to folly. The only safe road to
success is that of honest industry. As a
rule one cannot get something for nothing;
and the great body of failures in this life re-
suit from attempts to violate this rule.
Stock gambling is an attempt of this kind,
and the few successes only emphasize the
MANY distressing failures