The true northerner., 1881-04-29
Growth OF Great Fortunes.

Growth OF Great Fortunes.
It was stated not long ago, in the
newspapers, that the already enormous
estate OF one speculator III stocks III New
York was further increased last year by
the sum of $30,000.000. Several other
great New York estates were swelled by
speculation in a degree only less CO.
lossal
Such figures are calculated to stir and
dazzle ambitious young men, to whom
the possession of great fortune often
appears to be the greatest height OF
earthly happiness. That money, in such
vast amounts, should be so apparently
easily and rapidly made, stimulates the
young mind to seek similar methods OF
enriching themselves.
The increased fortunes which have
been mentioned were made, for the most
part, by pure speculation. The men
whose pockets were thus glutted did not
thus add to their millions by hard and
useful labor, productive and of added
value to the community at large. Nor
did they receive this increase by the
natural and normal income of their al
ready vast properties.
The sums thus piled up came from
wholesale dealing in stocks |; by influence
ing the money market-pressing one
stock down and another up-not for the
: financial good of their city or country,
but for their own personal profit
This is really little or no better than
pure gambling-in one aspect, indeed,
it is worse, since the operators already
held, in great sums of money, winning
in, fhatr Io ha. h, nd
opponents and victims.
1t is not thus, after all, that the great
and enduring fortunes of the world are
made and accumulated. Speculation is
a wild and dangerous game. 1t creates
n perpetual, restless fever; every day,
the largest fortunes involved in it are in
peril.
Even the largest speculator may wake,
any morning, to find his millions van
ished. Such fortunes rest ON no secure
foundation. An unexpected event may
cause crash, when all seems hopeful
and secure. That is, fortunes made by
speculation in stocks may, and often
do, disappear as rapidly as they are built
up.
Tie solid and lasting fortunes are
those which are established gradually,
step by step; by serving some useful
function i'll the world by prudence,
economy, and good judgment in making
sound investments F; by putting by, little
by little, each month and each year
nay, by making resolve never to risk
the hard-earned sums in the hazardous
practice OF gambling in stocks.
If we observe the facts which history
g. IS
ing lasting fortunes the one confirmed by
events. 1t was by attending to their
business, by slow and careful increase,
by prc.ying themselves trustworthy and
faithful TO their clients, and by never, on
any account, entering into bubble specu-
lations, that such princes of wealth as
the Rothschilds, the Barings, George
Peabody, Peter Cooper, George Law,
John Jacob Astor, attained their great
financial influence and their huge in
comes.
All these men were engaged in doing
something or selling something for the
benefit of mankind. Their good fortune
came justly from the confidence with
which they inspired those with whom
ehey had relations. Through several
generations the two greatest banking
firms in the world-tha Rothschilds and
the Barings-have sustained this repu-
tation for honesty and probity, and their
strictly legitimate business thrift. Were
it ever known that either engaged in
the wild speculations of the stock ex-
change, there can be no doubt that o
lurge portion of their power, and very
likely their fortunes also, would soon be
dissipated.
The best way is to acquire money by
hard, honest work. 1t stays longer by
those who so obtain 1t; and its possession
is far sweeter when earned by the toll of
the brow, than when it is got by the
feverish transactions of stock gambling.
Youths Companion.