, 1881-07-23
NOT A BEAR BUT 4 BULL.
Rufus Hatch Expresses Himself
Concerning Stocks.
1lew III Resatds lie Watering md Floating Of
Worthless Misunderstanding. ''ParalIel.
fns.' and Consolidating Of
misunderstanding the
tutnsc,

kf,u Yark 7fmcs. Jnlv D.
hfr Rufus flatcIl was tod the other day
that lIc llntl been widely advertised II, certain
quarters as d must persistent "bear" I'll the
stock market, only Intent tit depressing the
values ut securities. 1t may have beetl tho
renewal Ut tic "h0t spell" OF weather nr
natural wratl, Mt the insIntatinn tint caused
the usually genial Uncle Rufus tD put
| Into his reply little mars warmth than is
customary with tllic Of Ills philosophical nnd
| even teinpera'ncnt. At my rate, be the
| catlsc wliat 1t inny, hts;answer chine out III Il
perfect torrene-facts. deductions, and In
fercIccs jUslllily nt,e nnatl!er III their eaKct-
Hess to meet The ltstp,Irr nftl justify The
| SPEAKER III Ills position. II ain,'' sufI Mr..
| }iatcl,, 1.-THE greatest bull un securities pf
ruat value in this country; but l can,ot
md will not bull what know tu be worthless.
l,aso my ol,lntOtts OIL n business experience
| nf oyer. Thirty years. What has been nay
hc. -, I cann0t farget tile. Nnrttieril
lMele ntla ou,sr, her, !}i h!bss ot isf', @ Npr
speculative Gal!go!i Inns aR1ln brcl, Inflated
M!tre tl,aiI II will bear, nld IT. must burst.
TU'ttay there arc lln,tlrets nf schemes u, tho
market Ms vlyilIy IMAGINATIVE ~ ever e,na-
investigate. The grnsll will sitn.iy core.
and sincerely lol'e tllat tfc n''est in,!st15iAl
s%caa!Srs% % Iana sl,oai @ 1'' Ss b',rls'l ii liz
rufus, for they, arc tho ones who arc ~
| sponslblc. THEY lInys been taking advantage
| Of Il Seas0n ut uninterrupted prosperity t0
enterprises Eyarytning Inv favoretl them.
Our crops have beei, larRe, at,tl haye brought
talr lrlces. afaIy Of Athe rf.irt,nds llase
XIII aafnel9ss n ss f,s ays ss dss aiY'seh;Is e ira
Interest MID every brandt Of industry llns
been stimulated by tho abundance. nf money
atnl tho ttenand of tratle., with the
tra,ie was thrown Il, onr iinvor BY tic short
cn'ps In Europc and by big crops here. The
t'de Of Immigration set IN stronger tl.a1l
4 combination Of favorable circumstances
created demand fur NIL classes 9f securities,
anh the business of the Stock ESclm,'ge
grew IL eiiorinnlss dimensions. But lne1i
nSs rans ess y hfs'f ay Yay asSe ~ enaa9s 5 liz S s
mus. follow tlno,i.tlte. The crops catlnot
always He Eootl. n1r cn1i Roli 1lWays il0w
lst"l circtt,stancss. tic rrices Of i i ,naIority
Ut stOcks iu,ve been forced from - to 1,0j0
pr cent ub9se their intrinsic yalle., -:
Ma,My Of the 'ew enterprises Ss,nn gre
iInwlns, into ,the pockets Ut the few, arl
fj,,r ricJ,. Stncks l,nlrEt nj frt,l,, 81 ia 81 n
sara nre now selling 1T $:!5 10 sl50 per
sare Tlsy inyc o!y prospsety,c ya1s,
latlse. So'ne t!aye becr IL the 'ln1.!s Of ~
1nellt niay appear extlnrags.Nt, but II yntl
@po e " rs ffs i . Sf was1e sddsx T t
double. trcblc. mid In su,l,e cscs to iye, tjt,ty
lis original amount, y0l Will f!ntl Tint NC fall
slnrt of its tr,itll; The soe ubjrct y, tllosy.
thnt' tj.ay m, ,nina5. if mi nj ), ,,rs,it' nt
least WftIDilt 1uss. NInnhatl;l1i Is th5 ljr3t Ia
70 by tho nunlxi, lind Il is as r"oJ IL, il not
k.,r t!.ail, 1,Ns,y t,t,iers. its tlcbis sr oniY
ay LIT it il nl ali water Mt e'i il il il o!y san,pu
If IiIuny cutnISli,Ies Iocutel in States tiiul,-
IL si eyen wUrso ] condition. '''"' p'''N ~
AIR. iiac III iiutf % crot,s M l,crS sp ai1l fuli crops
III Enropc, after tliree yyars Of famine thcro
tile cnginc ii reversed. i.onk nj u,,ck 1sia,lI.
III Il Is se;iint t,,tlay nt i46. Tiat Is rs;lljy Ss
for M lie stoek : lis See', doaSied.. lins tliab
cu cr.asr,l ,ia''s k0M III IN yaino M nusss mo LIT
n nSs ae s',"rt crn,,s M wn mi #, iS;t, md
ISL. n,1ti ti,at Stock viii travel blck tu it, its
original value. The water viii DO squeezed
INV II IL III Tt,n co,n,i,o1l wos M low ns
III" ii. nnxY ~ # II liz EortiIwest prnferrctl II
i:H "Thres yenrs an, iast Fshr,:ary yo.t
S oHS & M sn, I1o on Su -, IL ,ir3rr H. ~" snrt
crnps of iS;I Ira Tie crons nliy lMtter Ills
yusr: AtlI ai tlIs iie.e these i two roa,is
M s'u tGo Gee" ,e 'o'n n,,I, nrnfcrra1I stm".t
rn,,J ~ .bnv i,"ro " mill tiivI1ic,,ras m.
o i.ss thsr hn,l isset "'a ind tIsnossti ss M Of
tsiss. ss 1,n;,lsY "1 orn'1t van lint tilsy anpar
tGv ur,sv u s,,n@ m, ireas 49, ~ I'm "nrnISs XII t.
ia f i,crrs,,iaue af incrcase cuual 10 tIle per.
tnfn,se ~ nti,ttin"mi ;uIfns Ir"s.nl nr 1uIiit
t',,. ] H. ~, sro a. :" nr hit.
after ~ ieinctnm I ~ tta treislt caTrg, lar en-
ra Gxr roIa4 tas oic H. n fi's sta,sin,,s a,
vFIi III, nt"crs tf tIc Tm;,ti ,,sssar
ti,ts m,'estjonP SureIy. lnyusturs ars entitled
tosHii1nmr .si1omr,. Ecau aa1a IN mn ouco 3n 1875
wt,en . ~, wesa @ rfi1ina @ oysr tic ,Iiiwn,iKev i
r. S'Get Wnmi ~ sSnvsr % hmIlu n rair"a.i" Niwuys
o. .,t u' n',,' his + xh., thsnr;,tinn t'ro,rict1rs
WI Wt ,a1.u1 na IVY ssin y "c |'. yn w0,,.
Gcr,!iy Grr 1i1ya chananI n Snw tie % orla,al i,r"-
M.Hi5 a'nI.5 o,,ai ItH ,,rC.s farm ttnstr,,ct,
pvnn1r pnSr 'Itu i,nti 1I,s rsaI fmj xii liz i,,is
anI .anii,,i % stuck. rvpfcsei,tipe three, foMr,
wi wi III Him tiaa actni cust Of ilN uroparty'
i, | NAA ~ t*A~ y