The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-05-16
FINANCE AND COTTON.
FINANCIAL.

allowing FROM The United states Econo-
nhwSsht be read with interest and, rerhaps,
~ Win profit by, SOME oil our rea9efs;
sNh We nptry, and al no period OF time nave
REPRESENTATIVES, 10 become suddenly rich ever
| be Sacrous rs here. Ope reason is, that
bep - nation of gamblers. The quiet pursuit
hne.ss In one line from father to son, rom one
eu0essuon 10 another is rarely Witnessed. Mcll
gsnelauh raneh If business and suddenly change
W on.. All is movement The consequence
pshsnrv scheme of hazard is eagerly en-
VA Nv some of the followers OF these me-
h' siIairs which give sudden ana great gam
ks WI. INV and final loss to the many. As they
u NC mist know when TO go in ana when
~ o UNI. mi who knows that2 Gambling is
py' thoroughly Incorporated into every
NY a, ganization of the country, IN corn ana
m snn a. In stocks and petroleum Inc actual
wvHac,ions are small compared TO The specula-
s,r often as one to hunuIeu anu IN NY VIZ
WIS speculative impulse of trade orgahlta
MM. W. lis sequcnce--speculation m.seVery
eOns . .yt of trade--and when particular
@gFa WV Secomes oyerdone in the line OF specula-
aao and morbund, as 1t were, then lhose lmpa-
XII members of it who cannot thf9W on Wy w,
vassassswhich haunts tn IN, go to that lnoVitable
s sa,ne If SPECTATORS Wall street. AS sure US
pun s,,Sss foilow the changes of the moon, so do
ue . nd Of Wall street ebb and flow from out
.aa influences. At times all financial currents
y, Inward it, and into ii are poured all the say
" e.sos fine moderate and conservative, with the
Is s,, ywiuulngs of some fortunate Spectator i'll
ps"aof The commodities which have been cor
ss,sd m forced up somewhere. But the wealth
,hrs made in wheat and wool, or what nor II
sasde suddenly. Is almost sure TO ma us way
mo- The street." with what result other than TO
srych A few cunning upacious, uhprlhclpled
~Sn-men who never had scruple as to the
reans il only The ends are encompassed
HTS Tits one of the most remarkable things to see
IN the world an army In numbers OF tens ol
,honsands and hundreds of thousands always
f,tn Af thpir wealth
Vail street, and then hurting it into vortex OF
hsari from whence 1t rarely energies, SO as TO
r. nlncked forth by its whilom owner. There
se a half hundred schemers who get nearly ALL
They play with loaded dice; they LOOK on com
riacantlv while this vast multitude empty them
tpalves If their riches: they laugh and make
snor, of the very qualities in this multitude
rhich 90 TO enrich them DO you not suppose
Int thal these cliques who load up the pubic
lauph at them behind their backs There IS
something almost piuful III the way the uneXpe,
rieneed are robbed of their savings by Inc wall
street Crabbers Ministers, teachers, lawyers
mod enough for them, howeyer-ali sorts OF
Seope of small experience, hear OF tne fortunes
suddenly made, and they so into the street
With the fond hope that they were born win a
silver spoon in their mouths puV 'ne si s oi
NE windes that Wall street foists on the pubic
,hst of mining stocks Is the most tempting ana
ihe most disastrous in its results.
We heard not long since of a quiet Massachu-
sets town which had sunk s6yOQOO III bogus
mining stocks. We think that hardly place OF
any considerable size or wealth, but can show u
similar result. We know Of II mine in the
BLACK Hills which was introduced TO us uuuef
glowing COlOrs. We were given 10 understanu'
il the truth were told, or half the truth,
we shoud not get chance To buy mo II, Du,
our friend, out OF pure friendship would
Give us chance. The wealth from u sOeO
inyestmenti in that mine was to give us hand
some living during our own Lifetime bul
not that alone, our children and our chllureh
children were TO be enriched by the pacioliah
flow Of wealth from this wondrous mine. sew
eral of our dry goods friends were interested
and others had taken large blocks OF the STOCK
Several saw-mils were buzzing out the lumber
for fumes 20 miles long from whence was To
flow stream OF water which was to leave golden
nuggets thlckly strewn upon the ground-greal
golden nuggets-and the fine gold was 10 he
sh0veled up. Wewent down 10 Wall street to
the Office to subscribe. and there we saw the
very dsnilied president OF leading college,
who inquired with the knowledge OF an expert.
about the mine before our inexperienced eyes:
We were enlightened through his questions and
the c0mpany's answers rs TO the vast wealth 70
telhcre developed, but we did net bite, although
The hgh.s0nnding name % prominent gem
eral Grant.like. shone at the head Of the conf
pny as its president
When an innocent outsider does meet with
euCH ltil w. W. nave lltIc hioWH vs. iuA'iNN'N'i
inpromotipg these mining schemes, is II 10 be
wondered at that he falls u victim? He thinks
he Il In good company when, II the true IN.
wardness OF these things were exposed, wha,
kind Of company might 1t prove TO be- we
have merely outlined one of the thousands oil
schemes which men with prominent names AS
soclaied IN their promotion are being foiSted on
The public daily weekly and mOntuly. Tht
savings of clerks, merchants aud even poTters
and widows and orphans are drawn into toes'
swindles. But our advice Is TO avoid speculation
And speculative schemes of all SORTS Us one
would pestilence, from whence comes woe un
sl'erable, suicide, desolato homes, broker
hearts,
,FRoa figures recently published II appear
lhaI Tue expense Of closing up the Affairs OF IN
twenty-five savings banks which have failed II
New York city and vicinity, and which, undo
iheaws ofthe state of New York, were place,
IN The hands OF receivers, was SAP, ,9o Is
against dividends paid to creditors amounting u
slHs'6T52. The expenses, therefore, iorme,
ABOUT ~ per cent OF the whole amount collected
purlng the nineteen years since the etmbllsh
q The national banking system, seven nationa
panks nave failed In New York city ana Brook
yn, With liabilities TO depositors amounting u
hW26, These banks We're placed IN tn
nahus OF receivers by the comptroller OF the cur
iency, under the national banking law, and AZ,
now nov, WIN the exception OF one. finally closed
Lhese banks have paid dividends to deposition
amounting TO sL4lS0i7 ~. In some eases Inter
StNas paid. In addition 10 tho amount las
mentioned, paid TO depoSitors, 1901, l2SUl wa
paid TO stockholders. The total amount paid {
Al creators, was, therefore, sL61, l708 Thu
expense of the reccivcrships was sisl,O0li6, o
aoonl per cent of the total SUN collected. Tn
9hl loss 10 depositors through the failure Of M
uonal banks in New York city aud vicinity II
nineteen years has been less than $4,000
Il. AZ. tul a.