The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1883-03-22
Tho s.Fund'' Speculation In Massachu:.
sets.

The chief topic Of conversation this
week has been the sudden and unac-
countable changes in certain business
places, and the collaspe of the Chicago
grain speculators' expectations. Var-
Gus reasons are assigned for the bui-
ness changes, and different re plo be-
lieve different stories. Some OF the tales
are scarcely to be credited, and it is said
that persons of whom they are
being told threaten to make the
gossipers prove their assertions. 1t
is to be hoped If they make the at empt
they will succeed, and not find them
selves in the predicament certain
politician is said to have once found
himself. Returning homo one night
in quite "a state of mind his wife
asked what the matter was. "That
scoundrel Jones called me n liar before
the whole meeting" he replied. "But
that hadn't ought to annoy you,' she
said, 'for he couldn't prove it."
s'There's the trouble" roared the hus-
band, "for he did provo it, The rev.
elation that has come with tho closing
up of the grain swindling firms is rather
startling to people who little guessed
how the mania for speculation had per-
vaded our community. Formonths the
thing has been going on, and during that
time scores, aye hundreds, of men and
women, girls and boys have been drawn
into the seductive vortex and invested
from $40 to $500, in many cases their
little oil. thinking to ecome wealthy.
The history of the matter is but a repi-
tition of the old, old story of swind ,crs
and swindlcd. A few months ago SOW
eral persons received circulars from
Chicago parties relative to grain specu-
lations, purporting to show the cnor.
NOUS profits made by shrowd pur has
ers, explaining the "iund scheme" and
forwarded from other parties. Most of
these people threw the circulars into
the fire, knowing that the scheme was a
swindle. and only lit to be classed with
cheap lotteries. But three or four took
IL up and W. sec the re .ult to-day in an
aggregate loss of several thousand dol
lars. These "agents.' or "Tund
formers, took at first few shares and
induced their friends to do the same,
on the Chicago mems promise twenty.
tlVe per cent dividends every three
months, and also smaller occasional
dividends. This promise was, OF
course, kept for time, and the
showing OF the divide ID checks and
profitable balance sheets set lots of pco
pie fairy wild to get into it, Men and
women who had $50 800 or SAOn.
saved by years of hard work, made haste
10 invest nc man who put in few
hundred dollars, after getting his first
dlvidend-check, announced that ho had
given up working and was going live
on the profits of his investment Not
wilder were the dreams Of the dupes of
Laws histor cal Mississippi and West
India colonization scheme, nearly two
centuries ago, than were those of our
over-credulous grain spectators. But
they had similar ending. Not the
least surprising feature is that quite n
number OF mon were bitten who have
had the credit heretofore of ..hayinp
their eyc'teetlf cut" These excuse
themselves by saying they knew tho
thing was a fraud but thought they
could get their money back and more
with it before tho scheme wont up. A
business man who put in 500 makes
no bones of frankly saying he has lost
every dollar of it. One of tho worst
features of the matter is that evon school
pupils were induced to thus early in
their lives begin gambling. Led by one
or their associates several high 81 hoo
boys invested from $40 to $50 oh,
and have lost nearly all of it. If this
experience serves to keep them from
such things in future the lesson has not
been too dcarl y pad for.
But the blame of this state of affairs
lies not wholly with these dupes of Chi
cago swindlers. Rather it fails on the
men of aaltll and standing in the com
munity who have for years made
speculative stocks a considerable source
OF prolit-or loss. They were able to
put up large margins in the New York
markets and frequently make quito n
stake, which they wcro not slow to tell
or but seldom let anything be known
OF their losses. Not many months ago
one specnlator told your correspondent
that he held S., 600, 600 worth of various
Kinds OF stocks on margins, but he ap-
parently has had good cause since to re-
grot his Investment. Even the local
mining enterprise aided iu fostering tho
speculative fever. although that has
been conducted honestly and econom-
lcally, and as yet has produced only an
assessment instead of hopcd-for
dividends. This weeks collapse will
probably prove q warning that is likely
to be needed for long tine to como
against intrusting money to unknown
1rms who have no business rating and
promise enormous profits. - WeS'GcId
(W(LSS.) Cor Snyinn6oJI J,,,o , -