National Republican., 1883-07-11

viii be ucesonnbIy sure to Bring Re-
turns.
On the first day of tho present year. in an
article entitled "Advice to Frightened
Lambs" THE REPUBLICAN called attention
to the evil effects of tho wild speculation
which had beon spreading like prairie fire
over the country. What had then happened,
and has since happened in the collapse Of
rotten securities in Wall street, has been em-
phasized in the case of grain, brcadstufi, and
provisions, as was predicted. Shrewd men,
like McGeoch, who thought to garner all the
available food product in one great store
house, have found themselves once more out
wtted by the resources of nature.
Tho American Is becoming moro and more
speculator, and at times it seems as though
he would re.enact the scenes of the once fa-
nous tulip mania, when men, women, and
children bought and sold bulbs for specula-
tive purposes. Tho experiences of Baden
Baden and other European resorts are becom-
ing prevalent at our watering places and sea-
sido resorts. Even tho invalid rolled along
in his easy chair at Saratoga or Cape May can
be soothed by tho click of tho "tickor" and
hear the latest quotations, reports of railway
earnings. extensions, consultations, &c.
Gulliver in his famous travels met lots of
curious folk, but nowhere did he see stranger
sights than any disinterested observer
can witness by pocping into tho va
rious commission houses and "bucxet shops"
of Washington or any large city. These nrc
haunted daily by men and even lads, who
sit like inspired lunatics in front of hugo
blackboards, upon which quotations Of stocks
and provisions are chalbcd down every few
moments. The faces here represented afford
an interesting study-elated or depressed as
figures are high or low. The amounts "in-
vested" vary from the thousands of the
capitalist to tho So contribution of tho
retail clerk The experience of one is
almost invariably that of all. Two men
once entered into partnership, one oontribut-
ing experience, the other capital. At the
expiration of year the capitalist possessed
the experience, tho other fellow the capital
As now conducted, tho stock operations of
New York amount to nothing moro or less
than gambling, and the players have no bet
ter chance than those who engage in faro or
poker. Especially is this so when the Goulds
and Vanderbilts have their sleeves stuffed
with winning cards, like the "hoathen
Chinee," whose exploits are narrated by Bret
Harte.
We are not launching diatribo against
gambling. There always have boon, and al
ways will be, men whom tho satirist Horace
describes in his pungent verse, whose sole
aim is to get money-"honestly if they can
eyes of such an one proclaim to
all the world that he thinks
of nothing else beside. The simple
wish of the same poet that he might become
the happy possessor of "a little patch of
ground, not very large" outside the city walls,
seems to him the dream of an idiot. To such
an one the clear blue sky, the azure ocean,
and the lofty hills have no charm. Wife and
babies are hid behind q mist of puts"
calls" "straddles," and margins"
primrose by the rivers brim
yellow primrose was to him,
And 1t was nothing more.
What THE REPUBLICAN has striven for and
hopes to accomplish in some measure is to di-
vert attention from these unproftable and
dangerous ventures and direct it to legitimate
home interests and investments in both real
estate aud local securities. We mean sound
ones, not mushrooms. Nor shall we be
estopped by the Cry recently raised by n gang
of spectators that we have been decoying
to one enterprise as in the matter of local
insurance.
There arc some of tho soundest corpora
tions of this sort in the district whose secu-
ritios rank high and arc destined to still
higher prices. There are others again which
parade huge capital, of which but a portion
has been paid in cash, and the balance in
notes or not at all. These, we think,
should not all occupy like footing
for the reason that the capitalization
appears to warrant larger amount
Of risks than is safe or reasonable, and in case
of large fire trouble might ensue in the ad-
justment of losses. Hence an important
question for the investor in local stocks is to
ascertain, if he can, tho actual amount paid
in, and the liabilities of the corporation
in which ho desires to invest But
despite all this, the fact remains that our
homo companies are presided over by men of
character and ability aud that money in
vested in them is likely to yield fair and
safe return.
So too, with our street railways. Few peo-
pie realize tho full value of these franchises
which are among the most valuable in tho
country. As this city grows in population
and extends its limits, these will keep pro-
portionate pace, 1t will be extremely diff
cult hereafter to obtain charters for new roads,
as there will be an intense opposition to any
movement which contemplates the destruction
ofour beautiful payements. The only problem
which confronts the would-bc investor in
the securities of these corporations,is is whether
some of them have not already been car
ried to higher figures than is warranted by
present circumstances. In at least ono or two
cases also, there are large amounts of taxes
in dispute, which, If they should be decided
adversely to the roads, would impair their
dividend paying qualities for time But
even with all this in view, most of these
roads have no bonded Indebtedness and it
is only question Of time before all these Sc
curities will attain high value.
The REPUBLICAN has "no axes to grind /"
is not in the employ of any monopoly, but
seeks only to gather and publish from time to
time such information in regard to our local
enterprises as may be of service to people
who wish to exercise care and prudence in
the use of their resources. We stated in our
article before referred to that fair field for
legitimate investment existed in the district,
and that our real estate and various corporate
securities possessed an intrinsic value which
would repay examination. That this view
was correct is seen by the avidity with which
capitalists from all sections of the country
arc seizing the opportunities then alluded to.
storms Upon the SUN.
A contributor to the Rochester Democrat aud
Chronicle, presumably connected with the OBJ