Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1883-03-02
The "Fund' Speculation in Massacllu-
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 spectators expectations. Vari- |
Gus reasons are assigned for the brlsi- |
ness changes, and different people 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 attempt
they will succeed, and not find them
selves in the predicament certain
politician is said to have once found
himself. Returning home one night
in quite "a state of mind" his wife
asked what the matter was. "That
scoundrel Jones called me liar before
the whole meeting" he replied. ''But
that hadn't ought to annoy you,' she
sid. ''for he couldn't prove it."
"Thcre's the trouble" roared the hus-
band, "for he did prove it." The rev.
elation that has come with the 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 all, thinking to ecome wealthy.
The history of the matter is but repi-
tition of the old, old story of swindlers
and swndlcd. A few months ago sew.
eral persons received circulars from
Chicago parties relative to grain spccu-
lations. purporting to show the enor-
nous profits made by shrewd purchas,
ers, explaining the ''fund scheme" and
Offering the recipient 81 on every $40
forwarded from other parties. Most of
these people threw the circulars into
the fire, knowing that the scheme was a
swindle. and only tit TO be classed with
cheap lotteries. But three or four took
, il up and W. see the result to-day in an
, aggregate loss of several thousand dol
lars. These ''agents or "fund
formers" took at first few shares and
induced their friends to do the same,
on the Chicago men S promise OF twenty
five per cent. dividends every three
, months, and also smaller occasional
course, kept for time, and the
profitable balance-sheets set lots of peo-
, pie fairy wild to get into it. Men and
women who had $50, 800 or $500,
! saved by years of hard work, made haste
to invest. { ne man who put in few
hundred dollars, after getting his first
, dividend check, announced that he had
given up working and was going TO live
, on the profits of his investment. Z ot
, wilder were the dreams of the dupes OF
, Laws historical 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
l least surprising feature is that quite a
number OF men were bitten who have
had the credit heretofore of "having
: their eye teeth cut" These excuse
, themselves by saying they knew the
! thing was fraud but thought they
could get their money back and more
with it before the scheme went up. A
/ business man who put in $500 makes
no bones of frankly saying he has lost
every dollar of it. One of the worst
I features of the matter is that even school
l pupils were induced to thus early in
i their lives begin gambling. Led by one
4 of their associates several high school
boys invested from $40 to $50 elch.
f and have lost nearly all of it, Ii this
experience serves to keep them from
such things in future the lesson has not
{ been too dearly paid for.
But the blame of this state of affairs
lies not wholly with these dupes of Chi
cago swindlers. Rather it falls on the
men of wealth and standing in the CON-
munity who have for years made
r speculative stocks considerable source
Of proft-or loss. They were able to
put up large margins in the New York
E markets and frequently make quite Q
: stake, which they were not slow to tel
4 OF, but seldom let anything be known
OF their losses. Not many months age
a one SPECTATOR told your correspondent
/ that he held So, 900, 600 worth of various
kinds of stocks on margins, but he ap-
parently has had good cause since to re-
gret his investment. Even the loca
mining enterprise aided in fostering the
D speculative fever. although that has
| been conducted honestly and econom
ically, and as yet has produced only al
assessment instead of hoped-fol
dividends This weeks collapse will
, probably prove warning that is likely
r TO be needed for n long time to come
4 against intrusting money to unknown
: firms who have no business rating anC
promise enormous profits. WeStfeiC
(1lasS.) Cor. Springfield (MqsS.) J Re
. publican. q,