The Kenosha telegraph. [volume] (Kenosha, Wis.) 1860-1888, 1884-02-01
Some Eneets Of stock.Gambling.

Probably it does not do a particle of
good to inveigh against gambling in
grain and stocks. The fever of specula-
ton has become epidemic in this country,
and men act as the little girl did who
cried because she could not have the
measels with the rest of her playmates.
1t is in vain the daily record of the
business world reveals the sad wreck
which men have made of their reputa-
tons and fortunes by gambling on the
stock and grain boards, and it is all in
vain that the bad example of those who
have ruined themselves and their en-
ployers by the criminal use of other
peoples money is held up as a warning
against this enticing and deceptive
practice. The spectacle of one dishonest
bank officer, book-keeper or confidential
clerk who speculates, loses, and is ex-
posed and punished he is caught be-
fore he reaches Canada or South
Ameriea-does not seem to deter others
from entering with alacrity on the same
broad road that leads to the same inevi-
table bankruptcy, shame, and, if
the objects of justice are not defeated,
the penitentiary at last.
k-gambling would not,be so wicked
and cruel if it merely Scorched the fool
ish moths that fiutter about the lighted
candle, but that is not the worst of
speculation, although that is bad enough.
The very worst phase of it is seen in the
rapid depreciation of honest peoples
property, the unsettling of all values
and the entailment of severe losses upon
innocent persons who have invested
in certain railroad and other securities
in good faith. The market value of the
stock controlled by Mr.. Henry Willard,
for example, has fallen S65, ZOO, 600 in a
few months, not because there was any
good reason for such depreciation,
but simply because the bears in Wall
street made a successful raid upon
it. 1t is no wonder that the holders of
such stocks, and all other railroad
securities that are known to have a
solid intrinsic value, are asking whether
Congress or the State Legislatures, or
both combined, aided and upheld by.
the courts and by an enlightened and
moral public sentiment, cannot protect
them from the prevailing vice of the
day-speculation. Other great proper
ties that are judiciously and economic
ally,managed and areEpaying a good divi-
dend annually are injuriously affected
in the same way as the Willard
stocks have been, and are subjected to
the same blighting influences. THERE'S
no good reason that we can see why the
stocks of some of the leading railroad
corporations, whose headquarters are in
Chicago, that annually return to the
stockholders a dividend in cash about
double what the holders of Governments
bonds receive, should not have the sat
isfaction of feeling perfectly secure in
their investments, and that their prop
erty is beyond the reach of the stock
gambler. Looking little deeper into
the subject, we find that in the past two
years all railway stocks and bonds
have suffered an astonishing decline,
and that decline is traceable, in a
majority of instances, to the prevailing
vice of gambling. Taking only about
two-thirds of the stocks that are regu-
larly quoted on the New York Stock Ex-
change, and the aggregate loss in price
is found to be, in two years, about $780,
600, 900, a sum almost equal to One-half
the amount of the present national debt.
The decline in the prices has been fully
33k per cent. in that time, and including
all the stocks of that kind in the market,
the total loss is swelled from $500, 000,-
600 to 81, 500,000,000.
AS above stated, if this enormous loss
had fallen altogether upon the gamblers
and stock spectators themselves, no
one but themselves would care fig, but
in this immense depreciation of property
are involved the scanty investments of
many poor person, and is so much
| taken out of a dependence that was
small enough at first The loss has
been extracted from the little fortune of
the widow and the orphan as we'll as
from the pockets of those who can better
afford it, and has borne hard upon
class of investors that is not well able to
bear it.
Another unpleasant feature of stock
gambling is that it shakes peoples con-
fidence in almost every legitimate I'M
dertaking, and makes it harder for hon.
est enterprises to succeed A good-pay4
ing stock to-day may be raided by the
Wall street guerrillas tomorrow, and
the lender may see his investment,
shrink up one-third or one-haf in AM
hour The list of these stocks that have
SO largely declined during the last two
years embraces nearly all the best-pay-
ing railroad properties in the country
and those whose earnings are regularly
on the increase. The whole business of
stock and grain gambling is not only
immoral and essentially vicious, from
any honest point of view, but it is de-
rogatory and blighting to legitimate
trade in al its departments. - Chicago
Journal.