Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-04-25
FORTUNES MADE AND LOST.
YERY LIrrLE sPEcuLATI0N.
Asneriesn Censuis Cemmsntfns ON the Was
Germans, Swiss, Fresehmes, asd Others
Care fss Mosey.


Tn . list Of questions which the State
Department some time ago sent to the
United States consuls in different parts
of the world the fifteenth was this one /;
Are fortunes Tin the region to which
the Consul was accredited) readily made
and lost ?"
The replies Of the consuls to this
query is as curious as is the question IT
self. Consul Potter, of Crefeld, Ger
many. wrote: Immediately after the
Franco German war there was rapid
DEVELOPMENT of trade, especially IN
mining industries, which finally degene-
rated into extensive swindling opera
tons. During this time large fortunes
were rapidly made, but when the gem
eral breakdown occurred in 1S73-'74
fortunes thus gained were nearly swept
away by the deluge Of the financial dis
astcrs which followed that period
of imitation. The mining industries
of Rhenish Prussia are compare
lively Of recent development, and are
conducted under peculiar system of
share corporations (Gewerkschafteu)
and Joint stock companies. Under an
other brisk revival Of business fortunes
would probably again be readily made
and lost, through speculation, in this
part Of Germany only. During the last
few years trade has been steady, and
no extraordinary fluctuations Of capital
have taken place. In general, trades
men, mechanics, and laborers acquire
prosperity only by long, patient, and
continuous work. Germany is not a
field for spectators. The pursuit of
toilsome industry seems to be the des-
tiny of her people. Life with them is a
tug, and they must struggle honestly
for an existence. Fortunes are not
readily gained by such, nor readily lost
when once attained"
Consul Warner, of Dusseldorf, bore
similar testimony, saying: "Those who
are blessed with fortunes seem to be
alike blessed in the art Of knowing how
to hold on to them. The experiment
made in Germany in the year 1873,
when the whole country was wild over
speculation to accumulate fortunes ra-
pidly, taught many well-oif person,
to their sad discentent, that it had been
an Improbable undertaking."
From Frankfort Consul Vogeler wrote
that many well-to-do persons in that
city "are enjoying the results of their
confidence in the resolution and ability
of the Government Of the United States
to suppress the rebellion and to pay its
bonds. Many millions Of the $50
bonds," he continued, "were bought
in this market below 80 cents on the
dollar. Hundreds Of thousands were
bought as low as 40 per cent. On these
investments the purchaser more than
doubled hisprincipal. and for years drew
from IL to Is per cent. interest.
During all this time the Frankfort bond
holder had nothing to do but to hope
and pray that the rebellion and the wild
schemes of imitation might besuppressed
by the strength and honor of the Ameri-
can people. These men have not had
so good chance since. They are ready
to invest, and to hope and pray again
in a similar case" After testifying to
the willingness Of the German people to
proceed slowly in the acquisition Of
wealth, the Consul says: at occurs
now and then in these times Of scien-
tifc inventions that combination of
science and mercantile capacity pro-
duces establishments and firms of i'm
mense strength and prosperity, but these
instances are the exception and not the
rule"
Consul Henry Dithmar, Of BreSlau,
said " In mining operations, &C., and
through stock speculations, large for
tunes are readily made and as readily
lost. Capital, however, augments
among us in safe commercial and in
dustrial enterprises, slowly but surely"
The Consul at Sonneberg, Mr.. Mo-
sher, wrote 1.-THE kinds Of bushes in
the district are not such as involve
those losses by which fortunes are
speedily swept away. Except by un-
foreseen and unpreventable calamities,
like food or fire, the loss of q fortune
is a somewhat gradual matter, and de-
pends as much upon foreign financial
stringency as upon local causes.
England, Australia, the United States,
and even Russia, come TO this market
for many of its specialties. Thus the
financial condition of nearly the whole
civilized globe is making itself felt
almost daily here in the Thuringian
forest. Even the Chili-Peru struggle
cost one firm heavily, and the failure of
the French Union Generate du Credit
actually wiped out one house."
Alfred Lefebvre, Vice-Consui at
Ghent, said Of the people among whom
he lived: Fortunes cannot be made
quickly on account Of the great pro-
6uction, which gives rise to opposition,
and the surplus Of this production can
only be exported under difficulties,
owing to the duty put upon its entry
into the different countries it has to be
sent to-"
The Amsterdam people. according to
Consul d. Eckstein, "rarely acquire or
lose fortune very suddenly" More
or less wealth is accumulated in all COM
mercial pursuits, but by rather slow
process. "Circumspection and pru-
dence characterize the business opera
tions and general actions Of the Dutch
merchants and men of affairs as rule.
Hazardous enterprises of any kind are
seldom undertaken. Great and risky
speculations in articles Of commerce are
but very rarely ventured upon, and
thus it is explained why fortunes once
acquired are not often or readily lost"
Considering the vast transactions Of the
Amsterdam Bourse, the slow fuctua-
tions Of fortunes are, the Consul thinks,
remarkable. Spectators and investors
in American railroad securities, he
notes, have often and quickly realized
fortunes in the past"
Fortunes are not quickly made as
in countries where there is more push
and speculative energy" writes Consul
John /. Frisbie, Of Rheims, France.
"But, on the other hand, they are very