New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-04-09
S0nE FRUITS OF GAMBLING.


The last week has brought fresh proof of the
truth that gambling is not business. The dis
tinction between the two is sometimes hard
TO find. and the same operation which would
be mere gambling GOr one man may be FOR an
other a transaction as cold-blooded ana safe as
the robbsng of n dead man, but every business
man who faces the question with sincerity
knows tn gre are limits beyond which he can
not go without gambling. II he buys a. prop
erty because he knows its value and knows
that the market demand for II is sure and sufii-
Gent and i'm his best Judgment likely to ex-
cee0 the supply, he Is doing business. Ii ne
buys something Of which he has no definite
knowledge because he counts the chances great
or for a rise than Fall he is merely gam
bling The weeks disasters have fallen largely
to the lot of those who have bought property
of which they knew nothing. and have so
bought far beyond their means.
1t is never a public misfortune to have this
gambling spirit held in check by recurring
periods Of stress in which men are forced 10
ask what things are in fact worth What can
this concern earn? What are its costs. its ex-
penses and clear profits? What certainty Is
there that the business 1t has done can be
continued. increased or decreased? When men
of common-sens are forced to realize that they
hold property about which they cannot answer
one Of thpse questions they know that they
have not been doing business. but have been
guessing and betting on their guesses
About all the transporting companies there
is definite knowledge TO be had. They own
lines of which the routes. physical features,
mileage and normal volume Of business are all
known The cost Of the traffic each year can
he figured and the profits The prospect OF IN
crease or decrease in the business OF such a
line becomes a matter Of good business 1udg-
ment II cannot he subjected over night 70
competition from new parallel line, ana
whether IFS rates can he arbitrarily anected
bv any State officials or laws may also ne
known. There may be as strictly legitimate
bnsiness in the buying and selling of shares
in such a property AS in buying cargo or
wheat or a carload Of cotton.
Most Of the new industrial stocks stand on
different footing. II Is not even maze Known
what the several consolidated concerns nave
actually earned in the past how much Dusl-
ness they have done. or under what conditions
Whether they have been hard pressed by out
side competition. and have united IN order 10
resist II more successfully, the pubic is never
informed In many cases it is perfectly wen
known that this was the cause or CONSIDERATION
and the sole motive which induced owners 10
part with properties created by their own en-
ternrise and ability. How far union VIII
strengthen them against such competition or
weaken them. how far it will by uniting previ-
Gus competitors remove peril to each. the pun
lie Is left to learn. IL at ALL from entirely IRE
sponsible whispers Of parties who are known
70 have great interest in making market
for stocks. Buying in such cases can only be
called business by those who speak OF gong
70 husiness" when they shuttle the cards or
start the roulette wheel. And 1t Is AS true
now az It ever has been that the profits which
stay with man are those which he has earned
in strictly legitimate business operations