The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1899-12-19

'Fsf Fl s<---T ut II
such agencies has no oil in it as
rule. 1t is all of a system that spec
ulates upon values which exist upon
paper only. The reported daily fuc-
tuations in oil stock prices are the re-
suit of manipulations and trick in the
boards devised, and carried forward by
brokers who live on the fat of the land
at the expense Of dupes.
There are a few, a very few, legiti-
mate oil mining enterprises which have
stock upon the market. But these are
exchange or the establishment Of dis
tinct oil stock lists. The man who has
an oil property of actual value does
not need to search far for capital for
its opening and working. He has no
need whatever to go into the market
with inflated stock in order to secure
money for the necessary testing of the
full value of his property, nor for the
to be worth 1t.
Hundreds of locations of supposed
and fraudulent Oil lands have been
made. Companies have been formed
for them, to boom the location and put
the worthless stock upon the exchange
list. The promoters then proceed
through their brokers to buy and sell
with apparent sincerity, in order to in
o., 10
credulous. The stock f1uctuates, with,
however, a general and steady rise I'M
til the dupes are taken in and their
pockets drained, and after that they
can whistle for their investment In
some cases, however, works are erect
ed and a pretense Of exploring entered
upon, and this may be continued as
long as the fools respond to the de-
mand for coin, and as long as the stock
can be kept af1oat. But the ends are
certain and uniform.
It is the old story of the silver, copp''
and gold mining booms Of the sixties
and seventies over again. Tens of
thousands of bogus mines were located,
interpretations formed and millions OF
alleged values represented by stock
were foated upon the market that had
no bottom, and represented a capital
ization thousand per cent. in advance
of any possible yield of all the mines
Of the coast of all kinds and orders.
The collapse came in time and tens of
thousands Of poor dupes were wrecked
in fortune, and many one ended his Or
her life in suicide.
With that experience before them
Californians should have warning
enough. But since then a generation
has grown to manhood and woman
hood, and the schemers in stocks per-
for their browsing. They hope now,
as then, to lead clerks, servant girls.
laborers, teachers and small wage
earners to invest their meager savings
in these rascally schemes under the
temptation of large and quick returns,
without any regard for the truth that
even the very best mining properties
require years Of work and patient care
before they yield a fair margin, and
that only now and then one is worked
that pays it's owners great profits in a
short space Of time upon small invest
ment.
We very much fear that a majority
of those who invest in stock mining
crazes really do so by the prompting
of the gaming spirit. They do in fact
know that such returns as are prom
ised are impossible But they specu-
late with the hope of winning by the
losses of others who are gambling in
stocks for precisely the same purpose.
No sympathy is to be expended upon
such people. Whatever losses they suf-
fer they deserve. But for those who
put their money into the bogus oil
and speedy returns from oil develop
ments Upon the properties their stock is
supposed to represent, there is real con-
Germ. They are to be pitied and need
the WARNINGS VI the press ~ NC iuaS
in their ears from day to day.
Yeats, the Irish poet and dramatist,
is out in an essay upon the new liter
airy movement in Ireland, which, he
says, is to revive a literature distinct
lively Irish in ideas and ideals He de-
scribes in detail the societies and in
fluences at work in this direction. The
movement, he declares, goes so far as
to contemplate a revival Of the Gaelic
language, and already sale has been
made in ireland of $4,000 copies Of the
Gaelic text books in a single year by
the Feis Cecil Committee Of Dublin.
That, and the Irish Literary Society Of
London. the National Literary Society
of Dublin, and the Irish Literary The
alter have all sprung up within the last
six years. They have no thought po-
litical in their movement whatever.
their sole purpose being to rekindle
Irish literature upon an altar that has
been ashes too long, and thus displace
the vulgar and caricaturing books and
publications that have served to mis-
interpret for the outside world for
century. This is a praiseworthy move
ment. Whatever will lift up the litera-
ture of a country and make 1t truly
representive of national life, and pre-
tho truth copoerpfpr tho fra6f-