St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1902-01-08
Plain Facts for the Consideration OF
Investors.

lIlNCoIOAos
The slump in the copper market INC
great drop in ANA gamated and IN gen
eral the UPS and downs of the stock eX-
change has a sharp lesson for those VINO
Gamble in margins. This class OF invest
0rs are like sheep in pasture, ii two or
three oct frightened, the whole flock toll
low them over the fence with rush ana
don't even know what they are running
for. The average man who speculates IN
this way does not inform himself on the
actual conditions or merits OF the stock
he sells or buys, but follows the pulse
or sentiment" of the market, when is
as often wrong as right, more often
wrong, for this sentiment is created lot
the express purpose OF misleading the
public in the interests of large holders.
Now, the stock market so far as the
public is concerned is nothing more or
less than a gamble, worse than that, Tor
the public are betting on uncertainties,
while the large interests which manlPu-
late the market for their own beueilt,
know what is coming. If the outsider
happens to win he gives himself great
credit for his Judgment, but with very
few exceptions he stays there until he has
lost it all and good balance on the
wrong side.
Now il stock gambling was square
deal and each man stood an equal show
even in that case the winning OF one
means the loss to another. The exchange
of stock which goes on there means IN
the case of advance, loss to the man who
parted with it, aud gain to the buyer;
happiness to one and distress to the
other or his family. No wealth is created
and the world is no better off, and It
means a vast waste of time which should
be employed in producing something.
On the other hand, the manufacturing
of a garment and selling it at tair price
to party who needs it to use, benthts
both parties to the transaction. he
who uses money to develop unproductlve
land aud makes it valuable is not only
dong a good thing for himself but is
benehtng the world. Honest promotion
which secures capital and uses it in the
DEVELOPMENT of mine; the bringing out
of a use III invention, such as the tese-
Dhope. which has added so much to the,
comfort, convenience, yes, to tn wealth
OF the void by its saving OF time and ex'
pense are ben, hcent and legitimate ente.-
prises. as are tn t, telegraph, railroad, and
IN tact, all important lnduStr al and
mining enterprises.
1t h rs required billions of capital to
consumma,e this prodigiOus develop
mcnt 50 advantageous to every man
woman and child in the world and in
the main has brought wealth 10 the in
vCstor. fragrant betrayals OF comb
dence by managers OF corporations are
the exceptions and the inConsiderate
stockholder too of en- blames the man.
ager for small revenues when he should
readily detect the real cause in a short
CROP a disastrous flood; a general de
preston of bus ness, or some other
equally patent cause.
The occasional wreCking of a bank
does not destroy confidence III all banks
nor the dishonesty OF clerk place every
clerk under suspicion All these lapses
however, should teach the lesson that
ones funds or investments should bt
we'll distributed. This is safe and con
servative for the large majority of thost
whom we trust with funds in tn,
immense transactions OF every day ar
, faithful to their responsibilities.
The man who buys stock IN any wei
managed enterprise as an lnvestmen
with the reasonable expectation founded
on careful investigation that it will III
Gre ase in value besides paying good divl
dends, has made legitimate investment
and the majority of such investments
will prove satisfactory.
) Il lIp-t 1rV- an
we have but little sympathy, like poke
playing, one must lose in order to hav
5 another win and he may as well lose a
the other fellow. There are, however,
class of investors who, hoping to &c
rich quickly, invest in every wildca
scheme without careful investigation
They follow the take advertising of tn
daily papers, listen to the fairy tales {
, riches so paus bly, told and turn owe
their hard earned money tor somethin
which is absolutely worthless and wax
up later to find they have been dupeC
They then condemn every stock as
' take, and every promoter as dishonest.
These people lack d secretion and at1or
. unsc upuous promoters the oppo tunIt
5 to fleece the publ c. II the lrgtlmat
desire to Increase small earnings wa
suppl, mented by II asonahle investiga
ton into the real merits OF the enlel
prise, their investments would be prof
G table and satisfactory.
Another class believe that all stoc
investments esp cially in mining is gaml
ling, they act entirely upon prejudice AN
they will not take the trouble to invest
gate the real merits OF an enterprs,
and assume that all these 80 called