Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1902-01-09
Plain Facts for the Consideration Of
Investors.

The slump in the copper Market, the
great drop in the A~malgamated, nj IN
general the ups and downs OF the stock
exchange has a sharp lesson for those who
gamble In margins. This class OF invest
ors are like sheep in a pasture, II two or
three get frightened, the whole flock fol-
low them over the fence with a rush and
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, which Is as
often wrong as right, more often wrong,
for this sentiment is created for 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 manipu-
late the market for their own benefit,
know what is coming. III 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
ii ali and a good balance on the wrong
side.
Now il stock gambling was a 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 part
ed with it and gain to the buyer; happi-
ness to one and distress to the other or
his family. No wealth is created and the
world is no better of, 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 II at a fair price
to a party who needs il to use, benefits both
parties to the transaction. He who uses
money to develop ~unproduetive land and
makes it valuable is not only doing a good
thing for himself but is benefiting the
world. Honest promotion which secures
and uses it in the development OF a
mine; the bringing out OF a useful inven-
ton, such as the telephone, which has add
cd so much to the comfort, convenience,
yes, to the wealth of the world by its saw
OF time and expense are beneieent and
legitimate enterprises as are the telegraph,
railroad and, in fact, all important indus
trial and mining enterprises.
II has required billions OF capital to con-
summate this p~rodigious development so
advantageous to every man. woman and
child in the world, and in the main has
brought wealth to the investor. fragrant
betrayals Of confidence by managers OF
corporations arethe exceptions and the in
co~nsiderate stakeholder too often hlames
the manager for small revenues when he
readily detect the real cause in a
short crop, a disastrous flood, a general
depression of business, or some other
patent cause.
The occasional wrecking Of a bank does
not destroy confidence in all banks, nor
.he dishonesty Of a clerk place every clerk
lnder suspicion. All these lapses, how
ever, should teach the lesson that ones
'unds or investments should be well dis
This is safe and conservative
the large majority of those whom we
rust with funds in the immense transact
ions Of every day are faithful to their
responsibilities.
The man who buys stock in any well
managed enterprise as an investment with
he reasonable expectation founded on
,areful investigation that it will increase
n value besides paying good dividends,
las made a legitimate investment, and the
of such investments will prove
satisfactory.
For the man who CANDLES in margins
We have but little sympathy, like poker
one must lose in order to have
mother win and he may as well lose as the
,ther fellow. There are, however, a class
4 investors who, hoping to get rich
invest in every wildcat scheme
AAAA1AA AANAh my -
ow the fake advertising Of the daily
'apers, listen to the fairy tales Of riches so
'lausibly told, and turn over their hard
armed money for something which is abb
worthless and wake up later TO
nd they have been duped. They then
ondemn every stock as a fake, and every
romoter as dishonest.
These people lack discretion and afford
nscrupulous promoters the opportunity
n fnaPp the mn Mir IL tho tauftippafn ia
ire to increase small earnings was supple
by a reasonable investigation into
he real merits OF the enterprise, their i'm
would be profitable and salts
Another class believe that all stock in
estments, especially in mining, is gamb-
ng, they act entirely upon prejudice, and
hey will not take the trouble to investi-
ate the real merits of an enterprise, and
ssume that all these sso-calIed" mining
locks which are paraded before the pub
C are mining enterprises, while they are
ractically nothing but the stock jobbing
themes which we have already described.
iany OF these widely advertised mining
Dmpanies have really as little to do with
mining as specializing in the flu
ire of wheat has to do with farming.
The preludiced mar is always ready to
ONT out to you some of his friends who
ave invested a lot OF their own or some
ody else's money in mining and lost it.
Le forgets the very business in which he
engaged affords numerous instances
here the people have lost not only their
wn but a lot OF borrowed capital into the
Name us, il you can, any business IN the
ty of Boston in which hundreds OF
lousands OF dollars has not been lost and
lousands OF people ruined.
1t is the object and aim of S. H. Spar
q Co., brokers of st. Johnsbury,
no make a speciality OF high grade Cali
Oil Stocks, to watch carefully and
eep in close touch with this great indus
y throughout the state, thereby keeping
ne interests of their clients fully pro-
cited, and giving them the benefit of
hoice opportunities for investment which
large retursn.
Just at the present time, they are plac-
lg stock in the California Fortune Oil
ompany which is forging to the front
18th rapid strides and, though organized
little more than a year ago, is Begin
ing already to give some substantial re-
rms not at all unpleasant to its share
and as there is a brisk demand for
ais choice investment, those interested
lould lose no time in getting in their
rders in advance of the rise in price
-hich must GureIv eoma in n naer f,,tura