Waterbury evening Democrat., 1907-05-21
EXPLAINED.
The Melons and Lemons of Wall Street and the Various Other
 Fruits of Investment.

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 "The melons and lemons that are raised in Wall street look so much alike while they are growing that they cannot be distinguished until they are cut up and tasted. When tic Hill melon was cut open last winter all Wall street was amazed to find 1t wasn't melon at all--it was q lemon. Now that Hartman has been opened up to the public gaze those who have to eat the fruit can decide for themselves whether .t is q melon or a lemon.
 Tn looking over Mir Harriman's elaborate plans for the, raising of additional funds for Union Pacific, one cannot help but admire the courage of MT Hartman in bringing out this plan for raising new capital at this time. It shows what the man is made of. Mir Hartman to-day, by reason of the personal campaign directed against him by the Washington ad- ministration, is bearing the brunt of the attacks now being made by all the reformers, big and little, against the corporations. If the administration had its own way. MT Hartman would be in jail. The president of the Unit ed States has so far forgotten tile dignity of his great office as to make public threats against Mir Hartman.
 When we have hard times and boarded money we also have Coxey armies parading over the country. When we have prosperity and business expansion, we have strikes from San Francisco to New York.
 Wall St.. Bulls & Bears,
 May 10, l907."
 All Business is Speculation. . All American development is the result of speculation. To go back to first principles, even the discovery of America was speculation on the part of the Spanish queen. The sacrifice which she made in pawniug her jewels to provide Columbus with ships and men, bore fruit not alone to her and to her people, but to all posterity, and it is to her extremely slight specula- tive risk that this great nation, with
 
 lions of wealth. owes it's existence. The speculative farmer left his east ern home, with its crowded limitations and barren possibilities, and located on the fertile western plains, in the belief that 1t was a good speculative risk to devote a portion of his sav- ings to travelling expenses for himself and his household that by so doing his yearly income would be greater and he would lay aside a competency for his old age From this little start of the eastern farmer, came the de- velopment of the great west with it's extensive wheat fields. vast distances of railroads and tremendous manufac- turing industries. Each in turn was the outcome of speculation. The rail- road builder saw population growing portation facilities. Just such spec ulatIon as this was the foundation of Mir Hills tremendous fortune He saw the possibilities of the Red River valley, provided transportation faci- lities were given it. and impressed upon the capitalists the wisdom of his projected railroad. From that idea of Mir Hills grew the Great Northern system. Every man has seen in his own experience the results of specula- ton which go by the name of busi- ness enterprise. Take. for instance, the man who decides that there Is room for another hat store in the town where he lives. The rent which he pays. the money which he invests for his stock and fixtures. the credit which he obtains from the manufactur- CT. are all speculative risk. based upon his belief that good active n,an can successfully carry on hat busi- ness In opposition to the existing store. If he takes the trouble to study condi- tons. If he advises with his friends as to the wisdom of the location which he has selected. etc, he makes a success of his venture.
 Industrial
 The intelligent investor recognizes that in all industrial undertakings there are many details which should be taken into consideration before reposlng confidence and investing money therein. A factory building filled with machinery may be some what spectacular, but unless 1t can be proven that the machinery when in operation, will turn out a product in such demand by the public that good profit can be derived. over and above cost of production. It will not appeal as an investment proposition. The law of supply and deman. the element of competition. and the req sons for requiring capital are all im- portant factors with every industrial enterprise
 Mining.
 I believe lu modern mIuing. I be- lleve that 1t offers many splendid op- portnnties for investment of capital A few years ago mining was consid- cred purely speculative. but with modern ideas and methods. the Speculative features have been large ly eliminated. All new ideas and new mines. and new things of every character. are more or less specuIa- tive. The average investor recognizes the degree of speculation and weighs the chances for success or failure of any new enterprise. The location and physical condition of a mining have bearing upon Its value as an investment and there Is never need of making over-drawn statements and too glowing predictions. Mining is good enough to tell the truth about in every particular.