The Hattiesburg news. (Hattiesburg, Miss.) 1908-1917, 1911-06-05
DANGER OF THE
S0U1H'S WEALTH
Increasing Wealth Producing specuIa-
ton in Wildcat Schemes-A Word
of Warning.

the South that tens of thousands OF
people who have not heretofore had
any surplus money for investment
will now be in a position to buy land
or securities or make improvements
to farm or city properties. This
wealth, coming to many after long
years of struggle, is liable to bring
about speculation in get-rich-quick
concerns. 1t is entirely safe to say
that millions of dollars of Southern
money will be wasted in wildcat en-
terprises of every kind. The unscrup-
ulous promoter will hunt out every
man and woman with a few surplus
dollars, whether in city, village or
country, and with plausible details
present alluring prospects for big div
idends. Some of those enterprises
will naturally appeal to Southern in
terests and Southern pride. Details
of enormous profits made, or said to
have been made, by similar compan-
les in the North and West will be
pointed to as reasons why the South
should invest in such undertakings
Millions Sent to North.
The very fact aht the South sends
many millions of dollars to the North
for insurance premiums, both life and
fire, is legitimate reason for the in
vestment at home whenever it can be
done with safety in fire and life insur-
ance companies, but for every success
full company brought into existence,
promoters will organize many unsuc-
cessful ones, and make the most glow
ing promises of dividends which will
never be paid. 1t behoves every
business man in the South to do all
in his power to encourage safe and
| conservative investments of surplus
money. With the continuation Of the
present increasing wealth of this sec
ton a vast accumulation can be made
within the next five or ten years for
investments in safe, legitimate under
takings managed by men of known
probity and business ability. But
hundreds of millions can be dissipat.
ed through reckless speculation in
cotton gambling in New York, where
the cards are always stacked against
the outsider; in wildcat schemes OF
every variety, many of which will be
presented in the most BEAUTIFULLY print.
ed prospectuses and by the most skill.
full takers.
Bankers Have Opportunity.
Southern bankers have a
great opportunity and a great respon-
sibility. 1t is incumbent upon them
to conserve the financial strength of
the South not for their own good, but
for the good of the people. They are
in touch with every man of money in
their community. They know the
farmers who are prospecting as well
as the merchants who are making
money. They know something of the
pitfalls into which the unwary inves-
tor is being constantly led to his own
destruction. They have in every COM
munity a power for good not equaled
by that of any other class of men. To
no other class of men do the people
of country, town or city turn with like
confidence in their business Judgment
and their unselfish advice about in
vestments as they do to bankers.
1t is in their power to increase this
confidence in their work. 1t is in their
power to largely aid in cultivating in
community habit of thrift, of saw
ing, of investing in home enterprises,
in the upbuilding of local communi-
ties rather than sending money broad
cast for investment in enterprises
many of which are doomed to failure.
Record.