The chronicle=news., 1913-09-06

suU uptruu ~ esoNAss toS bPS~ SsosssO
Ne~ York Is s~akeniss 10 the grim
realization that Americans slowly
but surely are becoming In vsstoss II.
stead Of gamblers. With the post
office department kespins the lid
eismped down tight upon their oper-
stioas and vendors oe 'lanboyAut
share Gin mining. oil or pAtent en-
terprises find the xoiax heavy and
getting heavier. The letters to them
from some Of the leaders OF the wild.
eating craft DO not offer encourage
meat to take fooihardy STANCES. for
they come from b~hina steel bars.
The report Of the t,osaoffies depart
ment that not less ihss three or four
hundred miilioa doliars = year had
been the price paid by the public for
or~ditiaa the stories Of sssonlshisG
profits which might b. made 10 the
wildcat iasu~s has quite -fectSally
spueiched the Operatives OF the un.
deney 10 sound Investments was first
observed In the west but the eospor.
ations or som~ Of th~n. were prompt
TO adopt the idea Of cutting up their
hond issues Into determinations Of
500 and $500 n veil - the tsadi.
tionai $1,000. This reduction 10 the
minimum size Of bonds has brought
into usefulness the hundreds oe MIL
limos In savings fuads which the
wiideatier had preyed upon. People
have become clippers who never
hoped to have enough ''ssved up" at
one to0e To buy . $1,000 boad. A
good many millioas Of the big bead
ioaes have be~n takea IN this way
by small Investors although the ae.
tivity Of building shown that the
Straus plan Of dividing up large firss
mortgages on sky -scsapess and apart
mrnt houses. considered the highest
class Of improved city real estate.
haA enlisted = great share Of tho pso-
pies money In real estate mortgages.
The us~ OF . big a9GrsGate of ana1l
sums to finance hix operations vas
accomplished In many eas~s by the
device Of bond Issues OF small de-
nominations which were secured by
big mortEa9es. the hoad maturing
s-riaiiy and bearing ~ snds per
cent Interest. The high COS, Of iiv-
Ing had required HIGHER rates Of In.
come than had ruled and the real
estate bond was the Idea Of bank
cr. q. V. Straus. with alsr,sissie views
who spent IS years In the quest for
Il form Of security which would prove
a substitute for the wildcat stocks
and still he secure.
Ano,he. Of the few remaining ties
between the old and the new of New
York City. and Incidentally the old
est building in the financial district.
about to make way for more roomy
and otherwise up to date structure.
IL the old United States Assay Of
flee at Broad and Wall streets.
Though q dinxy gray old building Of
only two stories. Its lines are bcauti-
full. for II 10 built In n simple. yet
effective Grecian style with ionic
columns and 4 facade regarded n one
OF the most beautiful pieces Of Gre
clan architecture In the United
States. II was built ninety years
ago by the United States Bank which
was driven ont Of existence by Pres
idcnt Jackson in 1886. when the
building was sold to the Bank Of the
State OF New York. from which the
United States Government acquired II
in 1854. The average citizen is
scarcely acquainted with the func-
lions OF the Assay Office. Thither
goes the miner with his pay dirt for
assay. for which he receives his gold
notes or silver bans at a nominal cost
to- cover the running expenses Of the
office. For gold bars to he shipped
abroad. bankers go to the Assay Of
flee. whose weighing and testing are
so accurately done that they rely
more upon its experts than upon
their own. There also are taken for
testing OF assay and weights the gold
bars imported. Neither our govern
ment nor our bankers are willing to
accept without such tests the gold
bricks bearing the imprints Of other
governments. From this office man.
ufacturinR jewelers. procure gold bars
| which may be as small In value as
800. though the shipping bar is val
ued at $4,000. Here also are brought
old pieces Of jewelry. plate and orna-
ments, not only by jewelers. but by