The Lakeland evening telegram. (Lakeland, Fla.) 1911-1922, 1922-02-18
AS Others See II
THE SPECULATIVE SPIRIT
miami Herald.1

1t is said that there are in New York City a
hundred thousand victims Of fake stock invest
ments The newest Ponzi, in the metropolis OF
the middle west, has been brought to book, with
liabilities of six or seven million dollars and yisi-
BILE assets consisting mostly of dubious oil stocks,
amounting to a million. His attorney says he has
done nothing criminal He has just made bad
investments.
For many of those who have lost money in
these and sundry other stock speculations there
is little need of sympathy. There are some, how.
ever, simple minded trusting folks, who, under
the persuasive oratory Of the statesmen have
brought out their savings from the old-sock bank
and risked all in the hope of adding something
to their rainy-day fund
The most significant feature of revelations such
these does not lie in the amount of money
lost nor in the number of losers. Many of them
would have lost their money in one way or an
other anyhow. The serious phase of the matter
is that it seems to indicate mental attitude on
the part of a very considerable part Of the
population which does not make for the creation
of stable business conditions.
All business rests, to some extent, on specula
tion This cannot be- avoided, but business be-
comes sound and safe to the extent that the spec
ulative feature can be eliminated.
The man who sets OUT with the idea that by
some sort of magic he can become rich, without
effort on his part, is in grave danger Of landing
in the poor house. The lure of the easy dollar
is irresistible to some people. They do not seem
to realize that money in itself cannot produce
wealth except as it is intelligently and indus
Jrously used.
Small Investments sometimes yield great profits
When this is the case il is practically always some
thing OF il gamble. The only man who can az
lord to gamble ia this way is the man who can
afford to lose the money which he lag inYesteG
and he ia rarely the man who will enter into a
shaky business project.
The war period is held yesponsible gor much Of
the ieVerisi desire to get rich quicky and easily
Many people made money in amounts Ear be
ycnd anything thet they had previously lad They
began TO enjoy the feel OF il, and when the ab
normal conditions passed away they were mo-
content to return TO the old order of things
This condition made more or less industrial un
rest. 1t also developed the speculative spirit and
put many people into mental attitude that made
the road of the seller Of promising but risky
stocks easy. i
There is place for the speculative venture in
business. Many great industries have been es
tabli5hed because large sums of money were
risked on what seemed to be very uncertain in
yestment. The man who cannot afford to take
Il roll OF money out and drop it in the bay has
no business with this sort of thing. He had better
stick to the slow process of saving and conserva
tive investment.
Thousands Of people would have been saved
untold distress If they had adopted the simple
expedient, when tempted by the get-rich-quick
lure, of consulting their banker or of talking the
thing over with some business friend who has
won success for himself ANY stock seller who is
not willing to have his proposed patron do this
is not safe person in whom to impose conf
dence Is ...,>
The story of Aladdin's lamp is pretty story,
but it is a myth. Very few people ever get rich
in hurry by rubbing gaudy printed stock Ger.
tifcate. Ii you can afford to invest your money
and straightway forget what you have done with
it, it may be all right to listen to the siren song
of the salesman. If when you have invested, you
will lie awake at night wondering what is to be,
come of you If you lose your money, you would
better leave 1t in the old sock, or better still,
soak it away where you will be reasonably sure
of drawing down a little old four or six per cent.