The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-07-03

merly. They see the necessity of standing
together, particularly if anything like a
financial panic should threaten. A panic
affects them ALL Some will be worse hurt
than others, but none will escape. 1t was
for this that the Bank Of France was so
quick to extend aid to England in the
Argentine crisis. With this golden bond
existing between capitalists and great
centers of capital, why should not labor
stand shoulder to shoulder as well? Labor
organizations have become absolutely
necessary for the protection of the inter
ests of workingmen. If it were not for
the cohesiveness which these organizations
give to labor it would be sadly at dis
advantage, if not entirely routed and de-
moralzed."
l asked my friend for some specific rea-
sons why he thought New York would be-
come the richest money center in the
world.
at is the commercial and financial CEN
ter of the United States. The natural re-
sources of this country are practically ex-
haustless. What our farms will not grow
we can dig from the bowels of the earth
coal, iron. oil, marble, gold. silver. pretty
much everything of great value except
to produce. The Old World is waning.
Its mines are becoming exhausted. The
tin mines of Wales are even getting down
to hard pan, and 1t is thought not to be
worth while to prospect for any Others like
them. Our American tin mines may be
largely mythical, but those of Cornwall
cannot always be depended upon. The
capital of the country is flowing into New
" Il 4
and the money-makers, who will some
day be the ricn men, all gravitate this
way. There are over 800 millionaires in
the city of New York now, and large
percentage of these are millionaires MANY
times over Think of it, Fifteen hundred
means the population of good-sized viii
lage and everybody a multi-millionaire"
When Mr.. Porter, of the eleventh census,
gets around to it he may be able to show
that the capital invested in commercial
enterprises in this country is not far from
$50. 900 900, 600. In 1850 it was something
over $40, 900 GOO, 900. 1t has been estimated
that Mr.. Porter's figures would show the
present amount 10 be $50, 900, 000, 900, but i
have seen estimates which lead me to be-
lieve it Will be so, 00o 600, 600 above these
figures. England can show nothing like
il. This is an enormous increase in ten
years and shows the earning power of the
money which is invested in business enter
prises in the United States, and, with
continuous stream from this vast body of
capital flowing into New York, it bears
out what my friend has said, that this city
will some day be the greatest center of
capital in the world. A very good idea of
the magnitude of some of the transactions
in real estate and some other branches of
trade can be had by an occasional visit TO
the real estate exchange. Not the iarg-
est sales are reported on the open board,
but in that atmosphere one hears of the
fat slices that are occasionally cut off, and
in this way may obtain an idea of richest
New York"
The purchase by George Ehret. the
brewer, of plot of ground up town for
$3.50, 900 is an ordinary transaction. AL
most daily there are sales involving a
round million Of dollars or more, and oc-
casionaliy deals are made which double
and quadruple these figures. The capital
involved in the projected bridges over the
East and North rivers and IN the under
ground railroads almost staggers the
Imagination. Not great deal of cash is
required TO build great bridges and rail-
roads on paper, but when these enter
prises are ready 10 be launched the money
necessary 10 complete them will be easily
forthcoming. For any legitimate business
enterprise guaranteeing per cent profit.
$3.50, 900. 900 can be raised in New York in
twenty-four hours. even with Jay Gould in
the West.
Once in a while a rich man died dies and
his estate does not pan out according to
public expectation. Thereupon the i'm
preston gets out that the wealth of our
rich men is overes timated. That 10 where