The Irish standard. [volume] (Minneapolis, Minn. ;) 1886-1920, 1896-02-29
sg i = Il & I Z r. - (. st
big FORTUNES ARE MADE
Henry Clews, Of New York, and
Senator M. Teller, of Col !
orado, Talk.
Two Hundred Millions Worth of
Gold Will Be Produced and
Go Into Circulation.
An Era of Prosperity Is Predicted
and Then Will Come a
Collapse.

While in New York the other day
dropped in for a few moments at the office
of Henry Clews and had a characteristic
chat with him about money matters Mr..
Clews is the Oldest broker on Wall street.
He began to speculate at 22, and he is
still in the SWIM at 60. He has known in
timately all the great operators and for
t,ne-makers for the past IS years, and has
had his tusses with most of them. He
has made and lost millions, and he is said
to be worth millions today. He is still one
of the most energetic men on the street,
and you would never suppose that he has
reached the three score. He is as bright
as a silver dollar fresh from the mint,
and talks in the quick, jerky way OF the
business man of his time. asked him
first as to the times. He told me that
prosperity had come to stay, and that we
were on the upgrade of financial good
times. Said he:
81 expect to see the times improve
steadily from now or. We are going to
have period of gold imitation, and the
golden era is about to come. We will pro-
duce more than 5000. .0O0, 900 worth of gold
in the world this year, and the greater
part of this will go into circulation. There
are new gold fields being discovered in all
parts of the world, and the probability is
that the output will increase rather than
diminish. Now, the Big countries of
Europe have been boarding gold for some
time. They have their strong boxes prac-
tically full in preparation for possible
wars in the future They will hoard no
more, and the surplus from now on will
go into circulation. There will be bill
ion dollars worth of gold thrown into the
worlds circulation during the next five
years. and this will create at least bill
ion dollars of credit money. The result
will be gold imitation and the prices Of
everything will rise" writes Frank G..
Carpenter in a washington letter.
"Will there be a panic at the end OF 1t?
Eyes, the panic viii come sooner or
later. Prosperity aad the reverse move
in waves. AND we are bound to have our
ups and downs just about every so often :
How about interest rates? Have they
not got to the bottom?"
mo, | think not" replied Mr. Clews.
Interest is falling and will probably fall.
The low rate of interest depends upon
credit. Our government has such good
credit that it can get money very cheaply,
1t IS so with our business men. They are
known to be good, and every one wants to
lend to them"
How about Wall street? Is there as
much chance to make money as there has
been in the past?' ."
Yes, every bit. Men are making money
here now Successful Wall street specu-
lators are born, not made. They come
into the street, and by industry, energy
and practical common sense make for
tunes
What are the elements OF a successful
Wall street speculator?
THE chief thing is to know good
thing when you see it, and to act upon it
the moment you know 1t. A successful
man here has to know the country. He
has to study the markets, and to be able
to reason and think for himself. He has
to be careful in his habits, and see that
his brain is in good condition. II his vital
force goes out in dissipation OF any kind
he cam t use it here, and, can tell you, ne
needs vital force here"
'.In Monte Carlo, MIR. Clew, where real
gambling goes on. there are numerous
men who have systems which they think
will beat the game. Is there any system
by which Wall street stock gambler can
beat the game?,'
:.No. think not, replied the old bro
ker. MEN with systems come here by
the scores. They invariably fail in the
end. You can't play Wall street on sys-
tenn"
Glow does presidential campaign af-
feet Wall street?"
4. y ;oI a n
for the SPECTATORS. bad for the brokers,
bad all around. People get interested IN
the different candidates. The bankers and
brokers are appointed on committees. and
they devote time to politics which they Or
dinarily use in the street Both Wall
street and the people lcse great deal dur
ing presidential campaign"
aWho is the richest man in the United
States, Mr.. Clews?''
81 believe Cornelius Vanderbilt stands
at the head was the reply. "E1e has at
least $1OO, ,000, ,OO0.'
..Who are the five richest nleIl??'
tsL et me see," was the reply OF the brok-
er. as he held up a delicate white hand
and began to count on his fingers. begin
ming at the little one. ''There is Cornelius
Vanderbilt first, William H. Vanderbilt
second. William Waldorf Astor, the for
tune Of Jay Gould, and lastly. that Of John
Rockefeller. Each Of these is worth from
fifty million to a hundred million dollars,
and together they represent an enormous
amount of money
tsAre not these large fortunes dangerous
to the United States?" asked. Don't
you think we are liable to have society
Of the rich and one Of the poorer + we are
not carefnl?"
.No, 1 think not replied Mr.. Clews.
.sThe only way these fortunes have been
kept together is by system Of entail.
The Vanderbilts have given the bulk to
the eldest son, and the Astor millions are
kept together The rule is that r.ch fam
lilies seldom hold their estates more than
four generations. That may be called the
life of 4 fortune We have no law of,en-
tail and the sharp young fellows from the
outside manage to get away with the for
tunes OF the .effete rich. =
II How about the honor of Wall street :?
Some people think that the brokers are
dangerous men to deal with. .
4ssss don't believe that sthere.is placesin
the world where honor is worth more and
held at higher rate than right here.
NJ ialfnna arc made and fnfst here every