The times. [volume] (Richmond, Va.) 1890-1903, 1899-01-25
WEDNESDAY. JANUARY %. 1898.


THE SECURITY BOON.
Ths great boom on the New York Stock
Exchange OF lato is matter Of deepest
interest. not TO spectators only-not
simply to those who buy and sell stocks
and bonds-but 10 the whole people OF
the United states. New York is the great
financial centre Of This country, If not.
indeed. OF the whole world. and Wall street
Is the great centre Of financial news. The
Greatest hnanciers the sharpest traders
Of the United States are gathered to-
gethor there. and special wires run into
Wall street from the rcmOtest corners OF
the earth. Those men make a study OF
business conditions; they know the con-
dition Of the crops; they know all about
the earnings OF the railroads: they are
informed as 20 the activity in the manu-
featuring business OF the country; they
know what the demand is for raw ma
terials and finished products: they know
approximately how many people are at
work earning wages, and how many are
idle: they know what the merchants are
doing. how many goods they are selling
and how their collections are-in short.
Tiers is no department OF business. Of
nuance or Of industry that the wan
street people DO not understand.
in looking the country over they saw
that there was q general awakening ali
over the land: that new factories were
starting up that the iron Industries OF
the country were booming that railroads
were taxed to their full capacity to handle
their constantly increasing business that
railroad earnings were larger than were
ever known. and last. but not least. they
raw from the published statements that
there is a great sum OF money I'm the
country seeking investment As conse-
uuence there was a rush to buy stocks
and bonds. with fun confidence that all
securities were too low in price. and with
tho rush Of orders has conn a rapid add
vance In prices. One New York news
paper mentions twenty-three corpora
lions IN this country. mainly railroad
corporations whose securities advanced
On value between January /. 1S9S. ana
January q. 1879 $ioS.lOOO0O This is a
matter OF great Importance. Of course,
20 the persons VINO are dealing in securi-
ties hut we say it IS also a matter OF
tnterest 10 the people Of the United
states generally. for it shows beyond a
peradventure that the food tide OF pros
periiy has set in. and there is reason 10
hope That this is but the beginning or
greater things that arc 10 follow.
This country has passed through a sea
con OF terrible business depression. the
cause OF which we viii not stop here to
argue There has been shrinkage in
values hut change has come.
and while We may not again see
such prices as we once saw. the rapid
rise in securities and the great abundance
Of money now seeking investment are
guarantee that values generally viii be
advanced.
There must he an end 10 the great
boom in securities. Prices will reach a
point after awhile al which there WILL
te 10 ifuNN'iHNHA 40 tANNNtt4H 10 III
crease their holdings OF securities. bat
we believe that that point VIII be reach
I'd long before the great amount or sur
plus capital IN this country shall have
been absorbed. Then capitalists VIII
surn their attention IA other directions.
and in our opinion. they win soon begin
90 inves; IN real estate.
We believe that the prediction which
this paper has so often made within the
past twelve months-tbat real estate
values would ADVANCES about TO be
fulniied. Win the wheels Of industry
fairly set In motion. with great indus
trial boom throughout the land, there
must follow an active demand Tor de-
sirable real estate and that time ia our
opinion, IS near az hand. We are con-
fdent, as confident as anything We do
not actually know. that there viii soon
be great az, 4ty in the real estate may
ket Of Richmond. and that business pro-
perty. residence property and manufac-
curing sites viii materially enhance In
value. Real estate Is usually tho last
commodity 10 feel the influence OF pros
pcrous times, but 81 Is the safest Of ali
Investments and lies al the bottom o.
AL busineFs enterprise. Real estate values
sn this vicinity are too low. and unless