The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-09

a handsome property. One day a pro-
moter came along and told him his plant
was worth $1,000 900. The promoter in
duced him to put his business into a
combination, the consideration to be
81, 900, 900 in per cent preferred stock and
$1,00O,00O in common stock, with an op-
ton Of taking 20 per cent of the 81, OO0, Goo
in cash. The manufacturer went into the
deal with fear and trembling, but conf
dence returned to him a few weeks later
when he found he could sell his shares
on the New York Stock Exchange for
nearly $,5O0,0O0. The trans'tion OF prop
erty held to be worth 100 into Sc
curities having a quick market value
of 81 100000 occupied less than six months.
Under the old order the manufactures
counted 1t d very good year when he
could make $4,000. The preferred stock
he received for his plant yielded him a
fixed income of $4,000 and placed him
in the ideal position OF a retired gentle
man of fortune and comparative leisure
While he was building up his immense
business he never felt that he could take
dollar from it for investment in out
side enterprises. He had to have a line
of credit with his bankers, and in order
tc maintain his standing with them he
was obliged to adhere rfgtdly to the
policy of combining himself s.rictly to his
own business. That rule prevailed all
over the country, as every manufacturer,
great and small, can bear witness.
LIBERATED FROM BONDAGE.
Since coming to New York the whole
nature of that man has changed. He
feels as though he has been liberated
from bondage. He has given hts mind
chance to expand, and although he has
lost none OF his shrewdness and caution.
he feels free to look about him and to
put his money into investments other
than that represented by the corporation
that absorbed his former property. In
fact, it is the element of caution aud
prudence which impels him to distribute
his investments and avoid the danger of
having all his eggs in one basket For
a year or more he has been readjusting
his personal fortunes with a view pri-
marily of securing himself and his family
against future slrinkage of income and
principal. Incidentally he had been
brought into contact with many bright
men with schemes requiring backing
Most of these he had passed up. but
some We're attractive to him and he put
his money into them. He found many
others among his acquaintances similarly
situated were doing the same thing.
The investment tendency Of this large
and influential class of capitalists is In
projects for the development of the nat,
ural resources of the country The bent
of their minds directs them 70 that chan
mel. 1t is line in which they are al
ready more or less familiar. and they can
see the chances Of profitable outcome
to intelligent enterprise in these fields.
Literally hundreds Of millions Of dollars
nave gone into projects to utilize hitherto
undeveloped wealth of the country. All
this is due to the conversion of tangible
property into securities ch4ngeable in
simultaneously into cash. Two years ago
capital could not have been obtained for
10 per cent of the enterprises now under
way with ample backing
The revolution has baan going on SO
quietly that very few yet appreciate the
Importance and extent of the change.
A new force has been bro Sg-nt into op-
GRAFTON and means have BEN provided
for utilizing the vast and unIeveloped
energies and they are contributing to
national and individual prosperity at a
rate never before witnessed. We are onlv
IN the beginning of a wonderful wealth
creating era, and the world at large mas
not yet opened it's eyes to what Is going
on at the present moment The liberia
ton of $1,000, co., zoe in capital heretofore
unavailable for miscellaneous Investment
is doing the work.