The age-herald., 1901-05-19
WHAT VALUE OF STOCKS
 MEANS TO THE COUNTRY
Prices Indicate Values Determined by Consolidation of Roads the Shares of Which Are Sought for by Financers and
 nvestors-The Future Prospects in Railroads
BY MAURICE M. HINTON.

could now afford to build them anew. Europe's gold poured into the United States. Our bonds taking millions abroad annually for interest came home, and these millions accumulate among our people. Railroads were employed to their utmost capacity, carrying grain to the sea and merchandise inland. The farmer paid off his mortgages. his debts. Money accumulated with him. No long CT Is railroad building matter of conS lecture. It Is a matter of fact. An an- swer to a demand. The lines of popula- tion were fixed. But it is not in the West alone the development has been rapid. It is everywhere. From Philadelphia to Pittsburg: from Pittsburg to Chicago; from Chicago to Milwaukee, St. Louis and Kansas City. From New York to Buffalo. to Boston, to Philadelphia. What is railroading in CChicago in Boston, in New York? How many millions In these cities daily pay a transportation fee. Compare 1t with thirty-flve years ago.
 What is the wealth of the South today In comparison with before the war? In every section development, in every quarter multiplied resources. There is not a State which is not able to put ten dollars down where in 1861 she could put down but one. Her great resources her great wealth are only intimated, not re- vealed. Her energy Is magnificent, her resources immeasurable. Capital is seeking investment everywhere.
 This Is what is behind the extraordina- " situation as presented by Wall street; and more the spectacular demonstration to the world, as afforded by the Span ish war, of a united people. people who sent to the war men from every State in the union. and every shot that was fired was a leaden messenger from the soldier, which went It's way sing ing Limited we stand, divided we fari
 In the grand column of nations the United States stands, recognized. lore most in agriculture, in mines, in rali- roads. Her wealth Is boundless, her em- thence and destiny beyond calculation. Her power felt the world around Con- solidation of kindred interests Is the in- dustrial law of the day. Railroads are being welded into systems, and indus tries into combinations. Supply and de- mand are established. New enterprises are created by demand rather than by speculative or theoretical anticipation.
 Wall street, as the financial barometer, indicates the continuation of the first stage of Improvements begun In lSto ana developing in 1897. It is new era. The child has attained his majority. when will maturity be attained?
 To gain the control of industrials ana to consolidate the railroads into systems Is the object of far-seeing financlers They are dealing in productive. not spec uative properties. To gain their control to perfect their combinations, financiers, mindful of the possibilities of the fu- ture, are seeking the stocks In the open market. Investors, believing that rail roads will enter into even more pros porous condition when the combinations are perfected hasten to secure shares, and the marginal gambler. attracted by the advancing prices, rushes In to buy and sell at profit. The marginal gam bier Is a moth allured by the flames.
 A time will come when the financiers have perfected their holdings and when | the investors will believe the investment l limit has been reached and these two l classes of buyers will place their stocks l in strong boxes and retire. None put the l prime movers can anticipate what value I can be placed on shares. They buy for l the future. The marginal gamblers will find the demand has subsided and Will hasten to realize. Then will come the days of horror; when merchants, clerks and chorus girls will find their stocks which go up can go down. The bottom will fall out of the boom. Paper profits and 10 per cent margins will pass ike the clouds on May day.
 But this will not affect the properties The stock that Is thrown upon the mar ket will fall into strong hands, and the saying will be fulfilled: The weakest will go to the wall.