The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-06-09
ATTRACTS BUSINESS MN
REVOLUTION NOW GOING ON IN
COMMERCIAL WORLD PLEAsES
CAPITALISTS
GIVES THEM MORE LEISURE
5len Who Have Been Held Down to
Their Desks for Years Now
Have Chance to Drop
business Care.
Ry w. G NfchoInsl

NEW YORK, June S.-The conversion
OF $3.UO, UG0,WC worth of manufacturing
property into quick assets has had a
wonderful lubricating effect on general
business. The Importance Of the process
is as yet only dimly realized 1t has
been in reality revolutionary. 1t has re-
suited in practically doubling the
amount of capital available for develop
Ing the resources CT the country and
handling the business
1t is next door to q bank account to
have property in the form of securities
upon which money can be quickly raised
by sale or by use as collateral for loans
The easy cOnvertibility of the new form
OF manufacturing investment irto cash
has stimulated enterprise in every direc-
ton. The very ease with which stocks
and bonds based on manufacturing
plants may be turned into cash is a
temptation to engage in unsafe specula-
tion, but that is something which cannot
be unavoided. Presumably men smart
enough to accumulate large property are
smart enough to keep It. There are or
course exceptions to this rule, and ex-
ceptions will suffer. Thus far the new
era has been remarkably free from ca
lamity. Cases Of losses on account of
individual recklessness or foolishness are
very rare. The people who have made
money quickly and in large amounts by
the absorption of their property into
trusts and combinations have developed
astonishing shrewdness as conservators
of their enlarged estates.
At the same time they are finding idle
ness irksome and, as a rule, they are
looking for something to do to occupv
their time and employ a portion of their
surplus means. Thousands of them have
|drifted from interior cities and towns
into New York. Many of them especial
~ the richer ones have come to the me-
tropobs with the intention of making
II their place of permanent residence
BY far the larger number, however have
taken quarters in the leading hotels.
forming groups and cliques Men with
affinity Of interests and character nat
urally drift together, and in some of
the hotels these groupings take on the
phases Of informal club life. Here they
gather at certain recognized hours OF
the day and evening and discuss mat
ters of mutual concern of a business
and social nature
It is at the hotels, more than in their
business Offices, that the men Of millions
and of hundreds of thousands come into
contact with promoters and schemers.
These TWO terms in description of men
OF ideas and plans of exploitation or
combination have ceased to be offensive
either in meaning or application. The
man with q plan for the investment Of
SlO,GG0 in the organization or expansion,
OF some business is recognized as differ
ing only in degree from kings of promo
tlon and kings Of schemers of the caliber
Of J. Pierpont Morgan, W. H. Moore.
l.. IL Hartman, Charles f. Flint and
dozen others who might be n7entionac
IN the same list. Promoters who have
anythinG worth taking I'D find little
trouhle IN securing hacking these davs
tact which is que largely to the causes
mentioned in the opening paragraph of
this dispatch Hundreds and thousands
or men Of means who could not or would
not JOCK at a promoter or consider pro-
moClon schemes a minute under the old
r. gine. give willing audience to suggeq-
tons emanating from persons of good
standing or who can secure proner in
PRODUCTIONS and endorsements as to char
acter and honesty.
NEW FIELDS OPENED
There is reason why they feel diff
ferently aud act differently towards
projects Of development Under the old
order Of things man might be worth
H,@0Oo0 and still have his property IN
such shape that he would not feel that
ne could withdraw any capital from his
business to put into new things or en-
terpriscs foreign to his specially. Being
thus situated, he felt it a waste of time
TO consider outside propositions and
hedged himself in against them. That
was largely because he was tied I'D aid
held within such limitations that he could
not expand without doing violence to his
code OF business ethics. Under thu Few
order his horizon has broadened and Re
has taken more generous view Of bust
ness opportunities presented for his con-
sideration.
1 will take the case Of a man IN An
Ohio manufacturing community to illi;s
trate the changed conditions and to ex.
plain why IL is that there is So much
more money available for the devotion
ment Of rev entcrprises-the nourishmenf
OF children Of the brain which were for
merly allowed to starve to death or die
stubborn. The case I have in mind is
the type Of hundreds of thousands of 9th
ers. This man had a manufacturing
plant which he considered worth about
$5N,Ooo He had built 1t up from a small
beginning and had stayed by IT FOR twcn-
ty-hve years putting the larger part Of
the earnings back into the bust ,eSs am,
seeing It grow under his m&nase Iaeae ut