The age-herald., 1902-02-16

No one who observes the operations of the great financiers engaged in floating mammoth corporations can escape the suspicion that too much wealth Is being manufactured in Wall Street Scarce a week passes when the public Is not sur prised by the announcement that new ly constructed company with millions of handsomely printed or engraved shares is on the way and about ready to be f1oated on the financial market Hun dreds, of millions, nay billions have been created by schemes acting in accordance with law and assisted by the rapid print ing presses of bank note companies. In- deed the making of combinations, their exploitation and launching, has become a grand and profitable business. The en- tire machinery consists of one or two scheming promoters, trust company, a bank, a law firm, printing office and good advertisement writers. It not only creates a company of mammoth propor- tions controls the business or industry engaged in. but carefully sustains the market price until the great public con quers its timidity and invests it's hard earnings in paper certificates.
 It is time for the investor to stop and look before he leaps. He should pause before he parts with his hard earned profits or before he mortgages real prop erty to buy the picture papers published in Wall Street. The country is enjoy ing period of marvellous prosperity one unparalleled in its history and through out the nation there is general feeling that 1t will go on forever But it won't it Is not in accordance with the laws of commerce.
 It will be remembered that only a short time ago there were long faces in the country. This was during the second ad- ministration of Cleveland and yet only four years before when he retired from the Presidency national affairs were voiced by the cry: What shall we do with the surplus? During his second ad- ministration bonds had to be issued and sold to replenish the national treasury The semi-panc of 1893, indicated the fin- ancial condition and the list of securi- ties offered on the stock exchange was depressed from start to finish The cleo tion of William Mckinley, in 1896, was due to financial disturbance. A slight ad- vance in prices followed, due to the as- surance that the gold standard of values would not be changed in order to try some fnanciering to alter physical con- ditions. Eastern manufacturers were run ming at half or three quarter time rail roads were competing at ruinous rates for such freight as was offered, and west ern farmers were battling with overdue farm mortgages. Unable to sell their pro- duce at profitable figures they were not buyers of manufactured articles. But change came. What caused it?
 In 1897, the English and continental
 markets finding that the crops from the Argentine and southern Russia had fail- ed to supply their market American wheat and corn was in demand. In Oc- tober. 1897 wheat went to over one dol lar. Ships filled the harbors waiting car goes, railroads obtained freights at their own figures and millions poured into farmers and railroads. In 1898, the same conditions prevailed. The farmers rellev- ed of their burden of debt, began to bpv Mills ran overtime and the great era os prosperity began.
 The statement that the basis of o,r wealth rests on the farms of our great west, should go unchallenged. Sunnose competition should destroy the price of corn and wheat in Europe what yvo,,ld be the result?
 The financial statement of mills ex- hibiting the trade conditions of 1saa to 1896. and that of 1899 to 1901, show a vast difference. Improvement means nrotit According to the scheme of flnanciers every six dollars earned means one hrn- dred dollars more of valuation. Hence a