The Ketchikan miner., 1908-12-19

the railroads, which gave the tiaffi, that lifted these lines into dividend payers upon capital far beyond their actual cost.
 '.In the work and its profits the nation was an essential partner, and is equally entitled with the indivd. ual to share in the dividends.
 .'Tha second son Is so fortunate as to settle in Pittsbnrg when It had had just been discovered that some ol the coal fields ot which it is the center producing a coking coal ad- mirably adapted for iron ore smeltlng. Another vein, eaisly mined, proved a splendid steam coal. Small iron mills soon sprang up. Everything indicated that here indeed was the future iron city, here steel could be produced more cheaply than in any other loca. tion in the world. Naturally, his at tention was turned in this direction. He wooed the genius of the place. This was not anything extraordi- narly clever. It was in the air. He is entitled to credit for having abid- ing faith in the future of his countr, and of steel, and for risking with his young companions not only all he had. which was little or nothing, but all they could induce timid bankers to lend from time to time. He and h S partners built mill, and furnaces. and finally owned large concern making millions yearly. This son and his partners looked ahead.
 They visited other lands and noted conditions and finally concluded that a large suppl. of raw materials was the key to permanent prosperity. Accordingly. they bought or leased many mines of iron ore, ma ny thous- auds of acres of coal and of limestone. and also of natura1 gas territory, and at last had for many long yea $ full supply of all the minerals required tC produce iron and steel.
 This was sound policy, but it did nor acquire genius. only intelligent study, foresight and good judgement to see that. They did not produce these minerals: they sax them lying around open. for sale at prices that are now deemed only nominal. Much uf the wealth cf the concern came from these minerals, which were once the public property of the community and were easily secured by this for tnnate son and bis partners upon tritl. ing royalties.
 ''1'heir venture was made profitable by the demand for their product, ir or steel from the expanding popoulatior engaged in settling a new continent. Without new populous communities. lar and near. DO millionairedom was possible for them. The incl easing population was always the important factor in their success. Why should the nation be denied participation ir the results when the gatherers cease 10 gather and a division has to bt made?
 The third son was attracted tt Chicago and quite naturall iceame ar empolyee in meat packing concern, in which he soon made himself indiS. pensible. A small interest in the busin 'ss was finally won by him, and he 1ose in due tine to III ll,onaire. don. just as the popoulation oi the country swelled. If Chicago today, and our country generally, had onl, tbe population Of early days there could have been DO great fortune foI the third son. Here, as before, il was the magnitude of the business based solely upon the wants of the population, that swelled the yearly profits and produced DrodigiOus for tunes.
 "The .ourth son, attracted by the stories of Hecla and Calumet aIt other rich mines, settled in Montana and was lucky after some years O rude experience. His ventures gave him the coveted pillionairedon. + He did not create this wealth he only dug it out of the mine as tho demand of the people gave value tt the previously worthless stones. Here especially we cannot but feel that the people who created the value should share the dividends when the @ mus pass into other hands.
 "The fifth son has x melanchol! career. He settled in New York City while young, and unfortunately began bis labors in stock br0ker's office where he soon became absorbed in tue Huct ions of the stock exchange. From this the step was easy to taking chances with his small earnings. Hi, gambling adventures proved success ful and he soon acquired wealth with out increasing values, for speculation is the parasite of business, feedin, upon valnes, creating none. A few years and the feverish life of tn gamester told upon him. He was le' into a scheme to corner a certain stock. and, as was to have been ex pected, he found that men who vii