Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1909-11-26

/ ylelu OIL Wneat, corn anu OIn-
er staples has been heralded
thTINESsgI far and wide. But there is
another harvest that has
been growing and ripening all unno-
Uced by government statisticians and
by everybody else, and that is the
bumper crop of new millionaires and
multi-millionaires. Never before were
there so many in New York as there
are to-day. Millionaires were made in
a night by the great wave of consoli-
dation and the merging of hundreds
of industrial enterprises that was the
feature of the opening years of the r
twentieth century, just after the close f
of the Spanish-American war. There
were steel kings, steamship kings.
pump kings, kings of car springs and
of air brakes and Of all sorts or u
things. They blossomed forth between II
the sunset of one day and the dawn
of the next. The select circle of plu.
tocracy widened so swiftly that 1t
broke all barriers and created a new
;aristocracy of wealth in America.
New York was invaded by horde of
westerners whose manners in some
cases shocked even the imperturbable
,servitors at the expensive hotels
where they monopolzed the royal
suites. Pittsburg, from being simply
a great mill town, city of grimy
workmen, jumped into worldwide
prominence because 1t was discovered
suddenly that it had more millionaires
to the square inch than any other
spot on earth. In New York all sorts
of people achieved fortunes, paper or
actual. almost before they were
aware; jockeys, walters, bartenders
and other humble folk glanced with
amaze at the balances with their
brokers and began making plans for
yachts and country houses. The his
tory of this period was one of the
wonders Of America.
Then, two years ago, the panic
came and put dampener on the
financial hopes and aspirations of those '
survived the various Ills that followed in ii
of Industrial over-eXpansion. But since th
clouds have cleared away there has come
and even more wonderful appreciation in
the most remarkable advance in the price
commodities and securities that this coun
ever known. Probably more millionaires ha
made in the last ~ months by the steadil
tide of tremendous prosperity than histo
has recorded In a similar period of time
number of those who have grown rich gu
greater, probably than 1t was in the time
ger and consolidation, nearly a decade al
fore the panic of 1907 there were, perhaI
millionaires in New York. Now there a
where between 5000 and 10000.
The advances in the value of securities
last two years have been almost incredible
probably are more than 100000 persons
stockholders of United States Steel In
1907. Steel Common was 21B in FebruaI
1t was Al a this October 1t has been wei
90, The shares of the Pennsylvania railr
more widely distributed than any other Il
tation line more than 10000 people bein
on It's books of shareholders. Two years
was 1903; lately 1t has been above $50. III
cifc is next to Pennsylvania in the lengt
stockholders list. 1t is not only one of Il
popular investment securities, but also one
speculated in mosi largely. Union Pacit
mon was 100 in 1907; this year it has bee
2l9, an increase of more than 100 per cen
York Central, Southern Pacific, Baltimore
Atlantic Coast Line, Illinois Central Gre
thern Standard Oil-practically all the ST
the long list Of railways and industrials
vanced from SO to 100 or more per cent 1
since October, 1907
Thousands of people who are not spe
and who are intolerant of speculation hav
ed enormously by this wonderful rise in
They are the ones who bought for inv
when the prices were low and who are nc
ing the harvest. During the panic Ell
blocks of giltedge shares were thrown
markets when great spectators like Hell
Morse. and some Others who were not so
ular or daring, had to sacrifice anything
erything for ready money. Their holdings
scattered throughout the country and ha
tucked away in tens of thousands of sa
strong boxes.
While some of the new millionaires con
the ranks Of those who were bargain hui
the days of panic. most of the new plutoc
from the army OF spsculators.
There are so many of these new mill