The Birmingham age-herald., 1915-11-01

when he expected to have a conference with him.
 Some of those who as observers and studying quotations for railroad stocks find much cause for qualification. Rail- road stocks are for the most part grad ually appreciating. Who, for instance, would have ventured to predict year ago that the quotations for the New Haven railroad stock would be approxi- matelv 100 per cent greater now than they were then? There seems to be un- derlying confidence in the ability of those who direct the Erie railroad to bring 1t to a condition before long when 1t can realize the opportunities which the late F. H. Hartman believed it possessed. Years ago, when the late Fredericy D. Tappan. was president of a New York bank which was recently absorbed by an- other, and which made a speciality of call loans to brokers, he was accustomed to say that he was always glad to have some Erie stock mixed in with other col lateral for the reason that Erie stock could always be sold on the instant. And his reason for the easy market the Erie stock commanded was that there still prevailed belief tha1 there were lurking values in the Erie property which needed only wise nursing and careful manage ment to pull it to development.
 It is sroken of as a highly ratifyin9 feature of the market situation that gradually, but apparently surely, the railroad companies of the United States or many of them, are gaining confidence and support of a kind which will make it all the easier for them to approach the money market in quest of funds with which to make improvements. Improve ments must be made speedily, at least upon the trunk lines, or else there will certainly be congestion which will be more harmful to the business interests of the country than to the railroads themselves.
 Results of Market Successes Many are the interesting and romantic anecdotes which tell of the suddenly grati- flying experience of men who until re- gently have been in embarrassment ol "liard up' whose condition is changed by reason of the appreciation in the market price of various industrial stocks. Some papers of the experience of John D Chapman. No one who knows him will fail to rejoice with him. for his reputa- ton is of a kind which any brok { or, in fact. any man might envy. He has in addition to his other qualities album dant courage A year ago MT. Chapman was numbered among the brokers who lOu1lQ luelF lHculneS SuDStanlldliy QlInln shed or entirely gone. He met his fate heroically.
 He has beautiful place on Round Island, which is situated on the west shore of Greenwich, Conn.,, bay, and di- rectly opposite the conspicuous home oi Commodore E. C. Benedict. MT. Chap. man at once took heroic measures. He sold his automobiles; he greatly reduced his household expenses: he cut his per sonal and living expenses to the bone never complaining.
 Whether he had at this time of famine for all brokers possession of block o1 Bethlehem Steel company's stock of ap- proximately 3O00 shares. or whether he at that time thought it prudent to ,n. vest some portion of his principal in that stock he knows best. But there is nc doubt that he has been in possession for a year or so of block of some 3OO( shares for which he paid somewhere be- tween 90 and 40. Computing his gains at one of the recent quotations for Beth lehem stock these must have been con. siderably over $l.000.000. Mir. Chapman however. has the embarrassment oi riches. Those who are in intimate asso- cation with him say that he does not look upon it as expedfent to attempt to turn that stock into cash. The offer of il might to some extent. demoralize the market. He must therefore for a time be content with his paper profits, and his experience no doubt is a fair illustra- ton of that of some others who within year have been lifted from embarra ss-
 dent to the condition of the man who pos sesses considerable fortune and who nev- ertheless Is not in a position to realize that fortune.