The Mankato free press., 1920-12-10
Opportunity Comes In the
Darkest Hour
OPTIMISM IS SOUNDED
Business Writer Shows How
Many Money Leaders Won
BY Having Faith

The men and the companies who
have achieved the most are those who
have had unwavering faith in the
future of the United States at times
when the majority were giving wa!
TO pessimism and despair says The
Chicago Journal of Commerce.
Andrew Carnegie laid the founda-
tion Tor his fortune by buying the
shares Of his early partners when
depression and panic caused them to
lose confidence In the steel industry
Henry Clay Frick founded his for
tune by taking over the obhgations
Of his irst partners in the panic OF
1873 when their product. coke. fell
below cost Of production. John D.
Rockefeller maintained his faith In
oil through good times and bad
often taking over the properties OF
others OF less vision. E. II. Hartman
entered the railroad field when bank
ruptcy was rife, and by taking hold
OF the bankrupt Union Pacific laid the
basis Tor his fortune. The late ]. P.
Morgan made his first mark by
throwing himself enthusiastically in
to railroad operations when many
Something Similar Now
Something similar is happening
now. 1t IL at this time. when the air
u black with forebodings, that the
house OF Morgan enters the automo-
bile industry on very large scale.
Among the most successful indus
trial families In America are the du
Points. They, too, have chosen the
present moment to invest many mil
lions In the derressed automobile
industry. Hartman recently sigma
nvAI Hgs hxrl inc
in the shipping industry when every
one was predicting a disaster.
Back Up Their Faith With Money
Is 1t not significant too that the
head Of the largest enterprise in the
world. Judge Gary, Of the United
States Steel Corporation. proclaims
himself optimistic when others Of
less caliber are Predicting wide
spread ruinatien? The man who has
built up the largest trust company
In America, Charles H. Sabin. of the
York, has also uttered an emphatic
protest against allowing pessimism
TO run riot. 1t is known that Morgan
and Company are not the only lnan-
cial interests who are quietly mani
testing their faith In the outlook by
inve 5IingI heavily in various enter
prises now undergoing strenuous
struggles.
Optimism ls Predominatina
ooking further ahead. however,
c'timism, not pessimism, predomi
j les as rule in the highest finan-
ial circles. Assuming that read :
Jus.msnt $ceeds at anything like
ti recent pace, the ordeal ought to
he fairly well completed by the open
ing of spring When ii is completed
fundamental conditions will be found
extraordinarily strong.
Even now encouraging develop
ments are not wanting
Retail trade is surprisingly brisk
outside of those industrial centers
where idlenegs is rife New York
stores are daily crowded A leading
Chicago dry goods house says: RE
tail merchants report a continuance
OF excellant business" From other
large centers equally cheerful re
ports are received. Wherever huge
auction sales have been resorted to
the absorption Of goods has exceed
ed expectations, at. however, prices
distinctly below those formerly rul
ing, thus confirming the belief that
the American People are willing to
spend and have money to spend
when prices appeal to them as at
tractive.