Evening Republican, Volume 16, Number 49, Rensselaer, Jasper County, 26 February 1912 — FORTUNES ARE PILED UP [ARTICLE]

FORTUNES ARE PILED UP

Birth of Industrial Combinations During McKinley’s Term Netted I Financiers Vast Wealth. New York. —The great railroad and industrial, development of this country which has gone on since the Spanish war has produced a remarkable crop of men whose fortunes have mounted into the millions at a rate unknown In any previous period of our country. One who died recently was John W. Gates. Mr. Gates’ fortune has just been appraised at $J1,000,000. Like Mr. Gates, Mr. Harrlman possessed a fortune made practically within this period. It was a much larger fortune than Mr. Gates', the estimates of it At Mr. Harrlman’s death ran as high as $150,000,000. The Harrlman estate paid taxes on a fortune of $71,000,000. Next to Mr. Harrlman the most conspicuous of the new millionaires w#o have been made essentially by railroad manipulation is Edwin Hawley. Ten years ago he was regarded as a newcomer on the financial stage and. was being described Its “Wall street’s new constructive genius in railroad of>e rations.” One of Wall streets most interesting figures in these years of rapid fortune building has been former Judge William H, Moore Of all these newly made millionaires his record is unique. Within the same period—the period that began With the consolidation of the great industrial plants—Judge Moore has made and lost one fortune, and has made another on the ruins of the first ,

Daniel G. Reid is a ■ man who has made a large fortune In the same record breaking time and in much the same way. With him should be classed the late William B. Leeds, for they hewed their way together, “two little Indiana boys,” Reid used to call them. As the youngest, possibly, of this remarkable group of swiftly made men of millions, Chaises M. Schwab has come in for perhaps more attention than many of the older figures in It Strictly speaking, he belongs to the Carnegie group of millionaires, men whom the ironmaster tooth into partnership and helped to pu J along toward fortune, though belonging to a younger generation than himself. William E. Corey and (Several other men might be named in this group. Their fortunes have been made in the same quick manner. The career of Schwab has been almost These are perhaps the most conspicuous figures in the group of new men of great fortunes in this country. It is a group that is younger than the men with fortune made from oil and the railroad development of a quarter of a i century ago. Twenty-five years ago few of these men had even the small beginnings of a fortune. Almost without exception their fortunes, running up into millions, have been made since McKinley was inaugurated and the Maine was sunk in Havana harbor. :