And  out  of  these  various  forms  of  land  ownership  comes
a  superimposed  speculation,  which,  to  those  who  can
control  it,  is  prolific.  This  is  speculation  in  mining,  rail-
road and  "industrial"  stocks.  These  stocks  are  issued
by  companies  based  upon  land  monopoly  of  some  kind.
Those  controlling  the  companies  can  and  do  "get  in  on
the  ground  floor"  prices  before  the  first  sale  to  the  public.
They  also  can  and  do  manipulate  the  stocks  to  greater  or
less  degree,  "unloading"  at  inflated  prices  to  the  public,
and  buying  back  again  when  the  public  has  discovered
the  deception,  and  prices  have  fallen.  The  scion  of  one
of  our  distinguished  families,  who  was  disinherited  with
a  paltry  million,  but  who,  threatening  long  and  costly
litigation,  was  instead  given  seven  millions,  has,  within  a
half-dozen  years,  while  living  like  a  prince  and  actually
entertaining  princes  at  home  and  abroad,  increased  his
fortune,  it  is  believed,  to  $25,000,000.  In  one  year  he  is
thought  to  have  cleared  $10,000,000.  In  the  language
of  Wall  Street,  he  "hit  the  market  right."  In  more  pre-
cise language,  he  got  in  with  the  speculators.  But  for
land  and  other  monopoly  elements  in  these  stock  mar-


24  The  Menace  of  Privilege

kct  companies,  there  would  have  been  no  such  stock
speculation,  and  this  young  man  would  not  now  be  known
chiitly  as  a  successful  money  getter,  but  would  probably
be  earning  honor,  and  incidentally  a  reasonable  income
for  himself,  as  an  inventor,  for  which  he  has,  despite-  tin-
present  handicap  of  his  millions,  shown  unmistakable
aptitude,  some  of  his  locomotive  contrivances  being  used
with  good  results  on  large  railroad  systems  of  the  country.
