We all know that the average business man is neither a Peabody nor a Carnegie,
but it was quite unnecessary for this gentleman to announce

that his sole object was to make money out of the Chinese.
Up to a few years ago business men in America, especially capitalists,

had scarcely any idea of transacting business in China.
I well remember the difficulty I had in raising a railway loan in America.

It was in 1897. I had received positive instructions from my government
to obtain a big loan for the purpose of constructing the proposed railway

from Hankow to Canton. I endeavored to interest well-known bankers and
capitalists in New York City but none of them would consider the proposals.

They invariably said that their money could be just as easily,
and just as profitably, invested in their own country,

and with better security, than was obtainable in China.
It was only after nearly twelve months of hard work,

of careful explanation and much persuasion, that I succeeded in finding
a capitalist who was prepared to discuss the matter and make the loan.

Conditions have now changed. American bankers and others have found
that investments in China are quite safe. They have sent agents to China

to represent them in the matter of a big international loan,
and they are now just as ready to lend money in China as in Europe,

and on the same terms. In conjunction with the representatives
of some large European capitalists they even formed a powerful syndicate

in China, for the purpose of arranging loans to responsible Chinese investors.
In the spring of 1913, however, they withdrew from the syndicate.

The opportunities to make money in America are great
and a young man with only fair ability, but an honest purpose,

will always get something to do; and if he is industrious
and ready for hard work, if he possess courage and perseverance,

he will most surely go forward and probably in time become independent.
There are hundreds of millionaires and multi-millionaires in America who,

in their younger days, were as poor as sparrows in a snowstorm,
but through perseverance, combined with industrious and economical habits

they have prospered far beyond their own expectations.
The clever methods they adopt in the carrying on of their business

cannot but arouse our admiration, and Chinese merchants would do well
to send some of their sons to America to study the various systems

practised there. But no nation or any class of people is perfect,
and there is one money-making device which seems to me

not quite sound in principle. To increase the capital of a corporation
new shares are sometimes issued, without a corresponding increase

in the actual capital. These new shares may represent half,
or as much of the actual capital as has been already subscribed.

Such a course is usually defended by the claim that as the property
and franchises have increased in value since the formation of the corporation

the increase of the stock is necessary in order to fairly represent
the existing capital. It is said that some railway stock

has been "watered" in this way to an alarming extent,
so that a great deal of it is fictitious, yet though it exists only on paper

it ranks as the equal of the genuine stock when the dividends are paid.
Whether or not such an action really is justifiable, or even moral,

I leave to the Christian clergy and their followers to decide.
The promoters and directors of such concerns have at least hit upon

a very clever method for becoming rich, and if the securities
of the original shareholders are not injured, and the holders

of the genuine and the watered stock can share equally without endangering
the interests of all, perhaps such an action may be less blamable,

but it is a new kind of proceeding to Orientals.
I must not omit to mention, however, the confidence which is placed

in the honesty of the people in general; for example, you enter an omnibus,
you will find the driver, but no conductor to collect the fare.

"It is up to you" to put the fare into a box, and if you do not pay
no one will ask for it. Yet every fare is paid. I have never seen

a dishonest man who omitted to pay. This is a remarkable fact
which I have noticed nowhere but in America. I suppose it is because

the people are not poor, and as they are always able to pay the fare
they do so. They are too honest to cheat. It is certainly a good way

to encourage people to be honest, to put them on their honor
and then rely on their own sense of uprightness.

The most curious sight I have ever seen was the Stock Exchange in New York.
It is used as a market for the purchase and sale of various articles,

but there were no goods exposed for sale. I saw a good many people
running about talking, yelling and howling, and had I not been

informed beforehand what to expect I should have thought that the men
were getting ready, in their excitement, for a general all round fight.

However, I did not see any exchange of blows, and I did not hear
that any blood was shed.

Another remarkable feature of the scene was that I did not see
a single woman there; she was conspicuous by her absence.

Whether or not the rules of the Exchange allow her to become a member
I do not know; that is a question for the woman suffragists to investigate,

but I learned that it is a wealthy" target="_blank" title="a.富有的；丰富的">wealthy association consisting of 1,100 members,
and that to become a member one must be a citizen of the United States

of 21 years of age or more. The number of members is limited.
Persons obtainmembership by election, or by the transfer

of the membership of a member who has resigned or died.
A new member who is admitted by transfer pays an initiation fee

of 2,000 gold dollars, in addition to a large fee to the transferrer,
for his "seat in the House". A member may transfer his seat to his son,

if the Committee of the Exchange approve, without charging for it;
but in all cases the transferree pays the above-mentioned initiation fee

of 2,000 gold dollars.
The prices for these seats vary, the fluctuations being due

to the upward or downward trend of the stock market. Within recent years
the price has risen considerably, and as much as 95,000 gold dollars

has been paid to the transferrer. This is much higher than the price
usually paid by new members in Stock Exchanges in Europe,

yet when a seat becomes vacant there is no lack of purchasers.
It is clear that a seat in the "House" is very valuable to the holder.

In the building each member has a stall allotted to him
where he has a telephone for his exclusive use; this enables him

to communicate every transaction done in the Exchange to his business house,
and to keep up connections with his constituents in other cities.

When one of his constituents, say in Washington, D.C.,
desires to buy a certain security the order is conveyed to him direct,

and executed without delay. I have seen a transaction of this kind
executed in ten minutes, though there was a distance of several hundred miles

between client and broker. The amount of business transacted
in the "House" every day is enormous, aggregating many millions of dollars.

New York also has other Exchanges, where different articles of merchandise
are purchased and sold, such as corn, coffee, cotton, etc.,

and the volume of business transacted daily in that "Empire City"
must be immense, and almost beyond calculation.

Of course there are Exchanges in Chicago, Boston, Cincinnati,
St. Louis, Philadelphia, Baltimore, Washington and other cities,

all conducted on similar lines, but the prices are always governed
by the quotations from New York. This skilful and systematic

way of doing business is remarkable, and I am inclined to believe
that New York is ahead of many cities in South America and in Europe.

No wonder that the services of Americans are required by other countries
in industrial and technical concerns. Some years ago,

when I was in Madrid, I noticed that the street tram-car
was running according to the American system, and upon inquiry

I was told it was controlled by an American syndicate.
The pursuit of wealth in America is intense; it is apparent everywhere

and seems to be the chief aim of the American people.
Because of their eagerness to become rich as soon as possible

they are all in a constant hurry. You may see people in the streets
almost running to their offices, at luncheon they do not masticate their food,

they bolt it, and in less than ten minutes are on their way
back to their office again. Everyone is urged on by this spirit of haste,

and you frequently hear of sudden deaths which doctors attribute
to heart failure, or some other malady, but which I suspect

are caused by the continualrestless hurry and worry.
People who are so unnaturally eager to get rich naturally suffer for it.

It is the general belief that Americans do not live as long as Europeans.
They make money easily and their expectations are high.

I have known many Americans who, in my opinion, were wealthy" target="_blank" title="a.富有的；丰富的">wealthy people,
but they themselves did not think so; in fact, they said they were poor.