The Era of High Prices 271 



son Square Garden I was sitting in a box with 

 Mr. Bonner, directly opposite the auctioneer. 

 Before any one could make a bid the owner of 

 Maud S. and Sunol cried out somewhat sharply, 

 " Ten thousand dollars." Mr. Rose was equal to 

 the occasion. Rising to his feet, he blandly said : 

 " I hope no one will raise Mr. Bonner's bid, be- 

 cause I want to see this grandly bred filly go into 

 his stable." Mr. Bonner bowed his acknowledg- 

 ments, and the hammer fell. Reverie was one of 

 the greatest of his stable disappointments. She 

 was dear at $1000. The scramble for fashion- 

 able pedigrees, without regard to individuality, 

 was wild, and the results were disastrous. The 

 boom collapsed, bringing financial ruin to thou- 

 sands of over-sanguine people. Why did it 

 collapse .f* Partially because of the general de- 

 pression in business, but chiefly for the reason 

 that judgment had been thrown to the winds. 

 Pedigree is essential, as it reveals to us each step 

 toward progress. Without it we should grope 

 in the dark. But pedigree should not blind us 

 to the truth that weak individuals do not comply 

 with the great law of the survival of merit. 

 Natural selection weeds out the old, the weak, 

 and the infirm. Under man's direction the weak 



