Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1879-01-23
THE BUSINESS OUTLOOK.
A Big Brokers' Bright Antic
ipations of the Business
Future Of the
Country.

uLtlI6 u Lu0
Country.
Reasons Why We are Going to See
The Best Times tor Many
Years.
N. Y. Letter from sGath,'' to Cincinnati Enqsrer
Last night met at the Windsor
Hotel. Mr.. Joseph Mills, one of the
leading brokers and spectators 10
New York Heis a cousin OF ID O..
Mills, president Of the bank Of Cali
fornia and Of Edgar Mills, pr s;dent
of the bank OF Sacramento, both of
whom have large eastern interests as
we'll. ID. o. Mills and Edgar Mills
came from Westchester county, N,
Y, the rocky mainland north of the
city, and Joseph Mills is from Della
ware county on the head-watcrs Of
the Delaware river. In Mr. Mills
Office the leading men Of Wall street
have kept their accounts. JAMES
Keene of California is there almost
every day. Mills is a large vigorous
man, Of o fine complexion and ad
vanced years, and il always noted
for the refinement of his address and
manners said to him last night:
What view do you take of the
state Of business p
we stand in better position to-
day. he said, than at any time since
ta1x
be thirty-five years old That GER
tainly wac not o good time when we
were rolling up snrfeit of incon.
vertible paper and numbering thous-
ands Of men every week or two 10
the civil war. Nor was it good
time following the war, when we
were borrowing everything we
could lay hands on with not much
design or expectation Of paying it
back, and tying ourselves all up in.
dishonesty and extravaganza The
panics of 81. 81 and '73, with the
wars, plaques, etc, intervening have
generally kept Us on the stretch
during your life time. l say, there.
fore, that to-day the United States
is in the very best condition that
it bas known f,r forty years.
Give NE a direct illustration of
this, Mr.. Mills
Il will give you one right now.
you mover saw financial collapse in
Europe before which was not imme.
diatoly followed by collapse and
panic 10 this country. Tight lines
10 all Europe and failures in Great
Britain have not affected this mar
ket one bit. Such thing never
happened before in the history of
American finance and commences.
We always were affected by the fuc
tuations of Europe
This time, then, sir, VIC have not
fits because they had the fits in
Europe. But why haven't wef
Simply because we are substan
tial and don't owe them anything
over there. Heretofore we have
had heavy obligations on that eide
of the water, and as soon as they
took panic they would call on Us
for money and drain US dry. They
cannot do it now because they are
owing Us all the, time. That hardly
ever happened before in this
country .....p.s
What do they pay US for our
over-balance?'
AT first thsy begin to send back
our bonds in payment for crops.
beef, cheese, oil. etc. Thsy returned
$500, 100000 of our bonds in the last
three years. We icked them up
without making face. This mar
ke. absorbed all those bonds and &C
little did our credit diminish tina,
our low four per cents now stand al
three-eighths premium in this mar
ket'
Show m that more .ffsctiveiy.'
sWhy, is plain enough. Europe
has got in debt with US about 81
900 .000, 900 for something To eat.
They hell our bonds which they
had Dough. at low rates 10 some
cases duriag the war. Is We have
not recently been buying anything
from them there was no dill to c0un.
terbalance the acccun.,an they had
to GO down into their purses to find
something to pay with The bonds
stood high in our market and they
parted with the bonds first hoping
that there would be turn 10 the
tide after the war No turn came
about and in three years they have
given Us $500, 900 900 of those bonds
so that now they possess only 5000,
000, 900 of American bonds in Fla
rope. There was so much money 10
this country uninvested and seeking
interest that the American market
picked up those $500, 900, 900 and
cried for more, and the demand is
| still 80 great that mere four per
cent. United States bond is actually
| at q premium in the American mar
ket of three eighths per cent. That
| shows that the United States was
| already rich and had plenty of mon-
ey and no place to put it,
what kind of bonds do they hold
over there in Europe now?
They hold bonds of small denom-
nations mainly. into which were pus
the savings Of servant girls ana
humble people Of the kind VINO viii
prefer to draw their interest instead
Of sending The bond back. There
fore the whole bugaboo of Europe
draining the United States of its
money by an interest account is ex-
ploded.
JOE MILLS ON RESUMPTION.
| Now Mr.. Mills, what is the view
| sou take and men of yonr class.
.bout The resumption of specie pay
ments 10 January Will it be sue
cess p 5.
Undoubtedly. Nothing stands 10
the way but the silver legislation OF
q year ago Nobody will want the
| gold when we resume, Suppose l
should send the check to the bank
| for $50, 900, such q check as passes
every minute 10 the day in business
hours, do you suppose wonld want
Toe gold for it? 1t would take .
cart to bring it away. There are
| about $3.50, 900 900 of gold 10 the
country now. The practical effect Of
4 n 80. u