Iowa County democrat. [volume] (Mineral Point, Wis.) 1877-1938, 1893-07-07
OUTWARD FLOW OF GOLD.
ONE EFFECT OF THE INCOMING
OF FAIR VISITORS.
Foreigners Are Buying American
Wheat and Corn and Sending Their
Money Here-Bankers and Grain
Shippers Well Pleased With the
Change-What the Experts Have to
Say.

Chicago, June 29.-'Foreign exchange
is down to a gold importing basis today,
and while it has been titful for some
time, there are hopeful signs that the
tide has once more turned i'll our favor
and that the drain OF gold has ceased.
The low price Of produce is undoubted-
" a large factor in this improved state
Of affairs for Europe is investing in our
surplus, attracted by the low figures"
said Charles NJ. Smith, manager OF the
foreign exchange department of the
First National bank this morning.
Mr.. Smith has held this responsible
position Tor many years and Is . recog-
nized authority on banking matters.
The stringency is passing over" he
continued, land an Improvement in the
tone Of the money market is observable.
There is plenty of money in the coun-
try, but it locked up for u number of
reasons, the chief Of which is lack OF
confidence. Another is the summer
lassitude of business. People have less
energy in hot weather and are less apt
But there Iced be no dread Of hard
times. We produce from the soil an
annual surplus Of $1,000, 100000. Our
population does not increase rapidly
enough to consume it, and we sell it.
The foreigner buys it and thereby in
creases our national wealth by that
amount annually. The country is pros
porous, and one result of the recent
furry is that business is today on Il
sounder basis than has been the case
for several years"
DO you think that the savings of
people who have no bank accounts,
but who have put by, say, $50 each to
see the Fair, has had anything to do
with the stringency?"
"Undoubtedly that has been one fac
tor. Out of our 65OOO,OOO population
there are doubtless 100000 whose
aggregate savings for that purpose will
amount to $5OO,OOO,OOO and that is 4
very serious withdrawal Of currency
from the business of the country
Those people are coming here now and
the Fair, through the money it returns
to circulation, will directly influence
the gradual disappearance of the tight
conditions with which we have lately
been struggling"
INQUIRY at tho railway and 1uaro
house commission ofticos confrmod Mr.
Smiths views in a surprising manner.
During May, 1892, the total shipments
Of grain from Chicago were:
Bushels.
Regular elevators s 694 I'D
Unlicensed elevators leo 275
Nav 1902.
p,,sbo,s
Unlicensed elevators 356 9o5
Total a7o6 600
Daduc+ Nav 1900 9 ee1 Oo7
Incraasa $50 51o
This was 1ittla if anv moro than =
normal increase. hit as nricas contin-
nod 10 fall tho attention of Enrona
Das dirootnd 70 tbis n,arl-ot,s f.yo,-
able nuchases and huving for exnort
a 6pfI6pI 1hnIIt
tirst dav of Iuno as q comnarison of
the tig,Ires for tho first twantv-soven
DAVIS in tho month for two wears amnlv
dononc+rotoS.
p,,sbo,s
limo 1909 roo,1or o,ova+ors GOO OK
To1ioo1soa o1o,,a4o,,, COO 900
1900 ooo
J,no 1909 roo,,1ar elevators aooo 400
ITn1iconsod olavators o1e2 1o1
Total 1874 e17
Deduct Inna 1900 o1oo Oq9
1ncroaso ooeo 40
II +, so1f o,,ido,+ $780, 80 a.,,1',;r, +,,ie
,ncroasa ono,,ntina 10 oror 81 nov
cont son,othinar ho9ond ,ar,a1 az,
al, 70 So ,,z1st -, 4o1-o, 49,
$50 80 +1,a4 49, eo,,o+1i,. - 80,
49, wv '-'o ~ IVA 0-e'AA
80 ,
80 Aope 10 Lay pul ~,
NV la - ,.'
oo.e ~. y. oo''ii'e.,n"n " 10y ILLS
inoi l nins' 1lces aie ~" anu 1ne CA
poi1 movement II, y o,s'lncIy nlarAeo
IL. WI 81 i"i " ieuuoe 'ne s'Iinsen.
eoA,n' - 'lial nave pieFanea anu
sup TIC eApoI. VI solu, 1nls Is
n eS sisn' Donu'n - uonns hedVy
.Apoi. o'ei 81. Ii oon'. ae' "neaI' anu
u unueiseiins SancaSo'
~" - 'nat
oeCduSe Will q visible supply OF