St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-05-28
The TREND or TRADE.
A More Promising Outlook
Growing With Each Day
That Passes.
President Dawson Gives a
Splendid Summary OF
Finances.
Merchants Say Their Current
Collections Exceed Last .
Years.

A greater diversity of wealth-produc-
ing interests suStains the success OF the
Northwest than can be found in any
other section of the United States, and
the United States is now esteemed as
the most substantial, financially, among
the nations of the world. The mines of
the Northwest are not limited to one or
two minerals; instead, they show wide
range of readily merchantable products;
in agriculture, acceptable quality and
Investigation, including the breeding
of the finest strains of live stock, make
marketing an easy matter. Lumber is
plenty. Even the sportsman finds an
abundance of food for Sustenance and
market. Transportation develops cities.
Manufactures, tOeether with mercan-
tile interests. thrive.
In going about among the business
men here an agreeable surprise is eX-
perienced in receiving their reports, as
given at the foot of this article. A very
interesting interview upon financial
affairs given by Hon. William Daw-
sou. the we'll known president
of the Bank of Minnesota, is
here presented. Mr.. Dawson said:
l have nothing to guide me in form
ing an opinion of the future but the his
tory of the past. In the latter part of the
last and the fore part of the present
century all Europe was disturbed by
reason of tremendous war which
lasted until 1915 and ended with the
battle of Waterloo. For some years
prior to this date prices were inflated,
and continued to be until about 1918,
when a panic of fearful proportions
and disastrous results overspread the
tremendous war had to be paid for.
We next come to our own country.
Following the close of our late civil
war, by reason of the tremendous in
flation of the currency, there followed
season of great speculation upon the
part of the people, and apparent pros
perity; then came, as 10 Europe III 1918,
the panic of 1878. About that time there
occurred the great fire i'll Chicago, de-
Stroying at one fell SWoop over $780, 00,-
600 of property. AS the result of this
loss, and the immense destruction of
property during the war, liquidation
followed, hence the panic above re-
ferred to 1878.
You will notice in looking over the
history of all the panicS heretofore that
in every instance they followed great
imitation: In 1917 prices of all kinds
as in the United States. Then followed
the panic. In 1887 high prices ruled
everywhere. In 1857 the panic sue
ceeded also great Initiation in values.
and the same thing In 1878. What is
our present condition? We have for
the last five or six years been going
through a period of depression, and this
continued depression, without very
serious results, shows the wonderful re-
sources of the United States. We must
take into consideration the immense
amount of the precious metals that have
been mined in the last five or six years;
that we have had reasonably good crops,
and vet the depression continues to
some extent. But to my mind there are
at present none of the elements existing
that have heretofore brought on these
serious financial troubles.
Has there been auy great loss? Look
over the entire United States. Has
there been any great failure of crops,
have there been any destructive fires,
hBve there been any damaging floods?
Of course all these have occurred, and
are occurring locally, but speak Of the
country at large. On the whole, the
country has been generally prosperous.
There have been some poor investments.
Tom Brown may have sold piece of
property to John Jones for more than
It's value, but Tom Brown has the
money and John Jones has lost it, chat
is all-the money and the property are
both in the country.
The only thing required at present is
confidence. We have IN every commu-
| nifty set of men who are always predict
ing dire disaster, and if you come to talk
with them you will find that their pre-
dietions are generally caused by very
weak stomach; that they are people in
bad health and very dyspeptic. Ordi-
narily there Is very little attention paid
to these people, but In times like the
| present these croakers are listened to,
| and they do great deal of harm.
Now. to coma to our own state. every