The midland journal. (Rising Sun, Md.) 1885-1947, 1897-12-24
The Business BOom-lts Origin, Loca-
ton and Probable Duration.

l
scanning of the newspaper accounts
locates the prosperity to railroads between
the wheat territory and the seaboard and
manufacturing industries within that
favored belt. If the prosperity" epoch
is traced up carefully it will be found to
originate and center entirely in the phe-
nomenally large wheat crop and the fail
ure of the same grain crop of all other
nations of the globe. The wheat crop of
the United States is now estimated at
nearly 600, 600, 600 bushels. The wheat
famine in other countries has created
what may be termed in the present. inan-
cial gold standard period of the leading
nations, phenomenal price for wheat,
although in prosperous times under a
financial regime that afforded circulation
equal to the demands of trade the present
price would have been exceedingly low.
| Wheat is rs to 80 cents bushel above
the price of recent years, and this added
to 200, 900, ooo more bushels for market
has let loose large sum of money which
is going chiefly into the wheat regions of
the west and northwest. The freights
for carrying this wheat to the seaboard
have given the railroads very unusual
amount of traffic and they are making all
the hay possible while the sun shines.
They are not only receiving freights on
the wheat, but return freights OIL mer-
chandise that is purchased with the wheat
money to supply the long suffering west
ern people with the many necessaries of
life for civilized man.
The earnings of the railroads since the
wheat trade commenced have given their
stocks an upward tendency on the ex-
changes and speculation ir the stock
market has been very brisk. This is
called business" by the commercial,
corporation press, although it is largely a
species of gambling and adds nothing to
the national wealth. The following ex-
tract from a recent issue of one of those
papers very clearly points out where the
real prosperity centers and its true source;
"The crop movement is by no means
enough bigger TO account for the advance
in railroad gross earnings. The basis for
it is in the movement of manufactures 1t
is noticeable, however, that this increase is
not marked of New York and New Eng
land roads. The New York Central's adj
vance is small and the general condition
of New England manufacturers is reflected
in the reduction of wages i'll Fall River
cotton mills. The expansion in manu-
features is in this State (Pennsylvanial
and from Ohio 10 Illinois. 1t is in this
tract and South and Southwest, West and
Northwest that railroad earnings are
swelling.
with this increase in gross earnings,
which is lifting one road after another to
the dividend level, there has come anoth-
er rise in the stock market which has
now been advancing for nearly three
weeks, having reached its lowest point
about Thanksgiving"
New England being outside ofthe pros
perity belt is cutting down the wages Of
factory hands and the railroads there are
earning no dividends.
The wheat is being exported to Europe
and is paid for almost entirely by the sale
of railroad and other stocks held i'll
Europe, which are returned and bought
by the investors of this country. This has
let loose large amount of idle money,
or capital congested in New York banks
which is used by foreigners TO pay for
wheat they export The money is imme-
diately expended by the people of the
great wheat belt and it will soon return TO
be again congested in the great eastern
cities.
expenses in past years and were COM
PEELED to practice most rigid economy
and pinch along with inadequate force,
neglecting all improvements that could
be i'll any way dispensed with. The god
send to them of the large wheat crop and
its rise in price enabled the roads which
lie in the lucky territory to advance their
freight rates while running full handed
both ways. This has put money-a part
of the same wheat money-into their
treasures and the railroads are giving
orders for new rails, cars and other neces-
sary repairs and renewals, and this has
created an active business among iron
manufacturers.
1t will be seen that all this revival Of
business and prosperity come TO stay"
which is being trumpted by the city daily
papers has grown out of the wheat famine
i'll the old world countries and the large
crop in this country, and the so-called
prosperity and revival of better times are
traceable to and entirely dependent on
the wheat crop of this season.
McKinley's wise, conservative" adj
ministration and Dingley's tariff have not
anything at all to do with it. Had these
natural conditions occurred year earlier
they would have fallen under Cleveland's
'reign"-rather than administration.
In the eastern part of the country and
in the South Atlantic States there is little
of this so called revival of prosperity felt.
Corn is rs cents, oats IS cents a bushel,
hay 81 ton less than last year. Lump
ing the crops of our farmers together
they are not doing any better this year
than last. Ask those who will give you
an honest answer and they will tell you So
The lesson of all of this is to be learned
by the majority of the public who are
most easily gulled, but it can be readily
foretold. There has been no new money
put into circulation. The amount is
yearly decreasing That means lower
prices for the future unless the same grain
phenomenon could be repeated next year
which is not at all probable. The money
which has been set in motion is the
money which had been drained from the
producing parts of the country by the