The age-herald., 1897-08-11
The Business Situation.


 It is confidently predicted that this country will soon become the worlds financial center, and the greatest com mereial nation on the face of the earth. In Wall street the spectators realize that there is beginning new era in busi- ness, and they say that already there are indica tions of great change which will affect international affairs and foreign commerce.
 This country has moved forward to new position in the field of finance. The people are more independent and the power of stocks and bonds are less de- pendent than formerly upon the opera tors of the old world. It is not too much to say that this means tremendous inter- nal development and the almost unlimi- ted expansion of the eeuntry's foreign trade The United States now stands first in the production of gold, silver, wheat, corn. oats, cotton, meat and iron. It ranks with Great Britain in manufac- turing at the ratio of two to one, and all the rest of Europe in a ratio of five to one in favor of this country. The United States has a larger banking capital than any other nation, England being second and France third. In a short time this country may be expected to stand second as to foreign trade. It now ranks third but the change for the better should cause the figures to be revised.
 Heretofore this country has been domi- hated by influences in Europe. London has controlled it's finances. All this is changed. Wall street now fixes the price which foreigners must pay for stocks and bonds from this side. The United States has a home market which is absorbing American securities. Gold is coming thiss way in spite of the efforts made in Lons don to prevent it. A New York trade paper says: s
 New York exchange has already increas- ed in favor as a direct result of this new phase in international banking. Inquiry among steel shippers reveals the fact that payments for steel sent from Pennsylvania to Argentina are made with drafts drawn on New York houses. Other manufacturers who ship to foreign countries report tse same method of payment. The funds to meet lueSt uTdIIS nluSL De kEpL III NEW York banks, and the accumulation of for eign balances in this city will give an ad- ditional impetus to foreign trade. This transfer of deposits from London to New York, where formerly all interna- tional clearances were made, has begun in earnest. The position of this country in the wheat markets of the world has begun to make 1t more pronounced. For the first time in history shipments of wheat are being made from San Francisco to South American ports, while shipments from the eastern coast are being made to European cities which for years have sold wheat in competition with the American grower
 The situation is unrvaled in market re- has begun; the farmers have abundant crops importations of gold at New York are expected, while at San Francisco the movement has begun: from both coasts products of the mills and of the fields are being exported. and a home market has been established for stocks and bonds, with the prospect of money market less de- pendent on other nations.
 From every quarter come similar tid ings of good cheer. The people are emerg- ing from the valley of depression and are firmly esta bl,slled upon the hilhops, wtth the rising sun of prosperity bathing their foreheads i'm its golden light All classes, interests and industries may not feel the benefit of the change all at once, bub ta is plain to all that better times are e0fpfpO