The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-08-24

our growth and resources, inconsiderable.
Our rates of interest have fallen great
ly, thus indicating a vast Increase OF
capital. The rate Is almost as low as
that which prevails in Great Britain ana
a standard rate seems to have been
fixed for the best grade of municipal and
railway securities at 31a per cent, while
capital such as in enormous quantities
was obtained for the great changes in
business buildings, which have been go
ing on in New York, has been easily Sc
cured at per cent. or a little less. IL
is hard to find any intelligent and ex-
perienced financier or practical manager
of our railway systems who Will not de-
clare, with the ring of sincerity In his
tones, that the dishonorable and extrav-
agant methods of railway management
which brought dlscredit and bankruptcy
or so many systems have been ended.
For the present, at least IL is believed
that every important system In the
United States is being managed In ac-
cordance with the most approved and
economical business methods. Beside the
actual capital of the United States has
increased proportonately since 1879 more
rapidly than the population. The other
day tho superintendent of the banking
department of lew York reported that in
New York state alone the savings OF the
workingmen and women had been con-
verted into $500 900, 900 of available capital.
estimates show today that from this
source alone nearly $4,000, 900 of capi-
tai, or almost double the amount re-
ported in 1879, are at the service of the
American people. In this way capital is
increasing many millions every year, so
that today we have a vastly greater
amount of capital representing the ac-
cumulated savings of the people than
was the case in 1879.
o
There might be reported by way of
illustrative argument, a number of i'm
portant experiences tending to establish
Just reasons for the conviction that the
United States is entering upon an era
which will give 1t financial independence.
Hundreds of millions of entirely new
wealth, now well capitalized, due to the
employment of the electrical current for
lower purposes. have been created since
1879. Mr.. Edison said recently that the
capital created by the development Of
electricity for lighting, a development
which was largely due to the energy of
American capitalists and scientists, was,
according to the best estimate, about
S2OO,OOO 900, and 1t is probable that other
capital created for the development of
electricity for power purposes Is as much
more. Much of this is clean American
capital, developed here and maintained
here. Then, too the much-abused trusts,
iniquitous and demoralizing as some of
their earlier speculative and political
methods were, have. nevertheless, with
out aid from England or Europe in any
appreciable Importance in comparison
with that received from the United
States, created capital or wealth amount
ing to many hundred millions which did
not exist in 1879.
These reports are the briefest and most
general synopsis of conversations which
have been had with business men and
bankers here who have had great ex-
perience, and who are of conservative
perhaps of cautious, inclination. They
are merely interested in the whrl of ex-
citement on the Stock exchange as spec
| tators, looking upon those scenes as pre-
| liminary evidences of more material
prosperity than any stock exchange can
give. They believe that the United
States, as one of them expressed it, is
just entering upon Seven fat years, 1"
| meaning by that of course an era of
great prosperity. They believe that in
that time Europe will learn that the
United States now possesses capital
| enough for all its purposes and that it's
currency will be absolutely safe. They
believe that there will be vast invest
ments of European capital here, but they
will be permanent, not speculative and
| they will have no controlling influence
upon American financial conditions.