Orleans County monitor. [volume] (Barton, Vt.) 1872-1953, 1897-11-08
ENGLAND NO LONGER THE
CENTER.

The United States has assumed a
new position in the field of finance.
A feeling of independence already
Is noticeable in banking circles and
the price movement of stocks and
bonds is not now dependent on whims
and fancies of operators in any other
nation. The import of such a change
is beyond estimation. It means not
only internal progress that will sur
pass all records, but it foretells an ex-
pansion of foreign trade that will
make this country the greatest of
commercial nations, says the New
York Press.
The United States now is first in
the production Of gold, silver, wheat,
corn, oats, meat and of iron. In
manufactures it outranks Great Brit
ian in a ratio of 2 30 1, and all the
restof Europe in ratio that is almost
5 TO 1 in favor of the United States.
It has larger banking capital than
any nation in the world. The United
Kingdom is second and France is
third in the list.
Statistics, to prove these state
ments, are not questioned. They are
not bare assertions, but are proved
by facts.
1t may be that this country now
ranks second as to foreign trade
that is, in the sum of the value Of it's
exports and imports. The last
available statistics showed that it
stood third, but was pressing Germany
hard for the next place.
But in spite Of all these favorable
factors the American money markets
have been dominated by influences
from abroad. If London hesitated,
stocks tumbled; if foreigners bought,
prices became buoyant, and the policy
of many men was based upon the ap-
proval or disapproval of London
bankers.
All that has changed. Wall street
now dictates the price that foreigners
shall pay for stocks and bonds. 1t
was not so when specie payment was
resumed in 1879, nor was it SO when
an advance followed the issuance of
Government bonds to get gold for the
Treasury in 1895. The public then
took it's cue from London markets.
Since the passage Of the Dingley law,
even since it's introduction as a bill,
London has sold American securities,
but the home market that was Great
ed has absorbed the stocks in the face of
reports that more would come. Yes
terday the London spectators made
some effort to buy back the securities
they had sold. That buying Offset the
speculative selling of home traders,
while the buying for investment car
ried the stocks to higher price level
than yet reached.
New York exchange already has in
creased in favor as a direct result of
this new phase in international bank
ing Inquiry among steel shippers
reveals the fact that payments for steel
from Pennsylvania to Argentina are
made with drafts drawn on New York
houses. Other manufacturers who
ship to foreign lands report the same
method of payment. The funds to
meet these drafts must be kept in
New York banks, and the accumula
ton of foreign balances in this city
will give an additional impetus to
foreign trade.
This transfer of deposits to New
York from London, where formerly
all international clearances were
made, has, begun in earnest. The
position of this country in the wheat
markets of the world has begun in
earnest. The position of this country
in the wheat markets of the world
has begun to make it more pronounc-
ed. For the first time in history ship
ments of wheat are being made from
San Francisco to South American
ports, while shipments from the East
ern coast are being made to European
cities which for years have sold wheat
in competition with the American
grower.
What do the children drink? Don't give