Bismarck weekly tribune. [volume] (Bismarck, Dakota [N.D.]) 1884-1943, 1899-04-28
OUR CONDITION THROUGH AUS
TR.AIIAN EYES.

Hon. John l.. Bray, consul general
of the United States ut Melbourne, for
wards the Tribune a copy of the Mel
bourne Age, of date March IL. The
paper is particularly interesting be-
cause of an article descriptive of Am
erisan industry and shows how pres
ent conditions in the United States
appear to people of other lands. Tie
article says:
Prosperity seems to be almost over
wllelming the United States. Not
withstanding last years little fracas
with Spain, this country con-
tracted much larger trade with for
eign nations than has ever been pre-
viously recorded. But the opening
month Of the new year gives promise
that 1890 will far excel 1898 both as
to volume Of trade and, what is of far
more Importance, Il satisfactory basis
Of prices.
The fundamental source Of Ameri-
can wealth last year consisted in the
richness OF the cOuntry's agricultural
products. Not only was the seaso a
favorable II for almost all crops, but
the area planted was generally larger.
Adding to this a greater average yield
per acre and very satisfactory prices
for the harvest, it can be readily I'M
derstood from the enormity Of the
crops what this meant to American
farmers in the first place, and second
arily to all American Industries and
labor through the greater distribution
OF money, the enlarged demand for
goods and the wider employment OF
labor and the distribution of wages.
Next, as TO the volume OF business
during the current year. The best
and most reliable index of trade con
ditiOns is found in the transactions
that pass through the bank clearing
houses Of the country. Taking the
month Of January, for instance, these
clearing house returns, which were
telegraphed yesterday to the New
York Commercially from 70 of the
largest cities, give Il total volume of
s 1-3 billions of dollars, or 1,G75,O0O.-
600 pounds sterling. passing through
these financial institutions. The clos
ing month of 1898 had been an excel
lent one for business, with its unprece-
denied Christmas trade, but last
J. = 'thN lIllSS S-AtCCNlSNt lllOsS
of December by no less than 0 10000
600 pounds sterling. This was the i'll
crease alone, in one month, Of the
money passing from hand to hand in
the ordinary pursuits of business. Com
pairing last months total bank clear
ings with those of January, 1898. and
the increase ut the rs cities was shown
to be $5OO,OOO,0OO for the first month OF
the present year.
Such figures seem to DC ~StupendOuS.
But it must be remembered that every
person in the country who is willing
to work is busily employed. and at
good wages. Every factory in the
country is running on full time, and
many of them on double time, and all
are selling their products at satisfac-
tory prices. The American market, it
is true, is not large enough, generous
and liberal buyers as the Americans
are, to absorb nearly the entire output
Of the factories. But American goods
are now pouring literally into every
corner of the globe, and Australia has
during 1898 received far more Yankee
goods than in any previous year. The
revised figures of the treasury depart
ment, published two days ago, show
that the United States exported last
year upwards of 81 100000 dollars
worth Of manufactured goods on every
business day Of the year, and in this
respect America. is daily becoming a
o active competitor with other
nations, notably with her anglo-SaXon
kinsmen of the United Kingdom.
Money is abundant, and it is difficult
to find profitable avenues for its en-
ployment. Many banks, in fact. have
been unable to declare dividends be-
caue OF the low interest rates obtain
able for their lOaning funds. In some
cases the banks have preferred to let
their capital lie idle rather than to
loan it out with the attendant risks
upon all improvements, which bankers
claim could not be repaid by current
earnings. \ few years ago the banks
could find little or no use for their
FUNDS, because the country was panic
stricken, industry was stagnating un-
der a free trade tariff, factories were
closed and labor was idle. Now the
enormous wealth that has poured into
the country under a protective tariff
has produced. though in an infinitely
smaller degree. somewhat similar re-
- AS" SCNSAOlS NlcIc iStlCll.
u is the mainstay, and where farm
ers have paid off all their debts and
have money deposited to their credit
in their central commercial banks.
The abundance of money and the
extremely prosperous condition of the
country has created an active demand
o stocks and bonds Of all characters.
These, it would seem, are not being
purchased for speculative purposes,
but for permanent Investment, because
the demand continues far in excess of
the available floating speculative sup
ply of stocks. Time and again last
month brokers on the New York Stock
Exchange were compelled to refuse
orders from their customers because
they could not furnish them with the
securities that were in demand. The
effect of the large stock transactions
in New York is partly reflected by the
bank clearings of last month, which,
in this city alone, exceeded upwards
of 4OO.OO0,OO0. the amount of money
that passed through the city's finan-
cial channels in January Of 1898.
Americans are now waiting to hear
what the disciples Of Golden will say
as to the effect Of protection in check
ing a nations prosperity. The Dingley
f0 riff ic in fill o,1 oFcoo<fro o-o,okSo.