The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1902-09-03

ordered state of trade and the general dis
turbances in our commercial life. What has
happened since then?
Our railways have been placed on
sound footing, and their condition has been
vastly improved physically; our monetary
system-that chief source of trouble-has
been put on a nominally sound basis; abun-
dant crops have blessed the land, and our
trade has sought the entire world as
market. The times, in a word. have been
favorable. Money has been plenty, sur
plus wealth has been used to repurchase
securities held abroad, and in this way
control of American properties has been
vested again I'm American hands But the
latter feature has brought about another
condition, namely, plans for a marked
concentration of these properties, both rail-
way and industrial, requiring immense
sums for contamination This has involved
heavy borrowing, especially In foreign cir
cles, until it is estimated that the United
States owes to Europe at the present time
more money than at any previous period.
The security is good-the only question
is whether Europe will be content, or able,
If satisfied on that score, to prolong the
now being harvested will in measure on
set the temporary borrowings, but aside
from that domestic conditions require more
ing the fact that in ths/rapid organization
BEEN fully discounted /If there is to be mo- no
relapse these properties in time will work
out their own destiny. otherwise trouble.
If it comes, will strike heavily at these in
fiated concerns. But here again the whole
question hinges on the solidty of our pres
ent prosperity.
1t need not be repeated that domestic
trade is on a safe basis. Our iron indus
tries furnish a fine illustration in this par
ticular. Although the country is making
between 100000 and 100000 tons of pig
iron year, the demand is running ahead
of supply and steel is being imported from
abroad. A great deal of this product is
going into the railways of the country.
They are being, or have been, practically
rebuilt in many instances and have been
brought to a condition where they can
operate at profit on basis lower than
that which drove them into bankruptcy
only few years ago. The railroads are
safe. in fact, so far as the future is con-
cerned.
The banking situation is good. The pres
ent stringency is not unnatural, although,
to tell the truth, it would have been bet
ter had these institutions gone more slow
ly during the last several months in the
matter of loans. They can meet all re-
quirements, but policy which had in mind
the extra strain of the current season,
and provided for il more literally would
have been preferable IL is not predicting
disaster, however. to say calmly that from
now on the thoughtful man will pay more
attention TO conserving his wealth than
before. The great gains made by the peo-
pie of the country within the last half dec
ade are still held here; the farmer has paid
off his mortgages and owns his land the
small tradesman has discharged his obli-
cations, and people in moderate circum-
stances have prospered almost without in
terruption. The wage-earner has had the
higher cost of living to contend with, but
on the other hand his employment has been
continuous, with but few exceptions and
wages have advanced. The country, in
short, has not dissipated its wealth in out
side ventures. IT has shown its faith in
the future by going heavily into ventures
that in many instances are prospective
but with the solid foundation already ex-
listing il will take a great deal of trouble
at the top to shake the national structure
of credit and investment. little con-
servatism at all times is an excellent thing
"a little more than usual just now will
bring greater profits in the future. With
this sentiment established there is no rea-
son for predicting a great change one way
or another in the situation for a long time
to come.