The Billings gazette. [volume] (Billings, Mont.) 1896-1919, 1902-01-03
IMPOSING

nGNOr00s "
Minneapolis Journal: Bradstreet's
annual review of trade, finance and
industry in this country for the past
year up to Christmas day reveals a
wonderful and unprecedented expan-
sion of trade with only a few sugges-
tions of retardation as the slight fall
ing Off in iron and steel exports, COM
pensated for, however, by the intense
activity of the domestic market for
those products, and a falling off in
corn and oats exports and some de-
preston in the price of cotton. The
review for fifty-one weeks Of the year
is conspicuously favorable as to the
stable condition of business. The &C
cretions of this last week will bring
the bank clearings up to $120, 000, O0O,-
900 or more. st.
The record Of business failures show
that they increased only 5 per cent
during the past decade, although 172,
900 more persons have gone into BUS
mess uuiluS ludL pSlIOu.
The international trade balance
shows $3.50, 000, 900 on the credit side
The appetite of Americans fol spec
ulation and investment is shown by
the fact that, during this yea" up to
Christmas, there were 248,9l5.7OI
shares of stocks traded in-an aver
age of $40, 700 shares for each day of
business on the New York stock ex-
change. The year has been notable
for the organization of the United
States Steel corporation, the largest
corporation ever formed, with $1,01S,-
900, 900 of stock and $3O0,O00,0 900 of
bonds. Next to it is the Northern Sc
curities company with $403, 600, 900 of
stock.
The latter organization may be call
ed tentative, and the conditions Of it's
existence are vulnerable and the
strongest fight ever made against COR
porate presumption and assumption
of power is now strenuously endeav-
OlluS W ucdu Ol us ulldWlu1 dSIlN-
tiles.
The year has brought forth much
articulate jealousy and ill will on the
part of the European nations. We
have %distanced them in the quantity
and quality of our manufactured pro-
ducts. England is struggling to in
J,,o, ho,, Ss~o pocxy,, ryor1xroon- RI cfon
his limitation of the capacity of mod
ern machinery through the dictation
of the labor unions, and aid in restor-
ing lost trade through modern adapta-
lions. The American workman has
distanced the workmen of the Euro
pean continent in activity and pro-
ductivity and the Germans are, today.
selling their manufactured products
below cost to keep out our goods.
The fight is IN. 1t has been fore
Swallowed. but Europe, only a few
years ago, realized that there could
be a fight at all. The other day in
London the Rev. Harry Wilson, who
has lCSCLIIJ UCCu IldFCllAS VII a IOuI
of observation in this country, in adj
dressing a gathering of English &C.
.clesiastics, expressed establishment at
the activity of this country, which he
characterized as a country of hard
workers." and continued: II looked
in vain for the much-discussed Amer
lean smartness.' | am convinced it
does not exist. Downright hard work
with every section of the people is
the secret of Americas wonderful
power"
This clerical observer is about right.
Practically this is a country of work
ingmen, a country of hardworking
specialists, a country of quick appre-
citation of the value of the workable
products of the inventive faculty. Ev-
cry step in the wonderful progress of
our country is taken through the up
lifting power of patient toll and tire
less persistence. We can suspect ma
tional decadence only when we let go
OF these saving and achieving quail
tiles.