The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-10-23
COUNTRY STILL PRosPER1NG
IT'S WEALTH CONTINUES TO IN
CREASE ENORMOUSLY.
Growth Of Deposits i'm Banks and De-
velopment of Railway Traffic Are
Good Indications.

o
nnonials OF the country's prosperity re-
ceived from the delegates of numerous
States. The attendance to-day was large,
equaling that OF the opening day, and the
interest OF the financial mep OF the Nation
continues undated in the proceedings. To-
morrow will witness the closing of the ses-
sion when Ellis III. Roberts, treasurer OF
the United States. will make an address,
and the officers for the ensuing year will be
elected
Controller Ridgeley, in discussing the de-
preston in stocks on the New York ex-
change, said:
The way business has stood the decline
In stocks Is an evidence of strength. not
be some hesitation and curtailing of other
lines or bushes as the result, but there is
no occasion TO be nervous or hysterical
about IL; we should keep cool, and where
cur calm Judgment approves be bold and
courageous II we have been too hopeful,
do not let US all at once become too pessi-
mistic- Let each bank stand by, its Gus
toners and stand by the country. as it de-
serves. 1t never was I'm better condition
when facing any such situation.
Contrast the position OF the railroads to-
day compared with a few years ago. when
more than one-f0urth the mileage and many
OF the most important lines were in the re-
ceivers' hands. You have no more OF rail-
road receiverships- The reads are on an
tirely different basis The country has filled
ume OF permanent traffic: their tracks, ma
chinery and organization improved
that they can handle their business far bet
ter than ever before. There is no COMPARE
son which can be made OF the condition OF
the country to-day with what IL was only
few years ago, which does not show the
st1rest foundation for enduring prosperity
and there Is no part or section of the coun-
try OF which this is not true.
BALANCE OF TRADE
During the last ten years the balance
or trade in favor of the United States has
amounted to over three and three-quarter
billions Of dollars. For the single year 1901
this was ss7s.Ooooo0. Although the aIarmists
complain of considerable falling off for
the year 1902. 1t was still almost one-half
a billion dollars. about twice as much
as X had ever been in any year OF our his
tory previous to 1895. The aggregate wealth
Of the. country has increased fully 50 per
cent since 1880. We are producing and add
Ing to our stock OF gold every year about
$O.Wo,0c0 and almost equal quantity of
silver The annual value of our farm prod
ucts steadily increases and for the year
1903 IL will be at least s5.000.Oo0 1000 The de-
posits OF all banks In the United States have
Increased since 1885 from $3.50 100000 to
s.5s5. 0oo, 600. almost double. The deposits
OF all banks I'm the State of Texas for this
same period have increased from $35 000. 900
to over $50 oooooo. about 22s per cent In
the State OF Iowa. the increase has been
from $ss.oo0.ooo TO s2il 100000. over go per
cent; IN Kansas it lsas been from s35ooo.-
cent: in Nebraska OF fp DSIr ssOOo PsG
TO ssi,oooooo, or 2s per cent; in Cali
forpia from seoo.Ooooo0 to s4o6.Oo0.OOO. or 2os
per cent In Oklahoma and Indian Terri
tory, where. In 1895. the total deposits were
considerably under s.. coo 900, there are over
S.7oo0.ooo on deposit in the banks. The ag-
gregate deposits in all the: banks in the
States west of the Mississippi river have
increased from sci 100000 in 1895 to 81, 700.-
100000 in 1903, or 2i2 per cent. The three
AT Of lou md ntrrf
have more bank deposits now than all the
States west OF the mississippi had in 1890
and the States OF Washington, Oregon and
California; have $i0.O00,0o0 more bank de-
posits than all the other States west of the
mississippi had In the year. 1880.
ALL PROSPEROUS.
but il Is almost unnecessary to quote
figures and statistics to you who are the
custodians of the funds and thoroughly
familiar with all tho business OF your home
communities. No one knows better than
you bankers what great increase there
has been In the wealth and prosperity of
your own people at home; how many of
them are out of debt and have money In
your banks who ten years ago seemed
hopelessly buried under a burden of debt
they could never pay. You of the South
know that the change i'm Southern condi-
tons Is revolution, and that, with good
betssr ~ or ,o'av anu ,s ths peop.e are
before You OF the farming States, the
West the mountains and the Pacific slope,
have seen whole States which were appar-
emily bankrupt. where farms would not
sell for thu mortgage on them. raise year
after year notwithstanding. bumper crops.
and many Of these mortgages paid off with
the process of one or two years harvest.
You have seen farms produce in one year
crops of greater value than the land would
have sold for before the crop was planted.
You have seen your people pay off their
MORTGAGES and your bank deposits double
You OK the reserve cities, who are at the
centers of business and commercial life,
have seen equal prosperity among your mer-
chants and manufacturers You know how
your country bank customers have prospered
and how their balances have increased with
you; how many of them used To have %
borrow OF you are competing with you and
lending money TO your own city customers!
Every State in the Union, every section OF
the country. has shared in all this. IL is nc
sudden effervescence bubble of specula-
ton, but the natural. inevitable result of
potent existing and continuing forces II
Is not going to disappear or vanish in day
because OF a slump In stocks or the collap
OF few underwriting syndicates. IL may
be necessary TO pause a little TO get oui
breath after the pace we have gone. but II
there is any serious check IL will only bt
because we have lost our nerve and courage
The course OF business to-day very largely
depends upon the bankers. IL the banks
continue 10 act wisely and conservatively
as they have. they can avert anything like
serious trouble and keep the country ir
shape for n continuance OF very prosperous
times. In doing this they can perform q
most patriotic service to the country. and
as is usually the case. the patriotic thing q
= do is the wise and sensible business course
as well. The banks have only to stand by
and look out for the best interests OF theft
customers and stockholders If each banl
takes care os its own business and own peo
pie and stands by them now there need b.
and will be nothing more serious than {
period OF waiting and perhaps some read
fustment OF prices. which might I'm the ems
ho N Tha
1zfions. promotions and combinations which
have run their wild course were caused b,
and were not the cause Of prosperity. Pros
pertty came the result OF the productive
fly OF our fields and forests. our mines an.
factories. the tremendous energy and activ
fly OF our people applied To the most won
derfuily productive country I'm the world
IT should not and will not cease because TN,
speculative attempt 10 discount the futur,
and overcaptaiize earning power has me
With fsreordained and inevitable failure