The Minneapolis journal., 1903-12-28
WEST LOANS
TO THE EAST
Walter Wellman Declares That Pros
perity Is Undiminished in the
Great Northwest.
He Says That Bankers Are Troubled
To Find Good Investments
for Deposits.
Says the West Is Now Sending Money
to the East, Which Needs
Help.
Now York Sun Special Service.

Now York Sun Special Service.
Chicago, Dec 2S.--Walter Wellman
in a Washington special to the Rec
ord-Heraid says: .s-
What - the status Of public opinion
In the great northwest?
During a recent tour of that region,
embracing Michigan, Indiana, LII
nois, Wisconsin, Iowa and Minnesota,
your correspondent enjoyed excellent
opportunities to learn what the pee-
pie are thinking and talking apout
thru conversations with business ana
professional. men in many cities ana
towns, and thru meeting large num-
Der of travellers on the trains.
The most noticeable Of all condl-
tiOnS at the present time IN the great
west Is the almost undimlnlshed con-
tinuance of the high tide of prosper
ity. Broadly speaking, there has pee, been
no falling off in the volume OF busl-
ness. The farmers have more money
than ever before. The employed peo-
pie are all at work for good wages,
and railroad earnings thruout the
west average higher than a year ago
tho many good judges thought last
years volume of traffic up to the
highest possible mark.
The amounts of money which the
people Of the west have on hand rep
resenting their surplus. their sayings,
their accumulatiOns thru these recent
years of unexampled prosperity are
tural counties the bankers tell me
they do not know what to do with the
money that is offered them for de-
post. In many instances they have
been compelled to refuse further de-
posits because of the difficulty of
using the money profltably.
Farmers Are Prosperous.
1t is surprising to be told that in an
average western county Of perhaps
$4,000 population, embracing prob
ably $500 farms, the aggregate sums
on deposit in the local banks reach as
high as S2,0O0,0OO or $3,O00,000, or
an average of approximately $1,000 a
farm. ..'e".a'
AS no one Individual has very large
deposits it follows that the accumula-
tions are we'll distributed. ..5
What is true Of the agricultural
counties is true also of the cities and
towns in which there are manufacture
ing and commercial interests. In fact
money is abundant everywhere and
all classes of people have shared in
the prosperity. Millions of dollars OF
western farmers and mechanics have
been sent to New York for use in
railway and industrial enterprises
The west is lending to the east.
At Chicago during the, past month
there has been a great accumulation
of money. Chicago bankers had sent
out a round hundred millions of cur
rency to move the crops. and that
money is now flowing back. and much
of it is being loaned in the east. Chi
cago provided more money during the
autumn for crop moving than New
York did, and saved New York banks
much of the drain which they had
feared on that account. 1t is E
peculiar and all interesting fact that 6
large share of the hundred millions
which Chicago sent out for crop NOV
Ing purposes was sent to the south tC
buy cotton. i.. --a-@-
Northwest is Lender.
There is SO much money locally ir
the northwest that the cerrters are not
called on for funds as they were ir
the olden times, and what bankers
used to regard as an annual stress
and which they found it necessary tc
provide for long in advance, has near.
ly disappeared. Broadly speaking the
people of the great corn, wheat hog
cattle and dairy country Of the north
west have. money to do. their own croI
moving and to carry on all their oper
ations. They are lenders, not borrow.