The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-10-05
THE BROADER VIEW OF RUSI,
NESS CONDITIONS.
George !. Gould Looks Beyond Wall street
70 PrOsperlty's Real Sources.


From, an in errieu IN the World Of yesterdov
1T is true said Mr. Gould yesterda v.
that an almost unaccOuntable wave OF ps s.
simism is now overwhelming Wall Street
This wave IL erratic and sporadic and is not
justified by the business conditions existing
in the country at large. My own personal
observations show that crops are exceed.
msly large-the corn crop being ha1-per
that railroad earnings must necessarily In.
crease and that as soon as the money which
has been advanced from this financial Gel tr.
for the purpose OF moving the crops and tn.
furtherance Of railroad extensions and en- i.
terprises reverts to it's normal chanre,s. az
ID inevitable. the country at large will enter
upon new and much greater era Of pros
perity,
AS matter Of fact, money is not scarce
among the country merchants nor In country
banks. II is scarce In this city because Of
the tremendous enterprises and extensions
which some Of the Leading railway and in .
dustrial systems Of the country have re-
cently adopted as portion of their programme
OF advancement. In the furtherance Of this
programme vast sums Of money were needed
and In order to procure the necessary funds
the directors Of these vast enterprises, upon
which devolve to large extent the success
Of the country at large, have practically
cleaned out all the ready money in the New
York market
IN it, scheme Of Improvement and ex-
tension the Pennsylvania Railroad alone re-
Gently used 500. O0O, 900 in lump, and by far
the largest proportion Of this sum came out
of the city Of New York. With the Penn
sylvania requiring and obtaining this huge
sum, it Ii not difficult to estimate what other
systems would require Our own system has
used large sum, and nearly all the other
lines have followed q similar course In the
development OF great enterprises a large
sum Of money is essential. and these neoea-
sary large disbursements have diminished
the supply to certain extent and have made
a severe drain on the money market
Il arm confident that things will right them
selves in comparatively short space Of time
As the crops move and money again gets
into circulation the situation will materially
improve The stringency Of the past few
weeks is entirely natural and there is abso-
lutely no cause for alarm on the part OF in.
vestors
In Texas the cotton crop is good although
not quite up to the mark OF recent years
Nevertheless. 1t is large, and have personally
satisfied myself that IL Is sufficiently large
to maintain prosperous conditions among
the merchants Of the Lone Star State, NV
personal observation is that Texas was never
in more flOurishins condition than at pres.
emit. and the same is generally true of tn"
Southwest.
Il found the corn crop to be excellent
The wheat yield is somewhat below the aver.
age. but the quality Is much superior to tha'
Of recent years. Conditions. therefore, viii
be more than eoualized. Nowhere in m"
country at large is a money strineency per.
ceptible. and it Is my belief that there will ha
plenty of money forthcoming as soon as the
crops are moved and Wall Street emerges
from its wave of pessimsm-a wave that IA
absolutely unaooountable. In view Of the
general prosperity Of the country. o,frr
than that mil lions Of dollars have been r,t
In betterments and improvements of man
kinds and that every branch Of commcrco
has needed capital