The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-03-14
Good American Business.

February, though a short month, was a good
month for the bigg est business on earth. that con-
Quoted by the Government of the United States,
Receipts increased 1885 .655 over February. 1905.
while expenditures increased only 81, $50 ,464, In
spite OF the fact that the months investment in
public works Increased g., 1876. or $+S5 ,032 more
than the total increase in expenditures. Interest
paid decreased 441 TAD. The striking thing about
the months business was that customs receipts,
a sure sig OF good or bad times, increased 2.249 $40
and internal revenue 81 1851. Those two Items
Indicate good American business along all lines.
This result is backed up by the fact that the notes
OF our national banks In circulation increased by
ST.. 725, 705 during the month and by $84. 1l6 ola In
the twelve months: also by the fact that our Gov.
ernment's daily available cash balance also In
creased by s., $50. 003. and further by the fact that
our Treasury dencit-expenditures over receipts
was wiped out and a Surplus OF 81 1890 created
on the eight months run.
1t a true that 81. o5s,so2 was added to our public
debt but not a dollar OF 1t bears interest. II IS
doubtful II any Government in the world other
than ours can borrow money without paving
interest almost without limit. The holders OF
our small interest bearing debt were not willing to
let us pay OF more than $40 OF II, while $l4.i2O OF
1t ceased bearing interest automatically.
Back Of all the foregoing Is the further fact
that when Uncle Sans Treasury shut up shop
on February % II contained 81 AIS. a5s 1912 In cash
and cash assets.
The excellent condition o. our Industrial enter.
aA'NSF NA'NA w W. "" f'~B w. NV
ment finances on the sunny side OF Easy street. "
is evidenced by their dividends for the hrst quarter
Of this year being $40, 525, 5a2, against S54. 976, s5a
for the corresponding quarter OF 1905. an increase
OF nearly 10000 900.
Coupled with all this Is the welcome news that
the alleged Chinese boycott Of American goods is
really increasing our exports 10 China. The figures
for the seven months ended January show SIS s62,
$50 exports, an increase OF S5,429 ia. Cotton
cloths increased nearly 81, 100000. copper 81 SOC. 900
but mineral oils fell of 50 100000. Still the Increases
were where they are most wanted.
Space forblds enumeration of the increased
earnings In February on almost all our railways.
They are shown week after week in almost every
newspaper ono reads. In the, third week OF Feb.
ruary. for instance, thirty nine railroads showed
an increase OF s.. 021 900, or S0.i7 per cent. This
followed sixty nine roads showing q net increase
of q, $50. 900 for January. This Is the nrt February
In years when the increase went over 30 per cent,
IL IL no wonder that our principal roads will pay
out Sill $40. $50 In dividends this present month.
Apart from our high credit abroad Il our high
credit among ourselves at home. We sell 81, 900, 600
OF Philippine public Improvement bonds bat that
Is no drain on the purchasing banks. as they turn
right around and deposit the bonds at washin ton
as security for public moneys.
That high credit among ourselves Is also what
forty one new national banks in twenty eight days,
including four Sundays and two legal holidays.
or one and a half banks q day. The months work
added s2,2% 900 70 the working capital IN which we
are doing so much good American busin ess.