Daily capital journal. (Salem, Oregon) 1903-1919, 1908-10-16

1 tftf NIFH A4Hn HItO ONH
vclopment OF Mineral Resources
Output Of the Nations Wealth.
New York, Oct 16--Business mef
who have been observing keenly the
economic developments OF the last
few months, said today that the
countryfi one year after the financial
stringency In Wall street, was enter
Ing upon an era that would eclipse
the prosperity of the administrations
OF Mckinley and Roosevelt. A few
striking facts drove them to that pre-
diction. Despite the panic of last
fall practically one4half billion
dollars of securities had been sold
by railroads, Industrial and manu-
featuring concerns, and the proceeds 8
were being devoted to enlargements
of plants and the building of more
factories and railroads. In Septem-
Der the total building expenditure
throughout the country was more
than $41,000,000, which exceeded
the expenditures of September of n
year ago by S4,000,000. The har.
vesting OF crops, valued at almost
seven billion dollars, and the wages
paid TO contractors and laborers
meant the pouring of millions OF dol
lars of savings Into banks through
ont the country. Furthermore,
manufacturers were preparing for a
large output. A report OF the de-
partment of commerce and labor
showed that the imports for August
exceeded those ofany previous month
this year, and were greater than
those Of the preceding August. All
these things showed experts said,
that the Manufacturing, mining and
other interests we're lining up for
year that promised to increase the
wealth OF the nation enormously.
Z Businessmen said that they could
see no other trend to the develop.
ment OF the resources OF the country
provided the voters Of the country
continued the administration which
had made possible In the last 10
years the tremendous increase OF the
nations wealth. That after the pan
ic which had shaken the confidence
OF bank depositors and OF business
men who must necessarily transact
much business on credit, factories,
merchants and workmen should have
had such assurance about the future
was considered as a tribnte to the
Republican administration.
A cursory review OF the matter In
which financiers, manufacturers and
business men generally pllled the
country through the panic OF 1907
and plunged anew into plans for the
creation OF more wealth and a con-
tinuance OF the prosperity OF the
country under a Republican admins
tration shows that the last year has
been a remarkable one. The Union
sued s50.00O,000 In bonds TO be de.
voted TO the extension OF its lines and
the making OF improvements. The
Pennsylvania railroad issued $40,-
100000 In bonds TO continue It's i'm
provements. The New York Central
railroad got s30.000,000 10 put into
improvements. The Central Pacific
sold 100000 worth OF bonds and
utilized the money in way that gave
work to many men. There was the
Tidewater company. with an issue
of s17, 7,000,000 the Chicago, Burling-
ton y Quincy with SIS 1000. 900, and
many other roads. Gas companies,
electric light. traction. industrial and
other companies lsfned bonds for Inn
provements amounting In all to half
a billion dollars. New companies.
with capital amounting 10 many mill
lion dollars, also were formed.
In July the effect OF that outlay of
new capital became apparent. The
building trades began TO show Inn
provement, and by September the
amount expended In such work ex-
ceeded that OF any month in the year
and that of the preceding September
Reports 10 Bradstreet's from 81 cit
les showed that In them SAL ,000. 900
had been spent In one month I'm
building operations. That report did
not include money spent In extensions
of railroads aud new equipment or
improvements. Already railroads are
discussing the project of spending
$500, 900, 600 year IN the extension
OF railroad. President YOekum OF
the Rock Island estimated recently
that as $4,000 miles had been added
10 the total mileage IN ten years an
additional 5000 IN the next ten
years void not meet the increasing
demands of the country.
With the financial stringency of
last October II was .apparent that
there had heen an Oyerproduction.
hut the retrenchment OF several
months and the reviviug az building
Onerations and the promotion OF new
propect7 hegan I'm July TO convince
manufacturers that there would he a
new demand within q short time.
They began 20 prepare for n. The
articles, imported for use In factories
In August, exceeded those OF 1907.
That fact II shown by a report of
the department OF labor and COM