New-York tribune., 1909-09-25
AT HEAD IN FINANCE
NEH YORK DONINfT
B.lCKED By COGN-
TRTS WE.fLTH.
Influence Is World Vide, and Sec
ond 70 No Other Capital In
terestS B0URdlfsS.


Ne~ York to-day largely dominates the hnan-
.tal world The influence Of the metropolis OF
ne Western hemisphere in shaping the des-
rnies Of international finance is written in bold
and aggressive consonance with the countrys
marvellous Development along every line OF
commercial and industrial expansion. The pulse
nat ttlrobs in the banks. the counting houses
and the exchanges of New York affords at all
Zines lc-uratc index 70 the financial health OF
the nations. ParaDhrasing the old political say
ting that as New York the state goes so goes
the nation" II may o-day truthfully be said
that IL al matters and concerns Of finance as
New York City goes s. goes London. Paris and
Berlin" the three most potent centres next 20
New York from which radiate the invisible
golden threads that woven into the fabric OF
6nanc- which covers al the continents and the
seas
Wh-r William T stead wrote The Ameri-
eanzat,ou Of the World" a year ago he
aclknoN lodged ia unqualified terms the financial
suprerracy Of the United States by ~~tting down
this:
''It aas not until the close Of The last century
nat tie United States could have been said TO
have secured the commercial prinscy OF the
world But the fact that they would soon super
sede Us (the English had long been foreseen by
the more prescient among as"
PROPHECY ~ GLADSTONE
The probability of xhat Mr. stead announced
as accomplished was prophesied iu The latter
years Of his life by Eugland's Grand Old Man"
William E Gladstone aho said: 1t is Amer
Tea who. at a given tine and probably. p III wrest
from US that commercial supremacy"
Upon Americas coming into her own as the
commercial mistress Of the world is founded
New York's title 10 premier position and power
In finance London long held the palm through
The existence OF causes which were easily traced
stable government enterprise and success In
commerce and the possession Of vast wealth. and
The early adoption by England of the gold stand
ard. All OF these advantages have eventually
become New YorlTs. 50 the city stands not
,nly where London used 10 stand but far be-
yond H. so determlnedly has New York's i'm
petus pushed her ahead To justify Ne" forks
claims 10 supremacy 1t is necessary 10 point out
specifically the position the country occupies In
rlae commercial sphere. We distance other coun-
tries by large margins. on the average, starting
with corn OF which produce so per cent cot
son 70 per cent. copper and petroleum so per cent
each. and steel pig iron. coal and railroads.
nearly haIf Our gold mines pour out huge
volume yearly. thus supplying the foundation
~or our currency There is more gold money IN
she United States than in any other country
C1ur total more thar equals that Of Russia and
England.
VAST HOARD OF GOLD
y, twenty years the gold fund has doubled.
.a,.ra "a in the vaults OF the United States
Treasury stock OF gold coin in excess OF that
az Frapce and Of the banks OF England. Ger
many and Russia put together In twenty
wears the wealth Of the country has Increased
until the money H. circulation Is about ~ per
cent OF the national wealth, per cent Of the
value of the negotiable securities and % per
cent OF the deposits in All the banks OF the
limited states Larger production and higher
values have tended in two decades 10 increase
our crops worth b. 325 per cent, while in 1908
tbe value OF all our mine products attained the
,.unendous total OF 81 l.5JOOO0O00. Manufact-
1res have an output Of more than $lGGOoco.OoO
annually transportation demands imposed by
Increased manufacture and crops have brought
about a unconditional increase In mileage ana
carrying capacity as well values. Railroad
dividends have tripled in twenty years, while
earnings nave doubled. The telephone has added
vastly 10 the wealth Of the country and In
creased the facility NTH which business is trans
acted
Our foreign trade. principally IN manufactured
products. has risen with the rest The figures
show that the increase ia the exports in twenty
years has been 100 per cent. while our imports
have Increased On,y 81 yer cent. The foreign