The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1909-07-01
PROSPERITY IS
ALREADY HERE
June Business Showed That
Conditions Are Not Depend
ent on Tariff

Chicago, ILL.,. July 1.-The new
prosperity, which was timed to begin
with the settlement of the tariff. has
upset predictions In the middle west
by putting in an appearance ahead Of
time.
Manufacturing and financial reports
show an increase of orders and gene
raj revival during the past few days
that will mark the month of June and
not the passing of the tariff bill in
July as the official turning point in
the long business recovery. From
now on the growth will be rapid, it
is declared. The first signs of COM
ing big upturn in trade began to be
felt nearly month ago by banks and
manufacturers here which are in
close touch with outside conditions.
Later word was received from a
score of cities that merchants were
planning to begin buying again on
large scale within sixty days. The
first of these orders have begun to
come in and now one of the big Chi
cago banks, the National bank of the
Republic, which has large and grow
ing credit relations with institutions
from Minnesota to Texas and west to
the coast, predicts thorough-going
boom in general business by Septem-
ber. "As look at the situation, ev-
erything points in that direction"
said Vice President w. T. Fenton. cal
though the prospective yield of the
crops of course will have an import
ant bearing. The merchants and
manufacturers are prepared, l think.
to go ahead as soon as is possible on
big scale. There is an abundance of
money in the country.
"Our farmers and all the agricul-
tural interests are rich and they are
going to spend. There are no surplus
stocks of goods to amount to any,
thing and any increase in the demand
will make it necessary to start up
the factories all around. The rail-
roads have not bought much material
or done much in the way of extern
sion or betterment work. Conditions
are favorable for them, however.
Their business is improving and they
can get all the money they want at
reasonable rates. am convinced that
we are on the way to decidedly better
full swing again by September"
The biggest gains have been made
In the iron and steel business, which
Is now once more on prosperity ba-
sis. The mills Of the country are run
ming to very near their full capacity
and those here report so many rail-
road orders in hand that 1t will be
difficult to keep their promises for de-
livery. One recent order was for
$4,000 tons of rails, for the Hartman
roads alone. This and other orders
will keep the furnaces busy until win
ter.
Since January some forty rail-
road industrial and mining companies
have enlarged their dividend disburse-
ments to stockholders. The latest
figures of railroad earnings show a
gain throughout the country of nearly
twenty-five per cent In net earnings
over the corresponding figures of last
year. Bank deposits have increased
materially. especially in Chicago,
where fifty-one out of fifty-six institu-
tons show marked gains. ranging
from few thousand dollars in the
case Of the smaller banks to between
three and four millions in the case of
the National bank of the Republic.
Out of town institutions have recently
sent large sums of money to the re-
serve centers, which has its effect in
raising the general total of Chicago
deposits.