The evening times. [volume] (Grand Forks, N.D.) 1906-1914, 1913-03-10
CAPITAL SOON
WILL Be ASKED
President Wilson Takes
Hold Of Helm NAen Bust.
ness is Heavy.

New York, March 10.-Early in
President Wilson's administration
there will appear in the large money
markets a good many demands for
new capital in large amounts. One
contingency alone can prevent both
the making of these demands or rea-
sonable response to them on the part
ability to handle large transactions.
That contingency is reported by al
most all business men Of this city
with whom It has been possible to
talk as a setback to business. Should
there come reaction, sudden or grad
ual. from the almost unprecedented
business activity Of the country, then
It would be impracticable to approach
the financiers with intent to cur
new capital in considerable amounts.
Attention has been called today in
more than one Of the Offices in which
leading business men meet to a on
dition, so far as business is concern
ed, not paralleled at the beginning Of
any presidential administration, for
many years. Grover Cleveland began
his first administration, It was point
ed out, at a time when %portentous
clouds were hanging yer the entire
commercial world. His second admin
~tstration will become historic for the
business depression and the panic
which were characteristic of 1t.
President McKinley's administration
began at a time when the business
world was beginning to e daylight.
Yet conditions were chaotic and from
the decentralization which had prevail
I'd for the four years there had not
been full recovery.
Crops Were Abundant.
Tn 1900 President Mckinley began
his second administration at a mo
ment of great, although somewhat
superficial prosperity. Abundant har-
vests. the certainty that the United
States would recognize gold exclusive.
~ as the basis Of the monetary sys-
TEN. very heavy foreign trade. which
had made the possible importation in
ministration Of a hundred millions of
gold, and the great although feyerish
and momentary created demands Of
Great Britain for various war equip
ments to be used in South Africa, and
the stupendous promotions of indus
trial combinations had given to the
country the appearance of very great,
really unprecedented prosperity. . In
1905, when Colonel Roosevelt was in
sugurated. the first hint Or symptoms
of what became world wide depres-
sion. and in the United States panic.
were observed by sagactous business
men and f1nanciers. When President
Taft took Office there had been a re-
covery from the panic of 1907, but
business stagnation prevailed.
1t has often been said in this city
that President Wilson takes office with
most favorable business conditions
prevailing throughout the United
States. excepting those which have di-
rectly to do with financing on a large
scale. No n can discover at the
present time any cloud. however small
upon the business horizon, This con-
dition, if it Is to be maintained, will
inevitably strengthen confidence. and
the new capital which the United
States will acquire should be avail.
able for the great undertakings which
the railroad companies. some of the
tndustrials and some of the legislators
who have large public works in mind
contemplate.
Great Issues, to be Financed.
In the treatise-modestly called by
dum-offered In reply to the invita-
ton Of the Pu1o. committee a few
days ago. ii. Is somewhat vaguely as
serted or intimated that very great
issues are to be financed, or ought to
be financed. in the near future. The
treatise called attention to the fact
that there r some railroad issues,
these exceeding one hundred millions,
which must be financed speedily. The
great corporation of which Theodore
n. Vail is president has announced,
according to this communication, an
issue Of seventy millions. The com.
panies which are to construct the
new subway systems in New York
purpose bringing securities issues
~aggregating 1920, 200. 900. and unless
there be change in the dissolution
plan for the Union and the Southern
Pacific railroad companies which were
approved by the attorney general.
MI. Wickersham, financing aggregat-
Ing to $126,000,000 must be accomp-
lished.