| Show Cloud of Uncertainty Is Cleared by Confidence IX IN ItC L I LIXI MJ XI NI I CONDITIONS S The cloud doull of or uncertainty which ha has been IJ hanging over 1 the ele- ele nt mi-nt of oC the tho United States I IK Is In the opinion of ur the tho British commercial cIal agent in this count country awa away In III a u. recent report to Parliament on subject c Mr Ir Seymour lJ hell Bell II tho commercial agent In Iii tho the United Uni Un- ted States States' MYS tys The year t of oC 1907 was one of or sharp contrast in the United States State It was tas tasa a 0 year car of oC great r t activity and deep de- de During tho the earlier months all ull Industries were exceedingly busy and mills were working orkin at their utmost utmost ut ut- most capacity Many unfilled orders ha md had been carried over 01 from the bus ous year car and IHIe buyers were log In- ng great In getting l delivery ry of or their goods rh The railway lines were ere congested tJ wages were at their hl highest hett and anil the high price of oC commodities raised tho price of or living to an extreme ex ex- point It IL vas wat d b byall by byall all tho those e in a position to turin an nn In Independent Independent Inh In- In dependent h opinion that this tn tremendous ous Jn Industrial activity could not last that it wax wnM merely a a. question of time before a reaction would meet bet In It became became be be- came quite evident that the country was as living beyond Its Us means mean Money Ioney Ione was becoming and tho the railways and other wore noro 01 ei Ing great In tn obtaining th the capital necessary to carry call on on- on the Improvements Im Im- and extensions which were ere In tim lI process cess of or bellig carried out Speculation Speculation Speculation Spec Spec- In Iii mining mining- and zeal real estate hud had been n rIfe riCe an and personal extravagance was Vas at It Its height ht This all tended to ud additional burdens on omi the money mone supplies R which were hardly adequate to carry carrr on the Industries 8 of tho time count coun cotta t try ry TIm The fhe e ra I I cro am among among- ong t the I t e earliest a and nd greatest reale t sufferers from flom I the he nl financial They The found It IL almost impossible to impose O o ot or securities se se- se at a price arid antI were forced to issue short line notes at u n comparatively high rule rate of Interest to enable them to continue their de tIe- AH As wages were svere high hl-h owin owing owing ow ow- in ing to tho the searcH scarcIty of labor and antI high prices were being paid for time the net earnings of or tho railways were considerably reduced although the gro gross earnings showed an increase e eThis This brou brought ht about lower quotations for 01 railway shares and amul the Industrials I followed the downward vard path The lime situation wa was peculiar On the one cite hand ther thorN therelo were vero tho manufacturers manu manu- I with more orders order's than thC they could fill and antI busy enlarging their plants merchants s selling Ja large e quantities quan quan- titles of goods at satisfactory price in such dt demand that even with the time addition of the I immigrants grants it was tas necessary sar to employ workers at good wages On the other hand there thero was dear mone money on owing ing to 10 scarcity When imen owing to a failure In III Xu NewYork New York light was thrown on tho the management man nian- aglI of or some of or the tho Jare financial concerns concern oJ In the Ute city public confidence which had previously been boon un undermined under under- er- er mined aimed by certain In investigation gave way completely resulting in an acute I mone money panic Careful students of oC tho tito I sItUatiOn n had foreseen a L collapse before before be be- fore the time end of or tile the year but did not anticipate that It would come como with such suddenness The panic was entirely entirety financial It has It is true brought about a widespread suspension lon of or trade and antI in industry industry In- In throughout hout the thc country countr but bur there has bp been n no throwing on the tho market of or merchandise at ruinous prices tho the usual al' al accompaniment of industrial panics The lime manufacturers I ers el on the contrary U faced the tho Inevitable Jt In able and without t proceeded to to- curtail the supply and thus reduce such fUch chances a as at thOro thero might might- have been of or glutting the tho market mallu t with articles Fortunately I for the Lime country warning of or the Ute trouble was given early and it was waN possible to tako take steps in time to prepare for it As 8 s to 10 time the h I tJ of or time lh tho present pres cut ent depression will la last t. t it Jt is difficult to form torm an opinion It must not be forgotten that the tIme farmers who form the thc backbone of ot American prosperity have ha not been boen uIT by time the financial Thought Though h tho the crops In 1907 fell tell short in fn quantity as ns compared with Ith 1 1105 1901 higher prices were ere obtained and the time farmers received considerably more mon money monCor for Cor their crops than in Inthe inthe the year eal A country that produces crops valued at nearly 1500 pounds is unlikely to suffer long from Crom indu industrial stagnation It IL too large large large-an an amount to to beheld be beheld e I held lon long Farmers have had nine years of or almost uninterrupted ed prosperity their buying power is high his and antI tIc tho towns dependent upon them theta will rem remain in prosperous The farmers armel's who a to few ow years ears a ago o owed money moncy now own mone money and have ho hoan an assure assured outlet for their products pro pro- ducts as thieve there is J no over supply The TIme of uncertainty which has been hanging over the tho country for forso forso so long anti and gradually growing ro more threatening is 11 now passing Ing awa auay avay and It ma may be he said aILl that the tho worst vorst of the Ule storm has now passed There Thero will in all probability ho bo mercantile for Ol some months to come but readjustment and recuperation are well elI un under Cr wa way anti and unless labor troubles should retard Itar the improvement improve improve- ment or em monopolies if if capital Interfere Inter Intel fere feme rc to keep heel uI up prices at too high a level le it Is ls expected that before man many months have passed busin business s will shiI be beon beon on a safer and antI more normal basis |
