The daily morning journal and courier., 1902-06-04

 1880, or on more recent occasions, the downward track has been taken when the proper impetus has been given, and the influence of some ap- parently insufficient cause has spread oyer and affected a large number of di- versifled interests.
 It Is possible for any one to give reasons for a belief that changes such as those we have experienced in the past are likely soon to be experienced in the futre, and that the play of re- action as well as action must be eX- perienced in order that proper equ1- librium may be established On the other hand, it is easy to point out that many of our industries were never more active than they are to-day; that, instead of witnessing a slackening Of demand and necessary lowering of prices, the trouble has been, and is, to suply the demand, and not to have prices, in consequence of the extreme activity of the demand, go beyond the point that producers think Is desirable for continued prosperity. The death of President Mckinley, if it had occurred a score of years before, would have precipitated a general business decline, as did the shooting of President Car field in 1881 There have been a num- Der of business experiences one of re- cent occurrence that few years ago would have led people to believe that our entire industrial fabric was filled with empty pretence. and needed but puncture to bring about its collapse. But causes which produced fright, or even want of confidence, in times past have thus far seemed insufficient to produce these customary phases of pub- lie opinion.
 We have been living under novel and extraordinary conditions, conditions which have not had their parallel in the previous history of the world. We have had as force in maintaining favorable industrial results a combination of capi- tai of such size and potency as few years ago would have been beyond the range of human imagination This tre- mendous force has been controlled by 8 few men of extraordinary ability. But for their watchfulness and readiness to come to the rescue whenever the evil dence has been given of a serious de- cline, and but for the public belief that their financial resources are so nearly unlimited as to enable them to do as they please, the situation would in all probability before this have undergone a radical change.
 It used to be said i'll the past that there was no need of these periodical advances and reverses in business; that the interval roughly placed at 10 years. which divided the time between one great business panic and another might just as we'll be prolonged for q century if business could be carried on under proper conditions. Unquestionaby, the loss of public confidence has been the factor in causing great busi- nes disasters. The great mass of those who represent the speculative section of our people are great deal like flock of sheep; they follow a leader and if one whom they recognize as leader goes wrong. they lose their heads com- petely, and by their fright frequently bring about that prompt and disastrous collapse of prices which is the inme- diate occasion of their financial ruin.
 When a veritable panic takes place, one of it's consequences is to bring to light a large number of financial weak nesses that were concealed and un- dreamed of during times of unimpaired business prosperity. When the pinch a great many individuals and business houses which were apparently possessed of great financial strength and certainly of large business credit are found to be sadly wanting. It is with them as with certain robust look ing individuals, in whom some seem ingly slight exposure or strain brings on Bright's disease heart failure or some fatal organic trouble. But panic, no matter how severe, might be from If the shock to financial confidence did not extend through all of business There is the general taking in of sail; purchases that had been planned for are postponed; work that had been ordered is counter there are discharges on the score of economy and due to reduced