Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1903-04-30
Of Industrial activity it still continues to
he irnnossihlo 10 SUNNY the demand,

Of Industrial activity it still continues to
be impossible to supply the demand.
This feature of the general business
situation Is sufficient in and of itself to
furnish the basis of strong hope concern
ing the business outlook. With the great
steel mills of the United States utterly
unable to manufacture steel rails and
structural steel so insistently demanded
| in all directions and with orders enough
to keep all available plants in operation
for over six months. and with similar con-
ditions existing in various other depart
ments of industry It is easy to see that
Only unexpected contingencies like some
gigantic strike involving many of the
great industries of the country can in
tcrrupt our present prosperity.
So long as the great railroad systems
of the United States can sec business
ahead they will buy rails and new equip
! incnt to enable them to handle enlarged
| traffic. and that they have every reason
! to expect a continuation of present favor
| able conditions is indicated by govern
ment reports. While it is too early to
speak of the general crop situation, there
| is assurance of a bumper crop of winter
wheat; and all reports from the agricu-
tural districts are satisfactory, farmers
| having had q succession Of prosperous
years so that business dependent upon
those interests promises we'll for another
season In various other lines there Is
also promise of enlarged business
so that there is no apprehension
of trouble except in case of a marked
conflict between labor and capital. and
It is believed the atmosphere is clearing
in this respect
Another gratifying influence to be
taken into consideration in this connec-
ton is the improved tone prevalent in the
stock market; for while Wall Street has
very little power to promote prosperity
its ability to start incipient panics. having
n strong bearing ON the general business
situation. has frequently been demon
strated. The Northern Securities decision
which was expected to havo a depressing
effect upon various holdings seems td
have been followed by n reaction in the
direction OF better market for securi-
ties in general. Conditions are essential
ly sounder because of the pruning pro-
cess that has been carried on under the
pressure of banking institutions that re-
collateral furnihed and 1t will be the
fault of the bankers themselves If specu-
lators are permitted to carry things to
the point of imitation reached previous to
tic recent series of sQueozes.
just at present there is n little furry
in New York owing to the attempt on
the part OF the clearing house to compel
the trust companies to comply with cash
reserve requirements. and a number of
these gigantic financial institutions have
accordingly withdrawn from that asso-
citation The older companies say they
would be at a decided advantage as COM
pared with the younger companies, If
they were compelled to keep five per cent
Of Il heavy deposit line tied up in this
manner. while the banks say that if the
trust companies are willing to adver-
tise to the world in this manner that they
are unwilling TO keep small reserve on
hand, such publicity will surely work to
the disadvantage of the trust companies.
In the meantime, this controversy is not
likely to have any material effect on the
general financial situation.
One of the most significant statements
made in connection with the financial sit
uation in New York is that Of the cores
pendent of the Philadelphia Press to the
effect that 10 has been authorized to say
on the authority Of one or the most in
| nuontial banks In the United States that
the capital needed for finance the pending
corporation and railroad issues will be
forthcoming without trouble tho momen,
it is required. This is Interpreted as mean
ing that the banks have already provided
for the immense transactions involved in
the increase of the capital of the Penn
sylvania railroad TO 500 100 olc for the New
York Central terminal improvements il
: New Work, and for the financing of var
iOus combinations.
1t is to he taken for granted. If this
statement is true, that what J. Plcrpon'
= Morgan called "undieestod securities
have been provided for by the financial
magnatos of the American metropolis; anC
' if this feat has already been accomplished
in accordance with his prediction, there
arc not few people who will be incinet
to believe that his prediction of CONTINUED
. prosperity Is also 10 be accepted withou
mental reservation. On the whole 1t mus
be admitted that the general outlook FOL
= business and industry is reassuring.
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