The sun., 1903-01-05
I ORD g. TAYLOR.
l. HAVE NO DOUBTS.
They Have Investigated and Are
BANKING on . Very Pros
porous 1908.

Lord 4 Taylor. the oldest dry goods
firm In the United States. regard the COM
msrcal prospect Of the New Year with
serene confidence. They have faith In
the future and interesting reasons for 1t.
In giving some Of these reasons the senior
member Of the firm said:
we see nothing in the New Year pros
pect to even suggest a decline In our COM
mercial prosperity. 1t is a part Of the bust
ness OF every merchant to try to answer
for himself many of the very questions
you are asking us On the success with
which he is able to answer them depends.
In great measure, his own commercial
success.
We have tried, and with some success.
to develop q system in our business which
would enable us to get some notion OF
future trade conditions. The Information
which We gathered led us to place orders
one year in advance. Furthermore, these
future orders were placed on a larger scale
than was the case for 1902. No matter
what individuals may say, for this, that or
the other reason quite personal to them,
We know that the general condition OF the
country il prosperous; that the people
want things and have got the money to
nay for them IL we didn't believe we
knew this, you may be assured that we
wouldn't be putting up our money.
We are not only buying largely. but we
are selling largely for future delivery.
Our books show that in some lines where
we sold ten cases OF goods last year we
are selling twenty cases this year. We
know. OF course. to whom we are selling,
and Gust stomers are just as shrewd buyers
as We arr. They know that their customers
will want the goods. II thev didn't they
wouldn't be sending in orders for them.
We do not believe that there are any
great business dangers Immediately before
US. Our answer to this question would have
been quite different a year ago, and We
could have then suggested some tendencies
in our business life TO be avoided and some
to be encouraged. To-day, in our opinion.
We are we'll past the dangers that loomed
large a twelvemonth ago. Then the danger
that was most imminent was that OF over
capt. alization.
But We have had a shake-down, as the
police say. in the past few months which
has had a particularly beneficial and
settling effect upon our business founda-
tions Lot a man 60 down into the Wall
Street dist riot now. and try to unload
securities in an over-capitalized company
and zee what happens to him. He will
find that il g harder TO trade such st uh for
csah. or it's equivalent. than it is to get
water out Of the desert of Cobb.
As for the money supply, IL IL, under
ordinary circumst ances, ample for the
countrys needs. The United States has
more money, per capita. than any country
in the world has or ever did have. There
would he no end to the money we'd need
in panicky times and in prosperous times
like the present the supply Of money is
adequate to the demand. We are not great
believers in too great supply Of money.
Too much money makes money cheap,
and cheap money leads the holder thereof
to 60 into enterprises. the float tation Of
which leads TO periods OF panic and hard
times.
As for changes in the currency laws,
We are very strongly of the opinion that
some scheme should he adopted for the
retirement OF the $50 600 600 Of green
backs that have been in circulation since
the war. The word adopted We use. in
stead Of devised because many schemes
have been devised and nothing has ever
come OF any Of them. II might he a good
thing sine we need greater elasticity in our
currency, TO let our national hanks issue
currency against deposits Of State OF
municipal bonds
Regarding the tariff. We are Of the
opinion that il SHOULD be taken out Of
politics and put into the hands Of per-
manent commission, SO constituted as 10
be above suspicion. to deal with the
schedules from time to time as the changing
conditions would permit.
And while speaking Of the tariff, We may
add that. in our opinion. the export trade
Of the United States for 1903 will be la gely
in excess Of that of 1902.