The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1903-05-22
Daifen - EaaIe
M. M. MURDOCH. Editor.
ARE WE AT THE TOP OF THE HILL?

that good and hard times like waves, always fot
low each other the greater the the higher
the wave of prosperity lower depression following
in its wake The trouble is nobody able to define
the way or name the time the subsistence is going
to take place Again it might with equal truth be assert
ed that panics as a rule, come, sweep over land
quickly and Unexpectedly and generally in the face OF
prophecies of fnancers to the contrary In single day
confidence takes fight values drop out of sight and all
kinds OF business and industries parayzed. The
miscarriage of single gigantic scneme or the cumina-
ton Of many unexpected conditions destroys public conf
dence at single blow and a few brief hours every
body including the solid and prosperous stands
facing disaster and possible ruin.
These are wonderfully prosperous times America from
the Atlantic to the Pacific all interests and affairs Of
its people are the crest of high wave which
has not only held for five or six years, but
has increased in volume and sweep all the while The
Borgans Rockefellers ct al that there is no
possible financial trouble the future But there
are doubling Thomases the panic pessimis well as
others who think they the fluctuations of the
stock markets oyer-capitalzation of industries, in
wild and unwarranted nondvidend paying specuations,
and in the uneasy feeling growing of gigantic rail
due Pig iron esteemed as an unfailing financial baroms
that largely into every industry, has
in fallen price twice This fact in connection
with the almost unnumbered millions of issued author
lied but unmarketed stocks securities 'undgested
as Morgan puts it, cause many think that the in
the road has reached that the all around material
neress CT the country reached the top OF the hill
which they must descend
But DESPITE prophecies of evil and of these for
hypothecations all Europe is estimating and
declaring that American prosperity in
sight that logical swift development is threaten
ing the industries value of all the products
of every European country respectively yesterday
in conference at Vienna Professor Wolf of high au
thorty declared that all the Europe combin
ing Cor seprotection could not save themselves
the aggressive and prosperous American that there can
no staying the hand the United States except by
force arms.
No mere editors opinion can amount to much. But
with the present protective tariff laws retained and the
speculative mania eliminated we can see no reason why
America will go on with her present profitable
dustrial development go increasing products
mine and field go on constructing lines railway
go on growing richer and for years to come.
The treasury bureau of statistics has been making
interesting estimates from analysis the inter
national of the world export and import
III various countries.
-Four billions of dollars is the estimated annual value
the manufactures which enter into the international
of the world OF this the United States fur
United Kingdom supplies slOoOOOOOOO or 25 per cent;
on.
and the Netherlands about per cent.
ranspires curiously enough that the nations which
the largest exporters manufactures are also the
largest importers Of manufactures Why this should be
will appear evident when reflect that in order to
manufacture the given nation must needs import many
things in the first stages manufacture from raw ma
teriaI produced in other parts of the world.
In the case Of the United Kingdom, for example,
which imports $725OOOGOO worth of manufactures annu
ally s5609O00O represents the value OF copper chiefly
imported from the United States of pigs and
bars the first process manufacture; s65OOOO0O manu-
features Of silk Of which the material is not produced in
the United Kngdom $eS0oO0OO of wool much of which
is imported in the first of manufactures $67OOOOOO
of foods drinks chiefly in the first stage of manufac
ture, and $520OoOOO leather which, after mporta-
ton, becomes material for use in manufacturing
1t will thus be that all this talk and apprehension
upon the part Of Europe United States is soon
to industray and financially dominate the world is not
well grounded There ever will be a mutual nterdepend
ence among nations While believe that if the present
tremendous progress of the United States is maintained
for another decade viii be the most independent and
wealthiest nation existing that ever existed Still.
domination will be impossible