The Minneapolis journal. [volume] (Minneapolis, Minn.) 1888-1939, 1903-09-15
Mr.. stickney's Argument for Good
Times. q

Mr.. Stickney's Argument for Good
Times.
when Mr.. A. B. Stickney, president OF
the Chicago Great Western railroad,
makes an address It Is a good rule to hear
or read it. His address at Omaha last
Saturday night, on the occasion OF the
celebration Of the entrance Of his railway
into Omaha, was no exception. After
philosophical discussion Of the relations
of the country to the market village and
Of both to the market town, and some in
teresting remarks on the agricultural and
population possibilities Of Nebraska, MI,
stickney took up subject that is OF the
greatest interest to the people OF the en-
tire west and especially to those living
In the great market towns, such as Min
neapolis and St. Paul. In brief, he held
that instead of being at the end of, a
period OF prosperity the west is just en-
tering upon a stretch Of good times Ills
argument was that every period Of active
immigration in this country has been fol-
lowed by prosperous years.
Because history repeats ITSELF" he
said, II feel that it is not venturing upon
the realms OF prophecy to say that re-
sulting from the enormous immigration of
the last four years the market towns OF
the west have already entered upon an era
Of increasing trade and collateral de-
velopment which will increase year by
year, and which will equal and probably
exceed the increase from 1883 to 1890, and
that there Is not the slightest cause for
alarm on account Of the present panic
in Wall street."
Mr.. Stickney went back as far as 1886
to show that every period Of Industrial
depression in this country has been fol-
lowed by a great migration which, in
turn, was followed by a great expansion
of business. The last hard times began
in 1893 and ended in 1898, which was the
year in which the present migration of
homeseekers began. The last great move
ment before the present one began in
1878 and lasted until after 1883. The next
year there was a stock market panic
comparable to the present one, and gen
eral business was affected by 1t in 1884;
and so, Mr.. Stickney thinks, the general
business of the country will witness some
reaction in 1904. but the market towns Of
the west will be more prosperous than
ever because their tributary popula tion
will have been so greatly increased by i'm
migra ton. It is notable that the migra-
ton of the present year is the greatest
since the present moving tendency set in
1t will be hard to dispute Mr.. Stickney's
reasoning. There are hundreds of thou
sands of new people In the west and their
wants must be met whether school keeps
in Wall street or not. 1t will take some
years to catch up with the increased
trade.
AS for the country at large Mr. Stick.
ney holds that the stock depression will
have the same effect that it had in 1884
Men Of brains and energy, disgusted with
watching the ticker, will take the rem
nants of their fortune out Of speculation
and put them, together with their energ,
and ability, into productive enterprises
thus increasing the real wealth of tn,
country. At the same time the collaps,
Of the speculative bubble will put prices
back to a reasonable basis and thus slim
ulate business which has been in som,
degree repressed by excessively higl
prices. So, comparing ourselves will
ourselves in the past, 1904 in this cycl
OF trade represents 1884 in the last cycle
hence instead Of being at the end of goo,
times we are only a little beyond thei
beginning, and even If the length Of tn
cycle is not to be changed, we need no
expect really bad times before 1910 at tn
earliest.
Certainly, this is a comfortable view O
the outlook. But let him who opposes /
look to his arguments!
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