Omaha daily bee., 1905-10-15
LOOKING no rHE FUTURE.

The splendid prosperity which the
United States Is now enjoying must in
eyitably experience reaction. Just
when that will come no one is compe-
tent 20 foretell with certainty. A great
deal depends upon the wisdom and care
and conservatism of those who exert
commanding influence and authority in
our financial, industrial and commercial
affairs. If a judicious course is pursued
by the great agencies Of development
and progress. II there lis adherence TO
the policy and principles which have
built up the material strength Of the
nation and given II the lead il has In
the industrial world, there appears to be
no reason why we shall not continue
prosperous for years to come, adding an
nually very much to the national wealth
and increasing the comforts and happi-
ness of our people
One of the most interesting and in
structive of the addresses before the
convention OF American bankers IN
Washington last week was that OF Mr..
Vanderlip, vice president of the National
City bank OF New York. He presented
a most optimistic view of the existing
conditions, saying that never before was
our population so fully employed, never
before was the general level OF wages so
high, never before has the aggregate
volume of industry been as great as il
1. 4o,lay ,ayor xras tha ft1tttra Of indus
trial activity so fully assured, never was
the measure of commercial activity so
large. and never before did such bOun-
tlful harvests meet such eager markets.
"The mines of the world have been yield
ing treasures as lavishly as have our
fields We may reasonably look forward
in the near future to an annual average
output of $4O0,OOO,OOO Of new gold for
at least a considerable number of years"
The effect of this upon industries and
commerce will inevitably be very great.
1t will stimulate development In all di-
rections. The certain advance in the
prices of all kinds of commodities Will
bring increased production, which will
mean larger employment and better re-
Enumeration of labor. That will insure
increased consumption. Thus on every
hand there will be advance and i'm
provement
II is o splendid outlook, yet as Mr..
Vanderlip pointed out there are dangers.
One is the possibility Of wild rush of
speculation. When capital is abundant
and all business conditions are favorable
the incentive to purely speculative ven
lures is strong. The prospect of large
gains draws men into speculation and
once such movement becomes general
it may lead to serious consequences.
I'VE can at the moment" said Mr. Van
derlip. CLEARLY see that however pros
porous conditions may appear, this pros
perlty might receive severe check
should a speculative fever begin to rage.
Should a stock market speculation start
from the present high level of prices in
the face Of the extraordinary demand for
capital and money which crops and bust
ness alike are making, the result might
easily he temporary disaster" At pres
ent this danger does not threaten, but
none the less the warning against it is
timely Our industrial and commercial
security progress are to be found in
avoiding speculation and pursuing stead
lily careful and conservative business
policy. If that be done there can be no
doubt that the American people will
have many years more Of the great pros
perity they are now enjoying.