The daily morning journal and courier., 1907-06-22

such strong position that even when market prices were scaled down by bil- liCns of dollars, no failures followed, is testimony to the inherent strength of our position, such as the world has sell dom, if ever, seen before.
 But now, what of the future? Indus- try as yet has shown only scant signs here and there of declining activity. The crop outlook is not altogether sat- isfactory. but, considering the advanced prices and the great stores left over from other harvests, there is nothing in that situation to bring real disaster. The mercantile situation seems healthy. Labor Is still fully employed at the highest rate of wages ever paid. The banking position IS, sound. But in spite of all this, in spite of half years record just closing, which in most lines of business will be the equal of last years phenomenal figures, nearly all experienced business men are of the opinion that we are facing practical ly certain recession in trade, that we have ahead of us period of small in dustrial totals. Such view is almost universal among well-inforrned busi- ness men. There is no longer the dis position courageously to enter upon new enterprises. Railways are curtailing ex- penditures. Bankers are inclined to ex- ercise caution in extending accomnlo- datlon Most manufacturers and mer- chants are planning their fall cam paigns with much conservatism.
 That the period ahead of us Is one in which commercial activities will be cur tailed and manufacturers totals show decrease, there is really little divis- ion of well-informed opinion. The ques- ton that is desirable to consider is on- ly in relation to the extent of this re- cession. Will 1t be but dip, lasting on- ly few months, giving us but time to catch our breath before we march on to renewed accomplishments in this most wonderful development of pros- perity; or is there to be a more pro- tracted and serious disturbance?
 I believe the answer to that lies who'll ly in the public mind and temper There is no inherent reason in the con- ditions of agriculture, trade, industry and finance in the United States that would make necessary a period of fur ther disturbance and depression. There arc a thousand influences that should lead toward continued prosperity and renewed accomplishments throughout the fields of industry and commerce The business, of the country will turn into one of these roads, solely as the result of whether or not the public and the publics legislative representatives, are wise and patient or are nasty and inconsiderate. If the intricate problem of railway regulation Is worked out in a spirit of fairness and intelligence, If the vastness of the problem Is recog- nized, if the involved relationships en- countered are taken into account and the far-reaching effects of paternal reg- ulatlons when applied to so great and complicated network are reckoned with, and if an intelligent understand ing of the complications will lead to q patient attitude toward results, then l believe we will resume the road toward further prosperity. The moment that investors have become convinced that the problem Is to have fair and pa tient consideration In its solution, we will start on that road again with full measured pace.
 But if we arc tn have legislation bas- ed upon political ladvantage, if we are to adopt socialistic theaories which will amount to the confiscation of prop erty rights, if ws are to have reprisal for past wrongs no matter how real if action Is the one thing wanted first, and the consideration of the intelll- gence and fairness of such action is to come afterward, then l believe 1t Is possible that thewhole business struc- ture may be facing danger, the pro- portion of which will be measured by the same vast figures as have been the totals that have marked the extent of our prosperity.