Cameron County press. [volume] (Emporium, Cameron County, Pa.) 1866-1922, 1907-11-28
is ROOSEVELT
A MENACE
TO BUSINESS?
Empty Warehouses and
High Prices Don t Make
a Panic.
By John c. Shedd,
of Marshall Field & Co,


not the one proposed by the editor
SIS Roosevelt Menace to Business?7
but something beyond that "Are
we facing a real panic or merely
passing furry? AS to our President,
give him credit for entire honesty, sim
cerity and singleness of purpose. But
for a man in his exalted and powerful
position his utterances have probably
been incautious. So much hangs upon
his words that they are not received as
would be the statements of any other
man; the people are used to reading
between the lines of an utterance from
the Chief Executive of the nation, of
feeling that there is reserve of mean
ing behind even temperate statements
from such a source. Therefore it is
quite likely that President Roosevelt's
outspoken words-on the occasion of
his recent visit in the South, for ex-
ample-have had an alarming effect
upon the financial public. And it is
quite possible they have been taken to
indicate degree of radicalism which
he does not really feel.
But the practical questions of the
present moment are these: Is the pres
ent financial disturbance only a cur
rency furry or the beginning of
serious panic? And what is the i'm
mediate precaution or remedy to be
applied? These are the questions
which ought to b econsidered in pref
erence 20 the one proposed to me.
No; do not believe we are facing
serious panic. AS | see it, the country
is suffering temporary penance for
overspeculation-particularly for over
speculation in Wall Street. Why do
believe we are not confronting a gen
eral panic? Naturally 1 look at it
from the merchants viewpoint. l
have never observed anything like a
panic Of more than local ecope which
did not present this condition; the
warehouses of manufacturers filled
with goods which had to be put on the
market and sold at nagging prices in
order to enable the manufacturers to
meet pressing obligations. Not only
have | never observed real panic
which did not start with this situation,
but | have never read of one.
Now, what are the conditions in the
| manufacturing world to-day? There
is scarcely an exception to the state
ment that there is not warehouse of
manufacturer or of his selling agent
or distributor which is stocked with
unsold goods. Most of the factories
! from which the wholesale merchant of
| the great city buys his wares are sold
for many months to come. My obser-
walton is that the most of the large
factories have already sold their entire
winter output and some of them are
sold out far beyond that date. This is
not the setting for panic scene. 1t is
exactly the reverse.
In this country the farmer is the
great actual producer, and it is to him
that the merchant instinctively looks
when he wishes to get line on the
Ereal situation. How about the farmer
to-day? He has abundant crops which
are in keen demand for the feeding of
the world-and in demand at except
ionally high prices. There is hardly a
single locality of which this is not true.
1t must be remembered that the export
trade of the United States, in almost
every l:ne of staple produce, has in
creased tremendously within the past
few years. And whatever we sell to
other nations brings what we most
need at ths present-money, gold.
There is still another vital fact in the
farmers situation. He is not in debt
and trying to 'dig out" on the con
trary, it is not too much to sey that, as
class, the farmers of to-day are not
only out of debt but have money in the
banks and out at interest. Again |
say, that is not the setting for panic
| have never seen a panic which haC
this sort of basis And | do not be
lieve there ever has been one or will
be one now.
In speaking of the farmer there il
only one word to say; he is the basis Of
the structure to-day, and if he pursue'
a normal course the currency furry
will soon be smoked out. He has the
real tangible and basic wealth, the
world at large wants it and stands
ready to pay good prices for it. If the
farmer takes his profits and does the
natural and normal thing with them