Bisbee daily review., 1907-10-27
EUROPELOOKKSSOOiH| OOKS Oi| US As SOUTH
 AMERICANS
Visiting Frenchman Says We Have Dictator In Roosevelt and Are Considered in Hon. duras Class of Republics.
(Boston Commercial ]

tBoston Commercialt
 Recession in business continue to work raainly through the specifi channels in which it began to run it
 course several months ago, and tn
 extent to which other industries ar
 or mag be affected does not yet al
 sume Measurable proportions
 Becatfse of the imperceptibility C
 the retr6grade movement, fin so Tar a
 1t bears upon retail trade in mos
 lines, there are optimists who den 1 the existen ce of any cause for consel yatfsm, and look forward to unimpail ed business indefinitely It Is tru, that the country has remarkable re ! cupeTstive power, and would undoubt edly rally quickly under favoring aus pices from the setbacks which it ha encountered during the past year o more, bat thera seems to be no ex pectatioD of reSef from political un certainty until after the election O 1908. and financial interests are con vinced that the recession will in crease in momellSlm and scope unti that period has passed, at least.
 It is one of the advantages of mod ern publicity that business interests have been well informed regarding the causes and tbe course of the Ii Quidation that has taken place thus far This renders it probable that most of the adjustment necessary to the equilibrium Of the mercantile sit uation will be accomplished gradually and without any panicEy slump in commodity values as a whole, eau tion in producing and marketing goods enabling merchants and manu- lecturers to avoid overproduction and anticipate whatever untowaru deyel- opments may arise in due season.
 It may be taken for granted that the widespread spirit of conservatism is operating to minimize the dangers Of the present outlook. In fact, it has already more than discounted the fu1- pending contraction of business in some directions, this fact being eYf- denced by a certain amount Of re order transactions in footwear, also by recent unexpectedly heavy pur- chases of wool and by other signs of a demand which had been unprovfded for. because ot the hesitancy of buy, CTS, up to the moment when it was discovered, that stocks were reason ably certain to prove inadequate for prospective requirements.
 For the present the general retail movement of commodities of good volume. In many lines it exceeds in aggregate amount the movement of the preceding year, and is likely to continue to compare favorably with previous periods during the remafnd- CT of 1907 It is the far look ahead, rather than the present aspect of bus mess, which gives occasion for doubt as to the continuance of mercantile and industrial activity.
 Conspicuous among the checks up on business is the high level of com modity prices. The rising tendency in metals has been given acss*aack, and cotton has also beeg~eSReH b a halt in it's upward car5eN~ DTN-wOOi, cereals, leather, fuef and many other staples are yet unaffected by the ell forced economy of the times.
 Naturally the question arises as to how broad the scope of the business reaction will be. Does the sustained activity of various mercantile lines indicate that only portion of the business world is to undergo the pro cess of retrenchment? Very possibly there are some industries that will have to bear the brunt of the recon struction and will feel the reaction much more acutely than others. The agricultural interests are not going to suffer in the least this year. and it is not apparent that there is to be much lessening of expenditures foI some time to come for the essentials of Isfa The rao,,fyauoar,fc of o ery-xsai and growing population afford assur ance of much business, therefore even though curtailment in many lines Is in order.
 Foreign capital. is becoming les: and less available for the American money market This is a disqufetfnl feature of the outlook A great dea ot our business expansion has beer ! financed by funds borrowed abroad in the past. and 1t is not reassurins to learn from London. Paris or Berlir that European capital is going in va rious other directions in preference tc coming to this country. for the sim pie reason that financiers abroad have no confidence in the present ad ministration' ability to comprehend business and financial problems and their relations to government
 A prominent German banker now visiting this country. when asked to state what had been the influences of Mir. Roosevelt's administration up on the minds of foreign holders oi ] American securities. said:
 You gentlemen will ridicule what am going to say to you, but the truth is that people in my country are | beginning to draw a comparison be tween your country and Latin Ameri- ca. The South American nations, ] Ike your own, are republics. having written constitutions abounding in eIevating phrases concerning human rights and in safeguards of the most ! praiseworthy character regarding the rights of property and individuals They have an admirable judicial sys [ tenn and all the scenic arrangements of a conservative and well governed country. But property interests and the lives of individuals are not safs there, or in many countries there from the hands of. the government oi the day. The president of the coun