Ottumwa tri-weekly courier. [volume] (Ottumwa, Iowa) 1903-1916, 1907-10-05
AMERICAN PROSPERITY w.
CONTINUE SAYS VAr
PROSPERITY.


Reasons why good times must con-
tinue by James w. VanCleave, Presi-
dent Of the Buck Stove and Range
Company, and Of the National Assoc
citation Of Manufacturers, which re-
presents more capital and more work.
ers than any organization In the
world.
The query put to me, "Will Ameri-
can prosperity continue?" can, think
safely be answered in the affirmative.
Moreover the affirmative can be made
pretty emphatic without doing VIC
lence to the probabilities. So far rs
l have noticed, the only doubt on this
any formal or serious way comes
there show that the general line If
stocks is not SO high as It was few
years ago, and they say that the ten
dency is downward. They also pre-
dict that a set back for general trade
is in sight.
Two Wall Streets.
l think that this forecast errs. Wall
street sometimes cries out ''panic,"
panic" when there Is no panic. AS
the designation is popularity used
there are two Wall streets. At one
Of these Wall streets there are
cliQues of gamblers or wreckers who
sometimes raid the exchange and send
quotations up or down sharply, with.
out regard for basic values. That
is the Wall street which the public
has In mind when it condemns that
place.
The other "wall street" is the point
to which large part of the countrys
surplus cash gravitates for employ
ment when 1t fails to find profitable
work to do at home; the place from
which most Of the countrys larger
enterprises are financed; the locality
which talks and acts for the United
States in all its great financial trans
actions with Europe, Asia and the
rest Of the world. That is the real
and the greater, Wall street.
1t Is well for us also to bear in
mind that the gamblers raid which
have been mentioned are sporadic
abnormal. Most of the operations on
the New York Stock Exchange the
Chicago Board Of Trade and other
great houses of the world are not
only legitimate but they perform an
urgently needed function in our social
and business economy. Through their
constant and comprehensive survey
Of the globe they ascertain production
In all the great activities, they de.
termine demand they measure values
and they steady prices. These are
some Of the things which the true
Wall street does. And while the real
Wall street is urging caution in the
extension Of credits, an dis telling
spectators for rise to Ego slow
it is not saying that any business col.
| lapse Is near and it Is not predict
Ing that any is likely to come in the
next few years.
Real Prosperity.
In the existing conditions there is
| nothing that protends serious SET
back. The bank transactions in all
| the great centers except New York
are above those of any previous year
and in New York they are diminished
by the lull in speculation, which in
itself is a good sign. Railroad earn
ings and foreign trade are far In ex
cess of all past figures.
From 1900 to 1907 while the coun
try's population has grown Is pei
cent. its pig iron output has increas
ed 100 percent, and Its steel produc
ton has expanded 120 per cent.
Across all our activities prosperity
is writing its autograph in a bold
hand. It is providing every vesse
from New York and all other larg.
Atlantic ports. far beyond all previous
seasons, with European tourists, while
at the same time the "See-America
First" excursionists are putting the
railways facilities to new test al
over the country.
The great mass Of the country't
wage workers are experiencing pros
4 perity's effects in an especially strik
ing degree. Wages in all the indus
! tries have gone up to figures neve'
before touched. The savings banks
deposits which in 1907 amount K
$500 100000, have increased more
than so per cent since 1900. Although
the volume of business Is create
than ever before. the number of tn.
business failures and the amount 0
money involved in them are practi
1 cally stationary, or are declining.
l In one or two particulars our none
tary laws could be altered to advan
tage. But the silver debasement 0
the currency ceased long ago, ant
j never will be renewed. The gol'
standard has been placed in the sta
tutes. Tariff adjustments to the ney
conditions will be had, but it will b.
moderate and intelligent, and it will
not come until after the presidential
election. The new president, will un
doubtedly call congress in session
Immediately after his Inauguration Il
March. 1908, to revise the tariff A
that time, politics being out of tn
way, the schedules can be adjuste
speedily, and on business lines wit!
the least possible disturbance t
trade.
! Our Rich Farmers.
. In a large degree the country
prosperity depends on the things tina
come out of the ground These II
Glide the products of the farms tn
mines and the forests. The stapl
crops are much heavier than, earl
in the season were expected. At thi
writing all the indications point to
far larger yield than the average {
the past five or six years.
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